"People are going to have to be creative and take a broad approach to their (job)search," says Russ Gerson, CEO of Gerson Group. Gerson shared his advice with Sarah Needleman in a recent career article for Career Journal.
Gerson Group is a global recruiting firm with offices in London and New York, specializing in placing employees into alternative investment, asset management, capital markets, equity research, real estate and wealth management jobs. In other words, they place employees into lucrative careers on the trading floors and corner offices on Wall Street.
As job losses on Wall Street add up, Gerson is advising jobseekers to think outside, around and even under the box to secure employment. Already in 2008, the Bureau of Labor Statistics confirms that over 100,000 jobs have been cut in the financial sector, making it the largest sector experiencing job losses, ahead of the auto industry.
As expected, smaller banks are jumping in to pick up the slack in business and are actually doing some hiring. The problem for Wall Street ex-employees is that these jobs are not all in New York. That points to one option job seekers should most definitely consider - relocation.
Other options the pink slip crowd from Wall Street will have to explore? Lower salaries. Many of the smaller boutique financial agencies, cannot handle investment bank sized payrolls.
Other career options suggested in the Needleman article for financial professionals caught in the Wall Street conundrum:
- Financial communications: If you're an experienced financial analyst, you are likely adept at determining what information is appropriate to divulge. Consider a career here.
- Wealth management: Ex- traders should look for opportunities on the buy-side at hedge funds, insurers and investment-management firms where their analytical and quantitative skills would be an asset.
- Risk management: Problem identification and isolation is something that traders always do instinctively and so a career in risk management is a definite option.
This career advice to think about parallel industries and transferable skills is not just for those who have lost jobs on Wall Street, but for anyone whose job may have trickled on right out of the economy.
Source - Where the Jobs Are For Wall Street Pros, by Sarah E. Needleman