How long until the economy recovers? (Less Jobs?!!)
How long until we fully recover from the downturn caused by the pandemic?
I’m especially worried as an incoming 1st year college student (Class of 2024). I fear that a prolonged downturn will harm my chances of securing an offer in IB, especially because recruiting starts so early (2022 for my class). Yes, I know there is more to life than worrying about that coveted banking job. But college costs an arm and a leg now, so I think I’m justified in worrying about getting a return on my investment. How worried should we be about the job market in the coming years?
As an incoming student, you have time to adjust to market prospects. If you were graduating this year, i'd say you're screwed depending on industry.
You're the same person who asked if they should transfer to a "supertarget" from an ivy target school, right?
I have some advice for you. I don't know you, but based on your post history I have a feeling that this could apply.
Please don't become the finance hardo throughout your four years in college. Nobody likes that and nobody wants to work with that personality let alone sit next to that person everyday.
Enjoy your time in college. Live a little. It's important to pick up some social skills and the people who you become friends with can really be of value in the future not only professionally, but also personally. It's also the last time you can pretty much do whatever you want before you have start working for the next 40 years of your life.
By the time that you have to start recruiting, the job market should be just fine. I wouldn't worry too much about securing the IB offer a couple years in advance. You go to a good school, just be a good student, and you should be in good shape.
People on this forum act like securing IB SA or FT offer out of school is the end-all be-all and it's not. If you really know that you want to pursue IB, then great. You should be just fine. It isn't that hard to get looks as people make it out to be. You already seem to be ahead of the game. Don't sacrifice everything, especially your social life, for it.
Wow you’re pretty attentive to have noticed that. I guess WSO is a small world. Or maybe I post way too often.
Thanks for your advice. The only reason I give this so much thought is that I don’t want to spend hundreds of thousands of dollars on a college education just to end up living paycheck to paycheck. It may seem unlikely, but the fear is there for everyone, especially given the uncertain times we’re in. I can’t imagine the stress of someone graduating this year.
Rest assured, I enjoy the good things in life (friendship, learning for its own sake, humor and laughter) a lot more than fantasizing about an IB job offer. I think spending the past four months in quarantine with no responsibilities and complete isolation has helped me realize that. Pretty ironic now that I’ve noticed it: the pandemic has made me increasingly worried about landing a high paying job but also more aware that money and loads of free time isn’t everything. Weird contradiction.
Anyways, enough rambling. Thanks again for the thoughtful words. I’ll make sure not to become one of those hardos and try to enjoy the better things.
You can always take a gap year to stretch out the recruiting timeline
If this thing is still a problem in 2024 we have bigger problems than finding a job
As for being focused....good. Go for your goals. If you want to do banking, go for it 100%. You can always change your mind and do something else later, but if you really want it and have the interest I say go balls to the wall.
Maybe some of the older guys on here can speak to banking recruiting post 2008/2009 but my sense is that apart from people recruiting in that year itself (graduating spring 2009 / interning summer 2008) the impact went away pretty quickly for IB / PE recruiting at least. You also had significant consolidation and 2 of the largest banks shutting down then, so a pretty different situation vs today.
I could see there being an impact on the summer analyst / associate offers for this year, but a number of banks have seemed to announce that there won’t be (will give everyone an offer), and there is so much churn at the junior levels anyways. Wouldn’t be shocked to see a bunch of VP layoffs later in the year though if things continue.
You will find life to be very empty if all you're doing is focusing on getting a banking job.
Don't let life pass you by, enjoy it and cast a decently wide net, as there is no one job for one person. Usually always 3-4 jobs that had you lived different lives, you would have loved all of them
Yes, the pandemic is designed specifically to keep YOU from getting an IB job.
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