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The Biggest Challenge for Financial Analysts - By: Corinne Lor, Posted on: 2008-05-17

The recent string of layoffs on Wall Street is a big reminder to financial analysts: Economic ups and downs come with the territory.

After experiencing the longest stretch of economic growth in US history, many have forgotten that it is not uncommon for a financial analyst to experience one or two down cycles during his/her career life. Layoffs or even closures are all normal happenings of the industry.

You must accept that this is part of the trade. Instead of being immobilized by the fear of layoff you can take an active role in re-evaluating your career strategy.

Just like an investor who would employ different strategies during a bear market than in a bull, brainstorm for strategies you can employ during this down cycle so you will be well positioned when the economy turns around.

What if you survived the layoff? Yes, your job is secure but chances are your work pressure will be cranked up multiple notches. There are less people on the team and the same amount of expectations for performance in a flat market. Time management and stress management are definitely invaluable skills to help you through this difficult period.

What if you don't? If you are being downsized, or you think your layoff is impending, the silver lining is that this is the perfect time to reassess your career path so you can create the experience to help you be more aligned with your long-term career goals.

This is a perfect time for you to look into other related fields so that you can get a fresh perspective on your work. Move sideways, for example, from the sell-side to the buy-side if the opportunity arises. Switch from a large institution to a hedge fund. Relocate to another city or even country for a different experience. Take up some classes to enhance your knowledge. Start that personal project that you didn't have time to do before.

Some of you may have to temporarily settle for a position with a less attractive compensation package but the shorter work hours may just provide you with the work-life balance you never knew you missed. The extra time on your hands can also be used to develop a passive income stream for added financial security against the next down cycle.

Remember the down cycle is as much a part of your career as the up cycle. If you are in the industry long enough, you will inevitably experience it at some point. Look for the possibilities during the uncertain times. You can make the best out of the situation and include it as a part of your journey towards long-term success.

Article Source: http://articleowner.com

Corinne Lor is a success coach for financial professionals in the banking and finance industry. She has experienced firsthand the biggest booms and some of the most sensational busts in the industry and enjoys sharing her knowledge with others. Visit Financial Analyst Blog to read more articles.

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