Title pretty much says it, but little backstory for me. Just turned 30, worked in sales out of college for awhile before finally getting into IB as an Analyst. Started at a small boutique for a year, then lateraled up to UMM firm. Was having issues getting techincal modeling skill up quickly enough to firm's standard, so was let go last December after a year there too. Fixed the issue back in January right after, and it is now longer an issue.
Been looking ever since for another Analyst position at LMM and / or boutique firm around the country (any industry group or M&A generalist). I'd even be willing to start as an Analyst I again, but haven't landed anything yet. Getting lots of interviews and Superdays, but no offers yet.
Anyone else been unemployed for almost a year (either currently or in the past) and then found another IB job? I've done self-reflection after the lay off and came to the same conclusion that I want to be a career banker since I genuinely loved the job, so I refuse to give up. I even started applying to Corp. Dev. positions the past couple months just to get working again, then would lateral back in.
Based on the most helpful WSO content, your situation isn't uncommon, and there are actionable steps you can take to improve your chances of landing another IB role:
Target LMM and Boutique Firms: Smaller firms are often more flexible with hiring and may value your prior experience, even if it was brief. Networking is key here—reach out to alumni, former colleagues, or anyone in your network who can provide referrals or insights into open roles.
Leverage Your Technical Skills: Since you've addressed the technical modeling gap, make sure to highlight this in interviews. Consider showcasing your skills through a portfolio of models or case studies you've worked on. This can help demonstrate your readiness to hit the ground running.
Expand Your Search: While you're focusing on Analyst roles, also consider roles adjacent to IB, such as Corporate Development or even Equity Research. These can serve as stepping stones to get back into banking later.
Stay Persistent with Superdays: If you're getting to Superdays but not landing offers, it might be worth seeking feedback from interviewers or mentors to identify areas for improvement. Practice mock interviews with professionals to refine your responses and presentation.
Consider MBA Programs: If you're open to a longer-term path, pursuing an MBA at a T15-T20 school could provide a structured route back into IB, especially at the Associate level.
Network Strategically: Attend industry events, connect with professionals on LinkedIn, and engage with alumni networks. Personal connections can often open doors that online applications cannot.
Remember, persistence is key. Many professionals have faced similar setbacks and successfully re-entered the industry. Keep refining your approach, and don't hesitate to explore alternative paths that align with your long-term goal of being a career banker.
Sources: Confessions of a former second year IB Analyst, Transitioning from Tech Sales to IB, Q&A: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School, You want a summer analyst offer? Here's how..., A Guide for Switching From Commercial Banking to Investment Banking
Your 30 bro. Failed as an analyst and couldn't stay at either bank for more than about a year. You've had a decade to make it and the opportunity is gone. Move on.
You want to be a banker, fine. Build a great career in finance, working your way up corporations and becoming c-suite, board member of various companies, investor, etc. Develop a network, start with some minor operational advisory work, and once your established, try and start your own practice or join as MD or Director at an investment bank.
But the route of analyst>Associate>VP and beyond is a ship that has sailed.
While I appreciate your opinion, I believe you're wrong. Might be my fault for leaving out some key details, although that is so I don't dox myself.
I'm not looking for a pity party, I was just wondering if anyone has come back after long stretches of unemployment. I look forward to proving you wrong, as you seem like an incredibly bitter person, judging from your previous comments. I'd work on that if I were you, very off-putting characteristic to have in life. Have a great weekend!
Respectfully, if you were so good at sales, why would you take such a big pay cut to grind it out as an analyst? Seems like a terrible risk/reward trade-off if you’re actually a good salesman. If you’re as good as you’re implying then you should’ve traded up to some type of higher quality product and really let it rip
damn schooled his ass
Not in IB but its been 15 months... Had to leave NYC to go back home and found nothing. Few close calls but they hired internally. Keep pushing man, DM if you want. Lots of people struggling out there its not all roses.
1 year unemployed is definitely a turnoff for most people hiring. I think waiting 1 full year before broadening the search was a mistake. If I were in your shoes and looking to get back to banking, I’d be applying to any IB-adjacent role, spend 1 year there and then try to pivot.
