No one hiring lateral analysts right now?

I'm an analyst with 9 months of strong experienced with multiple closed deals that I've been apart of. I took some time off for family issues, and now I'm trying to get back in the market, and unfortunately it seems like ever since the Fed raised interest rates, no one is really hiring at this level. Does anyone know when this could change? Very frustrated. Can barely get any interviews compared to when I was shopping around in April, I was lining up so many things. Thanks

 

It's more a matter of timing than interest rates. The new class just started what, 1 week ago and they have enough bodies to fill their needs right now. April it starts getting thin as associates leave post-bonus and the first of the analysts also start to drop off.

I think bigger issue here is what I'm assuming to be a large gap of time off - Did you leave in April and take the whole summer off? Even with a super good reason, people will just be very wary of that, especially with under 1 year experience - you're not competitive with people who are currently a second year and looking to move shops. It'll be next to impossible to move upmarket with that much of a gap and no current job. Would your old shop take you back for another year?

 

I left in April because my father was getting a six-month treatment period of Chemo and I had to take care of him. I use a coverletter to explain this.

I can't return to my old firm. There were adamant I continue working during it remotely and said if I take the time off I can't come back. MM bank in software.

I did work on 2 closed strong M&A deals in my 9-month tenure. If that counts for anything. I'm definitely not competitive with second years as each day goes on. 

I don't know what todo now that you've brought up your points. Thanks for the help. Nice guy to reply to me.

 
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My sympathies on having to deal with chemo and family sickness at such a young age. You made the right choice to support your family. I hope your father is doing well.

Game plan to get back into it: I would skip the cover letters and try to get in through networking. Cold applying is going to be difficult as people don't really read cover letters. If you see a MM or LMM bank that is hiring, shoot a few emails to people on their team to hop on the phone or grab coffee. Quickly explain the absence in a sentence or two, that your old firm wouldn't let you take a leave of absence, and then focus on your experience and that you want to get back into banking. I do agree with the other poster, don't push too hard on being "very experienced" if you were only there for 9 months.

If you don't find anything in the next 3 months or so, I'd expand the search to things like corporate banking, corp F500, big 4 etc. You're in a weird spot of needing a lateral analyst job but having fairly limited experience, so you may need to cast a wide net to get back in the game. 

 

I can see that you find yourself in a difficult situation.

On the one hand, you did the proper and moral thing to support your family during a difficult period.  You may have also needed the time off yourself to take care of yourself emotionally.

On the other hand, please be careful to characterize yourself as experienced, even with closed deals under your belt.  As a first year analyst, your skills development and contribution at 9 months were probably very limited.  

Best of luck to you.  

 

I’m sorry for what you’re going through, but you will navigate through this. Keep your chin up. I’ve seen people land great roles after taking voluntary and involuntary periods of no work, but it usually does take them more time than they expected. Keep networking and applying.

One thing I have to add is you should keep your skills sharp or even improve them during this time. We’re talking technicals, modeling, sector knowledge, deal discussions, etc. Don’t let yourself get rusty.  

 

I would just nope out of ib altogether op.  This industry is not full of compassionate and empathetic people that will care about your story.  There are rigid timelines for analysts.  Take this experience as a moment to change your career trajectory into something more positive.   Plenty of corporate finance and strategic finance roles at cool tech companies that would love to take someone like you in with IB experience.  You can always get your mba later and recruit for associate roles if you keep wanting to scratch that IB itch(and let's be honest, adcoms will LOVE your chemo caretaker story).

I know of an analyst that got pregnant her first year. She took a year off for maternity leave.  I remember the  mid level and senior bankers talking about how they were disappointed she was pregnant since its just not something analysts do and now we were down an analyst.

These are not the types of people that will care about your chemo story.

 

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