With the passing of the financial reform bill, the SEC, CFTC and FDIC are all on the hiring warpath. The new CFPB and the beefed-up OCC are also expected to join the hiring fray once they figure out staffing needs. The creation of at least 1,343 jobs across two of the agencies has already been announced (SEC and CFTC), and more hiring announcements are expected to follow.
Getting a finance job in the federal agencies is different than snagging one on Wall Street. Here are some tips that will help you along the way.
Related: Federal Government Hiring Thousands in Wake of Financial Reform Bill
Look Far and Wide
For the uninitiated, usajobs.gov is the official government jobs' Web site -- agencies of every description list jobs there. But don't just depend on that site, says Lily Whiteman, an expert on federal careers and the author of "How to Land a Top-Paying Federal Job." Agencies aren't required to post there, so many simply list jobs on their own Web sites. Be sure to examine the site of each agency that strikes your fancy.
When looking for jobs, it's also important to keep an eye out for "term" and "temporary hire" positions. These types of positions don't guarantee permanent employment, but they can help you get your foot in the door and enable you to meet hiring managers and other HR staff.
Revamp Your Resume
Standard issue federal resumes are 3-to-5 pages long, not 1-to-3, says Derrick Dortch, the president of The Diversa Group, a career coaching firm based in Washington, D.C. Those extra pages should be filled with success stories from your career, not just job descriptions. While you don't have to list your career history back to your high-school ice-cream scooping days, it's important to spend several paragraphs describing your successes at pertinent jobs. Dortch says it's a good idea to stress federal regulations and guidelines you may have worked with, as the nexus of finance and policy in your career history will impress federal recruiters.
The Dreaded KSA
Another thing to keep in mind is the government's love affair with KSAs. KSAs are essay-type statements and questions that are designed to test your knowledge, skills and ability (hence KSA). A typical KSA might be worded "Ability to communicate in writing," which means you are being asked to write about this particular skill. When responding, you should weave in your experience at your past jobs. The longer your response, the better, so the SEC recommends including "an estimate of when the experience(s) was acquired, a description of the problem(s) you faced or the objectives(s) you were trying to accomplish, a specific statement of what you actually did [and] a description of the outcome or results of the activity."
President Obama has signed a memo to do away with KSAs as part of the hiring process. But the memo only applies to the first round of the process, so you can expect to see KSAs as you reach later stages.
"You're competing against people who have similar titles and similar job descriptions," Dortch says. "You need to be able to write well about what you did in your previous workplace as a way to stand out."
For finance pros who are used to case interviews, not humanities essays, this may be a rude awakening. If you didn't love your college writing seminar, you may not feel confident about this portion of the application. Consider working with a writing coach before submitting your KSAs.
The Possible Background Check
Some positions at federal agencies will require a security clearance. To obtain one, you'll need to undergo a thorough background investigation that will include a criminal record check, according to usajobs.gov. It's imperative that you be honest when answering questions on the background check forms and in the interview. Lying about your past may be more cause for concern than what you've actually done, so whatever you do, don't lie.
The Basics
Two mainstays of the job-seeking process that transfer over to jobs in government are the cover letter and networking.
Cover letters are just as important in these positions as they are for Wall Street jobs, Whiteman says, and possibly more so. "In a cover letter, or elsewhere in the application, emphasize why you want to segue from private to public sector. You need to show why you're fired up about the issues and demonstrate your passion for the public good," she says.
Networking is still a crucial tool in any job search. It's time to pull out the Rolodex and connect with alums from your alma mater who may work in government. They'll be able to introduce you to any relevant contacts they have and put in a good word when the time is right.
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Getting one of the newly-available jobs in government can seem like an entirely different challenge than what you're used to. But the basics of applying, while somewhat different, still rest on your ability to convince a hiring manager that you're the one for the job. Passion for public service will take you far in this industry, and if you demonstrate your eagerness to engage with public policy, you'll definitely stand out.
Write to Julie Steinberg
Related: Federal Government Hiring Thousands in Wake of Financial Reform Bill