Why the best time to hunt for a finance job is during a recession
Finding a finance role is notoriously difficult, often requiring three to six months of effort. During economic downturns, competition may seem overwhelming, but many rivals will simply give up. By treating your job hunt as a full-time sales role, you can outlast the competition and build essential professional resilience.
In early 2020, the financial landscape shifted dramatically. The US economy contracted by nearly 5% in the first quarter, while the Bank of England projected the most severe economic slowdown in 300 years. With 33 million US workers facing unemployment, the environment for job seekers became exceptionally challenging. However, these periods of instability do not necessitate abandoning your career goals. Instead, they demand a more systematic and aggressive approach to the search process.
Success in this environment requires treating the job hunt as a full-time occupation. This involves breaking down complex tasks into manageable, short-term goals—specifically setting targets for one to five days at a time. Rather than focusing solely on the volume of online applications, which is often ineffective, you must prioritize direct human connection. Building a comprehensive spreadsheet to track meetings and interactions is essential. The objective is to secure meetings with real people, as the job hunt is fundamentally a numbers game where increased engagement directly improves your odds of success.
Preparation is the final pillar of a successful strategy. This includes auditing your skills to identify their utility across various employers, refining your CV to remove management jargon, and researching firms that are actively growing despite the broader economic climate. When preparing for interviews, utilize cheat sheets for phone calls and practice answering common questions with genuine, well-thought-out responses. Crucially, maintain this intensity until an employment contract is signed. By remaining systematic and persistent, you transform a period of economic hardship into an opportunity to develop a robust, high-quality skillset that will serve you throughout your entire career.
Source: Finding a Job in Finance | Finding a Job During Coronavirus | How to Network
