Posts Tagged: Bear Stearns

By Miriam Salpeter

Miriam Salpeter is a career coach and resume writer with Keppie Careers. www.keppiecareers.wordpress.com; www.keppiecareers.com. Definitely check out her great blog!

It would be nice if new college graduates did not experience tough life lessons right out of school. Wouldn’t it be great if there were an official “honeymoon” phase of life when things would go smoothly and plans would go, well, according to plan?

We all know that the transition from college to career can be a rocky one, especially for those unfortunate enough to have landed their dream job (the envy of all of their friends), only to see the offer rescinded in a cruel twist of fate. Lindsey generously offered free assistance to the 250 new college grads with rescinded offers from Bear Stearns. Since I worked on Wall Street right out of college, I wanted to help as well.

I consulted a former colleague who is still in the business and compiled some pros and cons to consider if you are dreaming of a career on Wall Street:

Pros:
- Lucrative salary.
- Glamour. High rollers abound, a lot of money trades hands and, when times are good, big bonuses and perks are rewards for a lot of hard work.
- Thrill factor. It can be exciting to be part of a last minute, high-tension deal closing.
- Foxhole friends. You will spend a lot of time with your co-workers. Camaraderie and strong, long-lasting friendships may result. (This was certainly my experience. Twelve years after I shared a “foxhole,” I wouldn’t hesitate to contact my Wall Street friends for any reason. When we get together, it’s as if no time has passed.)

Cons:
- Zero work/life balance. Your work will be extremely demanding. You’ll be expected to put in long hours, cancel personal plans and generally put your life on hold.
- Volatility. The adage is that Wall Street is quick to hire and quick to fire employees. Job security is not a reason people choose this profession. “Rainy day” funds are imperative in this field.
Tense work environment. The high-pressure, fast-paced job doesn’t lend itself to the most warm and supportive work environment. When bosses get tense or stressed, young employees (or anyone around) tend to bear the brunt.

Despite these cons, I would not trade my Wall Street experience. I made lifelong friends and learned important skills and coping mechanisms. However, it’s important to know what to expect so you can make an informed choice about your future.

For college grads with rescinded Bear Stearns offers, I’m happy to speak with you about my experiences and supplement Lindsey’s offer of free coaching. If you are interested in a 30-minute free coaching session with me between now and September 1, 2008, please send an email with “Bear Stearns Coaching” in the subject to results@keppiecareers.com. We’ll set it up!