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Alternative career options for financial services recruiters

Everyone knows that after working in investment banking you can go into recruitment.

But what if you start in recruitment? What then? What can an ex-recruiter do?

It’s a question worth asking because we have it on good authority that a larger number of people than usual are disaffected with their recruitment/headhunting careers and are looking for alternatives.

“I’ve had six or seven very senior, very well known people, coming to me recently and saying, ‘How can I get out of this?”” says one former headhunter-turned entrepreneur. “There’s a whole group of people who are getting to their late 30s or early 40s and realising that the glory days of recruitment are over.”

Back in the day, it was possible to come into work as a headhunter on a Monday and make 100k by Friday, alleges this recruitment escapee, who regularly billed 3m-4m a year. “That was ten years ago,” he reflects. “The easy money isn’t there any more. And it’s less entrepreneurial.”

So what are the alternatives?

“Recruitment gives you a sales skillset which can be applied easily anywhere else,” says the director of one recruitment firm in the City. “A lot of these guys have good – although not necessarily stellar – academics, and can easily get jobs elsewhere.

“We say one guy go off to KPMG to train as an accountant,” he adds.

For many former recruiters, the temptation is to build a business (although not necessarily a recruitment business) in a related area.

Trevor Foster Black, a former recruiter with Robert Walters and Heidrick & Struggles, left the industry in 2002 to set up Coalition, a company providing intelligence on financial markets.

“A successful career in recruitment provides you with the confidence and ability to talk to anyone, about anything,” he informs us. “It also provides you with invaluable connections. I would have struggled to set up my business without the client relationships I developed over 10 years in financial services recruitment.”

Comments (24)

Comments
  1. He banked 3-4M a year? And is still looking for work?

    So 3M for say 4 years 12M and he’s still looking? Doubt it.

  2. Burger flipping or pimping are the only realistic career alternatives for recruiters.

  3. Pretty useless article. not many suggestions!

  4. Que the recruitment bashing…..

  5. financial services recruiters have absolutely no skill set apart from ignoring you when you actually need a job and harassing you for info when you are in a job. i suggest they move up a rung in the food chain and become real estate agents

  6. No, no, he BILLED 3-4m in fees etc. a year…i.e. he/she (it if, like me, you sometimes think recruitment people may not be human) generated this revenue for his/her outfit and received commission/bonuses based on that amount.

  7. @MAn “Recruiters are the SCUM of the earth.”

    Bad experience? Some jumped in 20 year old tell you you weren’t good enough for them bother their time with? Some people are scrubs and not worth a recruiters time.

  8. Recruiters have a very high IQ but in their case IQ stands not for “intelligent quotient” but for “idiotism quotient”. End of discussion.

  9. Erm, my old boss started off in HR and ended up as CEO of Invesco UK. Some of you guys make some really moronic comments honestly.

  10. It’s nearly always the case that those most critical of recruiters are those whose prospects of finding a job they want are limited. I had a candidate who hasn’t written a ticket in his job as a eurostoxx broker in 6m who slagged me off because I couldn’t find him anything. To be honest I hadn’t tried very hard because ultimately it would do me no favours with my clients to put someone like that forward anyway. Recruiters, like Estate agents and brokers have a role to play-otherwise they wouldn’t exist.

  11. @ James – What you wrote is utter rubbish. Even the most successful bankers dislike recruiters. If you were just 10% as marketable as the least marketable banker, you could justifiably call yourself a success.

  12. @ Banker – It would appear what you wrote is ‘utter rubbish’. I know many headhunters who far from being ‘disliked’ are in fact good friends with ‘successful bankers’.

    Maybe take your narrow point of view and don’t make such generalistic comments. It makes you look stupid, bitter and ill-informed.

  13. Sell coke to your contacts…super demand…

  14. to those who hate so called recruiters I’d bet my arm over 75% make less than 350K a year

  15. Headhunter – I bet you make less than 35k a year

  16. @Dave – I make more than 35k a year and I’ve been doing this 11 months.

  17. Hahaha – always makes me laugh reading these comments. With some passion, hard work and half a brain you can achieve alot in business – regardless of your industry. I’ve met many bankers and too be honest most of them are the same – dry, boring, bean-counters. And most recruitment consultants are full of hot air and not much else. However there are always exceptions to the rule and they make dealing with both pleasurable and rewarding. There is no difference between a banker who does sales and a recruitment consultant – just different products.. Same bull though. What I do find amusing is the public perception of bankers is now lower than both real estate agents and recruiters. Plenty out there for recruiters wanting a change of industry – just need the right contacts…

  18. I am a Headhunter and have a 2:1 in Economics from a top 10 UK University, 4A’s at A-Level and have completed my CFA. I also previously worked for 2yrs in UK M&A for a top Swiss bank.

    I know more than 80% of the candidates I meet about the industry they work in. Who are the idiots now?

  19. @ Hunter – Obviously you are the idiot if you ended up in recruitment with such a background. Sorry for being honest.

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