Hi All,
This may be a downer. I've been at a VC fund for the last 2.5 years and was promoted to associate earlier this year. My VC fund announced that they would be shutting down around a month ago. Since then I've gotten interviewed and dinged by McKinsey (second round / quant errors) and BCG (final round / correct answers but not creative enough). Going through the interview processes gave me hope that this disaster scenario will pass, but getting rejected by BCG yesterday made the fact that I have no job real.
My question is how do people deal with the intricacies of not having a job. I know that a lot of the advice below will be "get over yourself" and "just apply and stay positive." I'm asking about the parts of the process that aren't related to finding a job, i.e. how did you budget your remaining savings, is there anything unforeseen risk to going on unemployment down the line, did you choose COBRA or Medicaid?
Also, what are some tips on interviewing and applying while unemployed? How do you speak to it while you are networking?
The VC skill set is very niche and this is basically by first job out of undergrad and the longest one I've held. What can I get after VC Analyst/Associate role without prior banking or consulting experience?
If you hurry, you might be able to crank up a decent MBA application (for T10). Its pretty good timing for you with 2.5 years and VC experience and your promotion are good. I'm sure you'll get good recommendations.
Are any of your portfolio companies hiring for a business role you might be a good fit for?
Thats a good angle and one I'm trying to explore. Because we are early stage and most of out portfolio companies want Engineering talent not marketing, biz dev or ops.
Bump
Will be joining you soon. Stepping down shortly from my role at the company my search fund acquired. Currently live in Manhattan (splitting rent) so will definitely suck to have no income for the unforeseeable future. At the same time I'm looking forward to being able to dedicate 100% of my time to networking, looking for jobs and preparing for interviews. It was nearly impossible for me to do so while working full time.
2.5 years ago when I was finishing up my MBA I didn't have a job lined up either. I got into the routine of prepping hard for interviews and after a while I got really good at it, I ended up with 3 offers within the same week. My only concern this time around is whether being a few years removed from school will have an impact on getting as many interviews as new grads.
Keep sane by working out and hanging out with friends. As for your finances, get real conscientious of every purchase you make and see where you can immediately cut costs, if possible try to make some side money if you have any side hustles or services you can offer through the gig economy. Do you have any assets of value that you can sell? That can help cover you for a bit as well.
He's right. Sell assets if needed. I sold an old Patek watch for $100K, which helped to cover about a month of expenses.
Every little bit helps.
WTF your monthly expenses are more than $100k?
Guest,
Your empathy and perspective is both humbling and inspiring. Thank you for sharing. Keeping sane has been difficult but I've surrounded myself with good understanding people. I'm definitely going to start chipping away at the list of things I wanted to do but "never had the time" to do. I'm sure we will both get out on the other side of this.
You've got an awesome background so I'm sure you'll be fine finding a job - in terms of advice, I don't know how active/fit you are, but i would suggest running long distance every morning or night. It's a great way to clean your head and stay calm, because trust me when I say that the waiting period is enough to make you go crazy. Hit the phones and network like crazy - good luck !
Wishing you the best of luck in finding a new job! If I remember correctly, your company should provide you with details on the COBRA benefits before they close up. However, COBRA only covers you for a limited period of time (~18 months). Though given your background, I have confidence that you will be able to find a new opportunity before then.
Budgeting will depend on how much you have in an emergency fund. Can you afford your current lifestyle with no income for the next 6-12 months? If not, you may want to look at your non-essential expenses and either cut them or repurpose them for networking/job hunting activities. I wouldn't recommend cutting your "fun" budget to $0 though, since if you commonly meet with friends for drinks or dinner, cutting that out will only make the situation feel worse for you and you want to keep your spirits up as much as you can.
Something I recommend doing to maintain your sanity would be establishing a routine. Going from knowing exactly what you'll be doing during the day to having free reign over your time can be a difficult change for many people. Consider dedicating at least a portion of your day to a similar activity to maintain some semblance of a routine, even if it's hitting the library to apply for jobs for the first half of the day.
