The job market for finance professionals has shifted across specializations, recruiters and career coaches said in New York this week. And 2020 will be a tough year for job-seekers.
Still, bright spots for hiring include private credit and private equity firms; registered investment advisers (RIAs) and family offices; and middle-market boutique investment banks.
“It’s been a wonky year,” said Roy Cohen, a career coach focused on mid- to senior-level executives in finance and other industries. “My expectation is that next year will be equally challenging.”
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For the dozens of job-seekers gathered in the tenth floor of a building near Times Square, a text message from a friend that one panelist read aloud didn’t exactly inspire confidence.
Peter Tannenbaum, the founder of New York-based executive search firm Ramax Search, pulled out his cell phone to share the message he’d received earlier from a friend he described as typically “cynical.”
“Even if you get jobs, it will be pointless, and you’ll be wondering why you bothered,” he read. “You’ll be mad at yourself for listening to the lies that your parents and teachers told you that if you work hard and get good grades, you’ll live happily ever after. Thank you. Goodnight.”
That drew some laughs from the crowd, as well as the other recruiters and career coaches sitting on the panel with Tannenbaum.
“It’s been a wonky year,” said Roy Cohen, a veteran career coach focused on mid- to senior-level executives in finance and other industries. “My expectation is that next year will be equally challenging.”
Alexis DuFresne, a director at the Whitney Group, an executive search firm, agreed. The years-long trend of consolidation in asset management and investment banking continued, while sell-side equity businesses got “decimated.”
Tannenbaum, Cohen, DuFresne, and other financial services recruiters and …read more
Source:: Business Insider