GUEST COMMENT: Expectations recalibration for the redundant financial services professional
Unemployed? Redundant? Parked in a job you felt obliged to accept to weather the crisis? It is time to face reality.
Major repositioning is out of the question
A soft market requires some compromise in ambition. For example, if you are in corporate finance, a position in sales is unlikely to be viable without a few years (at least) of mainstream sales experience and a transferrable book of clients. Equally, a position in trading will require you to answer questions about your trading P&L, strategy, performance stats, etc. If you don't have the goods (or your employer's algorithms), don't waste your time.
Smaller scale "re-positioning" is more likely. For example, a structurer on the rates desk might have skills that are transferrable to equities or commodities.
A change in location is also possible, but unlikely if you are also trying to change your job function. You might break in if you have the right language skills (fluency), local contacts and knowledge of local regulations. However, advancement is going to be subject to an awareness of the following conditions:
1) Recruiters won't help
Use your network. Seek out contacts who can bring you to the attention of hiring decision-makers. Don't expect much help from recruiters: supply exceeds demand for most positions; they will profit most from putting forward candidates with deep experience in the role they're trying to fill.
2) CVs take time
Scrap your CV and re-write it completely. Each application will require a new CV. Pluck out your past achievements items that highlight your suitability for the position you're targetting.
3) Compromise is necessary
"Tier 3" institutions will hire people with a "Tier 1" pedigree. Be prepared to expect lower pay without a guarantee. Be prepared to convince them that you won't disappear as soon as the market picks up again.
4) Acceptance is inevitable
If you've parked yourself in a position that you thought would be a temporary bridge until the market recovered, you may already be pigeon-holed by recruiters and hiring managers. Maybe your destiny lies with your current choice. If you like what you are doing, and you are
good at it, why bother fixing something that isn't broken?
Ad meliora!
(Eventus Bonus is actually a seasoned investment banker with long years of experience in the City.)
