Doostang News 3/27: Are you banking on the right industry?

Real Estate Analyst, New York, NY
Director, Product Management, San Francisco, CA
Associate, Private Equity, Hong Kong, China
Special Situations Analyst, Radnor, PA
Brand Marketing Intern, Chicago, IL

According to our numbers, about half of you are working in, or interested in, the finance industry. If you believe the news, that may not be the best place to be right now. We work hard to find the best opportunities in banking, private equity, hedge funds and beyond, but we’re also realistic.

This week, while gathering 374 new Premium jobs across 19 different industries, we spoke with one of our experienced members who has successfully transitioned from finance into corporate development at a Dow component company.

Our featured member’s resume:
– BSME 1991, Univ. of Florida
– Ops management with major consumer products company (5 years)
– MBA 1998, Harvard Business School
– SVP Investment Banking (M&A) for boutique investment banking firm (10 years)
– Director of Business Development for Dow Jones listed company (2 years)

What motivated your transition from investment banking into corporate development?

I felt like it was time for the next chapter in my career. I had accomplished everything I’d set out to do in banking and came to realize that I was no longer growing professionally.

How did you prepare yourself to make a successful transition? What was the biggest adjustment you had to make?

Accepting the fact that a geographic move was a requirement – this is very difficult with a family but necessary. There is no easy way to avoid this. I also had to accept the possibility of making a bad decision and potentially having to find yet another job sooner than anticipated.

Any advice for someone trying to make a similar transition in this job market? How can they effectively differentiate themselves?

Fortunately, I had operating experience prior to becoming an investment banker. I was able to weave the operating experience and finance experience into a compelling argument as to why I wanted to transition to a corporate role leading to GM responsibilities. Most of the corporate opportunities were looking for someone with some other type of experience in addition to banking.

Businessweek says internship hiring is down 21% and MBAs are not immune. Any advice for MBAs who still haven’t found a financial services internship for summer?

Unfortunately, I don’t see the traditional financial services opportunities out there now. However, there should be good opportunities in the restructuring industry these days. You may have to take the best all around offer you can get – it’s just a tough environment now.

What do you think of Jake DeSantis’ recent resignation letter in the NYT? Good call?

Jake DeSantis’ move was brilliant in my opinion. He answered the ill-defined uneasiness that many people had regarding the extreme public opinion on the bonuses. His resignation letter was an immediate expression of the other side of the story, delivered with credibility in actions. He also communicated his resume to millions in the process. I suspect that this won’t be the end of his career. However, I would not recommend this under normal circumstances.

Have you left finance and are willing to share your story? We’d love to hear about it.

Doostang welcomes Fuqua and Johnson

We’re proud and excited this week to welcome two new MBA partners, The Fuqua School at Duke and The Johnson School at Cornell. Both of these schools now enjoy special discounts on Premium Membership to access our one-of-a-kind opportunities for MBAs.

If you’re a Fuqua or Johnson MBA candidate, join your network on Doostang today to take advantage of this offer.

If you’re not from one of our partner schools, getting your school involved is easy. Send us an email to learn more.

May it be 5 o’clock in your somewhere.

Team Doostang