Graduated one year ago - Still no job. Need help

Hey everyone.

So it has been a little over one year since I graduated, and I still have been unable to get a job. At this point I feel desperate and out of options, but I do not want to give up, and started this thread to ask for opinions / advice.

Here is the basic story: I graduated from UM (Economics) last May with I had a job offer (non-IB, corporate finance) rescinded a few weeks before graduation due to the economy. I got interested in IB much later in the game than most people (late in junior year), and so don't have the internships / experience that most people get during undergrad. I tried to as much as possible to show my interest in finance by joining clubs on campus, took finance / accounting classes, and completed a financial modeling program (Breaking into Wall Street). Unfortunately, whether it is the lack of experience, subpar resume spinning (though I've been told it's pretty decent for what I have to work with), etc. I haven't been able to get interviews.

I feel confident that I have the relevant knowledge based on the classes I took + the financial modeling program, but that obviously isn't enough, and I'm not sure what I can, or should do.

Would it be a bad idea to get an internship or offer to work unpaid at local firms (I live in Michigan so there isn't exactly an abundance of banks here)? My hesitancy would be due to the fact I already graduated and it might look bad in the future since most people are working FT at this point or expected to be - it's hard enough having to explain why little to no relevant experience during undergrad, but this one year gap is killing me -. Should I just forget IB and try to break into another finance field (although I've applied to many other positions / fields, and aside from a few random interviews, haven't had much luck there either)?

I'm obviously not shooting for BB banks, and would be more than happy with a boutique, but is it unrealistic for me at this point?

(On a related note, as I mentioned before, I've been told me resume is pretty decent, but do you guys have any suggestions for resume writing services that specialize in finance resumes? I'd be willing to invest some money in getting the resume professionally written if it can help me out).

Open to suggestions, advice, opinions, etc.

Thanks everyone.

 
Best Response

Beggers can't be choosers. Apply to everything and anything finance-related and take the best that you can get at this point, even if it is middle or back office. Then network, network, network and keep applying to boutique IB positions if that's what your interest is. The worst thing is to have a huge gap on your resume so just start working somewhere already.

Your odds of getting any IBD position at this point are slim to none. Your best bet is to get any front office finance role, and shoot for BB IBD after a top MBA program.

And of course, post your resume on razume with a link on these forums so people can critique it if you haven't already.

 

San Franciscan: Thanks. I know that networking is a big key, but I'm not sure what "story" to tell at this point. It's one thing spinning / explaining lack of relevant experience during undergrad (I normally just say I got interested late - which is true -, but still managed to gain some experience in undergrad finance clubs, took the fin/acc classes, etc.), but another to explain this one year gap. Any suggestions on how you guys would approach networking if you were in my situation?

Or just stick with the typical "who I am, what I am interested in, interested in your firm / industry, do you have a few minutes to speak, advice, etc."?

And regarding the M&I template, that's actually the one I used for my resume. Well, the exact one I used was the "Template if you don't have previous experience" that he has on the website. I think I made the best out of what I have, but I figure if I can get it professionally written, it's worth the investment.

 

i feel bad for you man, that's rough. a lot of people are in the same boat.

i myself feel apprehensive sometimes about what's going to happen to me when i graduate from my msf next year.

staying positive despite minimal traction for a year is difficult. but try to keep it up and something should work out. best of luck.

ps - if you have the money and are getting truly desperate, apply to some master's programs. many start in january (australian programs for instance, or the Duke MA Econ, etc.), and applications might still be open for some UK ones as well. i don't know, it's just a thought.

 

Odds are against you. Wasting a year, you've already sacrificed ~50k. I understand you want to get in to banking, but it's realistically not worth that much to get in to a shitty boutique. There are better jobs that will be easier to get in to, look better on your resume, and position you better for b-school. I'd advise you to stop wasting your time.

 

Banker88: I'll post my resume on razume and start a thread in the resume forum. And yeah, I'm definitely trying to be realistic and know that I have no shot at BB or elite boutiques. I've been trying to aim for IB even if it is a little known boutique.

islandoffmorocco: Thanks man. It's certainly a difficult position to be in, but just trying to make the best of it from this point forward. Good luck with your MSF program!

Yeah, I've looked into a few MSF / graduate programs. I applied to Duke's MMS program, waiting to hear a decision one way or the other on that. It's pretty pricey though (40k), but I've heard the recruiting is going to be better for the upcoming year. The program itself isn't that great imo, and the recruiting would be the primary reason to attend.

I've also looked into LSE MSc Accounting & Finance. It would be awesome to study in London for a year, but they seem to weight GPA pretty heavily, and require a min. 3.5 (I'm at 3.33), so it would probably be a long shot to get in.

drexelalum11: Thanks for the advice. Yeah, I held on to the IB goal too long this past year, and should have put more effort in applying to other positions. What jobs do you believe will be easier to get into?

And in general, do you guys think it would be better to get a job in another area of finance (or whatever I can get), or get some internship in IB even if it's an unknown boutique?

 
tbm24:
drexelalum11: Thanks for the advice. Yeah, I held on to the IB goal too long this past year, and should have put more effort in applying to other positions. What jobs do you believe will be easier to get into?

3.4 UM Econ should give you a decent shot at most F500 entry level roles, whether in finance, corp dev, or general mgmt. You'll need to work on why you've been unemployed for a year, or employers will wonder, "what did those other companies know, that I didn't?"

