If not banking, where?
It seems like a lot of us are in this boat. Hired as analyst in 2021/2022 when need was overflowing, then the market died, now there are simply wayyyy more people looking for jobs than openings. Analyst 1 programs only hire from campuses so we can't step down a level. Specific openings seem to be replacement hires and all require having 2-3 years of analyst experience in exactly the same industry vertical and product group.
While I love the "don't give up" messaging you see on this site, there is the callous reality that if you're reading this, chances are there won't be a job for you in the next year (or maybe two) in high finance.
So... what do we do? Holding out for a banking job that may or may not exist seems like a suboptimal path. But what other careers can use an ex-banking analyst?
It feels like the skills you need for being a banking analyst (high-level operating models, making pretty powerpoints, 'industry research' which just means googling things, and the willingness to tolerate emotional abuse and 90hr work weeks) are hyper-specific for just this industry, and don't provide that much value to the economy outside the walled garden of IB/PE.
- I hear corp dev a lot. While M&A stays dead, I suspect corp dev teams won't be hiring talent at this level.
- Equity research? It seems to me that it is quite tough to lateral into ER because they also primarily look for campus hires at an entry level.
- Traditional buy-side exit ops are not available if you only have a year of IB experience, especially right now while buy-side firms are super down on budget.
- Consulting maybe? Is there a reasonable path to get into consulting as a laid-off analyst?
What else is out there?
thanks all <3
Based on the context, here are some potential career paths for an ex-banking analyst:
FP&A Role at a Start-up: This could be a good fit as it involves financial planning and analysis, which are skills you would have developed as a banking analyst. Start-ups may also value the broad financial knowledge and analytical skills you bring.
Product Analyst at a Tech Company: This role would involve analyzing product performance and market trends, which could be a good use of your analytical skills and industry research experience.
Hedge Fund Analyst: This role would involve analyzing investment opportunities, which could be a good fit if you have a strong understanding of financial markets.
Media Space: I took a job in the media space doing growth and absolutely loved it. The work is fascinating, the culture is fantastic, and the pay is good enough. The exit-ops are right up the alley of what I think I want to do.
Public Finance: I ended up in public finance after I couldn't secure a traditional IB role out of college. It's not as glamorous, but as an analyst, I have my own office, assistant, and hardly ever stay past 6 pm.
Remember, banking is not the end-all-be-all. There are plenty of first jobs that will put you in a much better spot. It's important to find something that lines up with your personality and interests.
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Thanks Monkey Bot
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