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Don't get discouraged.  Keep pushing, keep grinding. How are you applying to these jobs? Are you applying online? In my experience what has the highest percentage of you getting a job is just call or email a director or VP at the firm and try to set up a meeting.  This works especially well if their team does have an opening posted.  Just say hey I am really interested in your team/market/asset class and I saw there was this job posting.  Its important to keep in mind who your competition is, this will give you a competitive advantage.  These roles are often times filled by internal candidates who maybe went through an internship with the firm already or someone with a few years of analyst experience.  Basically what I am trying to say is if you dont have these things you have to do something other candidates are not doing, because these jobs in major markets will get hundreds of resumes.