FUSIA/CCIP students gathered for a roundtable session with Louis Jacobs, the former budget manager of the Brooklyn Academy of Music (BAM). An experienced professional in the banking industry, Louis gave students some useful tips for moving up the career ladder. He also shared his personal experiences adapting to a multi-cultural working environment as well.

Students opened the session sharing the expectations they came to New York with and the experiences of their internships. As the night drew on, the discussion grew more spirited and heated, touching on career advancement and the state of the US economy.

Q: Could you tell us a little about your background?

I was born in South Carolina but moved to Canada when I was about 10. Quite a bit further down the line, I accepted a job with the NYC Office of Management and Budget (OMB) as a financial analyst. I then worked three years as a Business Consultant for AIM Healthcare Services, Eastern Alliance, a Korean company, and resided in Seoul for around ten months. Right before BAM I was actually a stock analyst.

Q: You have worked in the investment banking industry for a year. Many people dream about working in this field. What’s it really like?

A: To put bluntly, it's incredibly tough. I am not only talking about coming home utterly exhausted having worked from 6 in the morning to 10 in the night, but also having dealt with office politics as well. I didn't make many friends working in the investment banking. This is an industry where thousands of elites are all fighting and clawing for a position. Fierce competition fuels back-stabbing, and hatred between co-workers ensues. On top of that, you can't complain about the overwhelming work load because that will make your boss think twice about giving you more important tasks.

Q: Hard skills and soft skills are both necessary for climbing the career ladder. Which one do you think is more important?

A: Soft skills are more important. You are not likely to be fired if you just work very hard. Yet without any kind of socializing, hopes of promotion are dim. As far as I've seen, Asians are a little bit quiet and do not think much of networking. For Americans, however, “who you know” is far more critical than “what you know”. It’s all about networking, and you have to build up the soft skills that are the key to communicating with others.

Q: You finished college in Canada and started your work in the US, have you had any difficulties with culture shock?

A: Actually I came from a multi-cultural family. My mother is Greek and my father Jewish. So I'm used to dealing with different cultures, though I did really notice the differences between cultures when I worked for the Korean company. Koreans, for example, are more closed and the sense of hierarchy is deeply rooted in their behavior. Women will almost always take on secretarial duties while men are decision-makers. Culture shock is essentially everywhere: all we can do is adapt.

Q: Have you noticed any discrimination against Asian people?

A: My boss is Chinese and I believe Asians are doing well in US. But there are still lingering stereotypes such as every Asian is good with numbers; tends to be a very hard worker; is rigid and doesn't interact well with co-workers.

Q: Could you give us some tips for work?

A: Networking is crucial and you have to pick up the skill behind small talk and elevate it to an art form. Never let the work get you down and always be persistent. Never talk about your coworkers and boss behind their backs: it will always come back at you. Personal work should not be done on office time or at the work place even if you have nothing to do. Surfing the internet is definitely an office no-no since most companies today track what websites their employees visit at work. Learn and follow the rules of business writing in your e-mails and this will help you avoid inappropriateness and overly casual language. The impression you give to others largely depends on the way you write and speak And it is the basis of building mutual trust.

Q: Many of the students here intend to pursue an MBA in the future; do you have any advice for them?

A: MBAs are not as rare as they were ten years ago. That the economy is in a depression only compounds the difficulties MBAs have finding good jobs. With so many fighting for the same shrinking pool of positions, hiring standards have shot up. Only the top five business schools in the country will do; even the University of New York (NYU) isn't enough. Even one of my friends, a Stanford MBA holder, was still laid of this year. Competition is driving up the requirements as supply exceeds demand. For students intending to work in the financial industry, a CPA certificate, usually with high recognition among those in the industry may be another useful tool to tip the scales in your favor.

Q: What do you think of the skyrocketing price of oil and its influence on the US economy?

A: In my opinion, soaring oil prices are a product of the downturn of the stock and real-estate markets. Money has to find somewhere safe to go, and oil is a long-term economic necessity. With the rise of the developing nations, the demand will continue growing. The prospect of increasing demand stimulates a wave of speculation, which in turn drives up the price. Speculation aside, the true price should be around $60. A fact of globalization, the US economy is intertwined with other economies including China. High oil prices will raise the cost of transportation and discourage imports from other countries, which will upset economic growth. Personally I believe the situation will not last long, especially if Obama wins the presidency and raises the nation's morale. After all, oil prices have hit a record high not due to the relationship of supply and demand but because of excessive speculation.