Should I quit the industry? Or am I being dramatic.
I am an unemployed fall 2023 graduate (non target). Interned at a large AM but couldn’t get return offer due to headcount constraints.
I’ve applied to ~500 jobs over the past 8 months and gotten a few interviews, including at big name firms in AM and at HFs. But no one will hire me, they always have a reason. “Hired someone more experienced.” “Don’t have budget for the role anymore.” Etc. After rounds and rounds of interviews I go nowhere. Even local firms and non “high finance” postings ghost me.
Question is, in this situation, do I keep going? My understanding is that the longer I’m unemployed the less employable I am.
So I’m thinking either:
1. Stick it out and keep looking
2. Try grad school (I.e. MFE, MBA(?), data science, etc.)
3. Give up on finance and figure out a way to work in another industry.
Any advice from people with experience would be appreciated! Thank you.
Sorry to hear - been through the same struggle. Be persistent and try to focus on a few key areas / fields that you are most familiar with. Asset Management out of undergrad is very rare, which roles have you been applying to?
My qualifications are best for trade support, portfolio analytics, research, quant/risk analysis, anything requiring a combination of technical/programming skills and finance knowledge. Trading roles aren’t realistic anymore because I couldn’t get a trading internship, but I’ve applied anyway.
I’ve also gotten interviews in data-driven equity research, data-driven roles at HF’s, and even DCM at IBs.
My resume is strong but the market has no room or sympathy for new grads…
bump
the employment market is not good now, and it probably stay like that 1 more year or even 2.
So decide what to do during this 1/2 year. Either keep grinding or look into something else. The choice is yours depending how much you really like finance.
I’m not ready to give up yet, I invested the last 5 years of my life into this. The only thing keeping me going is the advice of one of my mentors, “never give up.” But I’m starting to wonder if I’m even being rational anymore.
Everyone who interviews me tells me I have a very impressive resume and background. Yet, no one will hire me. What would you do if you were a new grad in my position?
Im studying for the CFA and reading books and all but the gap on my resume will be deadly…
then my advice is to acknowledge that this process/challenge is building in you a lot of resilience. The endless days that you're questioning yourself if you should quit but you decide to keep pushing, the question of "do I really want this" even after investing 5 years in this path and deciding to still remain and keep pushing, and the countless rejections you're getting can't be bought anywhere and it will build an unbreakable psychological shield in your life and career.
people that got things easy never faced adversity, and maybe it's better to face adversity now when you don't have much to lose than to face adversity 5-10-15 years from now, when you'll have more responsibilities and which the psychological stress may impair your career and life.
the strongest characters are discovered in the downturns/bad times. When everything goes well everybody can be a winner.
my empirical advice is to also use productiveley those, days, go to the gym, read, etc. to not look back and think that I wasted maybe 1-2 hours everyday where I had peak concentration/energy sending application, instead of reading/training, which after each day's night sleep could have compounded. Once you have a job you won't have those "sweet spots" during the day to really do something intense, probably you'll be working those hours. That's it.
I speak from my own experience going into my third year the job market suck ass right now. I’ve been trying to move and the market overall is terrible. Spoken to a few different head hunters and it’s the same conversation over and over market sucks market sucks market sucks. Keep pounding if this is really what you wanna do eventually you’ll find something. For color I’ve spoken to people that have told me people in the financial crisis moved much more easily back then compared to this market now I don’t know how how true that statement is but I can tell you this is the hardest fucking thing to find another job in the market even with experience!
That’s terrible — hope you find some luck and can hold out in your current role for now. And I’ve also heard a lot about the toughness of the job market too, but never heard someone call it worse than 2008 until now…
This is part of why I’m considering giving up. Only because I’m starting to think I’m holding on to something I’ve already lost and will never realistically get back.
I just don’t know what to do… I’m in my parents house feeling like a bum.
An MD I work with think Morgan/Barclays/Citi told me from his prospective there was more
movement back then than there is now. My prospective I haven’t seen anyone move with the exception of 1 trader to the buyside…… aside from that nothing
Was just in your shoes but for IB. Non-target, no return offer due to headcount constraints. Graduated in December 23 and my first day on the desk was this Monday.
If you go on my profile, you’ll see I made an identical thread to you—I considered giving up on the industry. I kept networking and applying and eventually something stuck.
Head up champ
Gives me hope
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