Laid Off
Got laid off last week along with half of the analysts on my team at my mm.
Wondering when people think lateral spots are going to start opening again? I’m about a year in and don’t plan to do more than two years in banking but feel as if I need to go somewhere else to finish out my two years. But would consider something else if I have to. I’m 25 so a bit old for an analyst also.
Long term hoping to do investing in the media / sports space whether that’s pe or vc. Have experience working for a cool sports start up before i started my banking stint. Not really sure where to go from here.
Sorry to hear that. Id assume spots will open in the new year. Were you at a well known MM?
Thanks man - not super well known (LMM)
What tpye of range?
If you are willing to put on the hours of an analyst (like 80 hour weeks or whatever depending on the bank and their culture) I would think it may be reasonable that a recruiter could help you find a bank/MD/team that could help you put in another year or so in banking (they may want to target like a 2 year commitment to avoid you just hoping too quickly) and then hopefully be supportive of you trying to move to a sports/media PE fund if you still want to do that then. Either way best wishes and good luck
It may be best to try to start getting in front of recruiters and banks asap if possible so they have you in the pipeline for if/when people start leaving and/or business starts to pick up again creating a need for more analysts/junior bankers
That all makes sense thank you for the insight. Makes it tough with the holidays coming up. Also just not sure on how much I should settle for a lesser role for now or wait until the opportunities (hopefully) start coming back in a few months. Can support myself until probably March/April without a job.
Go file for unemployment today. Every dollar helps and depending on what state you live in, you can get some pretty decent benefits for a few months to help pay the bills while you job search.
It's definitely going to be tough in the next few weeks as just about all hiring is shutting down for the holidays. If you can squeeze in a little networking now, go for it so that you're well-positioned to know about and apply for openings in January when people focus on work a little more. But also, use this as some time to get your head on straight, blow off some steam, and reset. Getting laid off absolutely sucks but it happens to most of us at some point over the course of a career. But soon enough you'll be back at work and you'll be working long hours and you'll miss being unemployed and being able to go to the gym at 2pm.
Thanks man, all great advice. The unemployment will definitely help me cover rent for a few months. Trying to frame this as a good thing as I was planning to try to leave the firm anyway after the new year. The uncertainty just sucks.
Did you find something yet? I have a few close peers going through this and are struggling finding lateral roles
Do you guys think it’s materially harder to find a job after you’ve been fired? Feel like might happen in my company soon and wonder if it could be an end of my career…
........
it's usually like 1 month for every 10k in salary
I got 3 weeks…
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