About to get laid off as a 1st year
First-year analyst here. My firm recently announced that we’re going to be let go in ~2 months and instructed us to begin seeking other opportunities. It sucks that this is happening in my first year but at least I have some runway.
Any advice on how best to proceed? Just thinking about applying everywhere and blasting out cold emails.
Don't care until you name the bank. Why are all of you like this?
Why can’t you just give advice instead of saying some unhelpful shit. Why are all WSO threads just shitting on the poster instead of actually addressing the question?
No name = no opinion.
Unrelated but why would they tell you 2 months in advance? Isn’t that a huge confidentiality/security concern for both themselves and clients? I’d double check on that…
It’s a unique situation, I’ll PM you
Why do you ******* not publicize your soon-to-be-ex- (or, in the case of cancelled FTs, never-was) banks?
Name and shame
read this thread as about to get laid and was pumped, then read the whole title :(
You’re lucky to get a couple months. I was laid off as a first year analyst late 2022 and it fucking sucked. Really unfortunate to hear it’s happening elsewhere. Took me three months to find another job. Market is pretty bad man best of luck.
Hi! May I ask what sort of roles you targeted and how many months experience you had/what kind of role you eventually got? Slightly different situation but didnt convert my off cycle at an EB and graduated 10 months ago and unsure what to do given most grad roles specify grad years etc....
Would like to start FT rather than an internship again preferably though I will apply to everything (spent the first 6 months searching for the OC and the last 4 months interning)
Happy to PM instead, thank you:-)
I ended up being seen as basically a recent grad, got just a little credit for my S63/79 and SIE, training, and the 3-4 months on the desk but not much. Just about 2 years post-grad now (class of 2022) and I am pretty much an analyst 1.5 at my current firm as I've been here just over a year. Sucks but it's basically like I graduated one semester later.
I targeted anything I could find. Mostly smaller banks and funds. Niche industry boutiques, region banks, MM banks, LMM PE funds, funds doing more niche asset classes, etc. Got some good traction with the banks I talked to but ended up at a smaller fund, basically a 5 man shop. Felt like the best fit and took a chance on something interesting. We are doing a growth-adjacent strategy.
For your situation unfortunately you're going to be competing with everyone else doing full-time recruiting. I found the interviews were much more in-depth than summer analyst roles and they all really wanted someone 'turnkey'. Ended up losing out on processes where they just hired a lateral An2 or associate instead. Tough market still but I think slightly worse in early 2023.
My flow / sankey: 100+ apps, 30+ first rounds, 15+ second rounds, 6 super days in person (flew all over), 1 offer and 1 rejection so not sure whether I would have gotten the other 4 that I bowed out of on my flight back from the final round at my current firm. I think the only reason I got the offer I did was luck, my primary deal at my old bank was super relevant to current strategy / asset class. It all works out sometimes. Best of luck finding something, I know it's been really tough for junior bankers lately, no job security.
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