From Career Treadmill to Fast Track

The words “economic recession” are without a doubt looming in the minds of job seekers everywhere, and with the banking and financial industries suffering from the global crisis, individuals are left wondering if their hopes of finding employment in these fields are realistic. Yet despite the grim economic forecast, we are confident that the American Dream is alive and well and that job seekers’ hopes and goals will soon become realities! Mike Oakes, a friend and former client, joined us this week to discuss some of the factors and issues coming into play in the global economic recession, and how the crisis is specifically affecting banking careers.

Boasting over 25 years of experience in commercial and corporate banking, Mike is a bona fide expert in the banking field. He has spent the majority of his career in Houston’s energy sector. He managed the Industrial Bank of Japan’s Houston loan production office, and led both the Industrial Bank of Japan and the ABN AMRO Bank into the Houston reserve-based lending arena. Mike currently holds a position with Trustmark Banking and Financial Solutions. He is a CPA and received his MBA from the University of Houston and his BBA in Accounting from the University of Texas.

After the Industrial Bank of Japan closed Mike’s branch in 2003 and he came to our offices for outplacement services. He remarked that at the time he was 50 years old and an expert in corporate banking and the energy and finance arenas, but he still needed to learn how to effectively market his skills for a new position. Mike commended The Total System for providing him with a step-by-step approach to the job search process. “The value in The Total System’s techniques for building an A+ resume, developing and understanding the networking process, writing letters, and following up with job leads is right on target.” Mike also reflected on how valuable the assessment component of The Total System was in inspiring him to consider alternative career options and challenging him to think about how he could best use his skills to achieve his career goals. In addition to providing a self-marketing strategy, Mike remarked on the importance of The Total System’s structure and practical steps.

Networking as the Prime Driver

We asked Mike to comment on how Job Search: The Total System can help individuals obtain banking careers in the current market. “A networking approach is your foremost asset in a successful job search,” according to Mike, “and The Total System provides job seekers with an effective step-by-step approach. He explained that networking allows the job seeker to learn about positions and careers in banking and to understand the essential skills and goals essential for success in the field. “Networking also allows you to get your foot in the door and make yourself visible to an organization, so when a position opens up they immediately know who they will call…you!” Mike recalled the vital role networking played in his own career transition, and revealed that a former boss actually referred him to his current position. Never underestimate the power of building relationships and conveying positive expectations to your contacts…you never know where these relationships can lead you!

Along with networking, Mike pointed out the power of an A+ Resume and how it communicates your value as a potential employee. He stated that The Total System gave him a strategy and framework for documenting his accomplishments in resume form. The Total System approach enabled him to produce a resume that actually demonstrated what he accomplished and not merely present a litany of descriptions of his past positions. By linking his A+ resume with strategic networking, strong references, and professionalism, Mike says his confidence soared and gave him the leverage to successfully complete his career transition.

Banking and Finance Career Opportunities in a Recession

Like nearly all industries, the banking and finance arenas have been suffering the effects of the global economic angst. However, just as in other fields, all job opportunities in banking have not completely vanished! For those who continue to actively pursue leads, network, and persevere, there are still desirable positions available. Mike affirmed that banking will remain a vital component of the United States and global economies notwithstanding economic conditions, and the industry will always need people to work. For current business and finance students looking to enter the industry, Mike suggested pursuing credit training programs that prepare individuals to matriculate into different lending groups. He advised students to work with college and university career centers and to establish networking contacts in the banking and finance arenas to make themselves visible to the right people. Mike remarked that the Houston economy, while currently slowing due to falling gas and energy prices, remains a favorable market offering good positions, and he suggested pursuing those opportunities as well.

Mike advised job seekers to remain open to different career options and consider positions in other areas of business, even if the ultimate goal is a banking or finance career. Mike began his career in accounting, and recommends this as a viable career option because it provides the opportunity to obtain broad business knowledge and understanding. He also suggested commercial lending, which he described as the sales force of the bank, for another sector that helps build financial and credit analytical skills, as well as people and business skills.

A Snapshot of the Economic Crisis

Mike ventured out on a limb and shared some of his insights into the current economic problems, how these issues are affecting various industries, and how we can expect to come out of the current crisis. Mike remarked that while his bank, Trustmark, has reported increasing profits and its stocks have only fallen by small percentages, many larger banks have encountered problems resulting from losses on large sub-prime mortgage securities and losses on home-building portfolios. The lack of transparency and regulation in lending is another critical factor that fueled the economic downturn. These issues have contributed to large deficits in the banking industry across the globe. Recognizing the integral role banking and finance play in the global economy, many governments are responding with bailouts in order to revitalize the banking industry and the world economy. Mike mentioned that the government will often purchase a bank’s or company’s stocks as a way of loaning money, and then the bank is ultimately responsible for returning the money to the government. He commented that while too much government regulation could impede economic efficiency, today’s circumstances call for some increased regulation in order to prevent current problems from continuing or recurring.

In addition to banking and finance, the energy industry is beginning to feel the effects of the world economy’s downward spiral in the form of falling energy prices. The demand for oil has been depressed by the weakened economy, resulting in significantly lower prices. In addition, we face long-term oil shortages, and both of these factors have stimulated increasing demands for capital holds on oil, which will later be needed to develop new sources of energy.

Considering Related Industries to Banking and Finance

Mike shared his perspective on current trends and practices in the economic recession, as well as his final thoughts on job opportunities in the market today. There have been numerous company and individual bankruptcies as a result of the economic downturn, and consequently many loan departments are adding to their staffs to manage the additional workloads. Mike recommended exploring career opportunities in this area, and also suggested searching for industry positions that interface with bankers. Often clients will hire their bankers to work in their company’s treasury area, and this can be another excellent way to break into the financial arena. Mike emphasized that there will continue to be any number of positions with large commercial, regional, and local independent banks, so it is always beneficial to look at various banks to ascertain their hiring needs. He advised individuals to thoroughly assess their preferences, skills and goals to determine if banking would be a fulfilling career path. Then he recommended consulting Job Search: Total System and going through each step of the process to ensure finding the best match.

The banking industry is and will remain a vital part of the global economy, and as such there will continue to be job and career opportunities. Even amid the current economic turbulence, there are still opportunities, so it all becomes a matter of combining perseverance with the best job search strategy. In bleak economic times, The Total System’s networking approach is even more important than ever! Establishing and maintaining contacts ensures that you remain visible to potential employers when positions become available. In addition, building an A+ resume that markets your experience and skills to the banking industry will make you even more appealing and help you find a position that is the best fit for you. In tough times, your skills are your best leverage of all!

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Sheryl Dawson