Applying for those laid off in 2008?

luke77's picture
Rank: Senior Baboon | 234

Hi guys, I'm in a bit of a weird situation and I'm wondering how others in my position have or are dealing with it. I was hired as a S & T analyst at a BB in 2007. I worked there for a year, and although I survived the layoffs, I had to take an extended leave of absence for some personal (family) stuff that I absolutely had to go home for. It took much longer than expected, and after 12 months of being away the let me go (company policy). All the family stuff is behind me now and I'm ready to get back to work. But now I'm in an awkward situation: I have one year of experience (and 3-4 months of that was training). I'm starting to look at advertised positions on company websites, etc. and most are looking for people with at least 2 years experience - there's not too many positions for a "2nd year analyst" because most companies don't want to touch someone leaving a firm after only one year, and I haven't really fully developed transferable skills. On the other hand, I can't apply to entry-level analyst positions because I've been out of school for two years.

So I'm in a similar situation as analysts who were laid off during the financial crisis in 2008, after one year of work. The job market seems to be a little bit better than back then, so I'm wondering if there are others in a position like mine (or who have been in a position like mine). How do you market yourself, and what kinds of jobs do you apply for?

Thanks,
Luke

Comments (9)

Sep 8, 2009

Start over. Apply for the same jobs you would out of UG. You can apply for them it is just tougher and it will be next to impossible to get hired at a BB. Have you tried milking your contacts? That may be your saving grace.

Sep 8, 2009

My firm is taking people from 08 because of lay-offs/offers reversed . I get email alerts for IB job postings, and lately (last month or so) I've seen at least 2-3 positions in Europe looking for people with 6m-1.5 yrs of experience. Maybe something to look into.

"Cowards die a thousand deaths, but the brave only one,"
Bill Shakespeare

Sep 9, 2009

I agree with baylormale for the most part. I would also suggest contacting some headhunters to help you.

I would be curious to know which firms' and/or job search websites you have checked?

Sep 9, 2009

are going to be worthless to this guy.

focus your efforts on networking with former co-workers.

I'm making it up as I go along.

I'm making it up as I go along.

Sep 10, 2009

Most firms I've been talking to wont even accept '09 graduates anymore. Probably just their way of keeping the applicant pool down. Or 22 years old is now, apparently, too old to enter the investment banking industry.

Sep 11, 2009
Schumacher:

Most firms I've been talking to wont even accept '09 graduates anymore. Probably just their way of keeping the applicant pool down. Or 22 years old is now, apparently, too old to enter the investment banking industry.

What kinds of firms have you been talking to? BB, MM, etc?

Sep 11, 2009
swagon:
Schumacher:

Most firms I've been talking to wont even accept '09 graduates anymore. Probably just their way of keeping the applicant pool down. Or 22 years old is now, apparently, too old to enter the investment banking industry.

What kinds of firms have you been talking to? BB, MM, etc?

This is MM and boutiques. Not sure what the BBs are going to do but the bulk of their recruiting is SA hires and on campus interviews so...

I think it's really too bad the class of '09 has been pretty much forgotten about and left hanging.

Sep 11, 2009

Good luck luke, I was in a very similar position a little while back (lost my BB S&T job). I somewhat agree with cornelius in that recruiters may not be too helpful for you, but it doesn't hurt to try them anyway - they got me interviews at some decent places. I ended up getting my new job via networking and calling all my contacts - that is probably your best bet.

You could also try banks outside of US if you can't get in with the UGs this year. Some european banks like to hire experienced analysts vs. straight out of ug. They may also do LT internships of 6-12 mos.

Sep 11, 2009
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