Moving to NYC with no job?
Hi everyone. I'm looking for some advice from all of you on my current situation.
I graduated in December 2015 from a Midwest non-target school. BS in Finance with a 3.6 GPA. I know my GPA sucks but I'm a bit of an odd candidate in that I changed my major to Finance in my senior year after not having my head straight for the first few years of college. I've also passed the first two CFA exams with the intent to sit for Level 3 in June 2017.
Since January I've been working at a boutique IB in my hometown. It's a quasi full-time position in that I am putting in the work and getting experience but not getting paid they way a 1st year Analyst should be. I've been on the IB job hunt for 3+ months now but have yet to find anything. I got to a superday at a top-tier MM (HL/Blair/Jefferies) but was ultimately dinged.
My hometown has almost no IBs besides the one I'm at and the larger Midwest financial centers (Chicago, Minneapolis, etc.) are 300+ miles away. Long story short, networking is tough for me.
I'm considering a move to NYC because I feel I'll have much more connectivity and networking opportunities compared to where I currently am. I also want to have the most possible job opportunities in the future. I'd be able to sleep on a buddy's couch, have enough savings to withstand NYC for ~6 months and would expand beyond IB jobs (thinking corporate finance, Asset Management, research, etc.)
How competitive are my skills/background and does this seem like a viable strategy? Thank you in advance for the feedback.
what is your strategy? I am sure that networking is the best way of landing a job but since you don't have that option, are you simply applying online or do you have a different strategy and how successful has is been thus far?
My current strategy has been sending emails to as many IBs as possible and working to get phone conversations. They have been primarily networking/informational calls but I've also had phone interviews. As of now though, the well has run dry which is why I am considering this move in addition to looking outside IB.
I've been applying for jobs online but feel like dropping my resume into a job portal is a death trap. I always try to find someone to reach out to and express my interest.
My new strategy in NYC would be to get as many meetings aligned as I can through alumni, friends, etc. and try to hit the ground running as best I can. I'd also attend ACG, CFA society meetings and other networking events.
I would not quit a position that's giving you deal experience. Especially if the alternative is to be unemployed in the most expensive city in the US. You can leverage experience, but an employment gap isn't good.
I see your point, and an employment gap is definitely a concern of mine. Obviously it's possible I'd move and not find work but that's why I'm trying to gauge how attractive a candidate I'd be in NYC compared to the competition.
My biggest concern about staying in my current place is that there has been a lack of deal experience. I mentioned I'm working full-time but not getting paid the way I ought to be. The reason for that is because deal flow needs to increase prior to me being officially being hired (which I've been told they would like to do).
Before even considering moving to NYC you should network through reaching out to alumni and others through cold calls and emails
Agreed with the above posts. If I were you, I would definitely stay in your current role and network extensively by reaching out to alumni, friends, and etc. When you have locked down plans to meet with a few contacts, then take vacation and visit NY for a week or two.
That's in my plans for now. If I were to make this decision, I'm thinking I'd leave in about 3 weeks time. Between now and then, I'd reach out to anyone and everyone I know who may have a contact in NYC. They may not necessarily have a job for my to apply to, but I'd at least grab a coffee/beer and see where it could lead.
genius is found outside the realm of pragmatism. It may work out or it could blow up spectacularly in your face. The latter being the more likely of the two. Personally, being a risk-averse pragmatist, I would not take the risk.
Gradated 6 months ago, no Job, just moved to New York (Originally Posted: 10/31/2017)
So as the title says I graduated from a non target 6 months ago, I have relocated to the NYC area about 2 months ago. Since moving here I've been contacted about sales jobs, or entry level customer service rep jobs but nothing finance related. I have been worked with 2 recruiters. As you can imagine it's a bit frustrating. What are some suggestions of from you guys on what would be a good job I should look at? Considering a bank teller role or the military. I imagine it's going to look really bad If I don't land a job soon. I have 1 NYC internship experience in options, but I am looking to into the financial analyst side.
Why didn't you get a return offer? Do anything you can to do PWM at a big firm for a couple of years, then transfer. You're ALMOST fucked. What have you been doing? How bad was your school / GPA?
Military isn't automatic. Even if you pass the physical, you may still have to wait months.
It was with a small team. One of their clients basically got me the internship.
Operations temp role within a IB. Pays to be attractive/well dressed
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