When interviewing, remember that you are not unemployed through any fault of your own. The fund shutting down isn't really a reflection of your performance and as such, make sure to focus the conversations on your accomplishments that led to your promotion, and your performance after the promotion.
I'll never claim to be an expert, but I hope my $0.02 offers some help.
Don't pay taxes until you're employed again.
First of all, congratulations on having been promoted in your first job out of college. You’re already on a roll having interviews with two incredible firms. Here are some more ideas for you that have worked for me.
Personal: --Use the newfound free time to re-set, determine your passions and what you want out of your next job and out of your career --Agree with @OverTheHedge here; Create a schedule for yourself, keeping a routine will help keep your spirits high. Work out and eat well and try to wake up the same time every morning and get dressed even if you aren't going anywhere --Figure out your exact monthly expenses, evaluate against your savings and make sure to stick to your budget --Sign up for unemployment - no downside, be aware of the annual claim limits in your state so you can account for this in budgeting your runway. When you are filling out the paperwork be sure re-read and do it carefully otherwise your benefits can be delayed --How come the fund is shutting down; was there any earlier indication or did it come out of nowhere? When evaluating at your next opportunity your experience may prove useful in selecting the best possible employer for yourself.
Professional: --Contact your undergrad alma mater; they may have job postings or be able to connect you to other alums who are hiring --Some ideas for jobs: other VCs, VC arms of larger existing businesses, start-ups, accelerators, portfolio companies (meet with their execs while you can even if they aren't hiring for your skillset currently) --Have the principals at your VC fund put you in touch with their high-level connections and with recruiters --Agree with the idea @Isaiah_53_5 stated to submit MBA applications if possible if that interests you. At the very least use the time to study for and bank a great GMAT score if you haven't already to keep grad school open as an option --Be selective when making your next move, but also be willing to apply to more jobs than you might think and do consulting for $$$$ in the short term while you are finding your next role.
jnaz, I left IB about 18 months ago for corp dev. I was laid off six months into my first corp dev role because the company just kept underperforming, and it was obvious we wouldn't be acquiring anything anytime soon.
I interviewed with close to 20 different firms spanning the F500 when I was looking for a new role. I would either get asked about why I'm unemployed or just go ahead and volunteer that I was laid off. The interviewer always stated how normal this was for M&A and how they understood and then immediately moved on to the next question. I did not get any grief for being laid off through no fault of my own. You need to go into every interview with this mindset that you being unemployed through no fault of your own is not a big deal. It will result in you interviewing more confidently.
Your firm may provide you some severance and should provide you COBRA (they may also provide you some assistance with paying for the COBRA coverage). COBRA tends to be very expensive since your employer is no longer chipping anything in, so be sure to read through everything before signing up. I doubt you will qualify for Medicaid. As for budgeting, take a few hours and create on in Excel. You should have an emergency fund set up, but if you don't, now is a time to get a start on budgeting and seeing where you can cut costs. Also, if you do not have an emergency fund, start planning to fund one immediately upon finding new employment.
As far as tips for interviewing go, my best piece of advice is not to get desperate. You're going to go through the stages of grief in a sense where at first you don't fully realize that you're unemployed, to the hard truth smacking you in the face then, to you then desperately wanting something. Don't let this last part affect the way you interview or your judgment. If you remain confident and treat every interview like an actual interview (i.e. you're also interviewing the firm), you will do a lot better. When you finally do get an offer, carefully evaluate if this offer is something that you actually want. When I was job hunting, I received an offer early on and turned it down because it was not the right fit. It felt weird choosing to remain unemployed, but it was the right call for me then, and looking back on it, the right call for me now.
Finally, file for unemployment. This is a benefit that you've earned, so use it. Most states have a decently long waiting period before they pay anything out and will require you to log your job hunting every week. I ended up not getting anything because I received a decent severance package and was able to find a new job within two months.
