Honestly it is feeling hopeless
I am really starting to feel like the world and life is a nightmare at this point.
I worked at a boutique investment bank for close to 2 years, until I was laid off last year so the boss could give my position away to his buddies music major kid - analysts are a dime a dozen nothing personal he told me when I went to pick up my stuff. Alright, that sucks especially a month from bonus, but can always pick yourself up and dust yourself off and find something else right? So I did, moved to a new state to start a corporate finance job. Not too bad, pride still a bit wounded but it'll work out.
Fast forward to March of this year, Covid hits. I lose the job in the first waves of furloughs and a month later get notice to return my equipment because it's permanent. OK, that sucks but no worries unemployment can help - wrong. They won't pay out because I haven't worked here long enough, and back home won't pay out either for last year.
OK, that's awful. Well, strong resume and work experience I should be able to get another gig somewhere and my frugal nature gave me some savings that should last through this thing, right? 5 months and over 500 applications later for all manner of jobs I am grossly overqualified for to be rejected for the most asinine reasons and I have no leads and now officially living off debt only at this point. I had one part time job at a Trader Joe's until they cut half of us with round two of lockdowns, that's it - no family left alive or friends willing or able to help.
Finally reached my breaking point today with the last job lead drying up at the 9th hour and having to give my dog away because I can't afford his medicine anymore. I've been optimistic and struggled for such a long time and I thought after college it'll be better and I can make a better life for myself than how I grew up but now it feels truly hopeless.
I don't know why I'm posting here, maybe I just had way too much to drink tonight or maybe to know if I am alone in this nightmare or has anyone else have their life go up in flames from all this?
Dude, I know it sucks, but don’t give up! I can tell, you’ve got your shit together and you’re a positive person... timing sucks and it might take another 500 resumes, but you’re gonna get something, and something good. Next job might not be your ideal one, but it’ll get you on your feet, and you’ll go from there... be sad and pissed for one more day, then get a shit job to pay your bills, and in spare time get back on the computer and start firing off resumes... don’t expect it to happen in a week or a month, but keep applying, keep preparing your interview answers to stay sharp and within a year, you’ll have the kind of job you want... just hang in there!
That broke my heart, man. Wishing you the very best and may you be reunited with your dog soon.
Hey, I do a lot of trolling/shitposting on here but I'm going to be 100% real with you.
Most college students are f*cked. Think about it. A majority of applicants at mom and pop business shops had their internships cancelled. Most people doing internships from home are doing mindless nonsense and have no behavioral-question-type of in-person interaction with others. And even bulge bracket firms are not guaranteeing return offers to everybody. AND, within the first few weeks of colleges opening, schools will close again, and back to Zoom we go (all it takes is one kid to catch coronavirus and they'd have to shut the whole school down). So most people coming out of college in the next year will have zero meaningful internship experience or college coursework to discuss. You graduated BEFORE all of this happened, so you have legitimate, in-person experience that would put you MILES ahead off most, if not all, recent graduates.
This may not be a solution you're excited to hear, but there are many essential businesses (e.g. Target, Wal-Mart, Amazon, etc) hiring for management/team-lead positions so if worst comes to worst, you could probably very easily score a $50-65k/year position as a warehouse operations management trainee or an assistant store manager at a big-name store.
Go to Indeed.com and type in "Grocery Store Manager" and I'm sure you could find a decent paying job in an essential industry.
Sending positive thoughts your way man. I’m sorry all that shit happened. You’re getting the short end of the stick, but it WILL turn around eventually.
I know this was not why you posted this, but I wish there was a way we could pay for your dogs meds.
how did you follow up on those 500 applications
how healthy is your network
how were you as an analyst
have you done resume review/interview prep
WallStreetOasis.com may have some ideas/products that could help
This reminds me a bit of a guest I had on the WSO pod who worked for 2yr at a toxic boutique getting like $1k/mo, barely enough to live because he just didnt have any other options and wanted to get that experience. that had a positive ending and yours will too if you keep going...
I'm surprised that with IB on your resume (if you actually had some deal expereince) that you are not getting more bites for actual interviews...but it could be because 1) we are in a horrible time for hiring (duh) 2) because you're applying to online positions instead of hearing about offline/shadow jobs = 70+% of jobs are filled with no job posting ever...think avout that 3) something is off in your application. could be lack of follow-up, your resume, interview skills, etc... my guess is it's more likely #1, but if you can improve on #2 (networking more aggressively 60+hrs/week) and #3 making sure everything is in tip top shape (resume + interview skills) I'm sure you will get bites.
We have financial aid now for the Elite package and you'd qualify but I wouldnt even go there...I'd look at a resume review/mentorship. Happy to do it at cost for us if you ping support and just mention this thread (make sure ur email matches the email in ur account).
