GUEST COMMENT: How to get back into banking if you're older than 40
According to the most reports, at least until the car crash of the PBR was announced, hiring is expected to boom in 1Q10 with the prospect of many larger firms rebuilding teams decimated early on in the recession. Assuming this is not now a pipe dream, how do you make sure you're one of the soon-to-be-employed if you are no longer in your first flush of youth?
1) Be realistic
There is no substitute for experience, but looking for something at exactly the level you were at when you exited the market seriously limits your options. The top of the management triangle is already fairly heavily populated for the simple reason that these guys tend to make the decisions about who stays and who goes, and don't generally go themselves. Look at using your core skills to get back into a team. You can still be a senior player in that team but without any of the management responsibility, politics or administrative work.
2) Be commercial
How much you would be willing to drop your bottom line? Think about the minimum you really need to cover your bills and keep yourself in chardonnay, rather than what your ego can cope with. Also think total comp. Joining now means not only do you miss the train wreck of the special (and hopefully one off) bonus tax) but you also have a full year to fill your personal bonus pot.
3) Listen to advice
Listen to the head hunter you are working with, the people you're interviewing with and your friends in the City. Get a view on what is attainable according to the market. If the size of the number/level of the role really worries you, then don't panic immediately. Think about it for a while, remembering that, if you make your mark, you can ask for an increase/promotion in a year. It may only be a short term problem.
4) Don't be ageist
You will be interviewed by people who are younger than you. Some of them will try and explain to you exactly what you have been missing about the market/your product/your client base/etc all these years. By all means have a professional disagreement with them but neither physical violence nor bouts of prolonged sighing/eye rolling are advised. Remember, that was probably you once in the distant past. Who knew you were so annoying? Even worse, it is just possible they may have a point.
5) Be calm...
Scaling down your scope can provide very real advantages. You can just get on with your job and avoid the politics, backstabbing and drama of fighting your way upwards. Oddly, the less you appear to care about things, the more people solicit your opinion and this can really separate you from the herd. Become a (not so elder) statesperson...by accident.
6) Don't just repeat your own history
Sure, it's worth having a look at fitting back into the niche you're used to but keep your mind open to other areas too. Go and fix the back office, rejuvenate the middle office or sort out IT or cost management. All areas you will have experience of and on which you will, no doubt, have strong opinions. You will, of course, sink without trace over time so maybe consultancy is the answer? Really join the dark side...
The author is a 40 something investment banker who recently got a new job
