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Barbara B. called. "Hey listen to this! There's a position with a company looking for someone with 3 to 5 years experience in accounting with a familiarization with accounting software and some supervisory experience. I should be able to get that job without any problem, right? I have 10 years experience, know the program like the back of my hand and ran an accounting department with a staff of fifteen!"
Or take Rob C. He's been out of work for several months and saw a sign on the store window where he used to work summers and Christmas vacations. He REALLY liked that place. Problem is, that was 6 years ago. And he now has a Business Degree. And he was easily earning three times what the retail store is paying.
Is it "okay" to be overqualified? Too much salary? Too much education? How should you present yourself to prospective employers if your recent position(s) have been at a higher or more prestigious level than what you are currently applying for?
In a more perfect world, you would find out about a position, the employer would want to hire you just from meeting you (without a resume) and they'd have no clue about the strength of your background. But the world isn't usually that perfect.
Take a look at your resume. Naturally you will want to keep the facts accurate. In addition, it is a good idea to emphasize that you have particular skills that the new job requires. If you omit these, the employer will not recognize that you are a potential fit for the position. Here's where "Overqualified" gets stamped on your resume. You might want to switch from a chronological format to a functional format. This enables you to more directly focus on the skills rather than the progression and advancement on a more conventional or chronological resume.
If you're fortunate enough to get the interview, you very likely will be questioned or challenged on your reasons for lowering your expectations. The employer will feel that you will leave more easily than someone for whom this position is a lateral move or a step up. You'll jump ship for more money and they will be back seeking a new employee that they will have to train. So why should they select you? How can you minimize their risk? Can you feel comfortable "stepping down?" Being overqualified is a very difficult obstacle to overcome.
Similar to toning down your resume, the interview must be toned down as well. Bragging about accomplishments at a more senior position will probably not win them over in an interview. Hopefully they will (with your help) see that your experience, interest and enthusiasm could be an asset to the company. If the company is well-managed and in a growth mode, who knows? It could turn out to be a very unexpected, advantageous position for you. A situation where you will reflect back and say that, "yes! timing is everything."