I graduated last May and despite knowing better, I did not take advantage of the opportunity to reach out to employers during my senior year. I have a few reasons, but they really are just cheap excuses to be honest. Overall, I have applied to a few jobs during the past few weeks to no avail. At this stage, I have decided to get in on the recruitment that the major banks conduct in September, if possible. I’d like to say that research is an area that interests me and I believe it would fit me well, but I would be happy to get into any area as an analyst (operations, etc). Especially since my credentials are probably more congruent to that of an operations analyst than research. I just have a few questions regarding this: -Is the full time recruiting by these banks only for current students or as a recent grad can I apply as well? -Is it possible and common to apply to two areas? Are the websites my best bet? -About my layoff from June into September: Is it adequate to say that during this period I have continued on with my work (not corporate), as well as practiced modeling while staying abreast of financial news? That is the truth, but will they be looking for more? Are there any other considerations I should keep in mind? I appreciate the help, thanks!
> > -About my layoff from June into September: Is it > adequate to say that during this period I have > continued on with my work (not corporate), as well > as practiced modeling while staying abreast of > financial news? That is the truth, but will they > be looking for more? This sounds really bad. Better to be honest than try to sugarcoat it. There is nothing wrong with not having a job straight out of undergrad. I think only 30% or less of my class did. A ton of them were prepping to go to law school, or just bumming around asia (or wherever)… EDIT: saying that you were practicing modeling while staying abreast of financial news makes you sound like a douchebag. I would be much more impressed if you said you were traveling around the world or learning a language.
Danteshek Wrote: ------------------------------------------------------- > EDIT: saying that you were practicing modeling > while staying abreast of financial news makes you > sound like a douchebag. I would be much more > impressed if you said you were traveling around > the world or learning a language. I have to disagree with this. I understand where Danteshek is coming from (traveling around the world is much cooler than financial modeling). At the end of the day though, what’s cool isn’t what gets you the job – you get the job based on what you can do for the firm. If you really have been practicing skills that are relevant to the job, you should mention that, particularly because you don’t seem to have much else to go on at this point.
its not a layoff…its time off. Lay-off is a loaded word these days. IB recruitment is not exactly in full swing right now. In a hot market you might be able to pull this off, but you will be competing with people that have no doubts, perfect stats, and no explanations. Unless you have a compelling story to tell about why you now know it is what you want to do and why you took some time off, they won’t give you the time of day. You should start looking for ways use your time constructively, (CFA, classes, work for free)…If you can’t do that, then go travel, at least enjoy it (they will respect that vs. watching CNBC and reading the journal).
agreed with bromion and Gecco. Theo, I don’t think you have the opportunity to be that selective right now as the job market is tough and you should really take what you can get. Based on your posts I have to say that you have to be a lot more tenacious about your job search. You seem to be spending a lot of time thinking about the “best bet” or the “best way” for you to do things. My only suggestion to you is rather than thinking about’s most optimal – obviously we ALL want what’s best for ourselves – you need to just get out there and start blasting out your resume or cold calling a ton more places. Gotta show some more hunger and dedication.
Oh yeah – one more thing. No excuses. Just gotta get it done.
if you are not a graduate from top 10 B school, forget about I banking.
My theory is that if its a down cycle now you need to enjoy yourself and set yourself up for the future. If that means working take any decent job that you can get and excel- set yourself up to be a commodity when things pick up. I moved abroad for almost 2 yrs straight out of undergrad (02-03… not a good recruiting year) and even though I may be a bit behind in my career, I know for a fact it helped as opposed to hurt me. When ppl see it on my resume I never get a “why weren’t you developing your modeling skills”, I ALWAYS get a"I wish I had done something like that…" response that continues into conversation about my travels; not only a great way to break the awkward interview ice, but also a great way to make yourself memorable in the hiring process.
americorps, peacecorps, cfa, caia, mgmat, suicide…
I’m curious, why does traveling unemployed sound “good”? Isn’t it better to develop relevant skills while continuously interviewing when you graduate unemployed?
