No luck with recruiting and extremely depressed over it. WWYD in my situation?
Hey folks,
I'm 20 yrs old, and I’m in my second year at UofC as a Finance major in Canada. Worked really hard this semester but I ended up not landing any internships for the summer. I'm somewhat depressed over it as I tried really hard to network and do as much as I can to land anything, not just IB. I will have no job over the summer and 4 months of no school or employment. Brutal.
Here's a list of things I've done so far to try and land a summer role anywhere:
• Sent cold emails to startups and small businesses inquiring about work experience (I'm okay with unpaid work as well)
• Applied to every job both in my city and outside, so pretty much the entire country
• Met with my career school advisor monthly just to see where I'm at
• Went to every job career fair and made sure to network my ass off and go for coffee chats
• Won first place in an IB case competition
• Applied to every investment fund and club to genuinely try and provide value (still waiting to hear back from all three)
• Went through the entire IB Rosenbaum textbook in my spare time and learned financial modeling
And still just absolutely nothing. Not IB just straight up didn't land a single internship. I had maybe 5 interviews overall, rejected from three and still waiting to hear back from 2.
I made a similar post on r/CFA asking if it's worth for me to just take the CFA Level 1 just so I can do SOMETHING over the summer as I want to be a CFA charterholder in the future.
But seriously, what would you do in my situation? I also have my resume below if you have any advice. Feel free to roast it or myself, I have no issues as long as it's in good faith and advice I can use. I'm pretty desperate here. Is it my GPA that's getting me rejected?
Resume Update: I took your guys' advice and updated my resume accordingly. I also unhid my agency because I think it's relevant, even though it's not finance related I did start it when I was 15 and worked full time on it for 5 years straight.
Navigating through a tough recruiting season without landing an internship can indeed be disheartening, especially after putting in a significant amount of effort. However, it's crucial to remember that setbacks are part of the journey towards success. Here are some actionable steps and perspectives based on insights from the Wall Street Oasis community that might help you navigate this challenging time:
Reflect on Your Approach: Sometimes, it's not about the quantity of applications but the quality. Ensure your resume and cover letters are tailored to each position, highlighting relevant skills and experiences. If you haven't already, seek feedback on your resume from professionals in the industry or utilize resources like the WSO resume review service.
Leverage Your Network: Continue to expand and engage with your network. Follow up with individuals you've had coffee chats with, expressing your situation and seeking advice or any leads. Networking is a long-term game, and relationships built now can open doors in the future.
Consider Alternative Experiences: If traditional internships are not available, look for other ways to gain relevant experience. This could include volunteering for finance-related roles in non-profits, working on personal projects like a finance blog or a stock market simulation, or even reaching out to professors for research opportunities in finance.
Skill Development: Utilizing the summer to further develop your skills is a great idea. Taking the CFA Level 1 exam can be a valuable step towards your goal of becoming a CFA charterholder. Additionally, continue to enhance your financial modeling skills and consider learning new tools or software relevant to the finance industry.
Mental Health is Key: It's important to take care of your mental health during this period. Engage in activities that you enjoy and provide a break from the job search. Consider speaking to a counselor or therapist if you're feeling overwhelmed. Remember, it's okay to seek help.
Stay Persistent and Positive: The finance industry is known for its competitive nature, and many successful professionals have faced rejections early in their careers. Use this time as a learning opportunity and stay persistent in your efforts. Your hard work and resilience will pay off in the long run.
Remember, your current situation does not define your future success. Keep pushing forward, stay open to feedback, and continue to build your skills and network. The path to your goals may not be linear, but with persistence and a positive mindset, you'll make it.
Sources: Selfish Ask for Help in Situation, Advice From an Advisor to Senior Wall Streeters, Unemployed and living in parents' basement, losing hope, A McKinsey grads eight tips for success at work, The Work Always Gets Done
Just some thoughts from someone who's a decade ahead of you but also not in IB
Hope that helps.
Hey thanks for the response. Wanted to touch on some of your points.
So regarding work experience, I plan on getting a part time job somewhere but don't think I'd end up putting it on my resume anyways especially if it's fast food. It's definitely a picky thing, money isn't much of a motivator at the moment I just really hope to get relevant experience somewhere.
About your second point , I don't mind not getting an IB internship this year or ever the next. My issue is having 0 relevant work experience at all, I wasn't able to land any internship or job for the summer whatsoever. I know a lot of the culture in finance revolves around IB but I don't mind working my way up slowly. I just don't think working fast food for example would be of a benefit but maybe I'm wrong.
About travel, that's a great idea and I appreciate you bringing it up. I've been completely fucking isolated this past year and I have been in my basement for a really long time. It'd be nice to get out.
And regarding CFA level 1, 2nd year students actually are alllowed to take it! That's how I wanted to spend my summer to stand out possibly a little more.
And about your last point, I am 100% certain I want to go for IB. During my gap while I worked with crypto startups I genuinely worked 16hr days, 100hr+ weeks and was completely fulfilled. The IB case comp made me realize I genuinely want to do this. I don't have anyone or anything tying me down and I don't care about work life balance.
All in all thanks for the advice.
I don't know much about Calgary recruiting but assuming that you're recruiting for B6 O&G — go on searchfunder.com, join a search fund and get some deal experience. Alongside that this summer start networking with B6 people (captains and non-captains) and get a good network (mix of analysts and associates and hopefully someone higher-up that can pull for you).
