Hello,
I started 20 years ago in the retail brokerage space, went institutional asset management sales, for Fortune 50 (Think a large Rock) and Fortune 25 (rhymes with Pells Pargo). I completed my CIMA at Wharton, so it is not like I am intellectually challenged. I once applied for a position and they said, you are great, but you need a CFA® and an MBA to apply. Goal now set firmly in my head. I completed my MBA in Finance from #3 PMBA program, and then stayed another year for a double major in Strategy. I then passed Level I and bombed Level II, went back to school to complete my Masters in Accounting, not to be a CPA but to get a better perspective on IFRS and GAAP. Now, I can't get a job to save my life. Nobody wants me, my 7,63,65, are all expired, I don't have my CPA, and I can't get it as I do not have "1" year of experience under a CPA. (forget the 20 years of client financial planning work!)
I spent the last year as a "Director" for an M&A firm hoping for the big payday. No such luck. It was all 1099 commission, and I spent almost 2 years with literally $0.00 to show for it. (-$10,000 after expenses)
Every position I have applied to has passed as I am too old, or they can't afford me as I have been a VP/Director since 1996. I am open to take ANYTHING to get back into it. I have found that I really enjoy food. I can't even get that anymore at this rate. I have to Uber to pay my bills.
I am going to have to wait tables if I can't get something.
I am open to all suggestions.
I look to the collective wisdom of WSO to help.
Thanks,
Stranded in Texas.
My advice - Try to get your CPA back, look for something accounting related, then make a move after a year or two. Even if you're an assistant controller (or analyst) at a very small company, that experience is invaluable in the eyes of any finance professional.
Just don't give up. The only thing missing from your resume is 'technical' experience. Given the fact you most likely have excellent communication skills based on 20 years sales experience, after 1-2 years of a financial/accounting intensive job on your plate, you should be able to move up the ladder relatively quickly at a small firm (think small industrials or business services shop).
I hope this helps.
Agree with the poster above - (re)becoming a CPA and pursuing accounting seems like the past of least resistance (to gainful employment). With a little networking (and on a path to regain your CPA) I don't see why you couldn't get a Big 4 (or similar) firm wouldn't look past age/any other related issue
Thanks for the insight. I agree that the CPA is the path of least resistance, the only issue is that Texas requires 1 year of work experience under a CPA to become one. I was an investment specialist, stockbroker, wholesaler, and institutional wholesaler doing nothing but financial planning for client facing roles. All which would qualify, but none were under direct control of a CPA, so I am precluded from getting my CPA.I have applied to all of the Big 4 to no avail. 150 people in my Masters of Accounting program, 148 were picked up by Big 4. I was one of 2 that was not. I am 48, not 21. My best course of action right now is to apply in Mass. which does not have a work requirement but gives a limited CPA.
I would have assumed that buy-side advisory as a Director would have given me the "technical" experience working with CEOs and PE through all steps of sourcing, introduction, due-diligence, and valuation for the last two years. I think the Director title throws them off, so I toned it down and said M&A analyst. No delta. I am considering my JD to open other paths, but also so that I can get some student loans to pay rent. I have my MBA already so they cut almost a year off of the program for the JD/MBA. two years. I would hope that with all of that I could get something. I am happy to go to a small firm, but I would hardly qualify for a controller, as I have never done any journal entries or month end close etc. I am applying though.
Thanks to all of the peanut gallery for the insights. Happy New Year.
W/r/t your m&a experience, can you walk me through your day to day so we have a better sense of what work deliverables you have experience with?
Hoping others will chime in with other ideas, but given your sales experience, commercial banking may be a great option (for near term).
There are commercial credit analysts that are your age, and job can be very lucrative once you manage your own portfolios/relationships.
What do I need to do? Overqualified, overeducated, with tons of Sales experience...No job. Help!!!! (Originally Posted: 01/05/2018)
Hello, I started 20 years ago in the retail brokerage space, went institutional asset management sales, for Fortune 50 (Think a large Rock) and Fortune 25 (rhymes with Pells Pargo). I completed my CIMA at Wharton, so it is not like I am intellectually challenged. I once applied for a position and they said, you are great, but you need a CFA and an MBA to apply. Goal now set firmly in my head. I completed my MBA in Finance from #3 PMBA program, and then stayed another year for a double major in Strategy. I then passed Level I and bombed Level II, went back to school to complete my Masters in Accounting, not to be a CPA but to get a better perspective on IFRS and GAAP. Now, I can't get a job to save my life. Nobody wants me, my 7,63,65, are all expired, I don't have my CPA, and I can't get it as I do not have "1" year of experience under a CPA. (forget the 20 years of client financial planning work!) I spent the last year as a "Director" for an M&A firm hoping for the big payday. No such luck. It was all 1099 commission, and I spent almost 2 years with literally $0.00 to show for it. (-$10,000 after expenses) Every position I have applied to has passed as I am too old, or they can't afford me as I have been a VP/Director since 1996. I am open to take ANYTHING to get back into it. I have found that I really enjoy food. I can't even get that anymore at this rate. I have to Uber to pay my bills. I am going to have to wait tables if I can't get something. I am open to all suggestions. I look to the collective wisdom of WSO to help. Thanks,
Stranded in Texas.
Hey I dont have any real suggestions but I’m sorry to hear this. That really sucks. Honestly, just keep at it. My uncle is similarly qualified and worked with a large pharma company (rhymes with wiser) and was a standout director, and then his branch got cut. He was unemployed for like 3 yrs cus of his age but spent a lot of time networking and managed to land a good role at a place he wouldnt have expected. So honestly, I would cast my net wide and make connections as much as possible. Yeah companies will not wanna spend the money on a seasoned director, but if people vouch for you, then the leaders might be willing to talk. Just my 2 cents, hope it helps. Best of luck.
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