Wishing you luck! Patrick
ps - what about using some of the finance/excel skills you learned in IB to help consult for small companies in your area that are still in business an my need some help?
@Red627", WallStreetOasis.com
Patrick, hope you don't mind me offering this, but OP, can save WSO support some time and Patrick some money by PMing me- I will do it for free. I am on both the resume review team and the mentor team and have helped numerous individuals both through WSO and on the side spruce up their resume and be able to put their best foot forward. I have two years of IB and almost four years of corp dev/corp fin experience. @Red627", PM me your email and phone number, and we'll get it started.
As far as advice for anyone else...I would highly suggest staying mobile. That means, always be on the lookout for new opportunities and ways to pivot your career. I started my career off at a "no-name" boutique and while I owe them everything for the opportunity they gave me (let's be honest....I was only there because no large bank wanted me), they are not places to build a career. The chance of making partner or MD at a "no-name" boutique is about zero, and even if you do, you will never have the resources that a larger bank's MD has to build and maintain his/her book of business.
^this is why WSO rocks and I keep coming back despite the moronic 19-year-olds.
To be fair....I was pretty moronic at 19 :)
Read Sylvester Stallone's story before Rocky; might be exactly what you need for the mental boost. Don't stop working and you'll be looking back at this point 10 years down the line as a testament to your tenacity.
Hey man:
Echoing a lot of what people before me said. Completely know and am in a similar situation. Lost my job after being with company 4 months due to a merger and past 2 out of 3 jobs was ousted due to unique scenarios respective to the company.
First off, know it is not you and not blaming yourself. Sh** happens that you have no control and the worst thing to do is be very hard on yourself and put only blame on you. I know it’s easier said then done, as I’ve been in dark places mentally in the past but you have to attack each day and find inspiration. I do this by staying occupied, whether taking classes or work on modeling and listen to podcasts. I personally listen a lot to Jockos Podcast, big fan of military to start but he interviews countless people who have been in worse situations that I can’t even imagine where to begin and absolutely crush it later in life.
Secondly, I know I need to work on this myself but being creative with getting your name out there. Millennials, such as myself, are focused on applying online and having limited face time. In times like these, I think it’s best to tackle different approaches such as going to the firm directly and either standing outside the building or going to the respective floor if you can and handing out resumes. Yes, it’s COVID, but I feel if you do this over and over there will be an MD/VP in there to get away from working from home and will appreciate you having the guts to make this sort of attempt. Food for thought.
Lastly, know people whether on this forum or elsewhere are here for support. Don’t be conscientious or afraid to reach out to friends or myself to just talk through it.
Know it will work out, keep head down and focused.
Jesus sees you and would love to walk with you through it.
Keep your head up. Cut all unnecessary subscriptions, eat beans and rice, get a library card! Please do not turn to drinking alone during this rough time.
Pull out that LinkedIn Rolodex and start messaging/calling people for coffee dates. You have this time to network like hell and learn. Feeling sorry for yourself will pull you down. Start meeting and keep filing out applications!
You have a strong community here, too!
Look - shit sucks. Almost everyone on WSO has been there in some form or another. I remember the difficulty in finding work when I was laid off from my first job because of the GFC. I'm not going to give you job advice or financial advice, because everyone who has posted has said nothing but good advice.
Instead I wanted to focus on the mental health side of things. This is a rough time. It sucks. I mean, truly, it sucks. The first thing I would suggest is taking 3-4 days to clear your head. Turn off your phone, your internet access, tv, etc., and take a few days to realize that you still have your health, that you're in a shitty situation because of things beyond your control, and accept that you can only control what you can control. It has to be the first thing to do to take control of the situation. It won't necessarily help over the few days you disconnect, but you need to center yourself in order to push forward. From there, spend a day looking at your approach so far, and come up with a list of things you can do to improve your search. I won't reiterate points that have been made already on this regard. And from there, put the pedal to the metal.
Second, get in to a routine. Routine will help you organize the day and give you the structure your missing. Structure helps keeps your mind straight because you know what tasks you have on your calendar to do. It'll help you be more efficient with your time as well. This means waking up at the same time, showering and getting dressed like you would if you were going to work, etc. It's part of the mindset you need to have to push past the breaking point.
Third, do not neglect your physical health. As awful as the situation is, if you can spend 45 minutes a day taking a walk outside, it will help calm your mind and make you feel better in general. Having a physical outlet for stress relief will make things a bit easier. Instead of feeling trapped indoors all day, you will have an outlet for the stress by spending time going for a walk or run. The physical effects of releasing endorphins will also help improve your mood a bit. It'll make things easier to overcome.
