Please Help: 8 Months Unemployed

Hello,

I am in a serious predicament and I don't know what to do to find work, because I feel really bad and dejected. I am looking for honest feedback, so I can better my prospects. I really just want to start working and start building my career in finance. I am now 8 months unemployed.

Background:
I graduated college several months ago and I am still unemployed and have no job. I graduated from a target college, with a solid GPA (3.5) in finance, have been networking incessantly, I have a solid background in finance-clubs/activities, a huge network circle, but still can't find work.

I think that the problem is my interviewing skills aren't that great, but I try to be as respectful and honest in my answers, yet I still can't find anything that clicks. I've read the Vault Guides and practiced interviewing to the best of my ability.

Another question that I have is that is it worth for me to continue to network or am I better of just applying online and following up with recruiters after I apply? At this point, networking hasn't really paid off at all for me and I've met/know senior management people not just entry level employees.

Any other input would be much appreciated.

Thank you.

 

Work a sales job or something - don't just have an employment gap - outwork and outsell everyone else and keep networking. If you are networking and working 80+ hours a week, the hard work will eventually pay off.

"Everyone has a plan until they get punched in the face."
 

You have excellent prospects. Odds are you are dropping the ball or might not be aware of opportunities. Just remember BB IB only takes in fractions of a percent at any given target school, so you may just be barking up the wrong tree so to speak. Which doesn't mean that is out of reach in your current position or down the line, especially if you get an MBA in a few years.

If I was you, I'd investigate each of those topics in the search bar and comb through the posts about following up, networking, email templates, anything really. There is a ton of information on posts that go back years where insightful posters have long since left WSO. Also start hitting your career services hard, maybe look at a recruiter if need be.

 

Hmmn, did you go to Wharton? that's the only target I know with an actual Finance program.

If you didn't go to Wharton, then there's a possibility that you think your uni is more of a target than it really is.

Most importantly, I see no mention of an internship so not only are unemployed from your "target", you didn't get an internship.

Add in the vault guide references, I guess you are shooting for jobs that you won't get (IB, SnT, etc).

My guess is you have to reset your expectations and just get a "job". Leverage your self proclaimed big network and get referrals that way rather online which is a bad option at this point.

 

working a less prestigious job is better than having a resume gap. Even if you were working in ops, these 8 months could have counted torward a slow climb etc.

I see kids on this forum suggest delaying graduation or holding out for a better job. Those are generally dumb unless you're a borderline case because you're not just delaying your career, you're delaying your life. Your friends aren't necessarily gonna wait for you and you can lose a lot more in 8 months besides just time.

 

If it's any consolation to you, I was in similar - if not worse - situation shortly after graduating. A bunch of newly-minted college students and guys already in industry may not be the best avenue for guidance (I'm not saying that EVERYONE won't be able to give worthwhile advice, but, for example, look at the clearly value-added points by some of the guys above).

My point is that while it may not seem like, you may actually be doing what you need to do. Keep networking - don't stop. Keep working on your interview skills if that's where you see you have a gap. One piece of advice I recommend to you is that don't place yourself out of an application due to "prestige". Get in SOMEWHERE and start building experience. It doesn't mean that you can't keep trying to get into IB, but get in somewhere, kill it (earn your keep, even if you plan on moving), and keep moving forward. You've got a strong enough background where you'll get there.

It may FEEL hopeless, but it's not. Just don't give up.

 

In a similar boat I guess. I got 4 years of work experience, but recently moved countries back to my native country after 4 years working abroad. 6 months unemployed, and I will probably have to opportunity to talk a BA role in the back office of a decent back.

Best to take it, or to hold out for that front office role with transaction experience I have been working hard to get? (CFA, financial modelling courses, etc)

 

I know a guy who, for 3 months straight, called Goldman Sachs, EVERY SINGLE DAY, until he was finally offered an interview for an Analyst position. He's now running a billion dollar hedge fund. Just saying, if you truly, truly want something, never stop reaching for it and bettering yourself in every way possible to achieve that goal.

 

I feel like this stuff could fly 20-30 years ago but now you would most likely be blackballed or have a restraining order filed against you.

Then again it all depends on if you are emotionally intelligent, if you look half way decent, and not totally crazy (this is debatable because you've neurotically called a company almost 100 times). e.g. The Notebook, Ryan Gosling would be the scariest damn weirdo if girls didn't grovel over him.

