Worked in Finance and Got Fired? Try These Crossover Careers

More than 250,000 financial services workers lost their jobs in 2008.

The financial services industry has irrevocably changed, and not necessarily for the better. This doesn't mean that laid-off financial services workers are without options, though. Quite the opposite, in fact.

Time for a New Career?

In past years, financial services jobs (outside of risk-happy Wall Street firms) were perceived to be relatively secure. Certainly many of these lost jobs were quite well-paying. The median salary for financial managers in 2007 was $95,310, with strong growth projected.

Now, though, financial services jobs are much harder to come by, and pay rates are down. Some financial services workers are considering other careers.

Those people who may be making a career switch should take care to identify their strong suits before embarking on a new career. The financial industry may be down, but the skills built while working in it still count.

Common financial services skills include:

• Client service
• Analytical ability
• Math skills
• Communication savvy
• Salesmanship

The list goes on. Most financial services workers are talented and intelligent.

What Else Can Be Done?

Here are a few other careers to investigate:

• Information technology
• Marketing analyst
• Teacher
• Business owner
• Lawyer

The financial services industry, unlike some others, boasts a high percentage of people who are up-to-date on modern technology and also possess sales experience. That's a potent combination, in good times and in bad.

Online Education Options: Building on Past Degrees

The vast majority of laid off financial services workers already possess a college degree. That automatically puts them in a good position.

Now may be the time to pursue further education. Especially if workers have a family to support and must continue working, online education options can be appealing. Workers can obtain their Master's in Business Administration, for example, entirely through online education.

Also note that workers don't have to earn a degree to benefit from online education. There are various certificate programs that can help workers learn valuable skills quickly and on their own time.

The Employment Landscape

From schools to charities to the donut shop down the street, every organization needs someone who can handle the finances. As laid off people go, ex-financial workers are pretty marketable.

Workers should think, too, about government work. According to the most recent survey by U.S. Bureau of Labor Statistics, eight percent of financial managers worked for local, state, or federal government in 2006. That percentage is likely to increase, perhaps drastically, in the next few years.

The government is, after all, spending a tremendous amount of money. Many financial folks will be needed to help manage that flood.

Sources:
Bureau of Labor Statistics, Occupational Employment and Wages, Financial Managers
The Boston Globe, Financial-services sector is shedding 250,000 jobs