(Seeking advice) Realistically when is hiring picking back up / what to do with no return?
Currently recruiting for full time 2024 as a first semester senior. Not gonna sugar coat it or even blame it on the market or whine as to why I didn’t get a return, I fucking sucked toward the beginning / made stupid mistakes and just didn’t improve enough at the end even though I gave it my best. Now that that is out the way, my question goes out to anyone in the industry currently. When do you expect hiring to ramp back up? As of now the FT market isn’t the best, and many banks aren’t running (at least public) processes. Really not sure what to do as I’ve reached out to a ton of people with horrendous response rates. What should I / people in a similar boat do? Even with the connections i do make (shoutout to the people who still respond, you guys/gals are the goats), the info they get often doesn’t match HR reality for hiring. While my performance wasn’t the best over the summer, I’ve been taking active steps to improve my knowledge and capabilities, other than the fact that I don’t have a full time job lined up i am partially thankful for not having a return because it has re lit a fire under me to push myself to constantly improve. Looking for some blunt advice on what to do etc, the meaner the better. Thanks.
Realistically I expect FT hiring for newbies to pick only in April - if at all - that too not in BB or EBs, gonna be in MM firms as some folks uptier or reneg of offers
Re what you can do, go back through the summer training materials - plenty of online materials as well, try to get additional finance related internships, side jobs - show you have gained additional practical experience, but the most important of all - get your story st on why you didn get the return and what have you done to enhance / prep for IB
Good luck
Thank you.
Look for something not in IB... corporate banking, valuation, big 4 TAS, corporate finance at a F500. It's late September, places are not going to suddenly expand the FT class size for next year.
Most FT recruiting is done in mid-late August so even the banks that did have a spot or two filled them a while ago. I would not spend much time on "improving your knowledge and capabilities" you need to be 100% focused on applications and interview prep until you land a job.
Thank you.
Hey there, I can see you're in a tough spot, but don't worry, we've all been there. First off, kudos to you for owning up to your mistakes and taking steps to improve. That's the first step towards success.
As for when hiring might pick back up, it's hard to say for certain. The pandemic has thrown a wrench into the usual hiring cycles, and a lot of firms are still figuring things out. However, based on the most helpful WSO content, it seems like some firms are planning to revisit their hiring needs after Labor Day.
In the meantime, here's what you can do:
Keep Networking: Continue reaching out to people in the industry. Yes, response rates might be low right now, but remember, it's a numbers game. The more people you reach out to, the higher your chances of getting a response.
Stay Informed: Keep an eye on job boards like LinkedIn and SelectLeaders. They often have up-to-date information on who's hiring.
Improve Your Skills: Use this time to brush up on your skills. WSO has a ton of resources, including the WSO Elite Modeling Package, that can help you improve your financial modeling skills.
Be Open: Don't limit yourself to just one role or one firm. Be open to different opportunities. You never know where you might find a good fit.
Stay Positive: This is easier said than done, but try to stay positive. Remember, everyone's in the same boat right now. You're not alone.
And remember, it's not about how many times you fall, but how many times you get back up. Keep pushing, and you'll get there. Good luck!
Sources: When do y'all think hiring picks back up?, no return offer
Personally I'm going to take this one offer I have that isn't quite IB but tangential enough where lateraling is a strong possibility, then I'll keep an eye out for more opportunities through the spring if banks decide to do any more hiring (and will renege on that role if needed bc Im putting me first atp), then if not I'll just look to lateral
Also in the same boat, being one of interns in a firm what gave out 0 returns. Not getting great response rates and ppl who do respond (I am truly grateful and they are wonderful) say the same thing which is to "cast a wide net."
Thinking I need to be more aggressive with reaching out to ppl. I've heard of some students scheduling even 5-10 networking calls a day—how do you even do that? How many emails do you send to hit this amount? I typically send 20-40 emails (some of which are follow ups) and can hardly get on the phone. I've had friends and mentors check my email and they said it looked good...
And how do you find opportunities in this market? I'm not sure what to do once I just hear "firm's not recruiting atm." Do I ask people I've connected well with if they can put in a reference to HR or something regardless?
Same dude i send 30 emails and am lucky to get 1 response
yeah i've been sending 50 emails/day over the last few weeks, and I'll be lucky to even get 1 response. the response rates are atrocious this year...
am in the same boat, but im international so im literally fucked since most big firms aren't hiring FT anymore. i still hope to get something in high finance but im literally applying for non-finance roles like data science now so that at least I have a job when I graduate
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