 
Best Response

I would echo most of the points here:

Get a job/start doing something. If I were in your position I would:

a. Get an unpaid internship. Seems like your family is supporting you for the time being so this could be a possible way to get your foot in the door for some thing. You need to network to get this thing going. At this point I would ask for unpaid internships from my network. Doesn't require any paper work and having a target school grad doing a minor task for free isn't gonna hurt anyone

b. If I were you, I would (and this is just me) start doing some online selling. I happened to have looked into eBay in some detail when I wanted to get rid of my old TV and I really would urge you to consider trying your hand at being a seller there. It doesn't require you to 'get a job' to be a seller on eBay. You just need time to scout around town looking for novelty items and put them up for sale with some margin. There are enough people who make a decent income from this and learning this stuff is pretty easy - just takes a day or 2 of watching eBay related videos on youtube. It is very easy and kinda fun - I actually just wanted to dispose of my TV at first but ended up selling 4 other old things just for kicks. This not only will provide some earning but also shows that you are enterprising and will be be a good story for your networking meetings and/or job interviews.

Lastly, it may seem really tough but remember: tough times don't last but tough people do. Good luck!

 

I think there is something wrong with your location -or- your expecations, because it is not possible not to land anything in close proximity to places like New York, SF, Chicago and so on (goes for London & Frankfurt in Europe).

How about foreign language skills? There are places in this world that would kill to get people with your skills, if you happen to communicate at least at the basic level of their native tongue (Japan, to point just one for now).

 

At this point it sounds like regardless of what your past experience/qualifications, you need to go into resume-repair mode. Step 1 is getting ANY type of employment, really. From the sounds of it, if you got a temp BO or MO position, or even something in another parallel-role, you would be well positioned to try to make a move for an off-cycle position in 3-6 months. Also, if your family will support it or you have the means, perhaps take a modeling class to keep your skills honed and show initiative (live or online).

At the end of the day, yes you were involved in clubs, yes you have a network, and yes you went to a good school. Remember - there are hundreds out there with a BETTER GPA from the same/better level school fighting for the same jobs. That interned during undergrad at BB's. And have better networks.

To get the jobs you want, you are going to have to out-interview the 4.0, prior experience, perfect SAT candidates from targets. And any other competition. Be honest with yourself - if you can't do that now (and that's not to say you can't get yourself there), you should focus on a role that will position you to make a move to where you want to be (e.g. Front Office IB) after 1-2 years. Keep your chin up, be honest with yourself on where you are in the eyes of the job market/competition (this may not align with your perceptions), and then figure out measurable steps to get you where you want to be. Cheers buddy.

 

I feel your pain man. I was unemployed for a year after graduation from a top target in the US. International student and stayed on my student Visa until that expired at the end of last summer. I had a few months as a research assistant but otherwise it was really discouraging. A lot of places don't want even want to bother with unpaid since there are still implicit costs. I wasn't even focusing on some elusive off-cycle BB IBD dream - focused on smaller firms or jobs related to my internships where I could at least leverage something (after coming home). My interviews would come in spurts and I'd come close, but it's tough when a place is only hiring one person and they have their pick of more experienced candidates.

The stupid thing is that for all the networking I was doing back home, I ultimately got the job from a resume drop on my school career site. So I don't even have great advice for you. Just keep at it and find something to keep yourself busy and sane.

 

Let be real here, you got better prospects than 70%-80% of people on this board. You got great school name, good grade and solid activities. Adding to that you know networking is the key. I think the main problems here are that you expect too much from those "connections" and apply for the same function over and over again. Sometimes man, you got to realize that it simply doesn't click and move on... I was very passionate about one sector of finance. I can talk for hours about it and also network a lot. In the end, it doesn't even mater a bit. I randomly landed another job in another sector. It has been a while now but when I look back, I think it was probably for the best.

As others have said, you need to find something for that resume gap. Anything finance related is ok. Off-cycle internships are probably your best bets. The key now is don't stop searching and networking. I think it is the most important skill any finance person need to have

“He never chooses an opinion, he just wears whatever happens to be in style” (Leo Tolstoy - War and Peace)
 

I'd pretty much say what everyone else has already said. Basically you should be in good shape. 3.5 from a target means that unless you're really fucking weird or are just terrible at communicating, which is causing you to bomb interviews. The good news is that recruiting season is upon us so opportunities should be coming up. Hit your alumni network hard and get someone from career services to help you. If you're actually at a target, they should have plenty of info about jobs.