Best of luck on your job search! I have also been unemployed for a couple of months now. Please don't start drinking...
Everyone here has been absolutely awesome. I've built my spreadsheet of jobs and started applying. I have a list of recruiters and employees from the firms to which I've applied and will be reaching out to them early in the new year. I've thought deeply about why I would have liked to do consulting: I skipped out the technical/data-driven skill set of a banker/consultant and I want a position where I can build those skills. I was also trying to set myself up for growth equity, mm-pe, or corp strat. While these three paths are very different, I think all of them are doable without MBB on my resume and I would be able build data-driven intuition at all of them. Thanks again for the support and I'll keep you all posted.
General tips: + Figure out your budget ahead of time and your approach to remaining within it. I personally hate nickel/diming myself (e.g. not going out with friends, eating crap food) b/c life is short, so I'd get a roommate/cheaper apt instead if I had to. Set clear dates for taking subsequent expense-management steps (e.g. if no serious leads in 4 months then I get a roommate) + Don't get desperate. Remember that each job should last you at least a few years. Getting desperate and taking the wrong job is a waste of years of your life. I've seen people make this mistake b/c they were so traumatized at being unemployed + Take unemployment and take advantage of every possible government assistance. You paid/ will pay for it + Go hard initially, but be ready if it turns into a long slog. Be prepared to step away mentally and actually enjoy your time. Later on you will regret not taking some time off to travel, chill, and otherwise enjoy life. Obviously, the constraining factor here is how much money you have saved up + Start prepping bschool applications: you're in the age range and its a great time for a penalty free reset. I would do this and continue doing it even if you get a job soon (unless its a definite long-term/ dream job) to keep in your back pocket
Good luck man
First day on the job, you know what I learned? How to spot a murderer. Let’s say you arrest three guys for the same killing. You put them all in jail overnight. The next morning, whoever’s sleeping is your man. You see, if you’re guilty, you know you’re caught, you get some rest, you let your guard down. You follow me?
collecting unemployment?? (Originally Posted: 05/15/2008)
Hey guys, I'm a 3rd year analyst in nyc that will (finally) be leaving the banking world this summer. I'll be traveling for a while and do not plan to have a job come August. I believe the rule to file for unemployment is you have to be unemployed "through no fault of your own". Since I'm not getting fired, but also not quitting, I'd guess that completing an understood 3-year program qualifies?? Anybody have any idea how this works? Thanks!
You have to be actively looking for work to collect unemployment. Plus, anyone exiting 3 years of banking and is looking for charity is pretty pathetic...
I've had friends who have exploited the system and collected payments even though they were not actively looking for work.
Technically, I think you do have to be laid off/be told you cannot stay or something to that effect and also be actively looking for work.
Your situation is a grey area but if you're going to be out of work for only a few months, why do you even need to bother? Should have a lot saved up, it's not like you're a starving artist in between jobs.
If you do want to do this, you could probably get away with it given that unemployment claims are on the rise and they are likely paying less attention to who's filing.
But if you get caught, don't blame me. :)
im assuming this is a joke...
on the off (and very pathetic) chance that its not... in ny state, there is a form that you will have to fill out showing that you are applying to several jobs every week, requiring you to list where you have applied, if they took your application, who you talked to, their contact info, and so on. lying would be a basis for a fraud charge. furthermore, traveling out of state for a significant period of time would render you ineligible for benefits; so hopefully you plan on traveling to schnectady.
have fun.
thanks dosk, i figured it was a grey area. it's likely going to be more than a few months as i'll be in asia trying to work on some new business ideas there, so i think it's worth it. i really don't feel bad of taking advantage of the system if possible...it's quite inefficient to begin with (granted, from people like me).
and b2, i'm not sure why there has to be so much immaturity on this site. that's exactly the reason why i (and many other people i know qualified of giving good advice on here) don't post. i realize you have to be actively looking for employment, but i won't tell if you won't.
