So a few months back I was made a victim of the layoffs. I was a 2nd year analyst in sales. I've decided I want to go down the research path now as I hated sales. I have a good education behind me too (BA/MSc from targets) so I think I'll be a good candidate for a junior role when hiring picks up again. I've had a few interviews but it's really rough out there - I interviewed for an entry-level research role in investment management and they hired a laid-off Associate with 4 years experience.
I have an offer to work as an analyst at an independent industry research firm. They are well respected and they have a deal where their research is distributed to the clients of US BB. However it's not financial research. I've accepted the offer to start in a few weeks, because I'm worried about having a long gap on my resume. I'm OK for money now but probably only have another 5 months before I'll be completely broke.
I'm worried that since I'm leaving banking, even temporarily, I'm going to be disadvantaged in being considered for research roles in banking. I'm also totally willing to be cutthroat in finding a new job, e.g. quitting the job shortly after starting or reneging on the offer if I find something better before my start date.
This would be a major problem if you wanted to do IBD, but not so much for ER.
ER hiring is far less structured than banking. They are far more open to people from different backgrounds and career paths. The main thing is to do the CFA and network. I'm sure in this job you will gain research and writing skills. If you combine that with the CFA, you should be ok. Plus, it won't hurt to have some BB Sales experience.
Take LI in Dec. and LII in June. Network in the interim. Once you pass LII, you should be in good shape.
Also, don't focus soley on BB ER. Independent research shops are often just as good as their BB counterparts.
Out of curiosity why did you hate sales?
I can only speak from a woman's perspective here. Unless she is a total slut, no woman with a brain will be satisfied in sales. The female colleagues of mine that like it are sluts. The others just want the money - and obviously they are pissed because there was basically no bonus this year. My primary function was licking ass all day - directors, clients, traders, structurers, etc. I also covered corporate clients and saw the guys in IBD and management consultants actually putting together the ideas and structures, then calling us to execute it on the floor. Even the most senior sales guys speak perhaps to the head of treasury or trading - it's IBD, consulting, and research that meet the executives.
Research requires a lot more analysis, you get your name on the front of what you publish, and sometimes you get to be on TV. Sounds good to me.
FP175, there are so many laid off people settling for otherwise undesireable jobs just to get through a tough time. In this regard, you are not unique.
I keep telling folks to have the mentality of "one foot in, one foot out". I've been there. Done that. So do what you have to do to keep your head above water financially, but continue to explore opportunities even after you start this new position. Think of it this way, the analyst job at that independent industry research firm will "finance" the job search for the ideal position you want down the road. OR... you may surprise yourself and really like the job you got. Keep an open mind!
BTW, I generally agree with you about sales...
Very good advice up there.
But...it seems it is definitely true, when you have one offer you are more likely to get another. I got an offer from a small firm that does consulting for PE and HFs. I'll be joining as an experienced hire, the pay is very similar to what I'd have taken home this year had I stayed in banking, and it's something I'm actually going to enjoy. I'm so happy about it that I'm not even concerned about going back into banking anymore, as this can take me in a whole different career direction (and probably one that will be better for me anyway).
There is hope for those laid off analysts - and life outside of banking!
Sounds like you've done well for yourself in a very tough job market. The only thing I would caution is to honestly examine whether you really want to be leaving banking or if it's just an emotional response to your current situation.
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