What's in store for Wall Street next year? Many finance professionals expect the single biggest development to be a stock market rebound, at least moderately, in 2010, according to a recent online survey by FINS.
FINS surveyed 226 finance professionals in June 2009 to find out their outlook on the industry, the economy and their own career prospects. When asked to predict what they thought would be the "single biggest event" for the industry in 2010, about 13% of respondents cited a recovery in the stock market.
They slated the recovery for between the first and third fiscal quarters of 2010. About 86% expected a recovery at least to levels seen before the crash of last fall, and two insiders went so far as to predict a bull market next year. Credit markets will also ease up, said two respondents.
Their positive outlook was refreshing. In general, our respondents were optimistic about their careers. Half of them were positive about finance as a "very desirable" industry to work and start a new career. The rest found it "desirable", and about 25% rated it "somewhat desirable" or "undesirable."
Additionally, the respondents surveyed by FINS were hopeful on the labor front, with respect to hires in finance. About 86% expected hiring to accelerate by Q4 2010, and 30% as early as Q1 2010.