Super day canceled an hour before...

I've been recruiting for FT and it has certainly been a struggle. I thankfully have been moving along a process and was scheduled to go in this morning for a SD. About an hour before the SD (I was already omw) I received an email from HR informing me that it was no longer going to take place and the "search for an Analyst is being reconsidered and put on hold". Getting that email on my way there was crushing and has me feeling like I am just about at the end of my line.

I understand that current market conditions have firms reconsidering their hiring needs and even laying off some junior bankers in particular groups -  but this was a reality check for me. I have started to reconsider my approach landing a FT gig considering that over the next few months the pool of applicants will start to be filled with laid-off bankers who have more experience and don't require any training (effectively cheaper to hire). Does it make sense to continue pushing forward with networking and gauging hiring needs from shop to shop? Or should I hold off until Q1 when everyone is not as caught up trying to close their deals before the holidays? Any insight would be much appreciated and valued 

Comments (35)

1mo 
joeschmoe99, what's your opinion? Comment below:

same boat as you, king. keep grinding

  • 1
1mo 
The Crown, what's your opinion? Comment below:

Same situation here it's been slow & tough & not getting as much traction either. I'd keep pushing which is what I'm doing & definitely widen your job search. Regional banks , consulting, audit, M&A, S&T (recruited more heavily than IB this cycle) so just cast a wider net.

  • Prospect in IB - Gen
1mo 

would casting a wider net and going into something like S&T or audit hurt me down the line if I wanted to go into banking? don't have an offer right now and am still recruiting?

  • 1
1mo 
The Crown, what's your opinion? Comment below:

No everyone should be casting a wide net in general especially for IB since you can't be 100% sure that you'll get an IB position. I'm casting a wider net then might lateral for example a lot of ppl do this in the US & Britain. Btw there are places hiring but since it's been difficult already I wouldn't be totally betting on getting in this hiring cycle. Casting a wider net never hurts it'll help you get in if you don't get any IB offers you can lateral a year later.

1mo 
sweatyycapitalmarkets, what's your opinion? Comment below:

What bank was this to lay off that many people? Even in this environment, laying off 95% of the analyst class is... Excessive.

  • 1
1mo 
teddybear2, what's your opinion? Comment below:

Agree with this. I know people who were working as valet attendants and waiting tables in '08 despite having gone to HYP. Now they are partner's at Blackstone, Apollo, and Carlyle. Life's like that, you've gotta struggle to achieve your goals in spite of any unexpected obstacles.

Most Helpful
1mo 
TheBuellerBanker, what's your opinion? Comment below:

Super unfortunate but keep pushing. Analysts are a constant need due to attrition and a multitude of other factors so you'll find some firm that needs you, it's just a matter of numbers here. Sorry that happened but now you just need to fight like hell to find a firm that's recruiting. They're out there, I promise.

  • 4
1mo 
TheBuellerBanker, what's your opinion? Comment below:

Through networking. The cold emails and LinkedIn reach outs are what will make the difference. Create a list of IBs you want to connect with and work like hell to get in touch with them and everyone who works there.

  • Prospect in IB - Gen
1mo 

TheBuellerBanker thank you for your words of encouragement. I will definitely continue pushing - just trying to think about the most strategic way to do so.

Do you think we'll see a handful of turnover on the junior banker end after bonuses hit? Or do you think people won't want to risk having job security given the uncertainty of the current market?

1mo 
TheBuellerBanker, what's your opinion? Comment below:

There's always a lot of turnover given the junior class that exits to the buyside structurally. So no I don't think it'll be an asymmetrical number of juniors who decide to stay behind given how rigid the process is for on-cycle recruiting but sure those who get their bonus and decide they want to pursue whatever whimsically, yes that will probably go down. Point being, don't bank on a population of junior bankers who are backing out of taking time off or a new role

  • 1
  • Analyst 1 in IB - Cov
1mo 

Cancelling one hour before the super day is pretty unprofessional in my opinion. If they knew they would be freezing head count they should have provided more notice. 

  • 1
  • Prospect in IB - Gen
1mo 

Agreed. I think it's 's strange that they were conducting a recruiting process in the first place considering that the whole thing ended up blowing up. HR told me the team came to the conclusion over the weekend so would've appreciated some heads up (SD was supposed to be at 10am)

1mo 
BeveragedFinance, what's your opinion? Comment below:

Yeah they should have sucked it up, at least done a couple half-baked interviews out of respect for OPs time and then just let him know after it's all on hold.

1mo 
thevillage, what's your opinion? Comment below:

How is wasting a couple of hours of interviewers' and interviewee's time, in addition to time spent waiting to hear back "more respectful to OP's time?"

Dismembered Cock Fight (DCF)
1mo 
monkeychimp05, what's your opinion? Comment below:

Just out of curiosity, was this a BB, MM, or boutique. Also when did you send your app in? Congrats though!

  • Analyst 1 in IB - Gen
1mo 

Also curious to hear as well as what product/industry group. If you found something in this market then there is definitely hope for the OP

  • Intern in IB-M&A
1mo 

keep your head up, king.

1mo 
teddybear2, what's your opinion? Comment below:

No one cares. If you're good enough to get an offer, you will get one eventually.

edit: I get why you're MSing this, but someone has to give you tough love.

  • 9
1mo 
silver90, what's your opinion? Comment below:
[Comment removed by mod team]
1mo 
NB1012, what's your opinion? Comment below:

As mentioned, this is an extremely difficult market to be recruiting as a first year analyst - not to mention the fact that most who are interest in lateraling are staying put for the time being. Although we are seeing some layoffs in select groups, I think that you will see more openings to find an opportunity for yourself once things settled down a bit after the holidays and start of the new year. Juniors tend to trickle out after bonuses hit and have a moment to reflect on if they are happy/unhappy where they stand at their current shop. That being said - keep your chin up, keep grinding, continue having conversations, and you will undoubtedly find success. We're rooting for you brother make us proud

  • 2
  • Associate 3 in IB-M&A
1mo 

I really feel for newbies trying to get an analyst gig in this market. It was so crazy last year that it seemed like if you had a pulse you were hired on spot. 

The funny thing is that many firms (my firm included) made growth hires but the market has slowed down tremendously, making many of these hires sit on their hands most days. 

I think many people know that there are less opportunities out there because of the recession and because junior folks are less likely to jump ship due to recession fears. 

  • Intern in PE - LBOs
1mo 

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  • Associate 3 in IB-M&A
1mo 

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