Monday, October 13, 2008

The End of Financial Boom

Just like the dot-com bust which sent many budding technopreneurs into nowhere I foresee similar fate for those in the financial industry.

The financial industry is simply using money to make money. The skill sets required are financial, accounting, economic and business alike. Well, I can say that for the past 10 years, those with such skill sets are really well fed and the their time is up now.

But I don't think that the situation would immediately sent such talents into jobless mode, affected ones would be those involving in high-growth potential, such as sales, marketing, consultancy and optimization.

This is also the start of the end for those dealing with credit card sales and I suspect that many people would be terminating multiple credit cards because the banks will not be blessing too much tolerance towards unpaid dues. In short, consumers have to cut short on spending future money.

I think that in the near future and probably the next 5 to 10 years, we need more 'financial police' whose job will be a little boring compared to the ancestors as such that the core function is to 'audit' things out; to right wrongs. These people would require to have skill sets of accounting, financial, business, economics and at least some portions of legal.

In other words, the financial industry needs to get back to fundamental now and not high-risk and high-growth. The ICT industry has been surviving on low-risk low-growth mode for the past 10 years.

No comments: