Hey guys, I wanted to get some advice/words of wisdom from many of you that have been in the industry for several years… To make a long story short, I am trying to find a full time job and am struggling a bit due to market conditions. I am a senior in college and have been busting my ass (solid GPA, taking CFA Level 1 in December, some solid internships on both buy side and sell side, good extracurriculars)… Issue is there are not too many jobs out there. Period. Analyst classes have been cut significantly. Is there another method I should be using to find a job? I had a final round interview recently with Morgan Stanley Sales & Trading but was told that they could not offer me a position due to current market conditions. Apologies for the rant. Any advice would be appreciated. Thanks!
If you can afford it, try and become a doctor or an engineer.
try to reach out to alumni, go to career fairs, keep an eye on all the job sites, craigslist, etc. if you can’t find something, get a gig tending bar and keep studying for the cfa/gmat and wait for times to get better again. also, if you’ve been targeting jobs at specific companies, or in specific areas (like sales & trading) broaden your search and keep an open mind. flexibility is key in job markets like this. don’t let this get you down and enjoy your last year in school! good luck.
keep doing what you are doing and leverage your existing network things will improve don’t be afraid to take an entry level type job in the meantime good luck
I would stick to your heart and never lose focus. You’ll be chasing down dead ends for another 3/4 quarters but I suspect that eventually someone will take notice. If you haven’t already - take WSP or Deal Maven. Now is the time to upgrade. Willy
I agree wih Willy, dont loose sight of your LT focus, but tweak it with the ST issues, ie know that it is bad out there and dont take it to heart. However, keep your net wide and know that at such early part of your career, any job will offer great learning opps. you’re going have to learn that there is a lot of volatility in financial jobs, just take what is happening as part of that vol curve!
If, and I will emphasize IF, things start to look better this spring, you could see a lot open up after the new year as employers try to catch up with hiring.
JustPass Wrote: ------------------------------------------------------- > don’t be afraid to take an entry level type job in > the meantime Actually, we had an alumni interaction session and a similar question came up. The alumni (all of them having various finance jobs) had two points to make: 1. Do not compromise on the initial job, if possible. Try for at least 3 months before taking up a job that you do not want because the first job inevitably sets the career progression. 2. They had a typical dislike for KPOs which was very evident and categorically asked us to avoid joining one of those, as far as possible.
Anupam, Are you in India ??
What is a KPO ?
WillyR Wrote: ------------------------------------------------------- > I would stick to your heart and never lose focus. > You’ll be chasing down dead ends for another 3/4 > quarters but I suspect that eventually someone > will take notice. If you haven’t already - take > WSP or Deal Maven. Now is the time to upgrade. > > Willy good advice from Willy here. I think the job market for undergrads is the worst it’s been in recent years. There will be a lot of “star” students that won’t have a job lined up till the spring, or after. It’s a tough time, but just keep being persistent, maintain a good attitude, and hope that some alums can hook you up. Now is a great time to be networking so you can expand your mind and build out your rolodex – when the job market does open up, you want to be as ready for that as you’ll ever be.
@taz722, Yes absolutely. @Rudeboi, http://en.wikipedia.org/wiki/Knowledge_process_outsourcing
what about law school or teach for america or peace corps? these are short term measures you could take during market downturn to ensure your goals (finance i assume) are met after the 2-3 years you put in
I was in a similar situation after graduating last May. Obviously the market wasn’t like it is now, but I was in an area without a lot of exposure. I took my level I in June right after graduation. It took until early August for me to land a good job that I was looking for. To be honest, it all came down to networking. I had been networking for almost a full year within the company that I work for and it paid off. Just like everyone says…network, network, network
Anyone have a Wikipedia account? The article uses CFA as a noun… http://en.wikipedia.org/wiki/Knowledge_process_outsourcing Regional advantages and domains of expertise Due to the availability of large numbers of skilled staff working for lower pay rates than in the developed world, a few countries like India and the Philippines are front runners in providing these services. This type of work demands advanced analysis and communication, so specific higher education and language skills are essential. MBAs, CFAs (Chartered Financial analysts) Pharmacists, PhDs, engineers, doctors, lawyers, writers, ghostwriters, designers, web designers and other specialists with formal credentials tend to be required. On topic, be sure to follow up any leads and ask for referrals. My present job came when a job I interviewed with was offered to someone else and I asked him if he knew of anyone else I should be talking with. Long story short, the person he refered me to eventually had an opening. Cold calling and asking for informational interivews is a great idea also. I learned quite a bit about other banks this way though at the time they did not have openings.
