Just laid off
Unfortunately, I just got laid off from my job due to budget cuts. Absolutely terrible feeling. Not really sure what to do now. I immediately spoke to several people and some stuff surfaces but not sure how promising it is.
I was working in research and sales at the Economist Group. I was hoping to pick someone's brain about one position I noticed. Its at a decent firm and the role is equity sales. I've never done equity stuff before but it doesnt mention a proven record of equity is needed so would it be worth me chucking in an app?
This is the job ad:
This involves developing an understanding of our research, developing marketing schedules for visiting companies and analysts, and can mean leading those meetings when required. As Associates develop their skills, their role should include more client contact and chasing new leads. No formal training is provided; candidates are expected to learn on the job.
We are looking for candidates who are hard working, self-starting, reasonably extraverted and technologically competent. Familiarity with capital markets an asset but not required. Ability to deal with pressure is required - strong organisational and prioritisation skills. Good communications skills and a strong work ethic are a must. Knowledge of the US, banks and/or insurers is not required but would be a plus.
We do NOT sponsor work permits. Please only apply if you meet the prerequisites
Any thoughts? I'm considering grad school for next fall too.
I would say take a few weeks to reassess your situation and cool down. Fully explore all your options (e.g. grad school/part time/full time). Don't jump immediately into the job market with a hot head unless you have a solid, promising lead.
My belief is that there's no harm to putting in an application. It doesn't hurt you and can only help you. Sounds like this is more of a client interaction based role. It does say you're expected to learn on the job, so doesn't sound like you need much experience.
I agree with this. Formulate a plan and follow through with it. Try to network as much as possible and get as many interviews as you can. Usually networking and having relationships gives you a much better chance to get interviews than the typical blind application submission. And if you have enough savings on hand, try and take a week or two off to just figure this out and take it easy. Shit happens.
Thanks. I think you're right but I have been thinking of grad school for a while now so its definitely arisen in the agenda further now. I will reassess my options in terms of work though.
Def take some time...
GOOD I got laid off in '09, went home that day and drafted my "Unemployment Playbook" thinking of all the contacts, job sites, ways to frame my layoff, elevator pitch on why me, ways to save money, etc. I got very organized, very quickly and it helped motivate me.
BAD Within a day or two I sent out my resume to a few contacts - I let them know I was just laid off (which I think showed some desparation) and my resume even had some mistakes. Really really bad to reach out to your best contacts (HR friend at BB AM) and then have to go back to them later and say "oops, typos".
Equity sales is a tough business right now. Boutique shops are closing up due to low volumes. BB firms are consolidating client lists among a smaller group of salespeople.
I would be careful not to jump into a business you don't know just to become employed, especially in a role that is in decline.
I think thats what I want, to be out and making things happen. In terms of being laid off, how did you overcome the issue in interviews? I might not even mention that and just explain how I decided to head elsewhere. My manager loved me so I assume he would be OK without mentioning how I was laid off.
Why is equity sales in decline?
I was out looking in the fall of '09 and there were a lot of people in a similar situation, so it didn't need much explanation.
Equity sales is in decline because its more expensive for funds to trade through a broker and sell-side research is less useful than it was 15 years ago. Brokers used to provide more value through news/trade flow that is now more commoditized.
So outside of a few top BB firms, we generally are paying brokers the minimum needed to maintain access to their research. In several cases, we don't even trade through to generate commissions but instead send them a check.
I was fired in August from a well respected role at a BB. Was absolutely stressed out of my mind b.c the department was falling apart. I'll never forget that day, it was as if a burden was lifted. Landed back on my feet in two months (it's an awful job, but it's at a great company).
At this point you can really do anything. Craft your story however you want. I spent the first few weeks hanging out at my pool and getting back into the gym (so easy to slack).
Anyways, there were a few things that helped me lift my spirits- 1). speak to the people still in the group (they're probably just as miserable, if not worse), 2). speak to some random people and get comfortable with your story aka networking, 3). talk to some recruiters, again get comfortable with your story, 4). network more, 5). interview for jobs that have potential at a good firm, 6). volunteer, 7). read books at the library, 8). volunteer.
Also, maybe get in touch with some professors from undergrad to get involved in some research. You can't ride out 10 months until grad school with a gap on your resume. Better off trying at a start-up, or doing some consulting (temp jobs). Hope this helps, stay up.
Thank you! It definitely does. I dont really want to move back to Brown for research stuff so I might just hang around for a week and perhaps consider a change from New York.
What does everyone think of the job ad? I'm thinking I might chuck in an app to see what sticks.
Tough situation but keep your head up!
Tough moment, but can happen to anyone. Keep your spirit up and use this as an opportunity.
I've interviewed a good number of candidates that were made redundant in downsizing. It is ok, just explain clearly that this was the case and that it was actually a good situation since atmosphere was no longer positive and was a matter of time; so now you have time and opportunity to focus in your next step and future. Probably no further questions to this topic will follow. Everywhere in the industry companies are undergoing these kind of exercises, so everyone understands.
I can only agree with previous posts. Take your time, to relax, get your act together and come out ready to take on the world!
Networking helps, sometimes it is wiser to ask for advice or just show interest in a company/role without asking for an opening. Volunteer and doing free-lance research, consultancy helps also to close the gap. But most importantly, replace fear for curiosity. Make a step for the good out of this situation.
If you have the chance, I'd suggest reading "working identity" from Ibarra. Although written for professionals in latter stages, it might give you some insights and ideas.
Good luck, please keep us posted on your progress , do let us know if we can be of help, and remember, with some fortune you can make a change for the best out of this... Sometimes life is giving us a (not so gentle) push .
All the best!
Thank you!! I think I'll pick that book up. Would you suggest that if asked why I left the old job that I can simply mention that I was looking to leave for career purposes rather then mention being laid off? I ask because my manager would be happy to not mention that fact.
Don't flat out lie like that, say that the team had a really tough year and had to cut "Positions" (not certain weak performers) and yours was one that was no longer needed.
Ah! And i'd apply to the job. Sure, no need to rush and jump onto the next horse coming your way. But look at it as a Good opportunity to test your story, get started jn updating your cv and getting your toes wet on the interviewing process. Other than this,You will get more info to make a better informed decision (perhaps ask again here savvy monkeys with more details at hand) and who knows, it might be a good job (cannot comment on the specifics).
No huge downside at this stage I'd say...(unless there is reason not to even send them your cv)
Applied and got turned down the same day. Apparently my profile didnt match, which is kinda hard to understand considering the ad didnt specify a particular type. Sucks.
No pain, no gain
Yeah, I suppose. Just a little confused. The ad didnt mention much of anything and yet my profile doesnt match? Silly.
damn all these laid off/fired threads
Sorry if people's misfortune is an issue for you.
Yes, sounds strange. Is there a serious company behind the ad?
From the description a general profile would fit, at least for an interview, but you never know what their are looking for beneath the broad working. I assume you meet the last prerequisite (valid work permit).
In any case, time to start with your strategy and broaden your targets.
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