After a horde of Chinese soldiers completely shutdown the MacArthur advance in the Korean War, Dean Acheson the secretary of state at that time was in a very bad place. One of his friends George Kennan sent him a letter which contained the following sentence: "In international as in private life, what counts the most is not really what happens to someone but how he bears what happens to him"
This is a lesson stoics have been teaching us for ages, our response to life is our decision to either accept or reject what we cannot control. This is the power that allow us to keep moving forward vs wallowing in self pity.
I do not know you yet I have 4 dogs I love, and you having to give yours away broke my heart.
I hope to offer you some perspective as I myself have rejected candidates for being too overqualified. What the other side is thinking is either this guy is going to ask for too much, he will not like the job, or he will bounce as soon as he can. The rejections occur purely at the resume reviewing stage, which is why your best bet of getting a job is to manage to get an interview or networking chat where you can explain your situation, and this won't happen if you just send a resume.
At a Fortune 500 now, can refer depending on background. Feel free to PM.
I’m very sorry to hear this, it absolutely breaks my heart and I know it could happen to any of us (and might still, as we head in to 2021).
I can’t offer much help unfortunately, but if you’re looking for something to make ends meet I know some of our BO ops teams are hiring. You’re obviously super overqualified for that kind of thing, but it would get you back to somewhat familiar footing, in a bank, and the right networking could propel you to FO later down the line. For reference, I’m at a US BB. Feel free to PM me for more clarity.
Hey man, I've never really posted here in years. This is the first I remembered the title of this thread to go back to my computer, find it, and post a reply.
I was in a similar spot maybe a month ago. There was a lot of uncertainty involved, but guess what, I found something 3 months later. You'll find what you're looking for, just keep cranking. And if you need to talk about it, you can always DM me and we can talk over the phone. Someone else helped me once and I will do the same.
Disclosure: Long post
Thank you for being open and honest about your situation. It takes a lot of balls to put up a post like that. When I think about my career, most of the opportunities that came my way (good or bad) came out of left field. It is much easier said than done, but I feel that in times like these it takes a little creativity (and definitely a lot of luck) to get anywhere. When I was in college I continually was rejected from internships as plenty of other students had higher GPA's, and frankly I had some polishing to do on the interview front. Instead of applying for internships on the school website over and over again, I decided to Google "investment banking + [city where I went to school]" and "private equity + [city where I went to school]". I ended up scoring a couple interviews at very small firms and offered to work for free in between classes. Getting the experience and this type of story resonated with interviewers the following semester when I was going for full time IB offers. I ended up landing an IB Analyst job at a pretty big bank out school.
The sheer volume of people applying for the same jobs on Indeed and LinkedIn is probably unfathomable. Additionally, some of those jobs may not even be real (in that companies may have forgotten to take open positions down from their website). I think it's worthwhile doing some searching online and seeing if you find a small bank looking for some help. Even if it's at a reduced rate or just an internship, it may be worth considering. I would also cold email recruiting firms and see what opportunities they may have.
I also think that you're probably being passed on some of these jobs because you are indeed overqualified. I'm sure some companies seeing IB on your resume automatically think "we don't have the budget for his salary expectations" (even if they never ask your salary). People jump to conclusions every day and they are often wrong.
Although this has nothing to do with Finance, I think this personal anecdote is relevant. My best friend from high school has been working in LA in the film industry since college. Right out of film school he landed a job as a junior agent at a major talent agency. Within 2 weeks he met a big time producer who was looking for someone to help him manage his day to day work and look over projects. My friend quit his high profile job to work for this guy. Within 6 months the producer went to work for another network and my friend was on his own. He was unemployed for almost a year. He eventually found a job at a very tiny production company and had to take it for the money. He made $36k per year and no benefits....in LA! After 2 years the partners broke up the firm and he was back on his ass again. With $15k in credit card debt, no job, and a pandemic, he had virtually nothing going his way. Last week he called me and I could hear some excitement in his voice. A guy that he knows (whom he met through friends of friends) wrote his 3rd script and big production company picked it up. He asked my friend to help him cast the movie and raise financing. My friend got a big name actor attached and as of now it looks like the film is actually going to get made.
I have two main points: never, ever, ever give up. Believe in yourself, know your worth and you can get through anything. My second point is that, like me, the biggest opportunity in my friend's career came from (at best) a random acquaintance (or as I said above, came out of left field). The unknown is disorienting, complex, and most of all....it sucks. If anyone says the unknown is exciting they are lying to you. The "known" constant here, though, is that we know it'll work out. Many people in this community have experienced similar things. Even I have. As long as you're resourceful, you'll be right where you want to be in terms of career, wealth, etc. You'll beat this. We all know it.
OP - @Red627" tried PM'ing you. I have a dog myself and know you're going through a lot right now. Will pay for dog medication + food