Finance sector one of state’s draws

Spencer Beasley does not mind the 9 a.m. to 2 a.m. shifts or heavy workload. She said her UNC-CH education prepared her well for life after Chapel Hill.

Beasley graduated in 2012, trading her waitress job at Spanky’s for a briefcase and settling into a position as a financial analyst for Wells Fargo in Charlotte.

And she’s not the only one migrating to a city that has emerged as an epicenter for the financial industry.

Charlotte is the nation’s second-largest banking capital in terms of assets, said John Connaughton, a business professor at UNC-Charlotte.

“The financial industry in Charlotte is so huge it creates a comfort zone,” he said. “It attracts a lot of talent because people feel safe moving down here. If this job doesn’t work out, they can find another one just down the street.”

New York of the South

Bank of America, Wells Fargo and other Charlotte financial institutions create a culture and network that is unrivaled by any other city except the country’s largest financial center, New York City, Connaughton said.

Beasley, who grew up in Charlotte, said the city’s connection to the financial world is obvious.

“If you just look at Charlotte, you can tell the skyscrapers at the heart of the city are what keep everyone moving,” she said.

Bank of America’s headquarters tower over the Charlotte skyline.

And just down the street from Bank of America is the Wells Fargo East Coast headquarters.

Wells Fargo employs about 27,000 North Carolina residents. The company expanded operations in the state when it bought Charlotte-based Wachovia in 2008.

“Charlotte’s financial sector is a critical piece of our local economy and one that continues to grow,” said Charlotte Mayor Anthony Foxx in an email statement.

“Financial companies not only employ Charlotte residents directly but have a ripple effect that creates jobs in other industries throughout our economy as well.”

A liberal arts edge

Beasley did not graduate from Kenan-Flagler Business School or obtain a degree in economics.

She majored in international studies.

“Employers want to see candidates that are above average no matter what they study,” she said. “You want them to think that if you can stay up studying all night and do well, you can handle the rigor of the work.”

State leaders, including Gov. Pat McCrory, have recently suggested that universities should place more of a premium on preparing students for careers.

But members of the financial industry, one of the state’s largest employers, say they value employees with strong liberal arts backgrounds.

Lawrence Murray, director of the Kenan-Flagler undergraduate business program, said a liberal arts education can be an asset at a financial institution.

“They are looking for the intangibles — strong communication, leadership and the ability to work well on a team,” he said.

“An English major who has taken some quantitative courses would be a very attractive candidate.”
Nathan Batts, senior vice president of the N.C. Banker’s Association, said job candidates with liberal arts degrees are qualified to hold a wide range of jobs in the financial and banking world.

Brandon Wright, communications director for the association, said employers want some employees with liberal arts degrees.

“A bank is more than the teller you see at the front window,” he said.

Batts said a student studying finance in school might be considered for specialized positions that require a certain skill set, but a technical education in finance is not necessary.

“It does help at the start to know all the financial information, but a lot is learned on the job, and hiring managers know this,” he said.

Contact the desk editor at state@dailytarheel.com.