Laid Off Recently
I recently got laid off from my job as an equity research analyst at a decent sized long only mutual fund. I have been working there for 3 years out of college and the firm was doing bad even before Covid-19 due to client outflows and and the move to more passive investment firms with lower fees.
i was laid off about two weeks ago and I have been applying to jobs nonstop and trying to reach out to people through email.
I live in NYC and I recently signed an apartment lease on September 1. I am really nervous what the future may bring and I do not know what to do. I am revising my resume. I went to a target IVY league school that I am hoping might help me get a job again but nothing is certain.
I struggle with anxiety and this has just sent me over the edge. I am looking for ways to maybe get income on the side (i.e. day-trading but it is really risky). I am willing to take any kind of pay-cut and go down to like a first year or second year analyst level because I just want to start making money again. Have any of you guys gone through the same and any suggestions?
I’ll bump
Might not hurt to consider taking on a temporary sublet to help cover your overheads. Accepting the pay cut if not totally necessary could have mid-term impacts on your ability to climb back up to recent salary levels if you rush back into a new job. The short term benefit of stable income is attractive, but limiting the outflow of your money to rent would likely give you the peace of mind you’re looking for without impacting your earning potential going forward. I just had a friend ask me in the last week if I had any connections looking for Corp Dev / M&A work at a household-name firm, so some groups are definitely hiring right now. Best of luck with everything.
A few tips:
1. Perfect your CV: I think people understand this while at university, but once people have some experience they get lazy and don't really think about how to convey their experience onto their CV, or do a shitty job of it. Write a draft that sells yourself as best as you can, do some reflection upon your 3 years: what stood out? what can't you afford to miss on your CV? etc. Post in on here and get a few people you respect to review it so you iron out any mistakes and your CV is bulletproof.
2. Be interview ready at all times: Presumably you haven't had an interview for 3 years while you were working. While you may think you know everything about your past 3 years, I bet you've rarely had to convey answers about your work experience succinctly to a recruiter. So be ready - you will get questions such as: Why have you been let go? Was it performance related? Were there no other teams you could have joined? What were your responsibilities? What sector did you cover? Would you invest in it now? What was your best stock pick? What was your worst? Pitch me a stock? Walk me through a DCF? What are your best qualities? What do you need to improve upon? etc. Write these questions all down, write an answer for each, and practice speaking them aloud - I'm sure you already know the answer to all of these but the point is you must practice being SUCCINCT. The reason I say be ready at ALL times is because, when a recruiter asks for your availability for an interview, you can't afford to say your busy and schedule for a weeks time... you should be available within 24 hours really because you're unemployed and they know this. Of course it also goes without saying, keep on top of financial newsflow, COVID-19, S&P, election, interest rates etc.
3. Grind: Once you have step 1 and 2 under the belt, the world is your oyster. Get job alerts sent to your phone, hit up recruiters, ex-colleagues, any contacts from sell-side etc. Its a numbers game. You will find something, you just need to be willing to put in the hours. Consider your job hunt a 9-5pm job - it will take a long time. When a new job gets posted, you want to be in the first 10% of applicants. Being on top of all the job boards will allow you to do this and if you have step 1 & 2 covered, when you do get an interview, you will be ready to kill it.
4. Have a strategy: Understand when you will start casting the net wider in terms of job opportunities. I would set myself a deadline, maybe say, "if I don't get a single interview for equity research in the next 3 months, I'll start widening the net to other opportunities". If you're going to do something for the rest of your life, it helps if you enjoy it. Don't sell yourself short just because you want money in the short term. Have a strategy and grind to get what you want, but also have a back up plan to apply to areas outside of your immediate interests and set a deadline for when that'll begin. I can't really say exactly when you should start this, its all up to you, your financial situation and how long you are willing to go without a job to get back to where you want to be. From personal experience, I spent 9 months unemployed because I was too stubborn to take anything that wasn't equity research. It was a painful 9 months but I'm glad I didn't pursue anything else.
5. Dealing with your anxiety: Deserves a whole set of recommendations
I am sorry to hear about your position. I feel your pain (similar thing happened to me last year after 1.5 years at a LO shop straight out of university). Keep your head up and don't give up. Feel free to PM if I can help. Best of luck.