Also, noticed no one has mentioned the MBA route. Is this something you would consider? Way more defined recruiting pipeline and there are plenty of early-to-mid 30s post-MBA Associates.
I agree, waiting to expand my search was a mistake, but I just started expanding the search to Corp Dev roles about a month ago. We'll see if that pans out, but not sure if you saw another one of my responses, but I'm actually applying to a couple MBA programs for the reasons you mentioned. Definitely not ideal since I want to avoid the debt, but I've had senior bankers who used to run offices tell me the same. MBA is most direct and since I already have Analyst experience, I'd immediately check all their boxes during recruitment.
Ok great to hear on the MBA route.
I’d open the search more than just Corp Dev - you’re being too loosey goosey with this. Look at Strategic Finance, Corp Strategy, Valuation, etc. Really anything you can spin that’s related to IB.
What should one do after long term unemployment? I'm in the same mess and trying to get out, it's been grueling.
Google just opened a Corp Dev Associate position.
Just applied, thanks for the heads up!
And Manager role too. Though you might be underestimating how difficult it is to get these jobs.
Tech Corp Dev pays really well. Easily 350k+ at Google for Manager L6 and has cushy WLB
I fell for this trap. Tech corp dev doesn't have cushy WLB. I worked every weekend for a year before getting illegally laid off. Getting in is also hard because they don't use headhunters etc. I had the perfect background for this job (FAANG corp dev) and couldnt get an interview. It's a jungle out there. Def don't go into corp dev thinking hours will be meaningfully better. Also, a HORRIFIC culture (and I worked in banking and a megafund beforehand).
I’m a top bucket analyst currently at a BB in NYC with 2 YOE looking to go corporate (Corp dev, strategic finance, startup, literally anything paying $125k+ all in with no 90 hour weeks). Have applied to 200+ places and gotten ~15 interviews but have not landed anything yet. Not where I expected to be at all.
Well good to know I"m not the only one! Bad to hear that even someone like you isn't landing anything either..
I have gotten dinged from many processes because I’m not going to settle for lowball offers. It’s an employer market where they want a unicorn who is desperate and will settle for a lowball offer. I’ve seen job postings where they want to pay someone with 3 YOE in IB/PE $85-100k LOL. Really ugly all around.
DONT go corporate. Check my comment history for more details, but the massive paycut for better hours tradeoff is a trap. Getting paid 1/3 to work 90% of the hours isn't a good deal.
2 YOE in S&T > 2.5 YOE UMM IB Analyst > 1 Year Unemployed (near the end was looking at anything under the sun from corp dev, VC, strategic finance) > 1 YOE IB LMM Associate > Just got two offers ... one as a IB 2nd Year UMM Associate and PE MM Associate. I was let go after the first IBD stint and it was a tough year but can definitely turn it around. Also unlike the guy above who said its impossible ... I disagree there are so many people who make the jump into IBD in their late 20s and early 30s. You probably weren't fully prepared for the grind / technicals / etc. before and now you are. Just keep at it and someone will give you a chance. Probably will have to go a little down market before getting on track again.
You're right, I wasn't prepped for the technical aspect of it (grind wasn't an issue, I worked demanding job before), but have been putting in the work this year to ensure I am. I worked with a friend who did IB/PE at top firms who has been helping and even he said I am a dramatically different person on the technical front than when I was let go. Also, correct that I'm targeting LMM / boutique firms to get back in. Also trying to find anything finance related like you did, and applying to MBA programs.
Happy to hear things are going well for you though! I agree with your sentiment, I also knew lots of people in their late 20s / early 30s who broke in, so I didn't give that guys comment much thought. He's probably one of those people who think if you aren't doing NYC IB BB then you aren't really a banker lol Overall I'm optimistic! I know something will stick eventually, and it'll be my previous firm's loss.
from your responses in this thread I think you are too positive and socially skilled for investment banking. It would be a waste of a soul, but I see why you’d be good at generating deals lol.
Like I mentioned in another comment, I guess I'm a sadistic f*ck who wants to slave away at this job until I'm a Sr. banker and can start generating deals, since I even love the Analyst job lol
"masochistic" was the word you're looking for FYI
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