I swear, every "entry level" job out there requires 2+ years of related experience. How are you supposed to get 2 years of experience if no one is offering entry level finance jobs?
Yeah, I went to a non-target. Yeah, my gpa is mediocre. But still, where are all the entry jobs?
Every hiring manager I have talked to has mentioned that they have MBA candidates or people with 5 years experience applying for these entry level analyst jobs. It is insane.
A friend of mine that works in capital markets at a BB told me that this year's analyst class was about 50% Asians/Indians in their mid-20s with multiple degrees, and the other half were nerdy white kids that went to Top 20 schools, belonged to every campus organization and had internships every summer since their freshman year.
I am not jealous. There are plenty of people that are smarter than me and did better academically. HOWEVER, how is a young man supposed to get a chance to prove himself when there are hardly any opportunities?
2 years experience required...
I guess I'll take that job in Operations and start saving for retirement...
Just keep your head up and keep looking. I was in the same boat only about four months ago. Get in contact with people on Linkedin and alumni. It is really luck-of-the-draw for when a truly entry level position will open up, but luck favors the prepared. If you are truly desparate for FO job, see if you can intern at a smaller shop or boutique (if you have the financial means)
@anihilist Thanks for the inspiration and congrats on grinding your way into a full time position.
I've obviously been networking like a ninja and had reasonable success considering how small my alumni network is.
The only thing that has REALLY put a dent in my confidence is that twice I have been turned down for a position because the firm decided to internally relocate someone (who was much more qualified FYI) to fill the position. And a THIRD TIME, the hiring manager said it came down to me and one other candidate but they decided to hire the other guy because he had an MBA.
Want to know the BEST PART? All of these firms said they really liked me and told me to call them once I have a few years of experience under my belt. Give me a break...
I feel ya. I had multiple interviews during the spring that I was turned down for; needed immediate hire, not quantitative enough (?? I was taking Calc II at the time, don't understand how bond math was comparable to that), etc. It is shitty to hear, but luck has a lot to do with it. Got my current position from a connection of a connection on Linkedin (whom candidly told me he didn't think I had a chance), and then was told I essentially got the position due to the fact that my past summer experience was identical to the job description for the one I was interviewing. I also had a very small alumni network, so it was very difficult finding people to help me out. Linkedin premium was worth though I think.
I absofokinglutely agree with rant from this ranter.
It's a shitty economy. Can't look too much into unemployment %s alone because they don't tell the whole story. Many professionals are downgrading their careers. Middle class individuals who lost their jobs in corporate America are now stocking shelves at Home Depot for 25 hours a week, and they're technically employed. When the economy is vibrant, employment opportunities are abound. All of the Ivy league grads can't fill the demand and so many remaining good jobs fall to semi-target candidates. The labor mkt also bids up salary prices. Now reverse this situation in a bad economy. There will be plenty of Ivy grads who can't find reasonable work. The semi-target and non-target grads are even in more trouble. Additionally, there are layoffs and so you have experienced young professionals unemployed. These same individuals are willing to work for any reasonable salary as they have financial obligations (student loans, apartment lease, etc.). Now if you're HR would you prefer to take someone fresh out of school, or someone with experience and advanced degrees, particularly if both candidates are willing to work for the same rate? Some managers prefer inexperienced hires but on average this is not true.
I know a guy who was an associate at a BB and he worked on some impressive M&A deals. Unfortunately he lost his job during the credit crisis. It then took him 2 years to find a job and he now works for some no-name boutique firm for 70k a year. And it doesn't help his cause that he is not a US citizen.
You always have to be on your toes in the real world.. improve your skills (industry licenses, attend seminars, pursue PT Masters, etc), continue to network, etc. There are very few jobs that have much job security. Being qualified and well educated won't ensure employment when there are a lot of other similar candidates in the labor market. There will always be high finance jobs where ppl make a lot of $ but the # of those opportunities has shrunk substantially in the past 5 years. Many middle of the road employees have taken huge pay cuts. Personally I'm worried about what will happen when the FED begins to raise interest rates... will be good for fixed income traders but will hurt other industries.
For recent grads who aren't working I recommend pursuing, depending on your field, things such as the CFA, FRM, CAIA. Completing the CFA is very impressive and imo is a more objective indicator than just going to a good school and having a high GPA.Passing just one of the exams is a step in the right direction and will impress hiring managers. Also polish your modeling skills, VBA, learn about SAS & Matlab if in a more quantitative capacity and so forth. Most importantly, don't have let your ego become a problem. Consider all opportunities, even a low paying internship. Think of it as a temporary setback in a ever cyclical economy, you'll always have peaks and troughs. #endrant
Agreed with above post from mb666
Are you fluent in any foreign languages? Emerging markets are now in the dumps, but they will eventually bounce back.
@mb666 How do I nominate you for post of the year award? I could not agree with you more. It is extremely competitive out there. I feel that the only way to truly differentiate yourself is to do things like the Wall Street Prep online courses. I have gotten a lot of attention because of the online Excel courses I took.
Also, I feel like the CFA/FRM/CAIA are better than any college degree and I certainly hold a lot of respect for guys with those certifications.
@redbarchetta Haha I wish I spoke a foreign language but in all honesty I would never want to move out of the USA. Yeah I know that may be short sighted but honestly, what's the point of leaving home just for money?
@Johnson
Are you advertising for Wall Street Prep????
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