Help progressing to ER

I currently hold a position as an Equity Data Analyst with over a year of experience at a leading vendor firm in London. I specialise in Industrials and I am actively engaged in analyzing sell-sideEquity Research (ER) broker models, maintaining consensus estimates and conducting in-house industry and company research. However, due to the nature of our business, we refrain from providing specific buy/sell recommendations, making it challenging to showcase direct returns on investment.

I want (badly) to transition to banking (ER) and eventually progress through market connections into Investment Banking (IB) or Private Equity(PE). As such, I am actively pursuing opportunities in both ER and IB analyst positions. l acknowledge the current challenges in the market, which gives me some comfort for not having progressed already. Nevertheless, I am very frustrated as my job applications always go unanswered, even for initial interviews. Despite putting substantial effort into my applications, the lack of response has been disheartening.

Observing some colleagues successfully moving into prominent positions within big banks in IB, ER, or PE makes me feel worse. While I understand that experiences differ, and not everyone follows the same trajectory, the apparent lack of progress has prompted me to seek advice on improving my approach. I am more than willing to share my CV upon request.