Why do i get the feeling b2 is talking to himself here? Suit=b2??
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
xqtrack, thanks but that's not correct. you're supposed to keep a written record yourself in the event you are asked to show it, but it's unlikely this record is ever actually submitted to anybody.
and this is all done online anymore so you don't see or talk to anybody. i'll be actively looking for jobs in asia by the way so it's probably not as fraudulent as it sounds.
my friend recently got laid off from a hedge fund that blew up and has been living on the beach in australia on behalf of unemployment insurance until the markets improve. what a pathetic loser!
anyway, thanks everybody for the quick responses.
The system's not inefficient, because I can guarantee that you won't get a cent.
Keep thinking that you're better than the system though. Someday you might make it, buddy.
maybe you'll get a cent, maybe you won't. people cheat systems all the time. some get caught, most dont.
personally, i hope you get the money and then get called in for an interview while you're in beijing or wherever and end up in jail. your friend too.
best of luck.
He's paid his taxes which contribute to unemployment insurance (at least over here), I personally don't have any qualms with you doing it. Not when I presume your effective tax rate is as high as mine (41%).
I wouldn't do it, just for the hassle, and that I think someone else needs it more, and it's taking the piss a bit given you're going travelling, but hey, if you can get it, take it. No one will ever give you anything for free will they?
As LdnMezz pointed out, his taxes pay into unemployment insurance... so he's reclaiming money from the system that he contributed already.
Although it is a grey area and I personally wouldn't do it in this case, the reality is this is VERY low on the scale of "fradulent" things people do.
Example: I know someone who moved out of the US and survived for 2 YEARS on unemployment while traveling. She had her parents cash checks and take care of all the details.
Something like that is abusing the system much more so than what Suit is doing.
Many of my friends who have been laid off from banking in recent months have actually filed for unemployment as well, despite having a lot of money saved up and doing some traveling in between looking for work.
Bottom line, people always have questions that fall into grey areas like this... so let's try to answer these questions as truthfully as possible without ridicule.
For those in school who have not started working yet, you may not realize it now but if you work in finance or any other highly cyclical industry, chances are that you WILL be laid off at some point. It's just the nature of the beast. So questions on unemployment etc. are worth exploring.
How can someone collect on unemployment for 2 years?
I thought you could only receive payments for half of a year.
Not sure of the details offhand but I think each state sets their own rules and they can change from time to time (e.g. be relaxed if we're in or entering a recession).
to be clear, i don't have anything against anybody who is laid off, fired, hates their job and decides to quit to find something new, whatever (banker or not)--these are people whom i think have a full right to collect unemployment insurance. i don't think their savings really come into question.
i do have a problem with people committing fraud (and yes, thats what certifying that you are looking for employment and certifying that you are still in the state and eligible for UI amounts to). no, lying on a government document is not a "grey area".
maybe you think morally he has a right to do it because he's just getting money back he paid in; i personally don't. if he chose to stay in the area and look for jobs, i wouldn't have anything against it. but he's not.
and yes, i have a problem with people who raise my taxes with this kind of bullshit. but like i said, yeah, the probability that you get caught is small. then again, high paid people tend to think theyre invincible.
The "grey area" I was referring to was him leaving his job rather than being laid off or fired. States can interpret that different ways - sometimes you qualify, sometimes you don't and it's really up to them to decide. If it were just a normal job it would probably be more clear-cut but since it's banking and you're only "expected" to stay for 2-3 years, it's unclear if they would view this as being "without cause" or not - perhaps someone else could chime in if anyone knows.
And yes, as I said, I personally would not do this as filing while not officially looking for work is lying.
I sure never expected a string on WSO on unemployment. What kind of people are on this site now?
Anyways, I don't believe ANY state has more than a 6 month benefit period in any single calendar year.
