Graduate - Lost

Hey everyone,

Just a quick rant and curious how some people get through. I myself graduated in 2013 june with a finance major and decent grades at what i guess a decent (target?) school in Canada. I've been searching for 3 months since i went away for 2 months on vacation. Due to my lack of experience, it has been really difficult to find a job. I've tried networking, cold-email which barely any response, and massively applying etc. I've even applied through a job agency where my pay for a job will be cut to almost minimum wage just for experience. I know not every single person out there successfully came out and got a job right away. How do you guys manage to get through this transition period? I know I may be a little worst, but i only manage to get one interview. All im looking for is my first step in this industry. I wish i had some mentors in my life, to guide me through this but this is also why i came to WSO for help. Thanks

 

what school was this? I'll say UofT Rotman

You have to realize that, when it comes to the jobs people want on WSO, it doesn't work to just decide you want to be in finance upon graduation. Most of these roles require some prior experience or a "spring week" in sophomore year (UK), to get an internship junior year, to ultimately get an ft offer for after 4th. It's a cycle, and not entering it at the beginning means you face really bad odds of breaking in later on.

It sounds harsh and people you ask during undergrad will say "no you don't need to worry about a job so early" but the fact of the matter is that yea you do. If you want to make wayyyy to much money at 24, you need to have it together around 18. Ppl saying not to worry are just trying to make themselves feel better for not starting early, or don't have the same gaols as you.

My advice would be to use your degree to find a sweet job outside of finnance that makes you interesting and look like you have a unique passion, then do an MBA (where the cycle starts all over again) and jump in from there. Other than that, network and if you have a rich/successful mommy or daddy have them make some calls.

Sorry bro, hope this helps

 
Best Response

I think I can relate to you the most. I'm in at a Canadian university (Waterloo), in a non-BBA/HBA "business" program (AFM). I'm graduating this December but I have been fortunate with a couple of job prospects for full-time.

When I was in 1st/2nd year, I saw some of my peers with IB, S&T internships. I didnt have excellent grades (low 80s), but I was really involved in student societies, organizing conferences etc which helped me connect with a lot of people in the industry.

But since you've graduated now, it's definitely a lot harder. You would need a lot of hustle. I hustled a lot in undergrad because i had shitty marks. But if you have good marks, have done at least your CFA level 1, have decent extra-curriculars, I think you should be fine. HIt up your school's alumni directory, see who shares similar experiences and go from there. Don't expect a job right away and give up if they dont have an opening. Build the relationship; you dont know who they know or when an opening may become available.

Best of luck!

 

General points:

  • Post your resume (without your personal details) on WSO to get people to review it and rip it apart. Based on your post, it kind of sounds like you are new to this field and understanding when hiring actually takes place (most students secured offers before graduation, typically in summer/fall of their senior year (or earlier via internships). So it's probably safe to assume you're new to how resumes should be structured.

  • Reach out to your alumni and network. Go on linkedin - do a search of who graduated from your school and is in finance / consulting / accounting / whatever field you're interested in. Find their email and send them intro emails. You said your cold emails barely warranted responses - maybe it's time to review whether your cold emails are written properly. Again - do a search on the format of cold emails or sample emails on WSO or Mergers&Inquisitions or other reputable blogs/sites. Get people on WSO to provide you some feedback and try again.

  • Do a search on boutique firms in Canada - There are some posts on WSO about different firms in Canada that could be possible alternatives to the large banks like RBC and CIBC. Try boutiques like Alexander Capital or Paradigm Capital, or new shops like Cairn Merchant Partners, etc.

  • Start learning about the industries you are interested in - Even if you get the interviews, you need to do a lot of prep work before you can get the offer. If you are interested in investment banking or corporate finance, for example, you need to know what the job is about, what your role as an analyst/intern/junior professional is, why you want the job and the technicals (valuation theories, some modeling, accounting, etc). Or if it's consulting, you need to know how to prep for case-based interviews. Start checking out WSO (guidebooks/training/mock interviews), Managementconsulted.com (blog), macabacus (free info and free financial models), etc.

  • If you can't get into this field directly, work towards gaining good experience and apply for B-school or Masters in Finance (MFin) - Like the above poster(s) said, you can try for an MBA like at Rotman, Ivey, etc after a few years of job experience if you can't get in directly. Or check out an MFin program which requires less experience (ask WSO user TNA about this). But you do need to put in the effort to find a job that gives you a lot of responsibilities and opportunities to show that you have leadership quality, strong work ethic, intelligence, etc. Because you're starting this process late, you'll really need to hustle.

Hope this helps.

 

Hey guys, great response from all of you, and truly really appreciate it. I know I am late to the game, but to be honest i did try every summer to look for internship, I already knew about having experience under the belt before you graduate is tremendous help. The fact is i tried didnt get one, i guess my approach was wrong or my resume/CL was not stellar enough. So i did other part-time jobs to fill in my void.

I believe my resume/CL structure did have some issues. So i also posted my resume twice, (it's actually posted recently too, if you guys check under my post). As of right now I am still looking for a job, doing some part-time, and studying for CFA.

I actually found a posting through a agency job posting which mainly is for graduates who lack experience. It's a position at capital market risk management as a junior analyst at a major bank. I actually have huge interest in risk management, the catch is i'll be employed for short period of time with minimum wage. If anyone mind, if i can ask them a little more detail (PM) about how i should approach this to optimize my chance of getting it. I will forever be grateful lol. Thanks!

 

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