New Jobs for Ex-Financial Services Employees

It’s back-to-school season, which means it’s time to sharpen #2 pencils, crack the bindings of brand-new notebooks, and pull out backpacks in preparation for the beginning of the fall semester for many local students—including Scotch Plains resident Peter Sayles, 45, one of the first-ever pupils of Montclair State University’s “Traders to Teachers” alternative teaching program.

Until September 2008, Sayles had been a proposal writer in the financial segment. He has held positions at Prudential Insurance, AIG, and HSBC, where he was laid off, along with thousands of others in the financial industry. After months of trying unsuccessfully to land another position, Sayles decided to turn his focus on Montclair’s “Traders to Teachers,” a forward-thinking, pilot program that takes his math experience and expertise, teaches him how to teach it to others, and secures him a teaching job a short three months later. The best part is: the program is tuition-free.

“I tried to get another job in the financial industry, but the market was very difficult at the time,” Sayles said. “I had three opportunities with other companies, but for whatever reason, I didn’t land the positions. Then one day I was reading the Star-Ledger and the front-page story was about Montclair’s 'Traders to Teachers’ program. I realized that they were talking about me. I was unemployed from the financial sector, I knew math, and I love teaching kids. Before I moved into the financial industry, I used to teach Princeton Review and a college prep program similar to that. When AIG was circling the drain, I looked into teaching again, but there aren’t really any alternative career paths for business majors. If you were a math or English major, you could get a teaching certification in that. But if you’re a business major, you really can only get teaching work at the college level, which usually requires more course credits than undergraduate. I wasn’t prepared or financially able to go back to school full-time for a year in order to get those credits. Montclair’s ‘Traders to Teachers’ program was an exact match for me. This was my life. I e-mailed Montclair right away about getting into the program.”

The three-month, accelerated “Traders to Teachers” program is a life-saving drink of water in the barren, job-hunting desert and a real opportunity for some to change career paths. Like Sayles, many former employees of the financial world already have the required math skills and used them in their jobs on a daily basis; they just don’t know how to teach them. Montclair State University’s goal is to change that and fill a vital gap in the community. It is the only program of its kind currently offered in the state of New Jersey.

“There has been a shortage of math teachers in New Jersey for many years,” explained Paula Maliandi, executive director of marketing and communications for Montclair State University. “The program’s objective is two-fold: to deliver new teachers to a system that needs them, and to provide employment for people displaced from the financial sector as a result of the downturn in the economy. The idea was the brainchild of Lucille Davy, the State Commissioner of Education, Ada Beth Cutler, Dean of the College of Education and Human Services, and Susan A. Cole, president of the university.”

“Montclair State University has a great relationship with the State Department of Education and has collaborated with them for other programs, so this partnership was a natural fit,” said Dr. Kim O’Halloran, Associate Dean of the College of Education and Human Services.

“Traders to Teachers” is funded by the New Jersey Department of Labor and overseen by the Department of Education. Participants are not charged tuition, but they must pay exam and licensing fees. Students in the program will participate in an intense, full-time “cohort” course load for three months, including middle school and high school observation visits once a week. Because Sayles will continue to be unemployed through the duration of Montclair’s program, he will still be eligible to claim unemployment insurance.

At the end of the session, students will receive provisional teaching certifications and, with the understanding that they are expected to make a two-year commitment, will be placed in paid, math teaching positions at various participating public schools in New Jersey. Program graduates will receive mentoring and benefits packages just like any other new teacher. After two years of teaching, the completion of additional math courses, and passing the required standardized tests, program graduates will be recommended to the State for permanent teaching certifications in math.

Because the “Traders to Teachers” program is free and offers short-term and possibly long-term job security to many who may not have other options, gaining acceptance into the program can be tough. Montclair began accepting student applications in April 2009. There was no paid advertising done for the program, however local news coverage spread the word quickly, inspiring hundreds to apply for a mere 25 coveted spots.

Sayles is the only student accepted into the September cohort from the Scotch Plains-Fanwood area.

“The process was arduous,” Sayles said. “I had to provide my college transcripts, letters of recommendation, and even proof of my draft card. I actually had to go online and print out my Selective Service records! I also had to write essays and fill out an application as though I was applying to a regular graduate program. Then I had to pass a math test that had trigonometry, algebra, and calculus on it after not taking those classes for over 20 years. It was really tough, and I almost withdrew my application because I didn’t know there would be trig on the test and didn’t study for it. Luckily, Dr. O’Halloran talked me off the ledge and told me not to worry because I had passed the exam.”

After the test, Sayles said he had interview sessions where he had to work together in small groups to solve math problems such as getting two cars to almost crash. He then had individual interviews and observational sessions at schools.

"The whole process was intense, and that was just the beginning," Sayles said. "After I was officially accepted into the program, I was told I still had to take and pay for some extra coursework, the hardest of which for me was calculus. There are a lot of people in the ‘Traders for Teachers’ program with hard-core quant backgrounds, and even they have to take a class or two in order to qualify and complete the program.”

Going back to school after a 20-year hiatus isn’t easy, especially considering the advancements in technology that have been made which Sayles and other students in the program might need to catch up on.

“I took my required calc course this summer,” Sayles said. “It was very strange and intimidating to be sitting with a group of 18 and 19 year olds. Each kid had a more impressive major than the next, and they all had been in a classroom setting much more recently than I have. My professor wasn’t really into taking notes on laptops or things like that, but I did have to learn how to use advanced level math calculators. It’s amazing what they can do now, as opposed to when I learned it back in the day. I just passed the calc class, and now I have a short break. But then it’s right back to school after Labor Day for the ‘Traders to Teachers’ cohort.”

At the moment, no schools in Scotch Plains and Fanwood are part of the post-“Traders to Teachers” hiring/placement program. The closest participating town is Plainfield, with the bulk of schools spread across northern New Jersey. 

“We are still finalizing the schools that are participating,” O’Halloran said. “During the fall preparation period for the first cohort of students, we will be working with schools that are part of the Montclair State University Network for Educational Renewal.”

“The schools we are working with are very excited about the program, and several have already participated with us throughout the admission process, meeting prospective candidates,” added Maliandi.

According to Sayles, students have been encouraged to seek out local schools that might consider joining Montclair’s network. He plans to contact Scotch Plains-Fanwood High School and others in the area.

Even though the first class of the program hasn’t officially started yet, Montclair is already gearing up for next semester. The university is holding an informational session for their January 2010 program on September 17. Applications for the program need to be submitted by October 23.

“I still have additional classes to take after the ‘Traders to Teachers’ program ends,” noted Sayles. “I’m not looking forward to my schedule in January, because I’ll hopefully be student teaching during the day and taking classes at night. That’s going to be tough, especially since I also have a family who I’d like to spend time with. But I’m definitely looking forward to teaching kids again. If I wasn’t excited about it, I wouldn’t put myself through all of this!”

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“Traders to Teachers” informational session: Thursday, September 17, 3:30 to 5pm, in University Hall 1070, Montclair State University

Registration/applications for January 2010 program due: October 23, 2009

For information, call: 973-655-4000