how to get immediate position?
Hi I graduated from college a year ago (target school). This past year, I tried a year of law school but didn't really like it and dropped out. Now I am unemployed, and wanted to know if it's possible to find an immediate job in this market at this time (e.g., starting October). I don't have any finance experience although I've taken some basic courses in economics and investments before. I've been looking around at smaller banks and boutiques, but I'm not sure what to do. I'm not looking for anything prestigious, just a job I can live on (with NYC costs) while I look for a full time position next year. Do boutiques hire for this year or next year? Any advice on this?
Thanks!
Firms do hire for immediate starts but very few are doing so now...pretty bad timing overall...probably should have toughed out law school...
Thanks for your reply. Do you know of any specific firms that hire for immediate start? Or where to look for the ones that do? What fraction of smaller banks do this? Thanks
I saw a posting with a list of all the boutiques in NYC - is it a good idea to just go down the list and send my resume to all of them? Are any of the postings on craigslist legitimate?
All banks hire as they need people...you can def try to send your resume to all of them but you should keep this in mind:
Virtually none of them will be hiring right now...the market as a whole and financials specifically are doing horribly.
From what you've said it seems like you have no finance experience. The finance job market is bad enough that there are a ton of experienced people unemployed right now (I think I read that 83,000 people have been laid off in NYC alone). So...most of the firms that are hiring right now will prefer to hire someone who they don't have to train, especially since they can probably hire on the cheap.
Even if you find some entry-level positions, there are a ton of kids who graduated this past May with business/econ degrees still looking for work. You mentioned you have taken a few basic courses...it will be difficult to compete against people who made those courses their major + have done internships.
It is very possible that Lehman Brothers will get bought out this weekend. If it is, and what happened with Bear Stearns in March is any indicator, at least half of the firm's ~30,000 employees are likely to be fired. If this happens it will probably result in lower confidence in the market/financial firms overall, and drastically increase the number of people looking for work in the field.
I'm not saying that to discourage you or be an asshole, but you should probably know what you're getting yourself into. If you have a backup plan or any other options it would probably be a good idea to look into those. As for the job postings on craigslist...they're probably the same as everything else on there...some of it is fake, some of it is legit...hard to say which is which.
I agree with the above - you're competing with ex-bear kids and ex-lehman kids... and, although these kids might not be too calibered, they do have a slight edge over a law-school drop-out with no previous experience. even a banking position at a MM that isn't as prestigious would attract hundreds of resumes from ex-bankers who were recently (or will soon be) laid off. very difficult market environment right now - and it's not just NYC, basically all of the financial sector is suffering world-wide.
how can you tough out banking if you can't tough out law school? that is the question i'd be asking
Thanks for the responses. I know the market is really bad right now and my chances are slim. I do have some backups in case I can't find anything. There wasn't any point "toughing out" law school for another two years, it just wasn't for me and I didn't see myself becoming a lawyer, I'm better off saving my money and just start working. Couldn't I just apply as a college graduate? Do I need to put on my resume that I went to a year of law school even though I don't intend to ever complete that degree so there wouldn't be any point? I'd explain it if asked what I did the past year, but otherwise I don't think I need to put that.
Toughing out law school and toughing out banking are two very different things... what a dumb comparison.
It's much more common to apply as a college graduate post-graduation in Europe than it is in the States... even in Europe, to qualify as a campus candidate, you'd have to have graduated within the past 12 months. You can try applying as a campus candidate, but not sure whether they'd actually buy it -- especially if you don't put the law school on your app explaining that you were in school for the past year.
tgrgrll, I think you made the correct decision dropping out of law school if it wasnt for you. My GF just completed 3 years of law school on her parent's dime and she has now decided that she doesnt want to be a lawyer. She'd rather stay home and have me support her (F that, get a job woman).
Unfortunately, your only chance of entering banking is through a family connection or as an associate after b-school. Why anyone would want to enter banking right now is beyond me as deal flow is terrible, bonuses have dried up, and a massive consolidation is upon us.
I would send resumes to all of the banks and touch base with alumni while simultaneously applying to other areas of interest outside the sector. Good luck and stay positive
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