Recent graduate still unemployed
Hey all,
I just graduated from Fordham U GSB, with a 3.3gpa in finance (concentration alternative investments). My goal is to find an AM analyst position somewhere that can open up future PE/HF/VC analyst doors, but Im applying to basically any finance positions I can, since its been several months since Ive graduated. My biggest problem has been a lack of interviews; Ive only been asked to 2 this summer. I think I'm pretty articulate, but I wasn't as prepared as I thought I was for the BS "what are your strengths and weaknesses" questions and stuttered - game over. Obviously I need to practice my interviewing skills, but I think my real issue is a dearth of interview opportunities. I'm getting pretty scared exiting the summer empty handed. People are saying summer recruiting is slow, but i think its mostly platitudes intended to ease my nerves. Any advice regarding what I should expect?
A few thoughts:
1) No excuse for flubbing standard questions. Personally, I created a document with all the standard questions and my default responses which I memorized. You don't need to recite your response word for word, but you need to have your general response ready. If you're getting clear feedback that your answers are "wrong" you need to create a different answer.
2) Summer is a slow hiring season but you need to maximize the opportunities you get, rather than worrying about factors out of your control.
3) Do SOMETHING productive in your free time i.e. volunteering, learning a new language, studying for the CFA, etc. Don't sit around playing Xbox or whatever.
4) Networking is your friend especially if your school's career center isn't helping out anymore. Attend CFA networking events, meetups, etc. Reach out to people on Linkedin and try to have coffee chats. You need to create opportunities rather than relying on Monster.com or whatever for publicly listed opportunities which generally go nowhere.
is # 2 applicable only to AM or does it generally apply to everything?
For #4: What would be the best way to approach the situation from OP's long unemployment record - what would be a good way to start the conversation?
Most recruiting slows in July - early September since decision makers are on vacation. This is generally applicable across all industries but for whatever reason seems especially true in finance.
I wouldn't consider the OP's situation to be "long term unemployment." If he just graduated in May he's only been unemployed for a few months. Not exactly a disaster yet.
In terms of how to approach it, I don't think there is any magic. The OP's opening statement was good: he's looking for a finance role and hasn't been able to find one after graduation yet. Hopefully the OP has been doing something worthwhile in the interim in addition to looking for a job. I think if he's more aggressive and open minded in looking at opportunities something will inevitably come his way, especially as hiring picks up in the fall.
you need to spool it up now, because this is when the master's entrants are giving out pink slips. hiring immediate fills can be one of the easiest times.
network and dont just drop too much time on the automatic profling robots
The last, I know it's tough and believe me I have been very very close at times. The experience will be a great teacher, and all you need to do is Fight Hard, do your best, and accelerate quickly & comprehensivly
I would broaden the search. The time for being ultra selective has passed. I would include both sell side, Big 4 jobs and more traditional corporate finance. With a 3.3 from Fordham realistically many larger funds are not going to be interested. You're going to need to target smaller funds. The next thing is if you want to go into alternatives going to an AM gig isn't what I would consider the traditional way to do so. IB is a better choice for PE and VC, in AM you won't get deal experience. For an HF it is more common to see sell side ER, but there's not the same hurdle as going from AM to PE/VC.
I'd suggest also figuring out which of the three you want. They're incredibly different. Do you like public markets or prefer private? Are you wanting to work with more mature (and in my opinion frequently pretty boring companies), with more stable cash flows or with start ups? Then you can start plotting a path to one of them.
Start networking and prep for interviews, as they are less than worthless if you have a poor showing.
You need to start hustling and start going for the guns. I cold-called places to land interviews in the past. By the way, most questions they ask are BS questions, it helps a lot to get a call back from the HR if you initially left your info with the receptionist.
Always be professional and if you can make the receptionist/operator laugh, is a huge plus.
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