Rejected once again because I don't have enough experience. Feeling extremely depressed.

I recently graduated about 2 months ago, I have been trying to find a job in investment banking. I had 3 interviews at various boutiques. I did well in all of the interviews, made it to the final rounds for 2 of the interviews. But was rejected because I don't have as much experience as the other candidates. I have 1 internship (3 months) in investment banking, but do not have any full time experience. I am feeling really discouraged right now. I can't get a job because I don't have enough experience, but can't gain that experience if I don't have a job. SMH. Can someone share any stories that they have that is similar to my situation and where they were able to overcome this problem?

Some of the solutions I thought of:
1. finding another internship position/search for job while interning --> not ideal, because I don't think people value internship experience as much as full time experience, also my self-esteem would get crushed because I know a lot of people look down on post-grad interns.

  1. finding some sort of part-time or junior analyst position/search for job. --> not sure if "part-time" or "junior" analyst positions exist.

  2. Keep trying --> feeling really discouraged right now + I am really tired of sitting at home.

What do you think my best option is? Any advice is appreciated.

 

How bad do you want banking? Boutiques usually higher from previous bankers then accountants from big 4's who want to earn more money and have their accounting/finance engrained. The problem is BB's have an even stricter recruiting process. So you have to ask yourself how bad do you want it? I'd apply to a Big4 or like the guy above said find an FP&A and start recruiting again after your first year. You're going to just waste a lot of time at home if you solely recruit for ibanking. You're not entitled to anything and you can't blame the company for wanting the candidate that brings the most to the table.

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Best Response

To echo what was said above. Take a look at the valuation shops even if they arent the most prestigious names as well as the Big 4 and the shops one tier below them. A lot of the IB positions you'll see opening up in the next month or so are going to be targeted to candidates with 1-3 years of exp, so you might find yourself coming up short in interviews. Remember, this is nothing against you because you're still able to get interviews and final rounds so youre clearly doing something right. It's just that a lot of firms are looking to replace analysts that bounced so they rather get someone with some experience.

If I were you I'd try and get some relevant experience like valuations/advisory/corp fin, and make yourself a better candidate on paper and try again in a year or so or try your luck on cycle for next years analyst class.

 

Hi Conyak, thanks for the reply. I have an interview coming up with a place for an long-term IB internship (8 month+), I don't know if it is paid or not. But what is your opinion on something like this? I was thinking it can help add some experience on to my resume, so I can continue searching for a full time position. But I don't know if it would be helpful. I will definitely job search while interning, so hopefully I will not need to work there for 8 months.

 

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