From Wall Street to Main Street: Career Retraining for Finance Professionals

From large investment houses to community banks, financial institutions across the country have already felt the sting of the recession. According to the FDIC, over two dozen banks closed their doors since the start of 2008, with countless others merging in the wake of devalued market capitalization. Financial professionals ranked among the most laid-off Americans in the early part of 2009, with thousands of former brokers and analysts wondering how to put their financial skills to work.

Common Job Skills of Financial Professionals

• Sales and Communication Skills
• Strong Mathematics Skills
• Tolerance for High Pressure Work Environments

Career Opportunities for Former Financial Professionals

While some former bankers and brokers prefer to remain in financial trades, others have used career retraining programs to join the growing pharmaceutical industry. Selling doctors on the latest wonder drug might not seem quite as stressful as brokering mortgage deals. However, the nuances of specialized sales professions appeal to former financial industry workers who understand how to combine soft skills with complex legal requirements

Meanwhile, in light of the recession, some one-time traders have started developing new skills as entrepreneurs and as small business professionals. Thanks to outreach programs funded, in part, by state and federal organizations, former financial managers can learn how to operate their own companies. Although a few opt for exotic travel or technology startups, many have launched consulting practices or financial planning offices in smaller towns where their expertise can stand out.

New Economy Careers for Financial Professionals

• Pharmaceutical Sales
• Customer Service
• Entrepreneurship

Benefits of Career Retraining

Many financial professionals already benefit from advanced degrees, such as MBAs and diplomas from highly specialized programs. Skills developed on trading floors and in fund management offices can often transfer well to professions where business insight and interpersonal communications can make a major impact. Learning more about sales and entrepreneurship through online degree programs and career retraining courses can help many Wall Street professionals find new callings on Main Street.

Sources:
Bureau of Labor Statistics, Employment Situation Summary
Bureau of Labor Statistics, Financial Managers
FDIC, Failed Bank List
New York Times, New York Plans to Retrain Laid Off Wall Street Workers
Reuters, Laid Off U.S. Workers Seek Future in College