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Life after a Career in Financial Services
As the financial services giants continue to suffer and fold, employees are left scrambling to figure out what to do next. So many people identify with their industry that it is often hard for them to see past their industry role when that industry begins to falter.
The reality is that opportunities continue to exist for these professionals outside of the industry where they have built their reputation.
Job seekers need to start thinking more about competencies and less about specific job tasks in order to compete for opportunities in this new and challenging economy. They need to stop identifying with their professional identity and instead focus on how they can morph their skills to solve problems for other industries.
Options:
- Financial professionals from the sell-side of the house can leverage their knowledge of the industry they covered and their knowledge of emerging trends to source new opportunities. They may explore in-house opportunities in strategic planning, M&A activity, or financial analysis to land their next position.
- The government sector is another area of opportunity. More than 1M federal employees will soon be eligible for retirement, and there will be a need for people with expertise in financial analysis, budgeting, and accounting. In addition, following the Treasury Department’s creation of the Office of Financial Stability, the government will need professionals to oversee how banks are managing their money and banking professionals are the most likely candidates for these roles.
- Or they might explore a growing industry such as healthcare. Healthcare providers will still need people to manage their investments, M&A, and employee pension accounts.
- Insurance companies will need investment portfolio managers and financial analysts.
- Greentech continues to be another growth area and financial professionals may be able to find opportunities in companies that support solar and wind energy and hybrid forms of transportation.
- High-tech companies will still need financial professionals to support the organization.
- Non-profits may be another option for displaced financial service professionals. Non-profits will continue to need professionals to manage their endowments.
- Teaching is another avenue that finance professionals who want to give back to the community may decide to explore.
Below is an example of how a financial professional can refocus their competencies on a resume for a new and more viable career. You will note that while this person’s entire career was in the financial services sector, the competencies highlight the important skills that are transferable across industries.
CAREER TARGET: ENDOWMENT MANAGER
Seasoned financial services veteran with proven track record of returning superior ROI for business partners, building and retaining lucrative client relationships, and analyzing markets and trends to minimize risk, maximize liquidity, and promote long-term market growth. Eager to apply analytical and management skills to a non-profit organization.
CORE COMPETENCIES
Decision Making… Managed multibillion-dollar overnight fed fund trades for global banks. Assessed market conditions and liquidity to determine accurate market movement. Recognized as one of the best in the industry for making reliable market calls. Made split-second decisions daily on trades; handled volume as high as $42B. Anticipated market competition and quickly made judgment calls to regulate volatility and maximize profits.
Leadership… Successfully led team of 30 brokers; motivated staff to focus on market movement objectives. Team earned reputation as hardest working desk in the market.
Attention to Detail… Tracked hundreds of deals daily with virtually no occurrences of missed trades during tenure. Maximized client profits by maintaining continuous two-sided quotes within a defined spread.
Analysis/Research… Mapped out various strategies to attain greatest market share. Determined probable opening market value by reviewing bank’s position over two-week period, float, imbalance between bids and offers, and Federal Reserve’s daily activity or absence from market.
Business Development… Instrumental in gaining and maintaining #1 firm ranking. Secured unprecedented exclusive $7B account with New York based bank.
Relationship Building… Boasted 95% client retention rate. Reversed at-risk client relationship and acted as first point of contact on all their trade decisions.
EXPERIENCE
Vice President, Market Operations, XYZ HOLDINGS, INC. New York, NY 1985 to 2008
EDUCATION
B.S., Finance, New York University, 1985
© Copyright Barbara Safani, 2008. Used with permission.
---------------------------------------------About This Author:
Barbara Safani, owner of Career Solvers, has over twelve years of experience in career management, recruiting, executive coaching, and organizational development. Ms. Safani partners with both Fortune 100 companies and individuals to deliver targeted programs focusing on résumé development, job search strategies, networking, interviewing, salary negotiation skills, and online identity. Barbara is also the author of Happy About My Resume: 50 Tips for Building a Better Document to Secure a Brighter Future.