I’ve got my Masters and just sat for Level II, and have been unemployed for a year. I was a career switcher and have basically no finance experience. Would working as a bank teller be any good? I’m going broke and I can’t find anything at all.
where did you get the masters of finance from? and have you been networking?
It will not help you break into finance. Why not go back to your original field?
What’s your motivation for making a move into finance at this point in your career?
Sadly I’m tempted to become a bank teller. It would provide me some income, allow me to work around my classes, and position me to advance within (Wells/US Bank/BOA). It is humiliating that ambitious bright individuals like us are having to resort to this, but the industry is still so competitive with tons of unemployed people.
There is nothing humiliating in working any job to support yourself. It’s admirable to take a job “below” you to survive. You are still so much better than trust fund babies or “long-term” welfare recipients. I explicitly used “long-term” since everyone may need a bit of help in the short term, and that’s nothing to be ashamed of either. Good luck to all. I will need it too while I’m on this demoralizing job search.
Why not try banking fits in Asia? I know so many people who graduated in Columbia and Harvard who are having the toughest time looking for IB gigs in New York. Another friend of mine is doing an MBA in Boston College and has locked in an IB Associate position in ING HK. That sure beats being an unemployed Ivy League grad.
Right, the guy has zero experience and someone’s gonna bother relocating him out to Asia. Good luck even getting anyone in HK on the phone! Finance is competitive everywhere, not just New York. Unless you get in through on campus recruiting, networking is your only hope.
“Help me Obi-won Konobi, you’re my only hope.” - Princess Leia
volante99 Wrote: ------------------------------------------------------- > Actually, you’d be surprised. US degrees carry a lot of weight in Asia, particularly those from high-end schools. A lot of people I know applied for internships or entry level work in Asia so they would get big name companies on their resumes. They would not have had the same opportunities in the US. Anyway, about the bank teller thing - it’s better than being unemployed and bankrupt. Also, have you considered fields other than finance? Banking doesn’t really strike me as a hot field for the next few years…
I got my Masters from Tulane. Stupid to not go to a better school I know. I used to work as an abstractor for an oil company but am not going back. My ultimate goal is to be a PM for a bank, so I was hoping to just climb the ladder of this bank. Teller to Credit Analyst, to Assistant PM to PM. Maybe I’m deluding myself though.
if your intention is to go up the ranks at the same bank then the teller job may not be a bad idea. Advancement may not be a far shot when combined with your education. You want to be clear up front whether this is a realistic scenario within the bank. Ask what kind of exposure you will have to finance operations within the bank, are there any mentoring opportunities, etc. Will you be at a highly-visible branch with vast room for advancement? How many current credit analysts want to become PM? It’s not that your goal isn’t realistic, but just be ready to work towards what you want. Be prepared to get labeled “overqualified” for the teller position and think of how you will work around that. Maybe use a cover letter to clearly state why your applying for a teller position and what your intentions are. Tell them why you respect *their* institution and why you want a foot in the door. You may just impress someone enough to be considered for a higher position! If you need a job, you need a job. Nothing wrong with being a teller and earning a paycheck while you look for other opportunities. But if you’re using this for career advancement then just be very clear about what you want…you just might get it!
The second-most powerful CEO in Australia is the CEO of Westpac Bank, the country’s largest bank. Not only is the CEO a woman, but she started her career as a bank teller in South Africa. So, - she’s female - she came from a developing country - she started out as a bank teller and is now ranked as the most 18th powerful woman in the world by Forbes magazine. http://www.forbes.com/lists/2009/11/power-women-09_The-100-Most-Powerful-Women_Rank.html So yeah, nothing wrong with taking a bank teller job.
Go somewhere less competitive. Then you can be a bigger fish in a smaller pond. Some people make a living out of it…
Are you kidding me? Are you saying that it is equally as competitive in New York and Hong Kong in the finance field? I know the examples I gave you were inconclusive but it is showing a trend that there is a better chance in gaining an IB role in a BB in HK than there is in NY. Common sense dictates that a western educated person would get the job (ceteris paribus) versus a local grad in Asia anyday. Again, that is a sweeping statement, but it is really an indication of reality.
There is a difference between employees relocated to Asia and the expats hired locally. The first group are usually quite experienced specialists and executives. The second group can be whatever, but on lower levels the salaries are closer to those of the local staff, and there are no lucrative expat packages.
I’m not sure how the teller -> Credit analyst jump works. However, I went from telecom internet operations to FO portfolio analyst at an IB, so anything is possible.
jackofalltrades Wrote: ------------------------------------------------------- > Why not try banking fits in Asia? I know so many > people who graduated in Columbia and Harvard who > are having the toughest time looking for IB gigs > in New York. Another friend of mine is doing an > MBA in Boston College and has locked in an IB > Associate position in ING HK. That sure beats > being an unemployed Ivy League grad. Wow that is really good. Was your friend FT at BC? Did he get the job through on-campus recuiting? Surpised the position didn’t go to a HYSP or one of the mini-ivys first.
^ PM for a bank What is a PM for a bank?
ASSet_MANagement Wrote: ------------------------------------------------------- > I’m not sure how the teller -> Credit analyst jump > works. However, I went from telecom internet > operations to FO portfolio analyst at an IB, so > anything is possible. portfolio analysts are support positions and normally used for private wealth. so, you jumped industries, which is still good for a kid.