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Skills acquired for financial services helpful in job placement

NEW YORK - It's good to be in financial services-or so a recent study finds. "Individuals in the financial sector have a strong entrepreneurial spirit and a willingness to take risks," said Dale Klamfoth, regional vice president, DBM. Klamfoth says those skills and success are highly transferable in today's job...

By Staff Writer | Updated on October 29, 2002

NEW YORK – It’s good to be in financial services-or so a recent study finds. “Individuals in the financial sector have a strong entrepreneurial spirit and a willingness to take risks,” said Dale Klamfoth, regional vice president, DBM. Klamfoth says those skills and success are highly transferable in today’s job market. According to the survey conducted by DBM, a global human resources consulting firm, workers that switched out of financial services found employment in 22 industries, moving in greatest numbers to consulting (6%), food industry (4%), computers/office equipment (4%) and public administration/ government (4%). In addition, only 49% of workers in the financial sector changed industries, compared to 72% of people in transition from all industries. The median time for re-employment in this industry was 3.1 months – about the same as those from all industries. However, among individuals over the age of 50, a five-month transition was more commonplace. The survey also finds that while 44 % of those who changed industries attained the same or a better salary, those that stayed in the financial sector enjoyed the best salary outcomes. The DBM study surveyed the experiences of more than 1,600 professionals from 28 countries. The typical respondent was predominantly male (70%), in his early 40s, and had been with his previous employer for 10 years. Eighty-four percent of the participants were in transition due to an organizational change such as a workforce reduction, merger or acquisition.

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