Is anyone hiring right now?
Saw a bunch of job postings / HHs reaching out from early 2021-3Q22 and then everything feels like it shut off (except for multi-manager HFs). Any LO's hiring in this environment or have they all retrenched?
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The impression that I get is that jobs will come in greater number later Q1/Q2 as associated and analysts get their bonuses settled THEN hop. No one wants to leave money on the table by leaving right before they get their bonus.
Fair point, guess we'll see if that ends up happening. This seems like a tough environment to leave, ton of uncertainty atm. Less than GFS but more than the typical recession given the sheer number of moving parts (hyper-inflation, russia war escalation impacts, china-us relations, etc)
Agree on the uncertainty. While it's not a hiring freeze in most places, they certainly are not rushing candidates through if they are really 'recruiting' at all. In some cases, the premiums firms may have paid to higher are also shrinking about - though that's purely anecdotal from a few conversations. I do think that you will see more postings end of Q1 and more outreach - as attrition hits, people leave and/or firms have to take actions based on results.
Which HHs reached out re: LO roles?
Interested as well
everything's getting offshored
bumping it up for continued discussion. Do we expect to see better and more opportunities start coming up later this quarter?
I think only by 1Q24. Redemptions are still on the way and nobody is comfortable with markets in the LO world. Gets worse if the widespread 2H reaccel belief doesn't materialize - then more redemptions. Everybody is overstaffed as they expanded teams often >3x the needed capacity until mid-2022.
It's already the last wk of 1Q. How's the market looking these days?
Bad dude, bad
20-25% of the hiring that I remember from 2021
bump
Still hiring from MBAs but at lower levels vs. prior years
Have seen picking up a bit lately
I get tons of pings from pod shops but LO/SM is super quiet
Do you think pod shops would be interested in IB associates?
Pretty dead where I'm at
I do not see much improvements
There is still a output defict in the finance space. However, banks are going to be slower to fill the gap given the slower economic conditions. The problem is really a percieved skills gap between interested parties and what banks think they need.
Wtf
Was referring specifically to LOs but fair enough. Finance has always been a space unfortunately where there's too much talent and too little seats, doesn't help the dynamic
still seems a pretty dead market right now
Nearing the end of 2Q - what are you seeing in the market?
Dead except MM
.
Just FYI to all -- after looking aggressively for past few months, going through several interview processes (which I decided not to continue pursuing), and talking to a dozen or so head-hunters:
- Quality LO is NOT hiring right now. Virtually everything I've seen is from 3rd tier firms which has been reinforced by conversations I've had w/ them. It's very clear that the calibre of people at these firms, whether HR, PMs, Analysts, Client Service are nearly all very mediocre. In the past 6 months I've seen 1 high quality LO open up a position and I decided to discontinue that process as the strategy did not align with my own training & philosophy
- MMs are hiring like crazy, esp in niches like biotech / medtech / etc. If this is your jam, the market is very hot
- Crossovers / late-stage private has also massively tamped down on hiring. Even quality teams are getting fired and sent packing, or at the very least they are not looking to onboard more people
I've decided to wait this environment out at my current firm for a year and then reassess whether there's mobility to move upwards or if I need to leave to get the promotion. It's a safe place to ride out the storm, but if I were any of you unless there's an absolutely golden opportunity I'd stay put with regards to LO. You have little negotiating power in this environment on comp and even if you miraculously get great comp you're first on the chopping block if things continue going south. Things will get better, but not for a while. Even 1 year might not be enough, could take 1.5-2yrs worse case from here
Are headhunters useful for LO or SM L/S recruiting / how did you go about finding them? Starting as a LO research associate with limited upward mobility this summer
Only specific headhunters for LO. SM L/S I'm assuming it's virtually the only way in since there is a surplus of willing and "capable" candidates. They'll reach out to you, or you can figure out which firms use which headhunters and reach out to them directly.
Can you explain more how you can tell whether firms are third-tier or mediocre?
The industry is small enough that you eventually remember firm names and reputations. As to how you can tell in interacting with employees, shouldn't that be pretty self explanatory? While everyone may have different impressions of different firms (e.g. what Sequoia views as a third-tier, I may view as a second-tier etc.), whether someone impresses you in conversation or not should be independent of that IMO.
Time to get some feedback as we near towards the end of 3Q. What do you see in the market and how are things at your shops?
Bad
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