Anyone else just get laid off? Not sure what I am suppose to do. Have had some great experiences as an analyst but now in between a rock and a hard place. I’m too young for 5 yr exp jobs and would almost definitely be taking a step back to get another entry level Analyst job unless it was a Mega-fund.
Have no clue what I am suppose to do now. Anyone else in the same boat?
Same boat, I am graduating from my MBA and my offer got rescinded, now I can't recruit for REIB, and word from all the networking calls I've done no one is hiring anywhere notable. Just gotta grind more networking and hope you get just one person to give you a break.
step 1) file for unemployment on your state dept of labor website - in NY you will get ~ $460/week for 39 weeks + $600/week thru July
$1060/week is a pace of 55k/year (assuming the 600/week gets extended).
step 2) go on indeed (the job search aggregator) and start looking for jobs that you qualify for. Setup email alerts on job searches that interest you. You will see many jobs being posted every week....hiring is still taking place...maybe not everywhere..but at lots of places at many companies.
step 3) minimize expenses immediately. if your state has an eviction moratorium....don't pay your rent (perhaps notify your landlord that you have been fired...do a little research about this for your state). If you have a mortgage, then inquire about not paying your mortgage.
step 4) stop all "fun" discretionairy expenses....hopefully you can get a job within a few months...but maybe it takes a year or more. Better to plan for the long haul of unemployment and then be happily surprised with a good job.....than to be broke when you could have avoided it.
This guy knows what it’s like.
I would recommend heavily engaging your network. Reach out to everyone you have a good relationship with that you can talk to. Given the market situation, you really will not need to explain yourself nor fear any shame (not you ever should in such a situation).
Be active in talking to people, get ideas, listen, follow-up, get leads on stuff. The more active you are, the more will turn up.
Good luck, you are not alone in this situation, it does not have to mean your career goes off track. I had something similar happen to be back in 2008 (well... a lot of people did), and it honestly was the best thing from the long-term view, like majorly good. (changed career focus, long story).
Got furloughed. Apply for unemployment right away. The benefits are decent, they wont substitute your pay, but if you can limit your expenses heavily, you can achieve a similar savings rate. I cut down heavily on going out (also not by choice with the stay at home orders) which saved me a lot of money. Turns out with unemployment, I am saving nearly the same amount. Renegotiate all your credit card bills or expenses. A lot of companies are willing to help out right now. Then apply for jobs. I have been looking myself in case my furlough becomes permanent, but very few companies in finance hiring right now.
Which group were you in at JP Morgan? CMBS?
@ the "nobody in finance is hiring rn" Surprisingly I've gotten the most calls from in house BB recruiters than ever in my life during this quarantine... anyone have similar experiences? They are for sure only focusing on jobs that need to be filled so I honestly think it is a good time for experienced hires to make moves. Just my .02
What type of positions? Not a ton of RE at reputable funds are hiring from the people i've called. NY offices are all closed and don't want to train virtually. Curious though what positions they were asking for.
S&T, DCM typ roles
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