Also, you will be capped based on how much your prior employer(s) have contributed. If you've only worked a handful of years, there's likely not enough paid into your unemployment benefits.
I think the story about the girl who lived off unemployment for two years is an urban myth.
How to Survive and Thrive During Unemployment (Originally Posted: 08/15/2012)
A few posts on layoffs got me thinking of my unemployment spell a couple of years back, and I think that now would be a good time to go over lessons that I learned to keep myself sane and productive while searching for a new job.
The big key is to look at this as an opportunity for growth rather than as an obstacle. For most of you monkeys, this is going to be a difficult view to internalize: we all place a great deal of importance on our career, otherwise we wouldn't post here.
Leaving your job may suck, but lets face it, working can suck too. So let's just jump into it: here are 6 things to keep in mind that will let you come out of this in a better state than you were in when you were beforehand. 1. Keep a Normal Schedule. Without a day job, it's very easy to lie around in bed for an hour after waking up and then waste two hours making breakfast and messing around on the computer. Before you know it it's 1:00pm and you're still in your boxers and a t-shirt (if that).
You need to impose a workday on yourself. Get 8 hours of sleep, hop out of bed immediately, and go for a walk to get some fresh air rather. You'll feel better, and after a week of this you won't be tempted to sleep in really late every day. Also, give yourself a 9-5 sort of schedule: focus on applying to jobs, networking, and other productive tasks during the day and tend to personal matters in the evening.
2. Exercise. There's just no excuse for not working out regularly. Do a combination of cardio and strength training for at least 30 minutes a day for 5 days a week: you'll lose weight, build muscle, and feel better about yourself. Exercise (combined with eating well and getting enough sleep) is also the best possible way to stave off depression and anxiety.
3. Work on Personal Projects. There's got to be something that you've wanted to learn more about, work on, or improve. Now's the time to do it. Here are some ideas:
6. Take Advantage of all Your City has to Offer. You've got to have all sorts of things that you've been meaning to do but haven't had the time to try. Grab a copy of your local independent newspaper and see what's going on this week. Just about any decent sized city should have all sorts of cheap / free things to do: author readings at book stores, museums, concerts, and so on. Of course, you can now do all of this on weekdays an beat the crowds too.
4. Meditate. The Relaxation Response was the book that first made me interested in mediation. All you need is 15 minutes and the willingness to try to sit quietly. It's a great way to rejuvenate yourself and give your mind a break.
5. Philosophy and Religion. Try going to church or synagogue. No interest in religion? Stoic philosophers like Seneca and quasi-buddhists such as
have been very inspirational to me--far more so than years of Sunday school as a kid.
6. Remain Optimistic. Everyone I've known who got laid off or fired early in their career eventually came back even stronger. Some got equal or better jobs in the industry, while others moved on to other fields. Just remember: this will get better, and if it's the worst thing to happen to you in your life so far, you should consider yourself lucky.
Notice that I didn't tell you to network with alums from your school or to polish up your resume. I'm assuming that you're smart and already doing that. Instead, I'm encouraging you to focus on all the other stuff in life that's too easy to ignore when you're working full time.
Monkeys: did I miss anything big? If you've been unemployed, what did you learn from the experience? Anything you'd do differently? How did you manage your time?
Great post. I'd like to add a few things. I've often walked to the library (about 30 min) and did my applications, research and readings. It's one of the best way to stay positive because you've done some exercise and you're around people. Just get out of the house! The library can be a great resource too.
Secondly, when you're sulking while waiting for a response after you've applied to every position that interests you, whore your resume to any other positions that interests you even a tiny bit. Even if you do not intend to take the offer, just go and practice interviewing if you have the spare time. Rejecting an offer by an employer has done wonders to my confidence! Just remember to be courteous and professional when you do.
