Didn't convert SA due to hiring freeze
Hey fellow monkeys,
I'll keep it swift: interned at MF PC as SA last summer and did not convert despite whole team batting for me. HR would not give reason but my VP said it was a hiring freeze on their team.
Did not recruit properly for FT since I assumed I had the return in the bag. Now, graduating without FT job and feel like recruiting cycle is pretty much over in London incl. off-cycle positions. Went for a meal with a couple people in my team last month and they said they would love to have me on board once the credit market recovers and HR allows hiring.
So what is my best move? Thinking of working part time and travelling in my spare time for a year - gain some life experience to make me more interesting when applying for analyst roles next cycle.
EDIT: Also interested in hearing how you guys see a candidate who graduated a year ago applying for graduate roles? Is this an auto rejection since I'm not in final year of uni?
Bump. Would like to hear some insights on this as well.
Bump. Would like to hear some insights on this as well.
Do not place all of your hopes of getting that offer once the hiring market picks back up, that's not a smart move. Recruit now and land any offers you can. At that point, you can try to leverage those offers to see if the MF PC group will extend you an offer (unlikely). More than likely you'll need to accept that other offer and see if you can join back FT to your initial internship firm.
Don't be naive and bank on you getting an offer because everyone from your original team is "batting for you". It's that naivete that left you in this spot you're currently in, graduating soon with no offer in hand and no contigencies. Protip: as you progress through your career, don't make it a habit to take anyone's words to heart. Unless it's a written & executed contract, assume that any verbal promises you hear are just hot air.
Cheers for the reply. Appreciate the advice, I'm a direct guy myself so often a challenge to not take people at their word.
Any advice on what to do specifically - there are no openings for analyst roles in London right now. I'm checking all firms daily in case one pops up or any off-cycle but failing this, what do you advise I do for a year before reapplying for 2024 FT?
Would rather stay anon in terms of which fund I was at.
Any advice for me?
Of course, I was only asking as I know they had a few job postings and have taken at least one intern for this summer. Hence the confusion; given what your team said, I was wondering if that was perhaps just what they told you - and if it is CVC... I would suggest asking for some more transparent feedback. If not... then obviously ignore this.
Tough for me to comprehensively advise on, given I don't know your background/ profile beyond this brief post (uni, internship experience, languages etc). I think the above post covered it really well, however. It was naive to assume you'd get a return offer for sure and in turn, not applying for any other roles. That being said, if you managed to land a role at a MF and the team likes you as much as you say, then I am sure you're a strong candidate. Again, as above, do NOT bank on the "credit market getting better" as there's no guarantee that this changes anything. Again, it may not be the case, but "hiring freezes" are often cited as a soft rejection upon internship completion - I have personally seen this happen to several of my friends at several different banks.
So, all I can say is don't let it get you down - get back on the horse and apply for as many roles as you can within your interested field. I'd also reach out to recruiters (DP etc) and see if they have anything that matches your profile. Some off-cycles for September will open up over the next few months (I've seen EVR make a few posts for immediate hires recently, and I guess this trend will continue, PJT's opened last week). Other than that, off-cycles will open up for Jan starts also. I am unsure of how firms view candidates who graduated a year ago, but I'd reach out to HR or find archived job postings.
Best of luck with the search. Hope this helps.
Advice is to start recruiting, networking and applying to everything.
You seem to be making the same exact mistake once again. You're assuming this company will make you an offer "once the market opens again".
That doesn't mean sh*t. You need to be operating under the assumption that firm will never make you an offer.
To be clear, I'm not assuming it as a certainty, I just think its a good sign and increases odds which I realise are slim as it is.
Trying to work through all of my options - appreciate the advice.
Would should I do if there are no other jobs in the fields I want to work in? I'm concerned that starting my career in a different field (Corp Dev / HH / Tax Advisory etc) will make my application next year to these roles unlikely to amount to much.
It's tough when it's your first job. You have to balance wanting to work in your desired field with real life responsibilities of making money and building work experience.
I think if you had to take a job in another field, but could explain you're rationale a year later, it would make sense to any firm.
Be honest - I really wanted to work in private credit and did a great job as a summer, but due to a hiring freeze I did not get a return. I was able to secure a first year role at a corporate development firm and have been working here for a year. While I enjoy my current team and felt like I have learned a lot, my ultimate goal has always been to work in the private credit sphere and that's why I am looking to lateral in.
Well you can always ask your dad to sort you out (again) - after all he is the head of capmarkets at a large cap PE shop
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