Bored At Your Job? Don't Do What I Did...

If you have been essentially at the same job for more than 5 years, please don't continue to make the same mistake I did. Even if you work at top-name investment banks, buy-side shops, or Fintechs, you can and most likely will get stale. Like that small piece of broken toast, you find at the bottom of your toaster when you clean it once a year.

I did functionally the same job for 15 years and came to regret it.

My Story

I came out of Columbia Business School in 1993 and secured a kick-ass job at Merrill Lynch in structured finance as an associate. The department was run by a great guy, and most of the people were good-natured folks that wanted to work really hard. I got married a year later in 1994 and was blessed with a son in 1995 and a daughter in 1998.

I worked as hard as I could to get ahead and was promoted to both VP and Director faster than anyone else in the department's history. Working 100-hour weeks was a badge of honor that I proudly wore. I came to know my client's really well and fought hard for them. Money was great and fancy dinners were the norm (I wasn't vegan back then).

I moved to Credit Suisse in the same role in 2000 and quadrupled my pay. That tells you how underpaid I was at Merrill. Life was fat and happy.

Then The Story Turned the Wrong Way

I was an expert in credit card securitization. The details are not important. What is important is I was an expert at one and only 1 thing. I saw colleagues in my group diversifying their skill set, sometimes at the expense of year-end bonuses. I saw others move to different groups around the bank to create additional internal relationships and serve new clients. I stayed the course since the money kept coming, and I could do my job with my eyes closed.

When the bullet came, I took it in the first round of layoffs in October 2007. I had a fair exit package. However, the job market was non-existent for structured finance professionals and would stay that way for at least 2 years. I tried to get a job as a CFO, treasurer, or similar role. Nobody would have me since my 15 years were spent doing the same thing. My skills were old because I knew Excel but not VBA. I was a dinosaur of a forgotten era. Ow, that hurts!

Why Didn't I Move When I Had a Job?

I was scared that I would need to learn new skills. Meet new people, make new friends, and prove myself all over again. I was comfortable, loved the money, and knew I was the expert. I was confident back then because I knew more than anyone else. Moving is a risk that I was too scared to make. I had 2 kids then, a mortgage, expensive NYC lifestyle. Doing nothing is always easier than doing something.

Buyer Beware

Even if you don't commit to moving, just commit to surveying the landscape.

Check out my job search free goodies.