Thirdly, I haven't much of this yet only because I wasn't sure which city I'd be in, but go volunteer. I've also donated blood a few times. This will take your mind off of yourself and help you think about others, and how fortunate you have it no matter what your circumstances are. It can also add a nice touch to your resume.
Lastly, try to do some pro bono work for something you care about. After I've been rejected by equity research firms, I've often followed up with asking to do some research for them over e-mail. It shows that you're passionate, interested and persistent. It won't work all the time, and I've been told to fuck off, but most people have been courteous and helpful.
These are all wonderful points. I can't believe that I forgot to mention the pro-bono point. I've done this on the side too and it has been enormously rewarding.
Good advice. It's always tough to see this in the long-term nature of things.
Trying something new is probably most important for me personally, now that I have the time.
Or you could just become a Nazi.
http://www.youtube.com/embed/IT_bNKBcalI
Great post!
Useful tips. I hadn't thought of utilizing meditation before...
Hi All- This post kind of relates to me and it kind of doesn't-but here I go with my question. I graduated a target school 2 years ago in real estate/finance and I'm really looking to land a gig at a BB in Brazil. After working in hotel finance for 6 months after graduation I've spent the last year and 3 months living in Argentina (I'm bilingual in English and Spanish and proficient in Brazilian Portuguese while keeping current on Excel, PPT, etc.) So as this post suggests, I've taken advantage of my time off, but now I'm looking to get back into the workforce. Given that recruiting season is around the corner, do you have any suggestions beyond the typical (company websites, reach out to your network, etc.)? If there's anyway that any of you fellow monkeys can connect me to the relevant people regarding my interests at your bank/anyone else you know I would really really appreciate it. Thanks in advance!!
The best way to survive and thrive in unemployment is an emergency savings fund. So keep that rusty Honda a few more years.
Great post, and great replies too. I've been out of the job for a little while owing to a number of reasons, and while it was tough at first (and still can be), I've done a lot of the things you've said and it helps. It's important to stay optimistic that things will turn around, and not to compare yourself to your friends and former classmates who have had a lot more luck. As Moneyball said, it is great for the ego to be able to turn down other opportunities: I was lucky enough to be approached by a company for a position I had only a minor interest in. I went in anyway and had a chat with them, and when it became clear that it wasn't for me, I politely let them know.
As well as all that, if you have any skills that are marketable, you could be an independent consultant. If not, consider doing a course - for example, someone I know got a copyediting certificate, and now works as a copyeditor in her spare time. Extra income, and extra skills, even if they're not directly related to your field of study.
LinkedIn Title if I'm Unemployed (Originally Posted: 07/05/2012)
What should I be using as my LinkedIn Title if i'm currently on the job hunt? I am CFA Candidate but I'm not sure that is sufficient. I don't want to put independent prop trader either. any advice? Thanks in advance.
Master of the Universe In Training
Law-abiding citizen
G-Spot Finder
20XX Graduate of Asskicker University
University Name graduate and experienced Job Title looking for opportunities in Domain of interest
99%ER
Ze Clit Commander
cat psychologist
I am faster than 80% of all snakes
wow, 1/9 responses were actually serious. Captainradio's is spot on. Or else just leave it completely blank.
Finance Professional
You are definitely not going to find a serious answer with that kind of question here..
C-level title at a family/non-existent or whatever business
Why?
Am I the only one who thinks titles such as "Finance graduate looking to broaden his experience" (or similar, utter bullshit) are sorry attempts to hide the fact that you are unemployed? Just call things as they are and you might be lucky and find a person who actually appreciates honesty. This is my view.
I would use "Job hunting, 3yr IB experience" or something like that. Independent trader is the worst you can use, unless you have some serious shit to back you up when they ask about your portfolio and why would you give up successful day trading to be a "corporate soldier" again..
They know you're unemployed anyways, so you're going to have to be clear about what your career goals are, and that you're not "just looking for a job."
"Prospective Junior Analyst with a focus on the XYZ Industry" is a good one.
