Post-Layoff Options: 8 Strategies to Pursue If You Get the Axe (and 3 Mistakes to Avoid)

“M&A is all I know! What else could I do?”

-Banker Fearful of Potential Layoffs

This quote comes from a story a reader was telling me the other day. With layoffs spreading, even those currently employed in banking are starting to think about their “Plan B.”

We’ve previously looked at how to get into the industry in spite of a bad market, as well as what to do if you can’tget in despite your best efforts.

But if you get laid off, what can you do besides M&A?

7 Simple Steps to Avoiding Investment Banking Burnout

How do you avoid burnout when you work 80-100 hours per week and are constantly in the office, “on call” and sometimes even sleeping under your desk?

This question came up the other day with a reader who had recently completed a banking internship – and I realized that avoiding death by Excel might interest you as well.

These tips apply even if you’re not working in investment banking specifically – anything where you’re sitting motionless in front of a computer for extended periods can lead to burnout.

If You Don’t Get Into Investment Banking, Should You Become a Ski Bum Instead?

“I was speaking with a partner at a private equity firm recently and brought up how bad the market is. He sympathized with me and told me to take a year off and become a ski bum, then re-apply next year when hiring improves.

Do you think this is a good idea?”

-Anonymous Reader

With all that has happened over the past year and past few weeks, the thought of becoming a ski bum is quite tempting.

And there’s some truth to what the PE partner expressed here: it is worse to waste time with a dead-end job rather than taking a year off.

But should you become a ski bum?