When the latest unemployment numbers were released, it showed an unexpected drop in unemployment. The unemployment rate fell to 8.6 percent; experts were predicting that the rate would remain at 9.0 percent. There were 120,000 new jobs added in November, many of which were in the professional and business services industries.
Unfortunately, this is not enough of a positive change for Wall Street.
A report out of New York cites that 10,000 Wall Street jobs are in danger in 2012. This translates into even higher joblessness outside of Wall Street. For every job gained or lost in the financial industry, two jobs are created or lost in other New York industries.
This gloomy forecast is based on the fact that many investment banks have incurred trading losses due to the declining market conditions, and will be reporting third quarter losses. Goldman Sachs reported that it may have to cut 1,000 jobs.
For those in the financial industry, the advice is “do not panic.” Retail banks are doing fine, and are not expecting to have to cut jobs or declare losses. There will still be plenty of jobs available, but the job market may become even more competitive.
Here are a few tips for finding a job in the financial industry right now and in the coming months:
Polish up your resume. If the job market tightens, then companies will be looking for highly experienced professionals. Make sure your resume highlights your talents, skills, and accomplishments. Consider a professional resume writer to make the most of your opportunities.
Take some classes. Consider enrolling in an executive MBA program or other online business courses. You might even think about a course in financial modeling. Especially, if you are not currently employed, this is a great investment of your time and will show employers you take the initiative.
Consider an internship. While there are some paid internships, even an unpaid one will help you get your foot in the door at a firm that may eventually want to hire you on a full time basis. If you really are good at what you do, then just being there every day will give you the opportunity to make a difference in the firm and become part of their success.
Get licensed. If you are lacking a particular license (securities, insurance, etc.) now is a great time to study for and take that exam.
About the Author:
Debra Wheatman, CPRW, CPCC, is a Professional Resume Writer and Career Coach with more than 18 years experience working with professionals in finance, management consulting, legal, and technology.