Also tailor your resume accordingly depending on the role that you are applying for.
Hope this helps.
Recently Laid Off and Unemployed (Originally Posted: 05/19/2009)
A NYC based TV production company is looking for young 20-somethings that have recently been fired and are unemployed for a reality tv show.
If you are interested in being considered for the project, please email me a photo and brief bio at CLTVreality(at)yahoo(dot)com
i really hope no one here would debase themselves by appearing on reality television. is a few minutes on tv worth not being able to look at yourself in the mirror?
I really wish I could delete his post or change it for comic relief, but I fear the anger that Patrick will have if he finds out... If he makes more then this one topic I will delete it however
i had the same urge ... what makes me sad is i KNOW they will find enough desperate losers and wannabes to appear on their show
Have you guys not heard of WSJ's "Laid Off and Looking" blog - I don't consider those people losers. http://blogs.wsj.com/laidoff/
there's a difference between being on a reality tv show and writing for the wall street journal
if i remember right (there was an ad here or on dealbreaker a couple months ago), this is actually for MTV's True Life...
If you were a contestant on one of the competitive game shows like survivor/amazing race would this hinder you from getting a front office job? Would you put something like this on a resume.
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
The most recent winners of Amazing Race are a brother and sister who both went to Stanford then Harvard Law - I'm sure they are still fine for jobs
Just curious if stuff like that is looked down upon thats all. Certainly something that will make you stick out whether in a good or a bad way. Who knows maybe the interviewer watched you on tv and it comes down to if they liked you or not.
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
It depends on the type of show you were on. If it's some sort of fun competition like amazing race I imagine it wouldn't count against you except perhaps at some of the most conservative firms. If, however, you choose to be on some sort of lowlife sleaze festival (most shows on MTV, VH1, E, etc.) - i, for one, would tell you to get the fuck out.
If it is "True Life" I don't think it's sleazy at all. Although I'd call "True Life" a documentary not a reality show. I've seen a few of those and they're generally really interesting and focus on issues young people face, not wet t-shirts.
Listen - if you're laid off with no prospects in sight, doing a documentary is a decent way to make you stand out from the crowd. If it consists of a camera crew following you around at your parents house (cuz you can't afford rent) and preparing for interviews, I have a hard time seeing that as pathetic, sad, lowlife etc.
As for WSJ vs reality show - if you read those blogs there's a fair bit of moaning and complaining about how hard it is to be a jobless MBA. There's a reason some of them have already leveraged themselves into new roles and others haven't. The less likable ones are still unemployed and now the internet is covered with their whining.
It is very tough to appear on True Life and still come across as a desirable employee (smart, professional, etc.)
fp175 you make some valid points. first i agree that true life occasionally approaches the realm of documentary and that not everyone who appears on it qualifies as pathetic. i also agree that it's perhaps not the worst reality tv offender - if you compare it to the true lowest common denominators - won't even mention them by name. however, the average person who appears on true life doesn't come off smelling too good. they are often forced to exaggerate the most tabloid elements of their situation and appear to be odd, pathetic, or worse more often then not. i don't think the average viewer of true life watches it for the documentary value ... they watch it with a tabloid gawker fascination.
jobs in respectable finance typically require a certain level of credibility and discretion. i can't imagine a reputable firm wanting to take a chance on someone who went on this kind of reality tv. perhaps i was too flippant and dismissive before - but i think that my broader point stands - which is that if you value your good name and your self respect you should find and alternate way to "stand out from the crowd."
Amazing Race is the Goldman of reality TV. Haha...
Speaking of reality TV, my friends and I discuss this frequently. There should be a competition designed: Bear Grylls vs. Survivorman. Same supplies, same drop off point, they take different paths, but share the same destination. Could do best of 10 competitions around the world for a whole series. That would be an amazing program. My money would be on Bear.
Think about the parallels between survivor and finance....
