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dude i remember being nervous as hell. try not to worry so much...training is the most fun you're likely going to have in quite a while, much as i hate to say it
Everyone is concerned.
The saving grace is that analysts cost the least, and logic dictates that banks would hesitate in firing their worker bees. Keep in mind as an incoming 1st year that the bank has invested in your training last summer, and probably paid a fixed cost to Training the Street and hotels for FT training.
With that said, shit happens. Here's to hoping everything settles down in the near future.
A totally bullshit concept reinforced by anxious analysts who are looking to reinforce each other's confidence. It may help you sleep at night but has little basis in reality.
I think the op is nervous because of the continued talk of and state of the banking system and that he may fear only be an analyst for a short period of time! if at all.......rather than actually nervous about or anxious about joining?
correct me if I am wrong.
plus1 - yeah.
im hoping not to get a call from a 212 number in the next few days/weeks saying thanks but no thanks. we dont have work for you to do.
im not nervous about the actual job. just keeping it. even for a year so i have marketable skills.
if i get laid off before training, im basically fucked beyond imagination.
That has been my situation since early March.
I cant even imagine the anxiety you're feeling. Wish you the best.
How has your bank been with layoffs in current market conditions?
Dude. Everyone's nervous as hell. The only thing I can say is do your best, have a backup. Banking isn't everything y'know.
Finance is an extremely cyclical industry; when things are good, they're REALLY good and firms start over-hiring like crazy. When things are bad, well, see the past few months to past year.
Don't know that there's much more you can do aside from having a backup plan in case the worst happens, and enjoying training as much as possible.
Training was definitely the most fun I had over the past 2 years (well, aside from that one vacation I took after my 1st year).
Just think - you're in a much better position than those who didn't get into banking at all, and even if more layoffs come, there are always other alternatives. You're still better off than 99% of people out there, and nothing is the end of the world since you're still young and have tons of life in front of you.
That may sound trite, but it's really all there is to say on the topic - wish I could be more re-assuring.
Not nervous at all. If you're good, you can make money no matter what gets thrown at you. There will always be a market for top people... naturally, there are adjustments in distribution from time to time.
If you are one of the many that "slipped through the cracks," then you should be nervous.
Don't be nervous. Your analyst stint is only for you to build some foundation into your resume, experience corporate life in a more high powered industry and hopefully learn some skillsets (researching, modelling, making presentations etc).
If you get made redundant, so be it. If that happened to me, I wouldn't really care. I'd probably go on a 3-month holiday and go look for another job or the same job in a financially healthier city. You'll find a job elsewhere at the end of the day. And good times will come again like always.
I'm pretty nervous too, I have to say. But in the past eight months or so since signing the offer, I've been preparing myself for anything, given the market. If I end up getting laid off for any reason, it will suck but I think I'll bounce back pretty quickly. If that means not working in investment banking (ever), then so be it.
Agree with ideating. First years are expendable. Speaking from someone who has worked at a firm where 15% of the 1st year IBD analysts were laid off, people are not 'safe'. They are probably in a better position than say VPs or Associates, but definitely still on the chopping block.
The thing I"d be worried about is not passing the exams or performing to a high enough level. I"d be willing to bet that banks will weed out 1st years based on their exam results during training this year. It happened in the last recession and even at some banks last summer (MS comes to mind).
I would be prepared for everything and anything. Get ready to play some political games. I've seen some really dirty fighting go down around my firm.
did you sleep with a MD to keep your job?
care to elaborate...
its my money and i want it NOW!!
------
"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
Um, no. What I meant by that statement is be prepared for layoffs during training, your first month on the desk, etc.
And by playing dirty I mean that I've seen people purposely give bad reviews to their colleagues. There's a whole mentality of "it'll be me or you going out, and I choose you". The whole girl dating/sleeping/flirting with senior people definitely happens though. Though I guarantee you that despite all the shady stuff, you can be sure a senior person will sacrifice that girl to the headcount reduction if it means keeping his job.
In the end, every person watches his/her own back. You can't rely on anyone to protect you. Definitely something I've learned in this year.
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