Keep Dream-Chasing or Network Out of BO? Goal is ER.
I'm a recent finance graduate from a "non-target" with a 4.0 GPA. I've had a WM internship at a BB in NYC and also worked part time at my school's endowment fund doing ER for the portfolio. I was the only person at the WM internship to get a return offer, which I turned down because I knew I wanted to pursue research roles. For the last year, I applied to any relevant job posting that didn't require experience and got 3 interviews (a boutique HF, a MM FoF and a top consulting firm (MBB). In each scenario, I was able to make it to the final round and was passed up. Feedback said I was a perfect cultural fit with strong work ethic, but it came down to tiny details and my lack of real-world experience that held me back. After all of the time I've invested applying and getting through interview processes, I am now 4 months out of school with no job and no research interviews lined up. My connections at the BB have offered me again to come back, but for a BO role.
My question is, do I go for the BO role, take the CFA® (which I was already planning on, just wanted sponsorship), internally network like crazy and try to make the jump? I want to keep following my passion, but I am afraid that if I go through another interview process and get passed up again, I will then be 5-6 months out of school in the same situation I'm in today. I am confident in my ability to work hard and do whatever it takes to get out of BO as fast as possible, but I also know how rare it is and don't want to pigeonhole myself.
Anyone have a similar situation or have any advice for what my best move would be? Much appreciated.
Hey moose197, I swear if I had a silver banana for every lonely thread I posted too I'd be richer than @compbanker ...
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If those topics were completely useless, don't blame me, blame my programmers...
Have you been reaching out directly to research analysts/associates even if the firm doesn’t have a current opening? Even if they don’t - your name will come up when a spot opens up.
Also you do realize that you can still apply for positions that say something like 1-3 years experience. It sounds like based on your post you may not applying to roles that say a couple years experience needed.
To me it sounds like you have good enough experience for an entry level research role. As long as you have a good pitch and aren’t constraining your search geographically you should do alright.
I guess to answer your question more directly, if you have networked extensively and already reached out to all the research shops - bank and non bank, then I would just take what you can get at this point considering how long you have been done with school.
Appreciate your response. I have reached out and had conversations with a handful of current analysts/associates, but i suppose there is always more I could be doing. Most of the time they will ignore you, but some are willing to hop on the phone, when I can ask them about ways to improve my interview/ask questions about their role, etc. However, most of them also say, if you can't land a role right away, try to work somewhere that has a vaguely similar focus and then leverage that and apply again after you have a year (and maybe Level I) under your belt. I have not been applying to roles requiring 1-3 years because I feel my modeling isn't superior and figure the competition would have an instant clear leg up (as I've missed those previous 3 opportunities for lack of experience). But I agree that it can't hurt right? And yes, I'm willing to work anywhere in the US and have been applying accordingly.
My connections at the BB know where I want to be and just want to get me in the door before there's a considerable gap in my resume. I feel that they will help me get there, but can't say for certain just yet.
I'll continue to apply/network and also start the BO interview process and see what it comes down to. Thanks again for your response, really appreciate the feedback!
It does seem like there should be something between BO and ER. Maybe commercial banking or accounting. I would look favorably on someone with those skill sets.
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