Where is London job market headed?
As another week passed by without any new lead for me, I wanted to get your thoughts on where the job market in London could be headed for the next 3-6-12 months, and ideally I would love to hear from those who made it through (or not) in 2008, as well as from recruiters.
I’ve been unemployed since Q2 and I am looking to get back into sell-side ER: I have a very solid experience with Extel/II top ranked analysts, but on a niche sector and from a no-name boutique. For the 5 interviews and 2 last rounds I had after 6 months and ~250 applications, there was always someone « with a better profile », which I understand means « from a better firm ». So not only there isn’t many jobs available, but there are also far more qualified candidates on the job market than usual.
I am basically trying to understand whether and when this pool of jobless BB/EB guys will eventually dry up and leave a chance to more peculiar profiles. The underlying question being: would it be wise for me to take a casual job (I’ve had some interest for country-level FP&A at F500 companies) until odds of getting ER interviews become higher, or could it be harmful to my resume? And more generally, have some of you been in that situation and recovered? Have you got any tips on how to handle the upheaval ?
While time is not a constraint for me (finished paying back my student loan in Q1), I genuinely like equity research, and I look forward to hopping back in.
Hope that was clear - thanks in advance for your insights.
I know people who went to Oxford who aren't working atm. so situation isn't great.
Look at recruitment companies as a proxy, their numbers, shares, etc - might be helpful to see where things are headed.
I think Q1-Q2 will be tough for many, after new years expenses like insurances the nation will be finally on their own. there will be some issues with brexit, but overall the vaccine will make sure people can go back to their offices after 4-6 months.
situation might improve after the summer and jobs might line up. still unclear how many finance jobs will be created in a new world order post-Brexit.
That's helpful - thanks.
Re post-Brexit, I might be wrong, but I have not seen any buy-side shops, at leat none of my clients, with plans to move out of UK. Even on the sell-side, it looks like the massive migration to Frankfurt or Paris that was anticipated never really took place. Specfically for ER, I'm not even sure Brexit will make it worse.
On top of ER just going downhill with MiFiD etc.
The number of seat available shrinks, of course, but it makes the job much more stimulating and rewarding for those who remain, as the quality of your work is suddenly directly tied to your top-line. For top-ranked analysts and highly-focussed boutiques, it's an opportunity.
Don’t want to come as a dick, but what was the reason for you to be fired if such is your argument? Surely in high vol environments - ie Covid, AMs need to speak to people as they need to outsource some of their research to stay relevant on their coverage but let me know if I think about this in a wrong way?
I wasn't fired, I quit on personal reasons. Sometimes, life sucks and it throws you shit at the worst possible moment. I found it tricky to explain in interviews without sounding pitiful.
You're completely right on volumes, though. We arguably had more interactions in H1 20 than we did in H1 19, and we barely lost any clients. My team was actually expanding when I left.
Anyway, I am not lamenting on what happened; I'm focussing on the future and how I can get back on my feet asap.
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