As many people have said, you should be working doing something. Theres as alumni from our school who comes and talks every year. He graduated in the 80s and couldn't find a job. Worked in construction for 2 years before getting a back office job at a small bank in the NE--> spent a year there, got promoted-->spent one more year, jumped to goldman--> 1 year at goldman--> HBS--> has been at MBB for 15 years and is a partner. Sure that story is anecdotal, but sometimes people who should be successful get passed up for one reason or another. Get your ass out there and make sure it isn't you.

 

Good advice on here. @archervice is spot on.

You probably shouldn't call someone everyday for 3 months. It worked for Bud Fox but that was a movie. Persistence is good but that's too much

Honestly, start looking for non IB jobs. I'd naturally say sales but if you're not nailing interviews for whatever reason, sales may be tough. What are your strong points? Determine those and figure what would be your best options to not only land a role but be successful in it. Anyone with good bullshit skills can get a job, and should have been in sales anyway, but you need to perform well to make that position actually lead to anything.

 

Feel free to PM me - I was unemployed for 1+ year (from a target) and recently landed a role at a F500 company. Summary advice: lower expectations and take whatever you can get. The harsh reality is the more unemployed you are the lower you will have to go in terms of job quality. It sucks but its the truth.

 

Do something. I took a dam stupid sales jobs (actually 2) right out of college and had no employment gaps. I went up the latter and built a resume. When I recently got my stint at a BB bank I had something to brag about on my resume.

 

I also faced unemployment right after graduation (graduated in econ, and I was aiming for think-tanks and research roles). It lasted 8 months. After 3 months out of work, I started taking evening classes in finance to avoid a gap on my cv, to build new skills and to fight depression. I managed to land a summer internship at an AM BB, a position at a big 4 this fall, and I passed the CFA level 1 recently.

Moral to the story: keep at it, keep grinding (I applied 350+ times during my job search, I didn't go to a target school, and I didn't have a stellar GPA neither), it'll eventually pay off, even if it seems pointless at the moment. Also, be flexible. Don't let WSO (or anybody for that matter) discourage you. Your first job might not be what you wanted initially, but this is not that bad. It'll help you grow, it'll expand your knowledge/skills/horizons, and you will have time to plan your future opportunities later on. Your (first) job will not define you, unless you let it.

 

It may be impossible to listen to this, but unless you are facing serious financial problems (can't afford food, necessary medication...etc) your situation isn't that bad. Plenty of people are in the same situation.

I don't agree with what previous posters have said: just because you went to a good school and got good grades does not mean you can find a job, even a service job. Could you find employment as a server/hostess? Probably, but the manager would prefer someone with prior F&B experience.

I'm fascinated by the entire hiring process, and every once and while I will submit an application for a job in a totally different field. I've been turned down by UPS for a job sorting packages, a non-bank lender for customer service, a drywall wholesaler as a laborer (carrying sheets of drywall)...etc. I like to think I'd do just fine in those positions, but I've never heard back.

Consider who you know who has the authority to get you a job. A lot of people think that a large network of contacts is important, and it's a nice thing to have, but what you really need is one person who is an owner/principal with the power to make hiring decisions. You may know the vice-chairman, but the best he's likely to do is send a gentle email asking if there's a spot for you. The same goes for junior employees, who need to protect their positions within the business.

I do not know anyone who has gotten a job in finance through the public hiring process without extra help of some kind.

Hired managers at large companies often DO NOT have the authority to make hiring decisions. I know people who have been offered jobs by CEO's, presidents, managing directors and the like whose offers haven't made it through the HR process.

 

what do you think he (or me too in this case) should do? I keep losing out to internal candidates or someone who has a bit more experience. It is incredibly frustrating because I know I can do the work. I have the education and a solid work foundation that supports it. Fuck everything (sorry I just got turned down and need to vent)

 
aliasgoldman:

"Education: Breaking into Wall Street certification" should be sufficient for your CV to be dumped in the bin
Put it in interests or something like that. Should only be a one-liner.

Completely agree.

Also, you have stand-up comedy as an interest....as spectator or performer? It does not say. If you're a performer, say that and get ready to be asked, "Tell me something funny Mr. Comedian.". If you're just an audience member, take the interests section off the resume entirely.

 

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