cfa_gremlin Wrote: ------------------------------------------------------- > Credit Bubble has popped - IBs downsizing big-time > - better to get a gig in research Yeah, I’ve read that quite a bit and that’s why I’m considering and also open to hearing about different fields. The reason I originally was going after ibanking is just like many others, pretty good money + good stepping stone to other fields. I do hate the idea of ridiculous hours, and the job itself doesn’t sound that great, but again, believed it to be “worthwhile” in the grand scheme of things. If you or anyone else can share some insights on research (e.g. current hiring climate, competitiveness to get an offer, best strategy to break in considering my background and situation, average hours, salary, etc. etc.), I’d definitely appreciate it.
kp - to be honest getting a solid job in the financial industry is going to be tough. So many business models are treading water or outright broken right now as a result of the credit bubble bursting. For example, IBs are downsizing and their bonuses have gone with the wind, securitization desks have turned into ghost towns, structured finance, particularly ABS, CMBS, and private-label MBS, trading and research desks are only a shell of what they used to be. There’s blood on the street, and will continue and get worse, as de-leveraging has a long way to go IMO. Your case is only made worse by the fact that you have no internship experience, and you will be competing with people with direct experience that have been laid off. My advice to you is to study and take CFA Level 1 this December to bulk up your resume. You can try efinancialcareers.com to post for job opportunities and you can provide your email address and I will do my best to send you any entry-level postings that are on Bloomberg. The best position that fits your profile and seems to be the most attractive and most secure out there right now to apply for is Emerging Markets economic research. It’s a burgeoning market. I trade emerging markets for my firm (sovereign debt, local fx debt/derivatives, and fx) so I read a lot of EM strategy and EM economic research and that’s where future opportunities are going to arise the most as these markets get more mature, become more liquid and deep, and more investor money goes in. New companies are going to be born and are going to need experienced and unseasoned analysts/strategists/economists to concentrate their efforts on many emerging/developing countries and existing firms are going to need to bulk up their personnel as these markets flourish.
kp824 Wrote: ------------------------------------------------------- > Thanks, Farley. > > Curious though, is the timing for hiring different > in consulting than ibanking? You mentioned that > you got many consulting interviews out of college, > but I’m unclear if consulting firms generally do > their interviewing and hiring in the fall, or if > it’s later on during the school year? It seems like they do it year round. I have a friend who landed consulting jobs with two different big 4 firms at different points during the year. And in college I remember consistently getting interviews from the beginning of fall semester senior year up through graduation and beyond.
I agree with Farley…the people I know in consulting say other than hiring after/around budgeting time, the rest of the year is dependent on potential utilization…if they think they can bill you out, they will hire you (which is why it is easier if you can bring business coming in). I believe this to be true at both Big 4 level consulting and at least some smaller players in restructuring and TS type services.
sweet. actually, thats pretty ballsey farley. you must either have the biggest balls in town or just be really good at talking sports. I had a friend who i went to school with, he was in the higher econ classes with me. not the smartest kid in the class, but always asked alot of questions. and he always went to the study sessions that i would lead. Point is, he wasnt an idiot, but he wasnt an A student… but man, this kid had great confidence and speaking skills. Long story short. He couldnt land a job based on his resume alone. so he went to an equity firm in downtown, walked up to the front desk and asked to speak with the manager. The manager liked his attitude so much that he got him in front of the president. The president told him they were not hiring at the time but he loved him so much that he opened a position for the kid. No resumes were shown. Dumb story, but i hope it helps inspire some of you less than 3.0 gpas out there.
Thanks, cfa_gremlin. My email address is kp0824@gmail.com , so if you find or know of any entry-level postings, I’d really appreciate sending them my way. The job market in finance certainly does not sound good, that’s why I’m really trying to learn about other various fields that I stand a better chance to break into even in this tough economic climate.
ask if you can intern someone for free…even if its party time its a resume booster