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What Can Financial Professionals Expect from the Future?

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Will there be more jobs? Will we see more opportunities? Will the pay increase?

These are the questions that new grads and experienced professionals are asking as they prepare to embark on their next move within the financial sector. Considering the frequent reports detailing the bonuses acquired by Bank of America execs (among corporate leaders at other banks), it's no surprise that financial professionals are beginning to wonder what their future will look like. At the same time we have companies like UBS, which plans to layoff thousands of employees, which further compounds the level of uncertainty.

The good news is that the economy is showing signs of recovery, with the overall unemployment rate dropping to 8.6% in November. According to USA Today, employers added 120,000 jobs last month. Earlier in the year, it was revealed that the number of layoffs versus the number of hiring companies may have been the primary source behind the rising unemployment numbers during the spring. And these numbers cover the entire economy – not just the financial sector.

Going forward, some speculate that the financial services industry will shrink in the near-term. And with companies like MF Global headed out the door, that assumption might not be too far off. But with every company that closes, new opportunities will be presented.

One thing that people often forget is that there is a difference between lost jobs and eliminated jobs. An eliminated job is just that – a job that has been eliminated through automation, increased efficiency, outsourcing, or some other means. On the contrary, a lost job is one that a company cannot currently afford. This leads to layoffs (as witnessed by UBS) and a painful reduction in the workforce. But it is not a permanent loss.

As the company continues to improve, we'll begin to see a reversal in the current layoff and hiring trends in the financial sector. Layoffs will be reduced, hiring will increase, and Wall Street will finally get back on track.

However, the challenge that job applicants face today is one that they have always faced. When searching for their next career move, applicants must look through the plethora of weak, irrelevant job opportunities and find the one that's right for them. The same is true for hiring managers; they don't have the time to waste searching for their next star employee. They need to find him or her right now so that they can get back to business.

That's where StreetID comes in. We match the work experience of financial professionals with employer needs to produce new and exciting career opportunities. Whether you're in search of a job today or planning to make a move in the future, StreetID will do whatever it takes to connect you with the best companies.

 

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Posted-In: StreetIDNews

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