So, I've been looking for almost a year.
I am an M&A associate and was laid-off from my bank (a middle market boutique) last year when they went through a significant downsizing. It was not performance related and I have strong references. I was an associate for 15-16 months. Before that I was a corporate lawyer. My educational background is strong.
Since then, I've been scrounging for every interview I can get. I've had maybe 10-12, so about one a month. None have panned out. Some processes are technically ongoing, as many of the banks entered hiring freezes midway through and have me on hold.
However, most have been rejections. The feedback is usually vague. Sometimes, it's due to "culture." Other times it's lack of M&A experience, which is confounding to me because I was doing true M&A and closed several deals and the length of my experience is evident on my resume.
Any idea what I'm doing wrong? At this point, I'm thinking it's not just the economy, but something flawed with my performance in interviews. I'm really happy to hear any honest feedback. Thanks.
Bump. Nothing?
It may not be what your doing wrong, the industry is weak. I hear layoffs this year and next will be worse than 2010 and 2011, this is because banks are simply not meeting investor expectations. Banks were also expecting a more robust recovery.
Yeah, there's no doubt the investment banking industry is undergoing a secular downturn, but it's not like I'm unable to get any interviews at all. I'm able to make them happen, but can't convert any into an offer. After all this time, I really want to make sure I'm doing the best I can and not contributing to my own failure.
how is your law experience brought up by an interviewer/how do you tell your story possible shops are just looking for straight m&a guys with solid experience?
Yeah, the law background seems to be a hurdle.
Usually, I am asked to explain why I transitioned and why I prefer banking. My answer is that I became interested in corporate finance through my law school education and experience practicing corporate law. I further explain that my coursework covered financial accounting (a class taken with the business school) and I took modeling courses before landing my position in investment banking.
I closed four deals during my time as an M&A associate and often worked as my own analyst due to lean staffing. I never have problems with technical question when I'm asked them.
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