I guess it really depends on individual circumstances. In some instances, it is better to develop relevant skills; in other cases, traveling can really diversify your cultural exposure and help you develop your EQ as well as understanding of rules and customs in other countries. I’ve heard that business schools look favorably upon international experience, as do employers that have operations overseas. At least in my particular case, I would like to work overseas (perhaps in France, Switzerland, or China) during my last year before business school. I’ve been encouraged to pursue this opportunity if it arises, but have also been recommended to spend some time traveling on my own in order to improve my own language skills and also develop a better sense for how regional conduct is carried out.
… its kinda like a house thats been on the market for XX months- ppls are predisposed to assuming there *must* be something wrong with it. I think if he can find a decent job in the reasonable future, he should jump on it. However, this guy is young and just finished up school, so no one reasonable would hold it against him. He might be having a tough job vs. all of the ppl w/ yrs of relevant experience that have been laid of in the recent months. Personally, I think doing something out of the norm shows a bit of independence and bravado that some ppl appreciate, even admire; as it has been mentioned, there are tons of ppl w/ all sorts of courses and credentials under their belt. Most of these skills are better learned on the job anyway.
hey numi- I saw your email last night… I’ll get back to ya- promise! I still want to meet up, I’ve just been so swamped lately… do you have a dog? (random, I know)
hey akanska, nice to hear from ya. for a moment there i thought you’d abandoned me already. anyway, no worries…feel free to drop me a note whenever you have a chance. by the way, i like dogs but don’t have one. everyone around here asks me that! would you think more highly of me if i had one?
no - but the dog park is a fun place to socialize. We can head the Dallas HH committee, but I have to admit I don’t think I can do anything until Aug…
akanska, no worries. august isn’t too far away from now. maybe by then i’ll even have a dog!! i take it you’ve got one?
Thanks, guys. I know a few people who traveled after undergrad and they really enjoyed themselves. Not really my style though- I am losing sleep as it is thinking about all this 24/7. Dante- Guess I am a tool in that case, haha. I don’t want to lose any modeling I learned in undergrad (class), so every week I try to just look at a company or two and do some basic statements and valuation. Numi- I have read advice from you to other folks saying not to sell themselves short, but I see what you’re saying. Everyday I am checking indeed.com, monster, hotjobs, etc and it just seems like every applicable job I come across wants 2+yrs experience (aside from sales and trading roles). My classmates are earning $58k on average so far, so perhaps my goals are set too high as well. All I do know is that my dad will give me never ending shit if I don’t earn 50, as he could have gave me a job like that 4 years ago (physical work). I have a good connection to real estate, so that is where I will probably go now. Or the trading academy I keep seeing in ads, heh. There is always the MBA route in a few years.
I agree with most everyone else, better to have something on there, even if it is traveling somewhere else, etc. Hell, worst case maybe you can develop second language skills, etc. I know people I interviewed for certain positions if they had a gap but it was explained by travels/mission trips/etc, I didnt (nor did anyone else interviewing) give it a negative thought. I think the problem with saying you are developing certain skills on your own is that employers are going to be reluctant to put much faith in that. Even if it is true, I dont think an employer will think (potential employer) that they can put any certain value on it, and will largely ignore it. They want to be able to say you learned XYZ from company 1,2,3… just my thoughts…
Definitely a good point, Kevin. Not exactly a shining endorsement without a program/ classes to be led by! I understand that all banks probably have different model templates and some minor differences as well in how they format the models. I do have a question though: I have been seeing a Lehman operations analyst posting for a few weeks now as I have been searching for jobs. I figure it is a great way to get a foot in the door. It says nothing about HR on the actual ad page, but when I go into the site and look for the department it is under, I see “Human Resources Support.” What gives? Is it an HR role, and why wouldn’t it say so on the ad page? You can see on the bottom: (It is out of date, but it a new posting on many job boards) https://lehmanus7.recruitmax.com/MAIN/careerportal/job_list.cfm?szSearchType=Advanced&szCategory=34
Operations is awful and will only get you pigeonholed as an Ops guy when you are looking to move. Better to work in industry in a position that actually requires analytical/quantitative skills.