Navigating the Quiet Senior Finance Job Market: Strategies and Considerations
With the senior end of the finance job market being quieter for an extended period, I’ve been increasingly approached by senior professionals in my network who are frustrated by the lack of opportunities and are looking to open themselves up to more junior roles—either due to a strong desire to leave their current position or, more commonly, during a period between jobs.
I completely understand this inclination, but it’s not without its challenges. Here are a few things to consider:
1. If You’re in a Secure Position, Consider Staying Put
Unless your current role is significantly negatively impacting your mental health, it may be wise to stick it out. The senior job market will pick up; patience, though difficult, could be your best strategy. However use this period to wisely position yourself for the right move.
2. The Challenges of Taking on More Junior Roles
Considering more junior positions as a stopgap can be challenging and potentially lead to more frustration. Here’s why:
a. Downplaying Your Experience
To gain interviews at a more junior level, you might feel compelled to scale down your experience on your CV—emphasising more operational duties and less strategic involvement. This adjustment often needs to be mirrored on your LinkedIn profile, as recruiters and hiring managers almost always cross-reference both. By downplaying your experience, you may inadvertently miss out on being approached for opportunities at your current level.
b. Inconsistency in Professional Branding
Aligning your CV and LinkedIn profile to appear suitable for junior roles can create inconsistencies in your professional brand. This might raise red flags for recruiters and hiring managers when your experience doesn’t match your online presence or when your extensive background seems at odds with the role you’re applying for.
c. Overqualification Concerns
Even if you secure an interview, you’ll likely be challenged on your suitability for a more junior role. Many clients and hiring managers may not value hiring someone they perceive as overqualified. They might feel personally challenged or threatened by having someone with more experience as a direct report, or they may view the position as an opportunity for someone to grow into rather than someone stepping back.
d. Fear of Short-Term Tenure
Employers may have legitimate concerns that when the job market picks up, you’ll leave for a more senior position. The investment in hiring and training could seem risky if they believe you won’t stay long-term.
e. Impact on Team Dynamics
Your potential colleagues and superiors might worry about team dynamics. Bringing someone with significantly more experience into a junior role can disrupt the existing hierarchy and may cause discomfort among team members who might feel overshadowed.
f. Personal Fulfilment and Motivation
Taking a role that doesn’t fully utilise your skills and experience could lead to dissatisfaction and decreased motivation. The lack of challenge might impact your performance and overall well-being, potentially affecting your professional reputation.
g. Future Career Progression
Accepting a more junior role might complicate your career narrative. Future employers may question the step back, making it harder to return to a senior level. Explaining this move in future interviews could be challenging and might require additional effort to reposition yourself in the market.
Alternative Strategies to Consider
If you’re finding the job search at your current level frustrating, there’s no one-size-fits-all approach, and it deeply depends on personal circumstances. Here are some alternatives to consider instead of looking at more junior options:
1. Expand Your Geographic Search
Before considering more junior roles, think about widening your geographic net. I completely understand that this isn’t possible for everyone, but if you’re not restricted, explore opportunities in other cities or even countries. While I don’t recruit internationally often, I suspect there are still busy job markets in various global locations. Check them out and speak to local recruiters.
2. Consider Portfolio or Interim Work
Again, try not to be geographically restricted. A lot of this type of work is gained through your network or word of mouth. However, in the age of social media, self-promotion and marketing are exceptionally accessible. Build a webpage highlighting your experience, invest in some inexpensive social media and email marketing tools, and start marketing your services to potential clients.
3. Use This Period to Network
Catch up with old contacts, attend events, and step out of your comfort zone. You never know who you might meet that could open the door to your next opportunity. Perhaps even meet more recruiters for coffees!
4. Join a Charity Board
It’s a great way to retain confidence, grow your network, and contribute your valuable experience and knowledge to a good cause. Check out a social enterprise I co-founded that can facilitate this: www.trustee-connect.com.
5. Upskill or Reskill
If you’ve largely been working at a strategic level, take the opportunity to develop new hands-on technical skills. There’s an abundance of free resources to learn skills around data analysis, visualisation, automation, and coding. At the very least, these skills will enhance your leadership perspective in your next role.
6. Reach Out to a Coach
Coaching will come with a cost; however, in my experience, you will see a quick return on investment. A good coach will keep you focused, motivated, and help you retain or gain a strong sense of purpose. I highly recommend Nick Sellers, but there are many good coaches—find one who is right for you.
7. Become a Mentor
There are fantastic mentoring schemes run by most professional bodies. Mentoring can be a great way to retain purpose and motivation while offering great support to a fellow professional. Again, you never know what opportunities or networks it may lead to.
8. Engage More in Your Passions
This may sound cliché, but if you’re between jobs, take up a hobby or engage more deeply in your passions. Don’t feel guilty about it. Being around like-minded people may present new career opportunities through the network you gain.
Final Thoughts
Don’t be too hard on yourself if you’re finding the job market tough at the moment. In my opinion, it’s the toughest job market I’ve seen at a senior level since joining the corporate recruitment world in 2007—and that includes the 2008 crash.
Good luck—the next great opportunity is just around the corner.
Offering Personalised Support to Senior Finance Professionals
As a recruitment professional, I have always been happy to support finance professionals, and over the past 17 years, I have placed over 500 professionals into positions. Recently, I’ve been approached about offering a more formal service and additional support. After careful consideration, I’m now offering a very limited number of one-to-one sessions for senior finance professionals. These sessions are tailored and can provide CV and social media reviews, market mapping, career guidance, and interview preparation.
Deeply embedded in the sector, I have worked with and recruited senior finance professionals for most of the tier-one banks, as well as fast-scaling start-ups and everything in between and can add significant value. If you’d like more information, please get in touch in the strictest confidence at amurphy@finestoconsulting.com
