Is this current job market really that bad or is it something im doing wrong?

The current job market in finance is indeed challenging, and your experience aligns with what many others are facing. Based on the most helpful WSO content, here are some insights and actionable advice:

1. The Market Reality

• Hiring Freezes and Overcapacity: Many firms, especially in finance, are experiencing hiring freezes or reduced headcounts due to economic uncertainty. This is not a reflection of your qualifications but rather a broader market trend. For example, even top-tier MBA graduates are struggling to secure roles in areas like PE, HF, and AM, as highlighted in WSO threads.
• Increased Competition: Jobs in investment banking, private equity, and other finance roles are still available, but they are going to the top-performing and best-connected candidates. This means the bar is higher than usual, even for entry-level roles.

2. Networking Challenges

• Professional Responses Declining: It's not uncommon for professionals to be less responsive during tough market conditions. Many are overwhelmed with their own workloads or are instructed not to engage in cold outreach due to internal policies.
• Shifting Networking Strategies: While traditional networking methods may feel less effective, consider diversifying your approach. For instance, attending virtual events, webinars, or alumni panels can help you connect with professionals in a less direct but impactful way.

3. Your Efforts Are Solid

• Strong Resume and Proactivity: Having two internships, completing the SIE, and starting CFA prep are all excellent steps. Tailoring your resume and cover letters for ATS systems is also crucial, and it sounds like you're doing this well.
• Broad Application Strategy: Applying to a wide range of roles and firms is the right approach in this market. Keep this up, but also consider roles adjacent to your target areas, such as corporate finance or middle office positions, as potential stepping stones.

4. What You Can Do Next

• Stay Persistent: The worst thing for your career is prolonged unemployment. If necessary, consider taking a role outside your ideal scope to avoid gaps in your resume. As one WSO thread mentions, even starting in a less desirable position can lead to better opportunities later.
• Leverage Alumni Networks: Alumni from your school, especially those in finance, can be a valuable resource. They may be more willing to help during tough times.
• Focus on Skill Building: Continue studying for the CFA and consider other certifications or skills that align with your target roles. This demonstrates commitment and keeps you competitive.
• Adapt Your Networking: If cold outreach is less effective, focus on warm connections through mutual contacts or participate in industry-specific forums and discussions.

5. Perspective

• It's Not Just You: Many candidates, even those with strong resumes and networking skills, are facing similar challenges. The market is tough, but it’s not insurmountable.
• Long-Term View: Finance is a cyclical industry. While the current market may be difficult, conditions will eventually improve. Staying in the game and remaining adaptable will position you well for future opportunities.

Keep pushing forward, and remember that persistence and adaptability are key in navigating a tough market. You're doing many things right, and with time, your efforts will pay off.

Sources: https://www.wallstreetoasis.com/forum/job-search/dear-recent-gradsinterns?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/any-updates-on-barclays-2020-sa?customgpt=1, Depressed from recruiting, What does an impending recession mean for students wishing to pursue a career in finance?, Just graduated and don’t have a job?