Laid off as a 2nd-year ECM analyst over a year ago - not sure what to do
I was laid off from an ECM role at a MM bank (west coast) over a year ago now, and I have been trying to transition to any kind of corp fin / corp dev / strategic finance role ever since. I have had many interviews and reached the final round a few times but nothing stuck. I just got an offer for a back-office 2nd-year operations analyst role , which I applied to as a "super safety" as I need to start making money.
I'm feeling hopeless. I currently have the gap addressed on my resume but it obviously doesn't look great. I have never heard of someone moving from a front office position to operations. I don't plan to stop interviewing for the jobs I want, but I worry that accepting an operations role will make it even harder to land an analytical corporate finance role anytime soon.
Based on the most helpful WSO content, here’s what you need to know:
Taking the Operations Role: While moving from a front-office ECM role to a back-office operations position is unconventional, it’s not necessarily a career-ending move. Operations roles can provide stability and income while you continue your job search. However, be aware that operations roles are often seen as less analytical and more process-driven, which could make it harder to pivot back into corporate finance or strategic finance roles later.
Keep Interviewing for Desired Roles: Accepting the operations role doesn’t mean you should stop pursuing corporate finance, corporate development, or strategic finance opportunities. Continue networking aggressively, applying to roles, and preparing for interviews. Highlight your ECM experience and analytical skills in your applications.
Addressing the Gap: You’ve already addressed the gap on your resume, which is good. Focus on framing your time off as a period of skill-building or personal development. If you’ve taken any courses, certifications, or worked on projects during this time, make sure to emphasize them.
Exit Opportunities from Operations: While operations roles are not typically a direct path to corporate finance, there are transferable skills you can leverage. For example, if the role involves process improvement, data analysis, or project management, you can position these as relevant to corporate finance roles. However, be mindful that transitioning from operations to front-office or strategic roles can be challenging and may require additional effort.
Alternative Strategies:
Mindset: It’s easy to feel hopeless, but remember that career paths are rarely linear. Many professionals have faced setbacks and still managed to pivot successfully. Use this time to refine your skills, expand your network, and stay persistent.
While the operations role may not be ideal, it can serve as a temporary solution while you continue to pursue your long-term goals. Keep grinding, and don’t lose sight of the bigger picture!
Sources: Elite Operations Group?, Operations - Good & Bad, First Year IB Analyst Trying to Move into Tech, I keep getting told I'm "not technical enough." What's happening?, Over 30, still no undergrad, finance career options?
What's been the hold up / challenge for the interview processes you've been in? Are you considering startup strat finance roles? That could be a decent option to go into and then potentially route back to IB if you can later on (assuming you may be interested). It's a brutal market right now so you're not alone
I’m considering basically everything under the roles I described (including startups). I’ve sent out over 2.5k applications total. The main challenge is they want modeling experience (I have the technical knowledge/skills but in ECM there wasn’t enough modeling in live deals that I can speak to in interviews). Not very interested in going the IB route; I do see myself staying in one of these roles long-term
My guess is that if you were able to make it into an IB role, even if it was ECM, you probably have enough modeling capabilities to perform in one of these roles. Can you spin something from your time there that is modeling-related (e.g., even if another person from the industry team built a model, did you have access to it to be able to speak to it for an interview)? Separately, I think for every role you apply for you need to find a connection (alumni, other formers from your bank, etc.) to help push your resume internally. Applications have always been a black box but it has gotten so much worse with AI leading to larger applicant pools for everything
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