Hi all, I need some career advice. I was laid off 3 months ago along with the entire company (over half of our portfolio had debt maturities this year and last I heard the plan was to sell everything for a loss and close up shop). This was my first job out of college (non-target) so I only have two years of experience as an analyst at a boutique shop (approx. $150mm in AUM). During my time there, I was mainly focused on multifamily acquisitions with a little bit of asset management mixed in so I have been seeking acquisitions or similar roles. Although the market for acquisitions is tough, throughout my job search, I have made it to 3 final rounds and a few later-stage interviews at shops ranging from $15B to $100B. From the feedback I've received, it's all been positive except I am just missing out due to a lack of experience compared to other candidates. I knew this was likely going to be an issue as the firm I was working for is relatively unknown and not respected. It's only been 3 months but I am starting to get frustrated making it so far in multiple hiring processes just to lose to someone with more/better experience. I feel like this will be the case with every opportunity moving forward. I'm not sure what my options are.
Has anyone else been in a similar situation? What would you do if you were in my situation (non-target school and experience from an unknown firm)? How long is enough before I look seriously at other positions (e.g. asset management or portfolio management)?
Bonus question: I did venture into applying for a portfolio management analyst position at a reputable firm and have made it to the 4th round but I'm unsure if this will handicap my ability to move back to acquisitions in the future. Any thoughts?
Acquisitions is going to be extremely tough. Most firms are struggling to keep their people on and justify the payroll. Others have been let go. The very few that are hiring end up doing so through a connection, client, etc.
Asset management is in full hiring mode though, so you have some opportunities here. Potentially you could work here and make a switch after a couple years.
The issue is your timing as well. Any junior level positions have been filled mostly through recent college grads. So firms are usually staffed up. People typically jump after year end bonuses, which is when you see more positions open. My suggestion is just to keep your head up. 3 final rounds and another thats in 4th round is quite impressive in 3 months. I have a friend who get laid off last September and he's still looking and I think he only got like 2 interviews in that time period. You'll be fine, just keep doing what youre doing. People than have been laid off recently have been out of the market for much longer than that. Just trying to make you feel better.
Based on the most helpful WSO content, here's what you need to know:
Career Advice for Laid Off Analysts
Understanding the Market:
Experience and Background:
Exploring Other Roles:
Timing and Patience:
Networking and Continuous Learning:
Bonus Question: Portfolio Management vs. Acquisitions
Final Thoughts
If you need more specific advice or resources, consider exploring the WSO Company Database or engaging in WSO Virtual Bootcamps for further skill enhancement.
Sources: Career advice needed: Acquisitions vs Asset Management, Fork in the road: Career path in Asset Management, Asset Management as a long-term career?, Why Work in Asset Management?, https://www.wallstreetoasis.com/forum/asset-management/will-asset-management-industry-just-wither-away?customgpt=1
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