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Move out of your expensive NYC apt asap. How? talk to your building management and let them know you just got laid off and need to terminate your lease. Ask for a favor. They'd rather let you go early instead of fighting for your rent as each month they don't get your money is an opportunity cost to them
Apply for UI benefits, cut discretionary spending, and budget for the next 3-6months. Don't forget to get yourself health insurance via COBRA or some other means.
Also, you can't possibly be applying for jobs 8 hrs each day, so hit the gym or pick up a new hobby to cool off. Setup a schedule so you have a daily routine.
Everything will be ok, but you need to tell this yourself this and believe it.
While on UI, depending on the state, the individual qualifies for month to month coverage of medical through the state for free (mainly for emergencies).
1) Apply for unemployment and get that insurance $$ in the meantime
2) Indicate you're looking for jobs on LinkedIn for Recruiters
3) Post on your LinkedIn you're looking for a job
4) Reach out to friend/family to see if they know anything available
You go to a target ivy. Reach out to the alumni base or the people you networked with previously?
I’m sorry you were let go. But things are not as dire as they appear to be. You went to a target Ivy, you have 3 years of buyside experience and you’re early in your career. Compared to most, you’re doing very well. What you need now is a plan.
It’s going to all work out. You just need to keep pushing ahead.
OP I'm in a very similar situation as you. Personally, I'm trying my best to find a seat at a value oriented shop, which makes things even more difficult lol. You are not the only one going through this so keep your head up. Surprisingly, things are not that bad out there like Telemachus said, especially at the junior level.
Btw, you spent 3 years at a long-only and you're day trading to make some quick bucks?! Stop that shit immediately. Have a long-term view and focus on recruiting. Being fixated on daily volatility can't be good for your anxiety (and your PnL...)
Excellent points above. I think one area to look at further is to look for small consulting engagements. Offer your research / modeling capabilities out for hire. It will help your mood and wallet if you can get some work going.
I'm in a similar situation and have been contemplating doing this. I don't have the same background as OP, but like to think I have pretty strong modeling skills & research capabilities. Any suggestions on where I/we could post availability for this type of work beyond reaching out to our networks?
Why not aim for similar roles rather than go to an entry level role?
As someone who was also laid off. First thing to do is apply for unemployment insurance. With the extra pandemic portion, this will be a pretty decent amount for NYC and will keep your bills paid. Also, I gave this advice to someone else on WSO and it help them, but for your lease, your landlord might break it for a small fee or even free. NYC landlords are struggling right now. Just let them know you lost your job and can't pay. Trust me they don't want to deal with not collecting rent and trying to remove you. NYC hates landlords and it would be expensive for them to collect from you. If you can move in with your folks and collect unemployment, you'll stop the bleeding quickly. This is my advice. The job market is really tough out there especially for specific areas like equity research. You'll be okay. As someone above mentioned, don't apply for jobs 9-5. It will really be a letdown, trust me, I did this. It was very depressing for me. Instead think of things you can do and enjoy. Apply around, but don't spend your whole day in this. Find hobbies. I'm playing COD, watching netflix, trying to develop an app, etc. Go to the gym. Your life will be fine. You will get a job again, but it might take some months. Keep in mind we're in a pandemic where more than 200k people have died. Nothing is your fault.
SBed. Agree that you probably do not want to lower your bar, as least not too much. I did that, and now I'm in a nightmare. The situation did not get any better after I chose a somewhat "good platform" after laid off.
I think there are many people on this forum probably also got laid off. This is such a painful process, and fwiw, I was only 5 months into my first full-time job.
Life goes on. Don't give up.
Don’t give up. I was also let go early October and by mid November I had 3 offers in hand.
You have a ton of experience and skill. You will be ok.
Equity Research seems like a natural alternative
When i search on Indeed, i see many openings for analyst positions in a variety of flavors that come and go every month...i suggest going thru the 100's of listings and start applying for anything that seems remotely viable.
Your equity research skills could transport to B2B businesses looking for targeted prospects. Try repositioning your job title from equity research analyst to customer acquisition specialist. You know how to evaluate a company from a financial perspective, right? What businesses need right now are people who can find and evaluate potential customers from a "need, want and can afford their product or service" perspective. If you can identify pre-qualified prospects for B2B companies, they will want to talk to you and maybe hire you.
As I say in my new, free job search book, "The Only Rules Are the Ones You Make."
Get a routine going, spend time working out, sending apps, networking. Find a balance and you will be fresh to nail those interviews.
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