Was recently let go from my analyst position from a BB. Not performance related, but failed the 63. :( problem is that I was at a boutique for a year before and at the BB for 9 months. So, less than two years all-in.
Do I try to finish out my two years at another IB, or try to jump into PE? Seems like PE is just a bit too much of a stretch. Really at a loss.
FYI: Missed the 63 by two questions....
Failing 63 = performance related. You obviously did not take it seriously. That said, you could probably lateral to another bank given that the lateral process is much easier than recruiting.
Unfortunately, I did not go through summer training and had to study on the job. but all the same. My issue is how to address this problem. Any thoughts?
If you want to stay in banking you'll probably have to stick to no-name boutiques. MM/BB/EBs are not hiring
Wah wah wah I studied on job for two hours and missed only three questions on the whole test. Lateral, suck it up and do it again.
Was this after one attempt? I thought most firms give you two. Yikes.
How many times did you fail the 63? I failed the 79 on my first try (passed it on my second try), so I feel your pain. Good luck, man.
Sorry for asking a stupid question, but what is the "63"?
lol series 63 - uniform state agent licensing exam
How many times did you fail?
Its good that you think about why you got fired and accept your own role in it. Clearly your performance on the test is completely yours (not your manager, your co-worker, erroneous/impossible expectation, corp politics). You can look for another job in IB. But you could find yourself 2 industry strikes and your out if you don't dig deep into your own self and get to the bottom of why you failed.
My wrestling coach used to say, if one of us lost a match by 1-2pts and you think the ref made a bad call or two.. don't blame the ref. We are to blame for letting the match be that close where a bad call could cost us the match. Passing the qualifying exam = your job, letting it be that close cost you. If you get another opportunity, will you let yourself be allowed to cut it that close for something you completely control. No ref, no peers eating at your heels, no managers raising the bar beyond your reach.
63 isn't rocket science. I'm sure you had classes and final exams that were much more challenging. Did you party or have swinging social life instead of studying. Was that date worth more than your career? I think you need to think more about why you failed before you can have a successful move forward.
Put PE out of your mind. You be lucky to get into another boutique. Take what you can get, build up a reputation and skills you have yet had a chance to develop because you've haven't been at any firm for more than a year.
In a market where BBs are looking to reduce headcount, you gave them a perfect reason to let you go, which could explain why they didn't give you another attempt to pass the 63 exam.
fck it go to thailand for a few months
Fuck off Lahey
Im watching you like a shithawk
I knew someone who failed the 63 twice. After the second time the compliance office came to her and asked her if there was going to be a problem with her taking the test again. I guess she got nervous and really studied that time and passed the third time.
Anywho, probably just gave the bank a good excuse to let go of some headcount as someone previously said.
Really depends on how strong your network is. If you know the right people, nothing is impossible. But for the person with an average network your best bet is to try and join a lower boutique. You could also do corporate finance or F500 stuff as back-up plans.
Did they seriously only let you take it once?
@chachabanks
hey bro. really surprised at the BS comments on here.. we all fuck up in life, it sucks but you gotta learn from it and move on.
if you work hard, you will end up better off in the long run, but it will suck in the short run.
the 2 strikes and your out comment is complete crap.
Firstly: If you need to (your heads fucked, your angry etc.) - take a break, go on holiday, chill out
Come back and work your arse off to get back in the game at the highest possible level. have your story down tight. check with the firm that fired you and see what they'll say if other companies check why you were let go (keep in touch with old colleagues to get references etc) - make sure your story matches accordingly and you explain what happened in a positive light.
learn your technical shit inside out and keep up to date with industry trends etc.
places are hiring. both PE and IB.
good luck and chin up.
i honestly don't understand how people fail to pass the 7 & 63. I studied for a 3 day weekend, took the test on Tuesday...think i got an 85.
I actually passed the 7 the first time and failed the 63 once. passed it on my second try. you only got one chance on the 63? sure your BB wasn't looking for a reason to can you??
Where do Fired Investment Bankers Go? (Originally Posted: 04/17/2008)
Given the recent announcements of all these large layoffs at the big banks, what do analysts or bankers in general do after they get fired? Do they look for work at other firms, go back to school, or leave the industry entirely?
all of the above?
Hades... Nice rhetorical question...
where else do you think people who serve you at taco bell and mcd's come from?
the go to scores
That's like asking where do people go when they get dumped by their girlfreinds... smart ones try to date her freinds, smart bankers try to stay on the street
Please let that picture be real.
they go to glocap and doostang.
great comment smuguy
I think the better question is, what would happen if you went into an interview wearing a money suit like that.
I don't know who is responsible for finding these pictures, but that (wo)man is fucking awesome.
Thats what I would do.
[Removed]
The best part of that picture is that the jacket is just a giant $1 bill. It had so much potential.
But that's the beauty of the suit. A higher bill would make the jacket seem pretentious, and less classy.
If anyone can show me where I can buy that suit, I promise that I WILL wear it to an interview some day.
http://www.brandsonsale.com/ca-008151.html And we want pictures!
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
Spoke too soon, haha
Edit: I take that back. That site has a shittier version of it, which doesn't count.
I haven't started working yet, but if I got laid off, I would probably sleep for a few weeks straight. Then eat, shit, shower, shave, party, and find some other job.
How tacky! I wouldn't be caught dead in a dollar suit.
Now a Euro suit, that's style!! And it would advertise your knowledge of the current world economy pretty nicely.
Fired too early - to move on, or not to? (Originally Posted: 10/30/2012)
Yeah, so, my life in banking pretty much came and went, kinda like that chick in that club a couple of weeks ago who did all the work and then c*ckblocked herself. Throughout university I followed the M&I guidelines; got the ECs and the work experience, spring weeks, then the internship, then the offer. I made the big move a couple of months ago and it was, pretty much anyway, all going according to plan.
Then, as fate would have it, shit went down and now I'm no longer an investment banker - at least, well, physically. Of course, you don't just do away with three years of rationalizing your career choice overnight, so mentally I guess I'm still there.
My biggest problem is I'm still too inexperienced to move on (yeah, to PE), but I'm too experienced - or rather, too old - to qualify for grad positions if any had existed. It feels absolutely ridiculous to be trying to get on the grad bandwagon again, applying for August 2013 analyst programs... but maybe I should? It's a bit like in Margin Call, you know, when the kid realizes he's getting canned and goes "this is all I ever wanted to do" and the BSD just goes "...really?".
Anyway, tl;dr: I'm a full-time analyst but I'm not yet a first year analyst. Anybody else been there, done that? Assuming I want to get back in the game - which game? Do I roll the dice for PE positions for which I lack banking experience, or try and get back into another investment bank?
Why did you get canned? You were full-time but not a first year yet? what?
Cost cuts, entire teams were axed. I'd only been out of training for a few months so in recruiting I don't even count as a first year, is my point.
UBS in Zurich?
i kno someone from ubs nyc who got cut right after 1 yr. he's going for 1st yr positions has had several interviews already.
fuck man. everyone is getting laid off. i dont think you should have a problem lateraling into a smaller firm. network your ass off. tell them your story. you have SA and 5 months of FT experience. that about 8 or 9 months. you can hit the ground running at any boutique.
Hey cba,
Same thing happened to me last year. I got shafted after 8 months during the mass cuts. I moved back to North America (from London) and got into boutique here. I would suggest you to focus on smaller boutiques in London. Get to headhunters and cold call the firms.
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