With some finance sectors hit harder than others by the recession, this might be the best time to make a career transition -- from working at a large bank to a corporate role, for example. Regardless of the job that you'll ultimately take, it's important to make employers understand how your background can add value to their business, say experts. It helps to define an ideal new role, which can help you decide what you ultimately want to pursue, says Brian Kurth, founder of Brian Kurth & Company, a Portland, Oregon-based career consulting firm. Here are other ways to make a transition.
Transition Within Your CompanyWhen attempting to make a career leap, working at a large company has its advantages because there are more available positions. Taking on additional responsibilities at your company to make a larger switch eventually is a great way to prepare. If you're ready to switch jobs, find mentors in other departments, advises Kurth who was able to transfer from Chicago to Budapest with his previous company. "I asked them questions and specifically asked to be part of anything they thought might expand my horizons -- while not shirking my responsibilities in my existing role," he recalls.
Assess Your Career NeedsEven if you're transitioning within the finance industry, it may payoff to take a career assessment test like Myers-Briggs or Birkman, which can also be interpreted by a career counselor, says Gail Geary, author of "Your Next Career, Do What You Always Wanted to Do". While you don't always need an assessment to think through your career goals, the formal structure can help you figure out where in finance your skills and interests intersect.
Tailor Your SearchInstead of applying for every opportunity that leaps out at you, it's important to have a clearly focused goal about which area of finance you are looking to enter. For example, if you're making a switch from banking to corporate finance make sure your transferable skills are highlighted in your resume. Don't use "a generic resume...expecting others to figure out why you are a good fit for the new position," says Geary.
Get Extra CredentialsTaking time to get a degree like an executive M.B.A. (which can be done on the weekends) or simply signing up for a few executive education courses at a business school can signal to employers that you're eager to make a transition. Depending on what part of finance you're trying to break into, look into whether a license like the Series 7 or Series 63 is applicable. While getting an extra credential can take more time than you budgeted for, showing that you've learned the required skills may help you make the change.
Leverage Your NetworkTapping into the network can add credibility to your search when trying for new positions, says Joel Garfinkle, founder of Garfinkle Executive Coaching who has worked with clients in the banking industry. Talk to former colleagues about others who've switched fields or can help you break into a desired company. "Spend the time getting others to speak on your behalf," says Garfinkle.
Promote Transferable SkillsIf you're in investment banking and trying to break into a corporate finance role, for example, stressing your ability to work in a high-stress atmosphere can help you land the job. Whatever transition you're making it's important to identify the related skills that you can highlight to your future employer, says Garfinkle. "As you compile the list…change your resume to highlight these new skills," he says.
Set-Up Informational InterviewsTo present yourself as an ideal candidate it's important to take the time to talk to others in the field. If you're looking to break into M&A, reach out to someone in that sector from your alma mater for an informational interview. Learning about what they do can help you learn what specifics to include in your job applications, says Garfinkle. Because you're likely not making a 180-degree change, many professionals you meet are going to be more accommodating in helping you transition.
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Pursuing a career switch can be a tough endeavor. But because the transition is not a giant leap into a completely new field, it's easier to demonstrate how you will be able to make a smooth transition. It's also important to be patient and realistic, says Kurth. A career change "is possible, but it will take--on average--three to twelve months to make a change," says Kurth.
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