In the last two weeks Wall Street has taken a serious beating. Not only is the economy up for grabs, but jobs are too, especially for anyone working in the financial sector.

For those who have already gotten their pink slip, or fear it's en route, "The Takeaway" offers tips from Marci Alboher, who writes the "New York Times'" 'Shifting Careers' blog. She's been culling advice for financial professionals who are — or will be — pounding the pavement.

Things look bleak for the thousands of financial workers who are now looking for a job, and Alboher says the industry they're going to re-enter when they get new jobs is going to look dramatically different than what they left -- there has been consolidation, which means there will be fewer investment banks than there used to be.

Alboher says those who have savings should now invest in their careers, and acquire new training and skills. And for those who are flexible: there are lots of opportunities outside of New York, especially for banking professionals -- in places like Charlotte, which is a banking hub; and Delaware, which is home to a number of corporations.

Alboher's main piece of advice: "Look at your own industry and look at how it's changing ... in the banking industry, what parts of the business are being changed by technology ... the business of trading is totally changing, it's becoming an online, algorithm-based model that a lot of people are finding new opportunities in; staying in touch with your network -- key. This is a time when people are reluctant to pick up the phone, and the first thing they need to do is pick up the phone."

In addition to being a "New York Times" contributor, and running the "New York Times" blog 'Shifting Careers,' Alboher is the author of "One Person/Multiple Careers: A New Model for Work/Life Success."

"The Takeaway" is PRI's new national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what’s ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.

More at thetakeaway.org

PRI's coverage of economic security is supported by the Rockefeller Foundation and its Campaign for American Workders.

 

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