Positioning after lay off Investment Banking Analyst
So I recently posted here about getting laid off 4 months into my IB analyst job in M&A. I am a recent graduate (end of summer 2022) so thankfully I’m still eligible for the new graduate programs. As I was only there for four months I’ve decided to position the role as a COOP/Internship. I understand nowadays people understand that everyone is being laid off but I am a bit worried of perception. A lot of people in the comments who work in banking were asking - how many others were laid off? The answer was I was not the only one and there were more people involved - from upper management to my analyst class. The issue is that since this happened at my boutique and it’s typically taboo for BB banks/EB to lay off analysts, I don’t want questions to be raised even though it wasn’t my fault/performance based.
I have worked on several deals while I was there — $200M in EV, they closed while I was there. I have the hard skills and learned a lot while I was there and am confident I can go through recruitment again but I’m worried about perception. Would I be taken more seriously in an interview if I said I was laid off? They’d maybe look at me as more mature and ask questions about my real exposure etc. or would it be better to say I was an intern? I’m worried if I say I was an intern they may not take my experience as serious and think I’m bsing what I did there because SA’s and coops typically don’t do a lot. What is the best way to go? I am recruiting for Full-Time/Entry level/New grad programs in IB.
Is it possible to recruit for new grad or analyst positions if you have already graduated and done s ft job for several months already? Am exploring similar opps as well so was curious
No you will be auto dinged for these processes. The filter will usually look for Dec 2022 - May 2023 grads and you won't be eligible, even if you network. Unfortunately finance is not friendly to this type of off-cycle recruiting. Try to network in at a smaller shop, or go for lateral roles at positions a step down (FP&A, strategy etc)
idk what shop you were at (guessing local shop) but your u4/u5 has you employed thereby this isn't an internship. You also (presumably) took SIE/79/63 which interns don't have to do. HR would see this and flag this.
In Canada, internships are just 4 month contracts and they’re all paid. And yes it was a local.
sounds like Echelon Capital Markets
Not Eight Capital? They’ve been laying ppl off left right and centre.
Don't say you were an intern, that is inaccurate. There are plenty of layoffs happening right now even at the analyst level and people aren't going to think twice, especially if you can confirm many people were laid off.
Don't bother applying for new grad positions, you are ineligible and they won't hire you. Network at smaller shops with a less formal program
Hey man I’ve been recruiting in the same position for the last two months. Same grad date of June 22 and I was also laid off from a boutique in a pretty large wave. I think honesty is the way to go here. You will get more scrutiny by trying to spin it the wrong way.
In the handful of interviews I’ve done so far, I’ve been up front in explaining the layoff and it’s been well received. People have mostly said damn that sucks, asked about how many others were affected, and moved on. Senior folks have been especially empathetic and surprised about junior layoffs happening at all.
Thank you man. I'll keep this in mind and go forward with this in a better way. How has the recruitment process been so far? How long were you at the firm before the lay off? Did you indicate on your resume that you were laid off?
Yeah I've been in maybe 10 or so processes at small to midsize banks. Have done a few case studies and I have a couple superdays coming up. From conversations in the later rounds it seems like even these banks aren't super motivated to take anyone on right now. I've been hearing 'yeah we'd love to bring on more analysts next month or in the spring'. I think there's uncertainty right now so processes have been longer. I've been recruiting heavy since December and still in some interview processes from then. My resume indicates I am currently unemployed and my LinkedIn also has the accurate beginning and end date. Like I said I think the advantage is being honest since they can easily see your FINRA registration. I've taken the three FINRA tests. Some people might argue for leaving your bank on LinkedIn and your resume during the job search, but it's been two months at this point so not a reasonable option for me.
Something good is a few of the guys from my class have already landed at other banks, but yeah it's a tough market. It seems like since nobody is voluntarily leaving banks, any openings are from shops looking to grow. Just hoping the market improves going into the spring.
Bump - any read on the lateral market?
Nothing, yeah I don’t see any Leeds on lateral market
Lateral market is largely dead for now.
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