What to do when all the traditional channels aren't paying off
Like many people, I have been laid off. I joined a well-known asset manager in Baltimore for an entry-level equity research job after graduating undergrad last summer. After a few months on the job, AUM fell, so they had to slash a large part of the workforce.
It's now been nearly five months and I still haven't even been close to getting a job, let alone landing an interview. I am writing to see if anyone has any ideas about how I can find something.
Here are the steps I've taken:
1.) Mergers and Inquisitions edited my resume and cover letter 2.) I cold called or sent letters to several firms 3.) I sent my resume to head hunters 4.) I've expanded my network and stayed in touch with contacts I've already made. 5.) My school's Career Center has been working with me to feed leads 6.) I enrolled in Level I of the CFA to demonstrate my seriousness in pursuing a career in the industry. 7.) I've offered to work for free and applied to unpaid internships at firms.
I'm not picky about where I land -- a mutual fund, hedge fund, fund of funds, or investment consulting, even something in consulting would be fine. Like I said, I'm willing to work for free, I just want to work and learn.
By my count, I've reached out to over 200 individuals, resulting in a paltry 2 interviews.
Does anyone have any advice or any ideas on what I can do?
Thanks
The Baltimore thing really gave it away.
The main thing is to not quit. It looks like you're doing the right thing. There's been nothing out there, but the financial job market may begin to turn (a little) soon.
I wouldn't tell anyone I'd work for free. Sounds desperate. Have you considered looking for internships? That may be your best bet right now. You're still fresh out of UG.
Have you considered corporate finance or Big 4? You can get good experience and a paycheck and wait for the AM world to pick up. There's so many expeirenced people looking for a job right now. Let's face, a huge chunck of HFs have or will shut down. Might as well forget that.
some methods i have seen and heard of so far
of course these all happened in nyc.
The world has changed. And we must change with it.
It's a very difficult job market, so you just have to hang in there... Perhaps consider getting an MBA or JD or some advanced degree now while the job market is tough and pay is low (though applications to MBA and JD programs have also skyrocketed...)
That said, try targeting smaller firms as it is often easier to get jobs at these firms than larger firms as this explains: http://www.gottamentor.com/viewAdvice.aspx?a=304. Smaller financial firms had less leverage and smaller trading operations and thus were less impacted by the financial crisis. Also, a connection at a smaller firm might have an easier time helping you secure a job as there is less bureaucratic red tape to cut through.
As a last resort, try targeting other industries. This article (http://www.gottamentor.com/ViewMyLink.aspx?share=1&l=211) provides some interesting insight into where to look for jobs during the recession. The financial services industry has obviously been hardest hit with 71% fewer job openings for seniors graduating in 2009, but there are some industries (e.g. the government sector) that actually have more openings. As the article states, some job is better than sitting at home with no job. Also, you may be able to find a job in the government sector that teaches some skills that could be useful in/ applicable to finance, which seems to be your primary interest.
Best of luck!
I'm currently employed, but I've been looking for a new position for about 5 months myself now. Its extremely hard out there and all my emails, alumni networking, sending letters etc have also resulted in only two interviews. The difference in my case is I've applied to F500 companies and startups too, just to get a leg in somewhere. I think you should take that approach too and broaden your approach further. Also, if you haven't done this, reach out to alumni and ask for help. I still do this almost everyday and its gotten me a few leads, leads that later evaporated but leads nonetheless.
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