You could always look at start-ups as well - it's a high-reward option if you get equity upside participation, and given you're unemployed anyway, there's no risk, and your resume will start to fill up.

 
YostDisciple09:
The point is if you want something go and fucking get it.
truism!

I feel very bad for you mate! I know atleast 5 people from my uni who have been looking since June 2009. Waking up in the same room, on the same computer, on the same sites, phoning the same recruiter everyday, applying everywhere with no hope in sight. Its a really bad state of affair to be in but as the guy above said if you go out and do ALL you can, it does work out some way or the other. never stop trying...

 

get into sales and work hard. I have made several key relationships that opened doors through sales. Currently I work for a VC backed company and have great access to that side of the business

 

YostDisciple09: Wow, yeah, sounds like the exact situation as me, except you went and did something about it 6 months ago!

Agreed that Michigan sucks. It'll be great to move out of this state, I really like Chicago, but no preference as far as location. I've applied everywhere.

Actually, I considered doing what you did. That is, just moving to a big city (e.g. Chicago) and then trying to network my way in like that, or find an unpaid internship once there. I didn't do it though because I wasn't sure if that was a good move to make or if it was a bad idea to needlessly move without a job or internship lined up beforehand.

drexelalum11: Thanks. Though I've heard that F500 companies are really rigid with their hiring / recruiting timing, and so getting in off-cycle will be extremely difficult. Is that necessarily true? I've applied to positions in non-IB corporate finance, but couldn't get interviews.

Working at a start-up would be interesting. I've looked for roles in some start-ups in California; most of the roles are typically engineering / sales, but I found a few that were business development and seemed interesting, no bites though. Will continue to look.

Definitely need to work on my story though and why I've been unemployed for a year. That's going to be difficult. (small correction, my gpa is 3.3, not 3.4).

09grad: Sorry to hear that man. Even if it is true "misery loves company", I really hope things work out for you.

beatallica: Yup, what you described is pretty much how it's been for me as well. It's a tough position to be in, but feeling bad for myself isn't going to get me anywhere, so I'm certainly not going to give up, just looking for the best options at this point.

Cmoss: I'm admittedly not a big fan of sales, although I did potentially have one lead regarding an "institutional sales" position in California at a boutique investment bank (C.K. Cooper). I thought it was BS though (no salary, pure commission), and so I didn't pursue it any further. I didn't really know much about institutional sales (I still don't to be honest), and had sent a cold email to the MD regarding open positions, and he responded telling me about this position, but again, it didn't really seem like something I would do well in, or if it would help me gain meaningful experience to transition over into a job I actually wanted.

btw - I posted my resume on razume. If you guys have any suggestions or critiques, please feel free to share. http://www.razume.com/documents/14965

 
drexelalum11:
tbm24:
(small correction, my gpa is 3.3, not 3.4).

Wrong. Your GPA is 3.4, rounded up from 3.33. Considering you're unemployed, I don't think you need to handicap yourself anymore.

Good point!

Well, the "exact" gpa listed on my transcript is 3.328, which I guess I'm just used to referencing as 3.33. Would you still round it up to 3.4?

Seemed like a bit of stretch since if/when my file gets a background check, it might seem off, although as you implied, I need every advantage I can get.

Actually, while we're talking about gpa, what do you think about listing a "business" gpa underneath or next to my overall? I took 4-5 courses out of the business school and did pretty well in them(3.5-3.6), better than my overall or econ gpa anyway. I decided it would be too sketchy though. I mean, it's only a few courses and not even my major. I checked my gpa for the last three years (my freshman year was my worst), and I had a 3.42, maybe I could put something indicating for the last three years / 90 credit hours, I had a 3.4 or 3.5 rounded?

Any little bit helps at this point.

Just thought I'd ask though since gpa was mentioned.

 

Rounding up isn't a problem. It's been discussed ad infinitum, do a search if you are concerned. Also, if you're not working in finance, it's unlikely anyone will pay to do a background check on you (though they'll probably ask for transcripts).

I would not list any GPA that your school wouldn't recognize, meaning not a "business" GPA and not a "final 3 years" GPA.

 

Facilis sed deleniti veritatis dignissimos ullam quisquam. Optio esse nostrum repellat. Molestiae animi sit officiis non ea sunt. Neque magnam est nisi optio laborum iusto ratione. Nisi excepturi est itaque aperiam. Necessitatibus voluptatem nesciunt inventore laborum.

Deleniti cumque facilis enim nihil. Quo sit id quidem ipsum eos. Quo voluptates et odio cupiditate.

Cupiditate error aut molestias optio. Officiis recusandae unde dolorem. Blanditiis voluptatum cumque quam dolor nostrum tempora. Dolore ea nesciunt sed rerum. Adipisci quaerat id dolores omnis et est quaerat. Minus fugit neque sed. Consequuntur explicabo voluptas maxime quibusdam sint dolorum.

 

Atque doloribus corrupti laboriosam aut optio. Dolorem rerum neque sunt similique occaecati fugit numquam. Quam omnis fuga fugit qui. Enim quia dolorem ut iste sed magni. Hic est voluptas eos amet aperiam. Corrupti vitae blanditiis sed reiciendis. Aliquam quisquam magni accusamus quidem consequatur occaecati consequuntur.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”