Wall Street Cut Too Deep, Scrambling to Hire

Before you go, we thought you'd like these...
Before you go close icon

Throughout 2008 and 2009, Wall Street laid off, and then laid off some more. Then Wall Street leaders looked around and noticed severe shortages of financial services workers, reports the New York Post.

As of last September it got its manpower in New York City up to 432,000. That means 10,000 employees had been added since the previous February. But that's not enough. The financial services industry still is scrambling for talent, particularly to stay in compliance as a result of the passage of Dodd-Frank. That's the sweeping financial reform act passed after the financial system crashed.

The biggest need is in operations, including working in the back office and assisting with coordination. If you already have skills aligned with financial services, then go to the websites of companies you're interested in working for. If you know anyone who already works in the business, ask about openings and how to apply.

Usually the best way in if you don't have specific skills for financial services is through sales, as in being a financial planner or getting an entry-level job doing anything. Once in, you will be trained. Usually the industry provides excellent formal development programs. In addition, you will start preparing to take the licensing examinations, such as the Series 6, that you must pass to get ahead. Thanks to technology, you can study online. If you prefer in-person instruction, there are courses right near Wall Street. Should you be a print person, there are manuals also.

Once you're licensed, your ticket is punched. That credential is mobile. You can search for another job, perhaps a better one, elsewhere on Wall Street or migrate over to insurance companies.

Read Full Story

From Our Partners