“It’s very, very, bad, and things may deteriorate further. This is as bad as anyone alive has ever seen it. Wall Street is broken.”

That’s the assessment from Dealbreaker‘s John Carney in a recent interview with Fishbowl NY. This is a scary situation for everyone, most of all for people who were make their living at Lehman Brothers and Merrill Lynch.

While events haven’t totally shaken out yet and some jobs may be saved, it’s likely that thousands of Lehman and Merrill employees will be out of jobs. What can they do to move on and start new positions as quickly as possible?

Here are 5 suggestions, and this advice is only the tip of the iceberg. Readers: If you have additional advice (especially if you have Wall Street experience), please share in the Comments section. Thanks!

1. Create a search strategy. This tip comes from Toddi Gutner’s recent Wall Street Journal blog post, “Dealing with a Job Search When You Least Expect It”: “Despite the need to mobilize a quick job search, ‘you don’t want to send out a bunch of things into the marketplace without any thought behind it,’ says Mr. [Doug] Matthews [CEO of Right Management Consultants]. Take some time to create a thoughtful and measured approach to your job hunt. Be specific about the position you want and target the companies where you want to work.”

2. Have a plan B, C and D. This advice comed from LaVern Chapman, an MBA career services professional I spoke with this morning. If you’ve been working in a certain area of high-level finance, you’ll probably need to consider other areas of finance, smaller or more specialized firms, corporate finance or something altogether different. If you’ve been thinking about a career change anyway, now might be the right time to make the switch.

3. Spread the word far and wide that you’re looking for new opportunities. Don’t assume that people will know you’re looking for a job or what kinds of jobs you want. Call, email and set up meetings/chats with friends, former colleagues and other connections. The more people you talk to, the more eyes will be on the lookout for openings that fit your criteria.

4. Increase your social networking activity. Many companies and headhunters, especially smaller ones, are now recruiting solely through LinkedIn, so make sure you are making the most of this medium. For tips on how to stand out and get a job through social networking, check out my post on making the most of LinkedIn.

5. Get emotional support. Losing a job can be very emotional, especially when it happens suddenly. “Enlist the help of a friend, spouse, coach, colleague, etc. Someone who will listen and support you through this transitional period in your life,” advises Deborah Brown-Volkman on Eve Tahmincioglu’s Career Diva Blog . “Looking for a job can be frustrating, time consuming, and disappointing. Remember that you do not have to do it alone.”

Please share and read more tips in the Comments below!

Photo credit: New York Daily News

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!