Apr 2023
Career swerving, life after banking
Career changes, for whatever reason, can be daunting. A few years ago, after twenty years in the banking industry, my career swerved outside. This is an article to share my own experience of this move and resources I found helpful. While working at a large bank in the noughties, I undertook Six Sigma training, including the five step DMAIC (Define, Measure, Analyse, Improve, Control) method for change management. Personally, I find it a useful framework when thinking through many different types of changes, at work and beyond.
a) Define
After over a decade working in a variety of finance roles my career pivoted to sustainable finance. I have worked on Environmental, Social and Governance (ESG) topics for a decade, including becoming HSBC’s first CFO of Sustainable Finance in 2017. Please find more the blogs below:
Pivot to the swerve, two decades in financial services
Skills needed for sustainable finance
The decision to leave this role and move outside the banking industry was one of the toughest I have made in my life. It was scary, but as I told myself at the time and now, I could go back to the industry (if the desire was strong).
One concept which helped, which can be applied to any decision, was ‘worst case scenario’ planning. For example, writing by hand a response to the question ‘If I take this decision, what are the worst things which could possibly happen?’ This can be a moment to let the imagination run wild. A second helpful concept is a quick pros and cons list. Ultimately making the decision to leave flicked a switch in my brain and defined my change as “what is the next step in my career after leaving the bank?”
b) Measure
The next step was to measure my own skills and capabilities. Since the turn of the millennium I had worked at four globally systemic financial institutions, headquartered in Europe and Asia. I had over ten different roles including risk, accounting, regulatory reporting, investor relations and sustainable finance. I started to list the experience I had built up. For example, applying new technical standards, setting up governance processes, implementing new IT tools, financial product design and speaking to investors. Furthermore, banking equipped me with an understanding of capital markets and economics. Listing my qualifications and experience was a useful starting point to changing careers and identifying potential gaps.
Regarding sustainable finance specifically, depending on where you start from, it often takes time to build appropriate competencies. There are technical training courses available, while being mindful not to contribute to the issue of competency greenwashing. I completed a part-time Masters in Sustainability Leadership and I continue to study sustainability-related topics. My experience/training does not replace a climate scientist but I focus on where I can have impact. For example, giving sustainable finance practitioner advice to a range of organisations.
Alongside technical skills, I thought deeply about my personal values and other aspects I could bring to a role, for example, a wide business network or interpersonal skills. Being in a role where I could create a positive impact on the environment and contribute to system-level change was a key requirement.
"Adventure is the life of commerce, but caution is the life of banking." -- Walter Bagehot, author of Lombard Street: A Description of the Money Market”
c) Analyse
To analyse potential options in front of me I undertook desk research and spoke to people in my wider network. LinkedIn was helpful for this and also to see the types of roles available. I spoke with finance and sustainability oriented recruiters. In my experience, some were great and others not so much. I have sympathy as it can be hard to place some people's experience neatly in a box, particularly for emerging fields.
A few options I considered (which would depend on your own profile):
Working in a finance orientated role for a organisation with sustainability as a core activity, for example B Corps or non-profits.
Sustainable finance consulting, either at a large or smaller firm.
Set up a company of my own with sustainability as a core activity.
Non-executive and volunteer roles where sustainability and/or finance skills were sought.
Around this time, I started applying for external roles and having some interviews. This was one of the most insightful parts of the career change process. It helped me assess quickly which roles, organisations and people I was drawn to and those I wasn't. This was based on desk research and gut feel. Additionally I got a sense of salary and work/life balance expectations. It was possible to do a match-making analysis between the role expectations and my own.
I identified my priorities as experience at a smaller sustainability consulting company - previously the smallest organisation I worked at had over 35,000 people - and work/life balance. This meant accepting a cut in salary (compared with banking), but with the benefit of moving close to nature, options to work remotely and being able to pursue more activities outside work. E.g. swimming, surfing and running.
d) Improve
Needless to say, working in consulting is different from working in a bank. In general, it is a lot less structured. I was also expected to build a business strategy, a book of client work and a new team; doing so was enormously rewarding. I was conscious clients were paying for expert advice, so I sought to offer myself and my teams unbiased opinion, rather simply stating what clients may want to hear and/or giving solely the most ‘easy option’ for climate action.
In early 2022, I decided to go independent and set up my own company, called Seawolf Sustainability Consulting. It has been a huge learning experience. Positively, I feel liberated being independent and able to speak honestly from my own perspective and experience: for example, about degrowth, donut economics or rapidly accelerating the financing of clean energy while limiting fossil fuels. I can work at my own rhythm and pursue new areas I find interesting. E.g. blue carbon. On the other hand, I have to manage myself, finances are less predictable and it can feel lonely working on my own sometimes.
Where I have gaps in knowledge or need more support, there are many professionals and coaches who can help. As Ioana Hardy says, “Most sustainability entrepreneurs have the knowledge, passion and desire to bring about change and the right solutions to do so but lack the skills to market and sell them at scale.” She founded Impacters Group, which offers “both free and paid workshops and programmes specifically tailored to the needs and challenges of sustainability entrepreneurs, coaches and consultants”.
Conferences can also be helpful ways to reach out to other entrepreneurs both in your area and beyond. I met Thomas Johnson, CEO at executive wellness coach GetUpNGetFit, at the online conference 1BusinessWorld. As Thomas says, “Surrounding yourself with the right support team is critical for success in all areas of life”. That's why he created GetUpNGetFit Wellness Concierge, a wellness company that specializes in providing wellness accountability which helps busy business professionals to improve their lifestyle and feel amazing long term so they have the drive to perform at a high level while still having energy to do what they want.
Business and entrepreneurial conferences, such as those expertly organized by 1BusinessWorld, serve as a bridge for communication, networking, and forging robust relationships among the global business ecosystem online. Stelios Hatzakis, CEO of 1BusinessWorld, says these events offer “invaluable opportunities for business leaders and entrepreneurs to not only convey their message to their target audience, but also to connect and collaborate, strengthening the very foundation of the business community."
e) Control
Overall I have been astounded by the incredible entrepreneurs and start ups I have met along the most recent part of my career journey. Reaching out to people has been really helpful when I get a bit lost in my thoughts. As Thomas Johnson notes more generally, “having a reliable group of individuals to support you and keep you accountable increases your chance of success”. I also often listen to business podcasts, for example, by the inspirational Simon Sinek. Professional associations can also be a great way to learn more different topics, broaden networks and volunteer to support new initiatives in your area. Continuous learning of both technical and soft skills, is important.
To this point, you can find more information in the following places:
Short videos shared via the SeawolfSpeaks YouTube channel, ideas and information with a sustainability and/or finance perspective.
ESG-related blogs are published on the Seawolf Sustainability Consulting website.
A new podcast series will soon be available via the SeawolfSpeaks YouTube channel where I speak with people about their own career journey, many with a finance connection but now doing something different.
Finally, all the best with your own journeys, wherever they may take you.
Rebecca Self is the Founder and Managing Director of Seawolf Sustainability Consulting, more information is available via www.seawolfsustain.com and Rebecca can be contacted directly via seawolfsustain@gmail.com.
Photo credit: 873440 © Wouter Tolenaars | Dreamstime.com