It is extremely difficult to enter the securities industry. Success requires years of study and hard work, and then several years of “paying”. So, what happens if you reach the top and find that you have climbed the wrong mountain?
Financial professionals who are dissatisfied with their chosen field are destined not to stay in place. If you are a trader, analyst, broker, or compliance officer and want to switch to another financial field, the good news is that it is possible-as long as you do some preparation and hard work.
1. Prepare for a pay cut
It is important to know from the beginning that when you change your financial career path, you may initially need to cut your salary and obtain a smaller title to make the leap.
For example, it is unrealistic for an experienced trader to become a new stockbroker and expect to receive the same salary immediately. It takes time and patience to build a customer base and assets. You need both to prove your value as a stockbroker.
No matter where you go, you will become a new child. Ready to prove yourself again.
2. Develop your skills before you start
Before pursuing a new career path, you need to study in detail the required job skills. If you want to become a financial adviser, please study personal finance or economics. If you want to become a trader, please take an option trading course.
You should also prepare and take certain securities exams, such as Series 7 (prerequisites for registered representatives), Series 57 (for stock traders), Or Series 87 (for research analysts).
- Before you start your job search, get any professional training and certifications you need.
- The network of professionals is already doing the job you want.
- Be ready to prove your worth again.
Any of the above will take a lot of time and effort, so please weigh this decision carefully before you start saying goodbye to your current boss and colleagues.
Once you start a new job, you may also be asked to follow a more senior employee for a period of time to understand all the characteristics of the job. The time you spend in the shadows should also be taken into account in your decision.
3. Be honest with your current boss
Once you know that you want to change your career, you should talk to your boss about this decision. Your current boss may not be excited, but if you speak frankly about the reasons you want to change, the boss will most likely understand.
The best way to break the news is to do it. Don’t go around in circles. Explain why you are switching and don’t be afraid to ask for help. Your boss may help guide you into a new career, and there may be contacts to help you in your path.
4. Find networks and mentors
Before making any transition, you should try to find a mentor or someone who will be around you and show you the skills in your new job. It is best to have a qualified person, because this will make the conversion easier.
Once you have established a rapport with someone you like and respect, ask if that person would accept you as a student. You will be surprised how willing most people are to help. But unless you ask, you will never find out.
At the same time, try to establish contact with other members of the target department of the company or industry-related functional departments. Remember, these are your future colleagues.
5. Don’t short yourself
As mentioned earlier, you should be prepared for a pay cut, but this does not mean you have to accept a rookie salary.
Be prepared for a pay cut, but remember that you are not a novice.
During salary negotiations, be sure to emphasize your existing skills and your education and professional experience in the industry. You have experience and skills that ordinary new employees cannot match. Take advantage of this to get the job you want. You can also use it to negotiate a more favorable salary plan than the average novice gets.
6. Get ready to work hard
After completing the conversion, be prepared for the hard work. Anyone who wants to transition to a new career must be prepared to get in early and leave late, and at the same time be proficient.
Before starting a new position, try to complete any personal household chores or tasks you plan, such as repairing the basement or installing a new roof on the house. You will need as little distractions and stress as possible.
If you plan ahead and are willing to work hard, you can switch careers in the securities industry. Your previous experience as a financial professional can help you make a successful transition.