So... now that tens of thousands of experienced workers are now floating around the street willing to work for peanuts, how screwed are the seniors who are going through the recruiting process now, or are waiting to hear about their SA offers? I feel like why would firms hire kids straight from college when they could go out and get an analyst with experience for essentially the same price. What does everyone think? I am starting to fill out applications for the McDonald's down the road.
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Honestly, if I was pursuing FT recruiting at the remaining BB American and European Banks, I would be more concerned about the flood of summer analysts from LEH and MER that you now have to compete with rather than the analysts from these respective firms...just how I feel if we're talking BB...as for boutiques...I def see seniors getting screwed by unemployed or soon-to-be unemployed analysts...if that makes sense.
If you can get a lot of McD stock options as part of your comp package you may be able to pull in more than some analysts this past year.
Quit purely looking at wall street for your opportunities. Obviously, a number of these posts signal that it is going to be damn near impossible to receive an offer within this "exciting" industry. Look, the times are shitty, but you know what? Deal with it. ADAPT! Look into F500 companies with leadership programs in finance and purse a FP&A role. GE, J&J, P&G. Hell even 5/3 bank as a great commercial associate program. I feel bad for you seniors out there because it is a terrible market to graudate in. But it is what it is! Even though most of these F500 leadership programs arn't all that "exciting", it is still a great opportunity while you wait for this market to HOPEFULLY turn around. Not to mention you actually will have a social life in addition to a decent salary. I interned at one of the above places a few summers ago, and I swore to myself I would never work there. However, if I was graduting in '09, I would pretty much force myself to do one of them.
so encouraging... really convinces me to start applying to the aforementioned programs! :D
I've been thinking a lot about these programs. How are the business school opps out of these leadership programs?
Today's Daily Deal (pg. 14)
"Junior bankers, including fresh MBA recruits and back-office staff, are likely to endure longer job searches. Analysts, typically in their early 20's, may explore an MBA or another profession."
Good luck boys and girls.
look into consulting, investment management and finance leadership programs.
That's all the seniors rushing over to the consulting firm booths at the job fair.
Any Lehman/Merrill summer who wasn't out interviewing for the past month kind of deserves to be scrambling now. Did you think it was safe a month ago?
hey indian-banker, how are things in Hong Kong, other parts of asia etc? I'm just a freshman in a US target school, and I was sorta wondering if kids in top US schools have a good shot at IBD/S&T positions in HK etc, if not now, then atleast 4 years from now.... i know you're in HK from your previous posts
banking is a global business, offices everywhere will be cutting back
hey quag-mire, hiring is down all around the world, although it's down a little less in Hong Kong and Singapore.
the training costs of a fired first/second year are much less than an new hire. i think a lot of smaller firms will be rethinking their new analyst hiring strategies this year.
wannabebanker, B-school will typically like seeing those leadership programs. I know that GE FMP's usually have a good shot at getting into top B school after completing their 2 year FMP program. However, GE looks down on their FMP's leaving for B-school. They way GE looks at it, their FMP is their own version of an MBA. I know....it's very different. However, I am pretty certain that the exit opportunities are great within the company after their entry level program. For example, I have a friend who got an offer to work within GE's M&A group after completing his 2 year program in GE capital. I also know that P&G's has a corporate strategy division.
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