Trading Places

Inside views on the jobs market

Maybe rethink that banking career

November 19, 2008

It’s bound to happen in every industry, especially in the days and weeks that follow historic layoffs like yesterday’s at Citigroup: young up-and-comers eager to snap up top jobs come to the painful realization that they couldn’t have chosen a worse time to enter their chosen career field.  And so the re-thinking, re-jigging and re-planning begins.

Just ask any MBA grad, who’s likely eying the carnage on Wall Street with a mix of dread and disbelief.  Analyst jobs are among the newest batch of casualties, experts says, as an ongoing flurry of consolidation is threatening to obliterate thousands of positions that are unlikely to return.

As a result, an increasing number of graduates are abandoning their dream of investment banking in lieu of careers in consulting and corporate finance until the market stabilizes, the Wall Street Journal reports.

But bad news for new graduates is good news for smaller investment firms that often struggle to attract top candidates. Says one recruiter: “We’re sort of like kids in a candy store right now.”

Granted, not everyone wants to wait it out until the tumult on Wall Street passes.  One banking veteran says she’s finally found stability in a career that’s guaranteed to keep her working. She’s a nurse.

Would you consider making a career switch if it meant more job stability? Share your thoughts below.

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