My client worked for 2 bulge bracket firms until his position was eliminated. He then spent 2 years consulting, while looking to get fully employed. However, he was concerned his 2-year hiatus was a deal-breaker. Could he get into the payment processor FinTech space?
The Challenge
How many of us experienced a layoff? Statistics show that most of us will experience at least 1 in our career, if not more. It happened to me in 2007 and 2012.
The problem with a layoff is that you start to question yourself. Just because a senior-level executive decided to slash 20% of the budget to look good in front of his/her boss, was this your fault? Maybe a manager decided he/she didn’t like you since you were too good at your job.
Most of the time it’s office politics, not your work product. Finding yourself in between jobs, you start to consult, hoping for a quick rebirth into the job market. However, senior-level hires don’t happen every day.
If 2 years had passed since your last full-time job, how do you jump back in and even pivot to a new area called FinTech?
The Solution
Spending time figuring out your job search strategy is key. Running around applying for jobs online like a chicken with your head cut off is a recipe for disaster, pain, and misery. I’ve been there myself.
A good customized strategic career plan begins with analyzing your:
- Strengths and weaknesses
- Job roles you enjoy and fit you nicely
- Employment industries that are most appropriate for you (in the case of FinTech, which vertical?)
However, your analysis is only half the equation. What about the market receptivity to your goals? How do you determine not just the job roles but also which of the 20 odd verticals within FinTech will accept you?
Successful job hunt execution is a 2-way street, something many forget in their job search. I gave up my aspiration to play professional golf many years ago. Couldn’t get my handicap below 10.
For more information on how to find your ideal job and vertical within the FinTech world, check out my 4 part series: Making the Move from Wall Street to FinTech.
My Client’s Challenge
He was a superstar at Morgan Stanley and Barclays. With a team of 10 reporting to him, his annual comp was half a buck (Wall Street speak for $500,000). However, in 2019 that all changed when a new regime came in and cleaned house.
He did not know how to look for a job since all his prior positions came through recruiters. However, the funny thing about recruiters is that as you get older, you are harder to place. Recruiters are great resources, but less helpful when you get into your 40’s/50’s.
I met my client after he was mentally and physically exhausted with his job search. Like 99% of job seekers out there, he applied online and relied too heavily on recruiters.
He was down, nervous, and just flat-out frustrated. How does he bounce back after a two-year hiatus? How to get to a payment processor?
My Client’s Solution
We started with discussions of what he really wanted to do within the framework of having 2 kids, a wife, and a Manhattan apartment. I introduced him to my proprietary FinTech research to show him he was not alone since others made the pivot.
Many former Wall Street executives either experience an employment gap or employment in an unrelated field. We have the data to show which Wall Street executives have moved to FinTechs, but with a stop in between.
Many have stops in between. All is not lost!
After analyzing weekly people moves over the last 4 months from Wall Street to FinTech, we started to notice some interesting patterns. We picked up on the most likely FinTech sectors, job roles, company age, and other metrics that would ease and speed his transition. Many professionals moved to payment processors like Stripe and Venmo.
We customized his whole search with a rich database.
Never ever go into a job search without hard data. If you will use hard data in your job, as most of us do, why not in your job search? Sometimes the trend is your friend!
He moved to a top 5 FinTech payment processor after analyzing the data, networking like crazy, and following a customized strategic career plan. As Charles Kettering, an American engineer, said “Research means that you don’t know, but are willing to find out.”
For more in-depth information on key networking strategies, check out “Leverage Your 1st Connections to Access the Hidden Job Market”. To sign up for my monthly proprietary research on people moves from Wall Street to FinTech, click here.
Bottom Line
Admit ignorance, find the data, and network until you drop.
Click for our Report on People Moves from the Street to FinTech