Time to land a role

Based on the most helpful WSO content, the time it took for laid-off front office folks to secure a new role during the 2008-2009 period varied widely. Here are some insights from that time:

• Industry Cutbacks: Many financial professionals faced a tough job market as banks and financial institutions were cutting back on staff. This meant that even highly qualified individuals found it challenging to secure new roles quickly.

• Seniority and Experience: Those who had reached a certain level of seniority, such as head of a desk or senior portfolio manager with a long track record, were more likely to take significant pay cuts if they managed to find new employment. The longer they were out of work, the more difficult it became to find comparable roles.

• Tier 1 to Tier 2/3 Shift: Professionals who were laid off often had to look for opportunities in tier 2 and tier 3 shops, as headhunters might not consider them for tier 1 jobs anymore, especially if they were older.

• Pay Cuts: There were instances where individuals who were solid performers and previously making between $600k to $1 million had to accept roles that paid half or less of their previous salaries.

• Networking and Patience: The key to landing a new role often involved extensive networking and patience. Some individuals sent out close to 200 CVs before finding a position, sometimes in areas they had not previously considered.

• Back Office Hiring: During the crisis, back office departments were more likely to be hiring compared to front office roles, which were more directly affected by the downturn in deals and trading activity.

• Diverse Experiences: Each person's experience was unique, with some finding roles relatively quickly, while others took much longer and had to make significant compromises in terms of role, salary, and company prestige.

Remember, these insights are based on historical accounts from the 2008-2009 financial crisis and may not reflect current market conditions. The job market can be highly unpredictable, especially during economic downturns, and the time to secure a new role can depend on a multitude of factors including market demand, individual skill sets, and networking effectiveness.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/how-to-position-for-a-recession?customgpt=1, How to deal with a recession career-wise? A few lessons learned during the previous GFC, Lincoln Layoffs, People who fall off the map professionally, https://www.wallstreetoasis.com/forum/investment-banking/lay-offs-soon?customgpt=1