Unemployed for a year now
Job market has been tough, turned down a job in acquisitions in S Florida in the summer. Regretting that now but it didn't make sense for my family. Anyone have a suggestions for the resume or otherwise that has been in this situation before? I should add I have about 3-5 years of experience in acquisitions/capital markets/minor AM work primarily in multifamily but slightly diversified.
It feels like I'm either over qualified for entry level/senior analyst roles based off my experience or underqualified for VP/Director level roles, leading to complications. I am seeing few mid level roles. Hoping to stay in real estate but worried about even getting interviews at this point.
Just make sure you’re doing something in the interim other than playing Madden. It doesn’t have to be real estate related, but it should be something you can bring up in an interview. Employers won’t care as much about the gap if they think you aren’t being a bum.
Any advice on the resume portion, how to approach the dates, etc? Tested removing the dates with one shop I interviewed with and they immediately asked how long i'd worked almost ever place on my resume, almost backfired.
I was an unemployed Director for a year. Networking eventually got me an interview for a Senior Associate position and I crushed it and accepted the pay cut. As long as you have a good answer for "what did you do that year?" you should be okay.
What market if you don't mind sharing?
How would firms react to “I traveled for the year” as to what you did while you were unemployed?
Unethical, but I’d just lie if I were you and say you’re still working wherever you were previously employed. As someone who’s interviewed several people who’ve been laid off - my group (yes, anecdotal) doesn’t want to hire people who got laid off and especially those who haven’t been able to find a job in 6 months+. I’m in NYC though at one of those sweaty shitty firms so maybe it’s just my team
Wouldn't there be significant holes in this once you get to an offer stage where they want references who would likely say "This person was laid off for this reason, etc." I'm not against doing something like this but I would have to imagine the layoff would have to be disclosed at some point.
Depends where you’re interviewing. I’ve never been asked for references ever, and have worked at a bank, mega fund, and now a smaller more focused fund. Bank and mega fund did do background check, current shop didn’t
Lie will likely be exposed at the background check stage
Refer to my other comment. It depends where you’re working. You’d be shocked how many small places do not background check. A lot don’t give a fuck. If you’re working for a mega institution, yes you’ll get background checked
I'd start focusing on consulting or AM right now; it'll turn around, but in the meantime, I'd lock up that work gap. Or go get a master's or certificate of some sort. Sounds better saying I pursued my MSRE or CFA level I once I saw how horrid the job market is. AM is hiring all levels. I've seen a bunch of PM as well. I know it's not glamorous, but it still gets something on the Resume. I'm hearing from many that they just stopped looking to see if they were the director or above and will wait for phone calls. They were paid to go away, lol. Or I've met a couple of people willing to take a pay cut and a title drop to get a foot in the door at a new shop and understand they have more experience, so they probably can get ahead in promotion.
I have a narrative where I have consulted with someone who has acquired xxx of deals. Also I actually am casually looking at doing my own deals, etc. Not sure if this covers the full scope or if they'd want proof but I have this, I just do not list it on my resume yet.
How bad of a look is it to accept a job now but then jump for a better opportunity within 6-12 months? I have conviction that I can land something more interesting/lucrative within the next 6 months.
I was laid off ~5 months ago and I'm weighing accepting a job within the next month even though I'm not totally sold on the roles/firms. I'm not worried about the money but I do want to remain in touch with the market.
If you need the cash, take the job. You can always leave it off your resume and/or construct a more eloquent way to explain the purpose of the stint to a future employer.
In IB - but this is what I did. At the end of the day, I think having a short term gig makes you more confident and positioned to take on more interviews.
Realized I wouldn't waste time applying for positions worse than my current firm (as opposed to being laid off and applying to everything). You'll be more selective and have something to work towards
It depends on your seniority, which is so dumb but it can be true in some of the old timers' eyes. If you're an analyst or mid-level associate with them, you are chasing the buck, which we all are. But if your management/director/senior advisor level and above, something better came along, and you had to pursue it, or the role just didn't fit or wasn't what you were sold when you went there.
What do you mean "they stopped looking if they were the director or above" and "paid to go away"? Not following this lol
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