According to the survey, 15% of Americans ages 45-54 (Gen X) and 15% of those 18-24 (Gen Z) are unemployed and looking for work.
The good news is, employment in the financial management industry is expected to grow by 15% in the coming years, which is much faster than the average for the labor market as a whole.
There’s no singular underlying cause of the unemployment rate, but members of Gen Z are in the early stages of their careers and may be inexperienced in the job market. On the other hand, Gen Xers could be facing ageism at work.
Both generations are beneficial to the wealth management industry, even if it means making a career switch. Gen Zers have the potential to grow a firm’s diversity, as they can relate to younger generations. When Gen Xers make a career shift, their years of experience and diverse skill set offers greater perspective to the wealth management industry.
Regardless, there are ways to level up your job search and land the opportunity of your dreams this year.
Be ready to talk about your soft skills
Soft skills, transferable skills, or sometimes even called human skills, are likely things you didn’t even know could be valuable at a job. But your transferable skills can set you apart from other job candidates.
Soft skills include problem-solving, communications, management, collaboration, creating a product roadmap, or executing a strategy. All of these skills and more are incredibly beneficial to a career in financial services.
You may have learned these skills at your previous job, via extracurricular activities, from networking events, or by taking classes. Soft skills aren’t always top-of-mind when creating a resume, but companies are looking for them!
If you want to work on specific transferable skills, see what’s available online or locally. You may take a webinar or a class to boost your skill set. If you feel comfortable, add these skills to your resume and be prepared to discuss them in an interview. If you understand how these skills are specifically beneficial to the role you are applying for in wealth management, then you will definitely want to share that.
Network, online and in-person
Networking is interacting, exchanging information, and developing professional or social contacts. It’s a helpful way to meet new people and make connections, whether they’re in the same industry or not. You never know who you’ll meet and how they might be able to help you on the journey to your dream career in financial services.
Networking provides an opportunity to expand your interpersonal skills, whether you have them honed in yet or not.
In-person networking events were the norm until the pandemic hit, and now online networking is an option. No matter which way you’re able to connect, be sure to take a look at our tips to get the most out of it.
We also hosted a forum on “What I Wish I Knew About Networking,” and you can watch the recap here and read an overview of the event here.
Consider an internship (or the like)
Networking may lead you to opportunities such as an internship, a mentorship, or a temporary job. These opportunities shake up your job search, help you meet new professionals, and learn a new skill set.
An internship may also be the right option if you are considering making a career change. If you’re in an unstable industry, you might be looking for a move to a growing industry, such as wealth management.
Regardless, an internship looks great on a resume and can provide unique on-the-job experience. It will also help deepen your understanding of the wealth management industry and all that it entails.
Leveling up your soft skills, networking, and considering an internship are all steps that can boost your resume and will lead you closer to your dream job in financial services this year.
If you’re looking for an internship, check out the Careers tab on our website, and stay in touch with us to hear about upcoming events and opportunities. Good luck!