Laid off in May; at my wits end
I am at a loss for what to do. I know it's primarily related to the pandemic, but I am at my wits end. After 4 years of working 100+ hour weeks, and not taking a single vacation since graduation (seriously), I am absolutely losing everything, including hope, which initially coming from a non-target was something I never had a shortage of.
I was laid off in May due to COVID-19 impacting deal flow. I have been able to secure a few interviews since but have not been able to actualize any opportunities. I'm an Associate 1 and it appears as though there is very little hiring going on at the Associate level; although this seems to have picked up a bit over the past few weeks.
With NYC rent and COBRA (1.2k a month) to pay, I have evaporated my savings and nearly my 401k, as I've still been unable to get a cent from unemployment due to delays. Bankruptcy might become a necessity at some point.
How fucked am I? I apologize for sounding so jaded, but right now, I am.
Every recruiter I speak with, or firm I interview with, praises my background and experience, but there seemingly is a brick wall I can't break through right now. This probably is driven in part by the virus and the current hiring environment, but I am at my wits end and honestly today I ran the numbers and couldn't believe that everything I slaved over could disappear so quickly.
I spent a decade between college and my career, and due to an idiosyncratic event it has dissipated, and I fear with every week so does the probability of landing another position in IB. I've interviewed for a few interesting Corp Dev. Jobs but those processes are moving slowly.
- Is my career in IB over after 4 months on the bench?
- Would I be a complete idiot if I get an MBA just to go back into IB as an Associate?
- Are there any headhunters people would kindly recommend?
Any advice or words of motivation would be greatly appreciated.
1. No, your career in IB isn't over unless you give up. 4 months isn't forever but I wouldn't ever give up if that's what you want to do...you may just have to take a bit of a detour which is fine to pay the bills Corp dev, fine, but what about any finance roll that will pay anything...even at a $60k base salary you can stop the bleeding and keep looking.
2. Yes, you would be an idiot to get an MBA, especially if it stays remote for next year...I'd wait for clarity on that as it is a lot of $ and could put your (further?) in debt
3. Headhunters have plenty of candidates nowadays and not enough roles... what you need to be doing is networking like a maniac and just leveling with people. You can say, "look, deal flow dried up where I was and I was laid off but I have great deal experience and I'm willing to come in and hit the ground running as a 3rd year analyst as needed. I can train the interns, I can run deals, I can do grunt work as needed"
So a few questions for you.
1. How many of your applications/interviews have come from warm intros vs online resume drops?
2. Are you willing to move? outside of very few reasons you should be willing to move. I was forced to move back to NY from Boston when I was laid off to stay in PE even though I didn't want to, I knew it was the right career move to give me options later
3. Run a search here on WSO...all the usual names. We have a new role actually going up soon that you might be a great fit for so make sure to keep an eye on that (should actually hit today)...I think it's an IB associate role for a boutique if I remember correctly
If you are not just applying online and you are getting interview through netowrking/warm intros, just KEEP DOING THAT but it needs to be at least 40hrs/week, or better 60hrs/week like you did in your full time job.
Good luck!
Patrick
why are you paying rent? aren't there eviction moratoriums in place (where you can't be evicted, and your credit can't take a hit for not paying rent)
agree, COBRA is more than you need..you should be able to find an Affordable Care Act plan for under $600/month
checkout Anthem NY..i think they have a reasonable plan.
i'm surprised you have nothing saved after working IB for 4 years....i would expect you to have 100k-200k saved at a minimum.
Why aren't you living at home with parents to cut down on expenses until you get your next job?
I made a deal with the building when I got laid off that they'd shave 5 months off the lease term if I stayed current in payments and now I'm out of the lease at the end of September. My building had a pretty ridiculous rent termination fee (2 months rent + $5,500). It basically ended up being a wash. I could've chosen not to pay due to the eviction moratoriums but honestly didn't expect to be out of work this long.
Unfortunately, I do have pre-existing conditions so I'll have to get a bit more of an expensive plan - but it is definitely cheaper than COBRA so thank you for that advice. Will save a few hundred a month.
I had a decent amount saved - but a medical condition with one of my parents when they were out of work in 2019 without insurance drained about ~$50,000. I had about ~$30,000 saved prior to being cut in May (moved banks, different bonus cycles, so I didn't get paid my annual bonus in July)
I am going to be moving in with my father until I land my next seat at the end of this month.
Lesson to kids: this is why you don’t break your back for any company.
No vacation for 4 years. Hundred+ hours a week. Look what capital it gets you: fucking nothing. Your company will still drop you the second they want to. Work smart, not hard.
No slight towards you OP btw. Best of luck in your situation - I hope you get back on your feet ASAP.
You. Are. A. Dick. I am not the OP, but it's incredibly unsympathetic and cruel of you to say something like that. I wish that may God hit you with misery of more epic proportions than you and your family can bear.