Collusion.... back stabbing.... manipulation/lying... competitive.... application of game theory.... ability to survive under adverse conditions (sleeping in woods comparable to basically never sleeping)... working with a team etc etc
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
Filing for Unemployment (Originally Posted: 07/12/2008)
Anyone out there who got cut file for unemployment? If you have, how much you pulling in per week?
I know that in London, if you are radical Muslim preacher practising polygamy, you get a base of $150K... No shit!
In New York unemployment you get a certain % of what your previous salary was. But it's capped so for pretty much anyone on this forum if you get canned you'll get $405 per week, pre-tax.
Unemployment Claims (Originally Posted: 08/30/2009)
if one files for and receives unemployment (eligible and legit), will prospective employers know this information? is this public information for employers and do they normally scan for it?
furthermore, if they do, would they have this capability even between different jurisdictions? i.e. new job prospect is in manhattan, nyc..and current unemployment claims are being received in connecticut (previous work)? thanks.
Hmm..I dont think so...but even if they did...I highly doubt they will check that during your background screening.
Whos looking at unemployment (Originally Posted: 01/16/2012)
As the title says who's graduating this upcoming May and still has nothing lined and whats your plan and state what type of school you go as in, target, semi, non target
For me go to non-target..
try to come in as a SA, or take any job that I can get and then after a year go for Master in finance
im gonna be unemployed
but im going back to b school lol
What b school are you going to short?
back on topic...non-target, if i get nothing between now and may, i will take any job for a year and then try for an MSF...still haven't given up hope lol.
I'm in the same boat. Nothing lined up yet but I'm interviewing for a few SA positions. Hopefully I can get one of those and then leverage into a FT. If no return offer, then I'll either continue taking fall/spring internships or take any job, and then go back for MSF. It seems to be the generic Plan B in this crappy market.
Im in a similar boat as well. Complete non-target. I have had very little luck so far. Although I basically already have a job at the bank I worked at last summer, but its a shit job. And I might have an interview for a FT analyst position in coming up. What are your guys plans of attack? All MSF? I am still not convinced on a MSF.
What is the analyst position for Ibanking? is it through your school?
I'm not that convinced on a MSF either, esp since I have no idea if I can even get into the schools I'm trying to target (Princeton/MIT/Vandy). But what better option is there, besides taking a BO/MO and then trying to claw your way up the ladder from there? I'm trying my best to get an ER SA position so I can networking more extensively and get a better handle on the job function (you really don't know what it's like until you do it), but after summer all bets are off and I'll effectively be unemployed again, only this time I have another paragraph for the resume.
Sucks that BO/MO hiring as been terrible as well. My school places well into BO/MO roles but this year its been silent..
Count me in! what a horrible year !
I think SA would definitely be the best option right now. have you guys tried cold-emailing/cold-calling boutiques for internships, whether paid or unpaid? How was your experience with it? I'm thinking of going down that path if something doesn't pan out soon
I've been cold-calling at least 10 firms a day. Most of them just flat-out tell me, "We don't have any capacity for an intern this summer, sorry" or "Get back to us after you graduate." (wtf) I have a few small leads, but nothing that is set in stone yet. I'm probably going to take a spring internship so I can continue building my resume, but I'm not even sure how that will pan out. I'm sure if you're relentless about it, though, there will definitely be opportunities. Just need to keep plugging away at it!
sorry double post!
Collecting Unemployment after 2nd Year (Originally Posted: 07/01/2013)
Hey guys!
Just finished up my second year in IB. Have an offer for a start in September. Realized that literally everything I do is eating into my savings, is it possible that I collect unemployment? Realize that I have my bonus coming but don't know where that number will be.
I meet the criteria for unemployment:
1) Available to work 2) Unemployed through no fault of my own (Did not receive a third year offer) 3) My past earnings meet earning thresholds.
Any insight would be appreciated. Thanks!
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