The recent series of layoffs on Wall Street is a rude
awakening to many financial analysts that the financial
industry is cyclical and highly correlated to the ups and
downs of the economy.
After experiencing the longest stretch of economic growth
in US history, many have forgotten that it is not uncommon
for a financial analyst to experience one or two down
cycles during his/her career life. Layoffs or even closures
are all normal happenings of the industry.
Accepting that this is part of the trade, rather than face
the uncertainty of job security with fear or being
immobilized by the pain of layoff, take an active role in
re-evaluating your career strategy.
Just like an investor who would employ different strategies
during a bear market than in a bull, brainstorm for
strategies you can employ during this down cycle so you
will be well positioned when the economy turns around.
What if you survived the layoff? Yes, your job is secure
but chances are your work pressure will be cranked up
multiple notches. There are fewer people on the team and
the same level of expectations for performance in a flat
market. Time management and stress management are
definitely invaluable skills to help you through this
difficult period.
What if you don't? If you are being downsized, or you think
your layoff is impending, the silver lining is that this is
the perfect time to reassess your career path so you can
create the experience to help you be more aligned with your
long-term career goals.
This is a good time for you to look into other related
fields to gain a fresh perspective of your work. Move
sideways, for example, from the sell-side to the buy-side
if the opportunity arises. Switch from a large institution
to a hedge fund. Relocate to another city or even country
for a different experience. Take up some classes to enhance
your knowledge. Undertake that personal project that you
have never found the time to do.
Some of you may have to temporarily settle for a position
with a less attractive compensation package but the shorter
work hours may just provide you with the work-life balance
you never knew you missed. The extra time on your hands can
also be used to develop a passive income stream for added
financial security against the next down cycle.
Remember the down cycle is as much a part of your career as
the up cycle. If you are in the industry long enough, you
will inevitably experience it at some point. Look for the
possibilities during the uncertain times. Make the best out
of it and design it as part of your journey towards your
long-term career success.
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Corinne Lor is a success coach for financial professionals
in the banking and finance industry. She has experienced
firsthand the biggest booms and some of the most
sensational busts in the industry and enjoys sharing her
knowledge with others. http://www.financialanalystblog.com
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