Had 2 years of RX IB and then ~1 year of private / alternative credit investing from a non-target and got laid off this summer.
I've had ~15 first rounds and 4 case study rounds for private credit roles but haven't made it past the case study in any. I'm feeling like my investing skills are weak but I'm trying to improve them.
I feel oddly pigeonholed with the RX IB and esoteric investing experience - I thought it'd be easier to get strategic finance / corporate development roles but I'm getting auto-rejects. I'm currently revising a version of my resume for those roles but I'm worried how it will look if I've been out of work for this long. I've also tried to apply for roles back in banking and RX consulting but those have been slightly elusive as well (tried to reach out to a few folks over email after applying online but getting ghosted / feels like IB associate isn't the right fit with my experience level).
Don't think I have enough skills to make a pure play distressed role work - would need some hand-holding in a more structured program.
Should I:
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Keep doing private credit case studies and apply to smaller shops? I've gotten rejected from many of the top shops but I'm getting a little better at case studies. I still fear 4 months is 4 months. This is the preferred lifestyle / compensation for me but feeling like it's passing me by.
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Go back to banking or try RX consulting anywhere I can?
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Apply much more broadly for strategic / corporate finance and use the WLB to get ripped?
I really thought I would never struggle this much given I got the IB job and the job after that. I think I'm going to have to move back in with my parents pretty soon here. If nothing else please let this be a lesson to everyone in college / just starting out that you should never take your foot off the gas pedal and keep trying to learn.
Are you a US citizen?
Yes I am - I would most likely leave NYC to go back to the fields of corn that raised me.
Sorry to hear. Can you elaborate on your last point? Did you begin to not keep learning or do you mean this to keep your options flexible?
Just a warning from the other side - the job doesn't dictate your learning. You need to care enough about your job to review your own work to get better, and keep a growth mindset even on the worst days. Don't let the fear of the hours prevent you from digging in and doing the best job you can possibly do. There will always be lighter weeks - don't just drink your way through them try to learn something new / get better at something.
100% agree. I know you will find something great soon!
I mean 15 interviews in 4 months is pretty impressive in this market. I think you are obviously very competitive on paper for private credit roles.
The issue is you are not converting. Assuming you want to stay in credit investing my recommendation would be that instead of looking at other stuff like consulting, ib, strat finance, etc. you should just double down on your interview prep for PC. Write down what you think went wrong in each interview and just drill those concepts until you have them cold. And then start interviewing again.
Also I’d ask friends in the industry to help give you mock interviews (this is a pain so make sure to be super thankful and buy them a decent thank you gift when you get a job). They can really help you pinpoint where you are falling short.
best of luck!
Sorry to hear. It's a pretty brutal market out there. Not 2008/2009 of course but probably the worst we've had since. Keep an open mind about opps beyond finance is my rec
PWP RX is hiring associates -- take a shot
Laid off too but from valuations - is it okay if I PM you or talk to you more? Not sure how it works if its anon
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