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Mortgage lending and financial services are both national industries that have collapsed over the past couple years. Employees in these industries have lost many of their jobs without warning. At first it was the subprime mortgage sector that was in trouble, but when problems started creeping into prime lending, employees nationwide realized that all their jobs were in jeopardy. Most mortgage and financial professionals, including mortgage brokers, realtors, title agents and bankers, have seen the very existence of their positions disappear.

Employment recruiters have seen their numbers jump since the housing crisis. This increase in candidates equates to a larger selection of well-qualified, experienced, potential employees. Although the number of lay offs is staggering, there may be an upside to this tragedy. A job loss may be the perfect opportunity for one to explore his/her true passion. Many ex-employees from these industries became accustom to making large sums of money. Those who made smart and modest financial decisions while times were profitable should be in a somewhat stable position at this point. If this is the case, then a career change could be a blessing in disguise. While a pay cut may be a possibility, one has to start somewhere.

The mortgage and financial businesses were lucrative during the housing boom. While the money was good, the work was often stressful and time-consuming. No one in their right mind would say that they couldn’t wait to go into work if it wasn’t for the potential to earn big money. These industries offered that potential, but at a price. Long hours, persuasive sales skills and less than savory business practices were all part of that deal.

Now that the bubble has burst, those left without a job can finally pursue a career path more to their liking. If it is within one’s realm of possibilities, go back to school. Earning a master’s degree can increase income to about $2.5 million over a lifetime compared to $2.1 million for those with a bachelor’s degree or even $1.2 million for a high school diploma. Either way, it is important to remember that you are not alone. Far more than 86,000 people have lost their jobs within these industries and change is inevitable.