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My views on politics are pretty simple: I dislike politics. That is why I generally stay away from any political disputes and discussions.
That said, the recent protests about the excesses of Wall Street have piqued my interest due to some amusing ironies as well as the revelation that we are in a finance jobs depression.
On the ironic side of things, why is the building of the NYSE in lower Manhattan being protested when the real NYSE exists today in a data center in northern New Jersey? The floor of the NYSE is basically a museum these days.
And why aren’t tech company CEOs, who are rapidly joining the 1% club via IPOs, the subject of the populist ire toward the 1%? Does Groupon really provide a service that’s better for society than a hedge fund manager who invests in a biotech company working on a cure for cancer?
I don’t have the answers to the above questions, which is why I stay away from such discussions. What I do know is that Wall Street has seen the most job losses in more than a generation. The protestors are protesting to no one. Where were they in 2006 during the boom days? Wall Street is one financial crisis away from looking like I Am Legend.
What does this mean for you? Well, if you are 40 years old and are a specialist in packaging home loan pools into CDOs, then you might want to reconsider your chosen career.
But for the rest you, it means you have to be a bit smarter if you want to land a job on Wall Street. I actually think now is the best time to start a career on Wall Street, but maybe that’s the contrarian value investor in me speaking.
In this article we will explore the finance jobs depression and how you can best position your job search for success. Among the things we will tackle include:
- How to put the Wall Street job losses into perspective.
- How to broaden your perspective to increase your chances of success.
- Explore where the opportunities lie and what areas to avoid.
- How to harness the proper mindset to overcome your competition.
- When to have a backup plan (or know when to fold ’em).
Financial jobs Armageddon, here we come …
Going through the CFA program is a lot like joining a club. All clubs have social norms and common practices among its members.