If you can do this all of this by June-ish, I think you'll be set for Fall recruiting. If not, finish the search fund, and find a boutique IB with perhaps less than 10 people, and ask to work remotely for free (that's what I did). Get that experience under your belt, network with people IN PERSON, and once off-cycle apps come out I think you'll be golden.
This advice should apply to non-O&G recruitment too, except for the in-person networking part.
Take my advice with a grain of salt as I'm still a student.
Thank you so much the searchfunder idea is actually fantastic. I haven't tapped into there yet and it's a fantastic way for me to try and get some work experience. Many thanks!!
Try and find something in O&G to work in over the summer - maybe their finance department or strategy, literally anything you can. Then restrict your SA recruiting to O&G primarily in Calgary.
Candidly, that is the most likely way for you to end up in banking - however almost all 2025 SA Calgary seats have already been filled so maybe need to push back grad. Your resume is a slight problem, you go to a school that is tangibly below average and isn't tremendously well respected even across Canada and don't even have fantastic grades in said school. At the starting point for every job your are beyond kids from Ivey, UBC, McGill, Queen's, Laurier, Rotman, and Schulich just to start.
Also your skills section is hilarious, it makes you seem insufferable. I would remove it and make it a competitions section or something. Your interests are also completely uninteresting other than maybe progressive rock, stock investing and self-help are booth massive negatives - I would never touch a kid with either of those listed as their unique interests.
Even when you listed your competition, I have no idea how many people competed, was it national or just UofC only?
I wish you the best of luck.
I appreciate you taking the time to give feedback. I apologize if my resume was hilarious and made me seem insufferable to you.
But really I do appreciate the first few strands of advice you gave. It makes sense but it's things I've already done. Like I mentioned I've tried to get an office job anywhere, not just IB. I am willing to work my way up and work for free. I don't care much about IB right now, I just want any relevant work experience and the whole point of my thread was asking about what I should do during the summer if I DON'T land anything. That's partly why I want to do L1 of my CFA by August.
Respectfully the rest of your comment isn't really advice but just degradation.
Don't let his comments get to you. Around banking, you'll find it extremely common for people to insult bash other schools or firms. As an industry, there is an ego, and a certain arrogance, that tends to exist. Elitism is deeply entrenched in finance, and has been for many generations (during my ~30 years in finance, and during my father's era, etc), and has always been that way, and even I have found it frustrating at times (and I'm guilty of it myself).
I have seen people critical of even top schools, and yes, there are some firms with strict lists of the schools they consider, but it's best to just roll your eyes at the insult, and not take it seriously.
I will say that as for your hobbies/interests -- MMA shows willing to fight hard/competitive (that's a good thing). I would rather see something like chess, mountain climbing, military, triathlon, travel to 100 countries, black belt, or something else that helps to craft a positive image in the mind of the reader.
I posted before I read your similar comment here. I agree with your O&G suggestion.
Two points for you:
1. Your resume/CV is heavy in crypto/blockchain/web3 details. Almost entirely. That might carry a bit of a stigma, as mainstream finance doesn't necessarily take it seriously, etc. You need/want to showcase something beyond crypto.
2. Your co-founder experience won't be taken seriously the way that you might assume. Unfortunately, if you work for yourself or founded something, many will automatically discount it as effectively not real (perhaps due to people inflating details to call themselves an entreprener, and because some people invent companies for attention in applications). While I dislike the trend of automatically downplaying self-owned/founded ventures, it is a frequent point that most will not really take it all that seriously. You'll need/want to add something more, e.g. some sort of employment experience, of something non-cryoto, working for a company.
Your GPA or other details aren't what initially stand out. The heavy focus on crypto is what I notice first, and the self-founded venture I notice second.
Your resume might be stronger for a tech / blockchain sort of company.
A suggestion -- I'm somewhat familiar with Alberta, and the oil companies there. You might want to look into internships with the oil companies -- they often have a separate finance group/division (e.g. perhaps Calgary or Edmonton), which might get you Oil/Gas experience, within a corporate finance type environment.
Once you have experience with oil/gas, it might later help you get a job in Houston, or to be involved in an Oil & Gas group in NYC, etc.
Being that you speak Russian, that will be solid for when the current mess ends, due to Russia being so strong in oil -- it allows you to fit a better niche in oil, rather than crypto.
It's still early, and you still have time, but try to look at how you can strategically parlay your location, languages, and opportunities, to find a niche place for yourself in finance.
Thank you so much for the constructive feedback. I also wanted to cover some of your points-
I have my company website in the top right that includes all of the work I've done for both startups and firms that actually gets a lot of traction. I know people are quick to discredit but I do have the portfolio of everything I've done over the past 5 years and I've gotten very good feedback on it.
I know I severely lack O&G experience and this is something I really wanted to get into this year. I think I've done everything I could, I'm just not sure how a second year student could get enough relevant energy sector experience given the fact that most have literally worked fast food or retail.
I fully understand how badly I need work experience but like I mentioned in my post - I have applied to hundreds of office jobs both in and out of O&G and haven't landed anything. I've sent emails to startups offering to work for free just to get work experience as a finance intern. I'm not sure what else I could possibly do in my situation to get proper work experience.
I'm finishing my first finance course this semester on track for an A so I think I'll also put my major GPA on there which will hopefully be a 4.0. I understand that a 3.5 isn't all that impressive but I still had to work my ass off to land it. I'm just not sure what else I could do in my situation , I've exhausted most of my resources and have taken every single piece of advice I've gotten here over the past few months. Yes I don't have relevant experience and I fully understand that but I have no idea how to get it. I am scared to do nothing over summer break so that's why I'm going to take CFA level 1 at the minimum.
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