When you go in for a job interview, I think a good thing to ask is if they ever press charges. - Jack Handy
thanks … appreciate the input.
Why does everyone assume the Peace Corps is easy to get in to? It’s actually pretty competitive and takes a lot of planning during the application process. They don’t just send random schmucks overseas on behalf of the United States because these people couldn’t find jobs at home.
When Aaron Swarvar graduated from college in 2003 he searched for months for a position related to his degree in information technology. But those jobs were scarce near his hometown in Michigan. “I offered to work for someone for free for a couple of weeks to get my foot in the door and I was even turned down on that,” he said. “At that point I started looking around the country.” Swarvar, now 27, eventually accepted a position as a project engineer at a firm outside of Chicago. “At first I was apprehensive about going,” he said, but with limited options, he packed up his belongings to pursue his career 200 miles from home. Despite a low starting salary, higher cost of living and no relocation package, Swarvar says the move was well worth it. “I feel fortunate to be where I am, it turned out great.” In a worsening job market, more job seekers, like Swarvar, will have to consider positions beyond their geographical region if they hope to shorten their search time. But even though the pay off can be worth it, those on the hunt are often reluctant to relocate for work, according to a recent report by outplacement firm Challenger, Gray & Christmas. Only 13% of job seekers finding positions in the third quarter relocated for their new positions, the report said. And that resistance to relocating can lead to a longer job search. An average search lasted about 4.4 months in the third quarter, up from 3.6 months in the previous quarter, according to Challenger. Staying open to relocating Part of that reluctance has to do with the state of the housing market, explained CEO John Challenger. “People don’t want to be caught now in this uncertain market,” he said. Plus, in a slow economy, employers are also less willing to offer attractive relocation packages, which can make it even more difficult for applicants to pick up and go. Those who are open to looking for jobs in other locations in an effort to expand the scope of their search do find jobs more quickly, Challenger said. In addition, seekers willing to relocate to small cities or towns may have better luck since that’s where companies have a particularly hard time attracting talent. That’s what worked for Anna Levia, 31. With a degree in apparel design and few options near her home in Tennessee, Levia knew that her job prospects would entail moving. “It’s one of those things that you have to do if you live outside of New York,” she said. Her first move meant taking her family over 500 miles north to Green Bay, Wis. Three years later, Levia, along with her husband and daughter moved back Tennessee so she could accept a better position. But when her new company announced it was closing its Memphis office, Levia began her search all over again. This time she accepted a position in Monroe, Wis., which paid more than she was making before. “It’s hard to get people to relocate, so they were willing to put me to where I need to be.” Within three months she was the manager of her department, she said. Holding back negotiating For other job seekers willing to relocate, Challenger recommends keeping the relocation negotiations on the back burner, at least until an offer is on the table. In fact, some applicants don’t even mention the prospect of moving during the interview process because the added expense can be a “red flag” to a potential employer, Challenger said. Once the employer has made an offer, then you might be able to negotiate moving costs, hotel stays or even the cost of a temporary residence, he said. While relocation packages are usually a hard sell for the employer, most realize they may need to sweeten the deal to attract talent. Despite being happy in her current position, Levia says she doesn’t know if she would do it all over again. Three moves in seven years have taken a toll. In fact, she was unable to sell her home after her first relocation. The house will likely be in foreclosure soon, but that’s the price she paid, she said, to help feed her family.