Laid off Analyst still looking for Work - Any advice ?
Hey guys, Long time lurker here, created an account just to ask this question. I graduated in 2007 from a top 5 UG B-school (Think Ross, Stern) and joined a 2nd tier BB (Think UBS, CS). When the layoffs began, I proactively found a position at a small HF as an analyst. Unfortunately, the HF closed due to redemptions and I have been unemployed since August 2009.
Its been 4 months and I've had 3 in-person interviews but no offers. What should I do at this point ? I have 2 years of experience so I don't think I'm a good MBA candidate, nor am I particularly keen on getting an MBA. I know the market is rough so I have been looking at almost everything front office, not just in the US but Everywhere.
Does anyone have any short-term and long-term career advice for me ? I want to keep looking but money will soon be an issue, especially living in NY, and I might have to start prostituting myself to pay rent. On the other hand, my heart is not really into signing up for an MBA or grad program. I'm fine with leaving the States if need be to find a job, but I doubt foreign firms are desperate for American employees in this market.
So, any advice besides networking ? because I've already done that and most people I try to network with are unemployed themselves lol.
Also, has anyone else in a similar situation had any success recently ? sorry for the long post
Look for other jobs in other industries to pay rent. Just find any job and start there.
Somewhat similar experience... lost my job at a bank, had to move back home from NY (too expensive to stay and look for jobs too long), and eventually found a new job. Had to take a bit of a cut in terms of prestige, but in my situation, I am in a field that's more suitable for my LT goals anyway (e.g., moving from s&t/research-ish role to corpfin/restuructirng/advisory)
For networking, my advice would be to cast a really wide net. Don't just ask people you know immediately, but also ask family friends, friend of friends, alumni, ask alumni if they have friends/colleagues in ABC or XYZ industry and see if they can hook you up with a meeting. I really exhausted all of my options before I finally landed something via networking.
Europe based banks have long-term internship programs that you may or may not qualify for. Many may not sponsor your visa... because there's a ton of hometown talent w/o such requirements. Also, these LT internships may not pay much, because they are technically internships... even if they could run for almost a year. And finally, a lot of them are simply limited to Europeans... like the VIE program.
If you can't find something... I would honestly just go back for a MBA...
Kanon,
Thanks for the advice. Approximately when were you laid off and how long did it take you to find a position ? Just wondering what other people's experiences are. I've had 3 interviews so far but only 1 of them did I have a realistic shot at.
guys like you who graduated in 2007 and have been laid off exist in a space i like to call the 'employment dead zone'. too old for undergrad jobs/recruitment and too young/inexperienced for management/associate/b school.
to the OP: you have a a lot of stuff going for you which is really good: good undergrad, you can at least get a job in ib and a hedge fund, you dont seem like a loser. long term, i have a feeling you will bounce back just fine.
short term: network, you know this but it is worth repeating. maybe try something that will give you more options within finance, like do the cfa L1 and consider AM. maybe do the cpa and have accounting as an option. i have a gut feeling you will eventually return to ib or hf, but the cfa or cpa will give you back ups if ib/hf still doesnt pan out in the near future. if the cfa/cpa plan doent work out, consider mba as last resort. proabably stay in america. youre only better alternatives would be europe/uk, right? the eurozone is sucking worse in terms of employment. so there's pretty broad short term plan of action for you.
maybe keep in touch with the dudes who interviewed you. let them know you are still looking for employment and eager to work specifically with that firm. this is pretty tricky, though, you have to come off as smooth and not desperate.
i know how you feel about the mba. i would like to avoid if i can, too. especially since i studied business in undergrad specifically so i can skip the traditional mba route.
i really think the employment trend for recent grads in our field is starting to turn. or at least its not getting worse. it seems employees are churning, which means opportunities for employment.
mr1234, thanks for the words of encouragement. I'm definitely considering taking the CFA exams, especially since the CFA might help me break into Fund of Funds type roles.
Definitely keep networking - it is really tough, but something will come up. Cast a wide net, there are plenty of opportunities beginning to open up, but not in the usual channels. Consider a part-time job in something to give back to the community (tutoring underprivileged kids, helping the homeless, etc). The reason why I suggest this is that it fills the gap in your resume while you continue to look for a new job. You can always say that you've felt really lucky that you made it into a top 5 UG B-school, ibanking -> hedge fund and you have some time and felt it's a great time to give back. No one will fault you for it, and if you do apply to b-school, they'll love it. This idea won't pay for rent, you may consider some other type of short-term supplemental income (private tutoring, bartending). Also - file your taxes early, if you're laid off part way through the year - you should get a nice tax refund.
^^ Good advice eric
SAC: I lost my job early 09' and it took about 5-6 months. I had some interviews, I can't remember how many now... but maybe almost 10 over the 6 months? Had to compete with some ppl that had their MBAs because they were willing to take a discount (e.g. going for analyst roles when they were suppose to go for associates)...
CS is second tier BB? I would think they're on par with JPM and part of the top 4 BBs (GS/MS/JPM/CS). And no, I don't work for CS even though I wish I did.
I think CS has risen quite substantially due to their good risk management.
Don't think CS is on par with JP Morgan though...
Ranking is stupid but:
Credit Suisse - Columbia (straddling the middle) __
Cornell --- Citigroup (insert your analogy here)
Nah but in all seriousness, GS/JPM/MS i feel are still in a different league-- at least perception wise. The European banks kinda form a middle tier (CS/DB/Barcap and used to be UBS). BAML and Citigroup are going through some issues.
You're a junior ... your opinion is invalid.
This kid is obviously one of those losers from collegeconfidential who still compare college rankings even though they're almost done with college.
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