Try to start a Business?
At the point of confusion in the job market. I am still looking after graduation in '23 with multiple IB / Investing internships. I am not sure what else I can do after cold emailing every firm I can find with a relevant industry pitch and referral letter.
I hate the victim mentality, but I can't see what else I possibly can do to convince firms that are simply not hiring. It is so frustrating and immensely stressful when you put in loads of effort for nothing to be there - I am willing to grind.
I feel as though a Masters would be a waste of money / could be a tough sell since I haven't had a stable role, and I have a health condition that bars me from the military. Wondering if I should try to start a company, although I don't come from a well-off background.
Any thoughts or words of encouragement are appreciated.
Based on the most helpful WSO content, here are some insights and advice for your situation:
Entrepreneurial Mindset:
Evaluating Your Situation:
Alternative Paths:
Practical Steps:
Words of Encouragement:
Ultimately, the decision to start a business or continue seeking a traditional career path is deeply personal and depends on your individual circumstances, goals, and risk tolerance.
Sources: Entrepreneurship or IB... How do you choose?, Why is no one dreaming of opening their own business?, Why You Should Launch a Startup Instead of Going to the Buyside, I've had more luck with entrepreneurship than with career: advice desperately needed, Why You Should Launch a Startup Instead of Going to the Buyside
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I was in a similar boat but ended up getting a lateral role. Started a tutoring business in the interim and am interested in building another service based business with like-minded people to work on in free time.
Careers take weird paths. Embrace it if you can.
This is teaching you mental toughness and the ability to push for what you want. Its an unreal skill that people who have more conventional career paths have to learn later.
Access is key. If you want in to IB you've got to get close to the action. Think about smaller boutiques, different types of roles at bigger banks, etc. Then potentially hit a Masters to get you back on the target path.
I started as a Risk Quant contractor at one IB, learned loads about Banking risk, did CFA, and then literally hammered FIG teams to get a move across to IB. Then got ranked as a top performer because I had "breadth" (from the same people who ignored me before).
Accept the huge amounts of rejection - but you only need one to say yes. Next thing you've got where you want to be.
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