Time to take a sabbatical?

20 November 2007

2 minute read

Might now be a good opportunity to take a break from financial services?

Jim Turley, Deutsche Bank's head of the institutional client group, which covers sales of debt, equity, cash and derivatives products, is doing just that, according to Financial News.

Turley, who will sail into the sunset for six months from March next year, follows in the footsteps of his predecessor Brian Reid, who is due to return to work next year following a similar break after 21 years of service.

But is it such a good idea? It may be easy - and affordable - for very senior bankers to don slacks and sunglasses for a year, but does this apply equally to the average ABS trader who may as well sit the next year out, but has no guarantee of getting back in?

On one hand, recruiters emphasise the importance of a blemish-free CV. On the other, volunteering to take unpaid leave (after bonuses are paid out, naturally) might be just the ticket to help your desk reduce those fat overheads until business picks up.

So, should you stay around and be paid a relative pittance for doing nothing in particular? Or might now be a good time to take that trip to Peru you've always dreamed of? Your thoughts please...

AUTHORPaul Clarke

An
Anon
28 November 2007
5 years away working in local economy at something I wanted to try and its such an eye opener and focuser.Everybody should take a break as it brings you back down to earth and makes you able to see things how they really are not how they appear to be.A stronger wiser person will ensue and a greater asset to any workfore.Not in everyones plans but you really ought to try it if you can.Sea change in employment attitudes required but all would benefit.
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An
Anon
26 November 2007
I've seen many people taking time off - from months to 5 years, all came back and are fine. In the long run it doesn't matter. Spotless and blemish-free CV is perhaps as rare as a 5 carat diamond of such description. So definitely go for it. Also there is life outside the City and if you are good, you will spot this opportunities even in the City, and everyone wants a happy, energized, rested and vibrant individual in banks, etc.
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Re
Recruiter #1
26 November 2007
Like most things in life it's relative. However the brutal fact of life in the city is that you are only as good as your last gig. As someone who has been recruiting to the sector since 2000, I can recount many,many stories of individuals who mis-timed their gap year, sabbatical or further education and came back to a very prickly, sceptical and unforgiving job market. Things are not as bad as 2001 - 2003 yet but who's to say they won't be by the third quarter of 2008 ? Quite often you don't get to hear about the hard luck stories as the people who got burnt the worst by the last downturn did'nt get back into the industry and are working "locally" .... either that or they rocked up in a recruitment agency ! If you want to play career Russian Roulette then be prepared to potentially take a bullet or two when you come back.
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xx
xxx
20 November 2007
Is to hang around to do "nothing in particular" ever a good plan hum!?. See you soon in the tropics!
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An
Anon
20 November 2007
I left Deutsche in 2001, planning to take 6 months off. It turned into 3 years. 3 of the best years of my life, but it's very very hard to get back in where you left off, especially as you get older. It's hard to get in when all your clients have moved on and your sector has moved on without you. I would thoroughly recommend it, but there is a big cost to bear in mind.
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