How have y’all dealt with rejection/stagnation?
I did ~2 years of banking and have spent 1.5 years in PE at a LMM firm. Lately have started to try and recruit for either bigger MF-esque PE shops or HFs with a little more brand recognition/prestige and larger overall fund size. I enjoy my work and want to develop as much as I can and have noticed the last few months have been relatively stagnant at my current fund. However, I’ve been met with only constant rejection. Closest I got was final round of an industry specific “MF” that I really wanted but lost out in the final round to a more experienced candidate. Since then, have really not made it past the intro calls or even just submitting my resume. This has become like pretty discouraging as it feels like I’ve got no option but to stay at this firm where I don’t see any real progression or more learning. I’ve signed up for headhunters but no luck really. It’s been really tough since I really enjoy investing and learning and I just want to be somewhere that pushes me. I just I don’t know really what the issue is, none of these potential employers ever provide feedback. I’ve never once gotten a bad performance review in my life so I feel fairly confident about my abilities but with this latest round of “market testing” it makes me think that my experience might not really mean anything. Anyone have any advice or just stuff in general to share?
Navigating through periods of rejection and stagnation, especially after gaining experience in banking and PE, can indeed be challenging and disheartening. Based on insights from the Wall Street Oasis community, here are several strategies and perspectives that might help you cope and strategize your next steps:
Reflect and Refine: Sometimes, constant rejection can signal the need for a closer look at your approach. Review your resume, cover letter, and interview techniques. Could there be areas for improvement? Sometimes, a slight tweak in how you present your experience or skills can make a significant difference.
Seek Feedback: While it's mentioned that potential employers haven't provided feedback, don't hesitate to reach out proactively. Contact interviewers or recruiters politely asking for any constructive criticism. Not all may respond, but the insights you gain from those who do can be invaluable.
Networking: Continue to expand your network, not just through headhunters but also by reaching out to alumni, former colleagues, and industry professionals. Networking can often open doors that traditional applications cannot, providing opportunities for informal chats that can lead to job offers.
Skill Enhancement: Consider taking courses or certifications that could bolster your profile. For instance, if you're looking into HFs, could a deeper understanding of quantitative analysis or a specific sector make you a more attractive candidate?
Mindset and Resilience: Remember, rejection is not a reflection of your worth or abilities but rather a mismatch between what you offer and what the firm is looking for at that moment. Maintaining a positive mindset and resilience is crucial. Engage in activities that boost your morale and keep you motivated.
Alternative Paths: While your goal might be to join a larger MF or HF, consider other paths that could eventually lead you there. This could include lateral moves to similar-sized firms with different exposure or roles that offer new learning opportunities, even if they're not your first choice.
Personal Well-being: Lastly, ensure you're taking care of your mental and physical health. Periods of stagnation and rejection can be taxing, and it's essential to have coping mechanisms in place, whether it's exercise, hobbies, or spending time with loved ones.
Remember, careers in high finance are marathons, not sprints. Many successful professionals have faced similar challenges and emerged stronger. Keep pushing forward, stay open to learning and adapting, and opportunities will come your way.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/first-rejection?customgpt=1, Dealing with Rejection, Dealing with PM (equities) who is trying to limit your progress, Honestly it is feeling hopeless, How to accept not being good enough?
Personally I’ve just been applying a lot more. I’ll admit I feel heavily demoralized just as much as you do, but if you want to get out of the situation you’re in, you gotta keep at it. Keep pounding at it and hope that something comes your way, after all it only takes one chance
Yeah I agree with you 100%. Just sucks you know. Comparison is the thief of joy but when you see some of your peers that are in these positions and you’re comparable in ability it’s demoralizing for you. Wish I had found out about this passion a little earlier and I could have maybe planned my life around it a little better. Thank you for your words!
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