The financial industry is cyclical and volatile. What if
you are displaced from your position? It can be a challenge
to think objectively at a time when the future suddenly
becomes bleak and directionless. Financial analyst jobs can
be difficult to come by when the industry is going through
a shake-up.
Here is a six-step action plan to finding a new job. Notice
that looking for a new job is last on the list.
1. Acceptance
Accepting reality is the first step so you can cast aside
your resistance and resentments. This will you gain a clear
perspective of the big picture. These emotions are
understandable given the circumstances but they will get in
your way if you want to move forward in your career.
2. Take a vacation
Allow yourself time to unwind from the tension and anxiety
built up prior to the layoff. Look at it as a paid
vacation. You've been working long hours and you deserve a
vacation. You will be able to think better and more
creatively when you are relaxed.
3. Design the life you choose to create
With your financial analyst job out of the way and 80-100
hours released to you each week, you will have the time and
freedom to design the life you want.
What does the vision of your life look like? If you don't
already have one, now is the time to create yours. Once you
have decided on your life vision, make plans to
deliberately create opportunities towards it.
Your life vision should cover all major aspects of your
life. Here's a list of the main areas. Feel free to make
your own list.
* Career
* Self
* Family and friends
* Relationships
* Health
* Wealth
* Fun
* Contribution
You may wonder why you need to include so many areas of
your life when all you are looking for is a financial
analyst job. These areas are all intertwined and
inseparable. Each one of them will impact one or more areas
in your life.
4. Assess where you are
Compare where you are now to your life goals. It is like
finding the "You are here" sign on the shopping mall
directory. This will help you gauge how far you are and the
alternative routes that will take you to your destination.
If you are most recently an equity research analyst and you
would like to move into hedge funds one day, how many ways
can you get there? What skills do you need to acquire to
qualify for the position? How do you build them into your
next career move?
5. Develop your job search action plan
List up to ten specific measurable goals to complete within
the next 30 days. Break down your larger goals into smaller
steps and set a target completion date for each step.
If the supply of financial analyst jobs is slowing, explore
options and alternatives to reach your career goals so you
can build some flexibility into your action plan. This
increases your chance of finding a position and still in
line with your long-term career goals. For example, moving
into buy-side equity analyst job or hedge fund research are
both logical next steps for a sell-side equity analyst who
aspires to become a hedge fund manager.
6. Take action: looking for a new job
I have placed this last on the job search action list
because I believe it is necessary to first have a specific
career goal before contacting the recruiter or networking
with your connections in the field.
You must first know which direction you want to go, then
you can articulate intelligently to the recruiters and
potential employers what you want. No one wants to hire a
desperate, panicky prospect who will accept any position
just because.
Remember to review and fine tune your job search action
plan weekly to help you monitor your progress. Follow up
with purposeful actions.
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Corinne Lor is a success coach for professionals in the
banking and finance industry. Visit her blog at
http://financialanalystblog.com to sign up for a free 7 day
course.
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