Recent Graduate, can't find job in banking
Hi all,
I'm a recent graduate from a 2nd tier target with a 3.9 gpa in economics. I have internships in consulting and on the buy-side and have EC's. I screwed the pooch during my senior year recruiting and barely applied anywhere...I took the first job I found on my school's career portal, which is a financial software company that's honestly doing pretty well, but I'm miserable 3 months in.
I'm mainly worried because I despise this company's culture, the people are unwelcoming, and the work is boring. I don't expect to love a banking job either, but the exit ops at this place seem nonexistent, with B-school out of the question unless I get a rainman tier GMAT score. The salary is okay...70k+ bonus 5-15%, but this is not at all what I want to do.
Because of this situation, I've been having panic attacks thinking about how if I stay in this job, my career is over.
Anyone have any tips?
Advice I've received from my older family members is to study for CFA Level 1. I've also begun cold-emailing HF's/MM ibanks, etc. hoping for an info call. Am I SOL for 2019 recruiting, should I even bother? Would appreciate advice from people who were in similar situations
Same situation here mate. Only difference is you have a job haha. I graduated this last may from a non-target with a 3.97 in two years, just sat for level 1 of the CFA exam, and have been doing financial modeling courses to pick up that skill since my schooling lacked on that.
To answer your questions: 1. Definitely take the CFA level 1 exam. Can't recommend it enough. 2. I'm unsure on the cold calling. If you have had some success with it keep doing it. 3. Best thing that has happened for me is that from interviews that went well but the firm went for candidates with more experience, you can usually make a good friend on the inside that will go to bat for you at other jobs. So if you are looking at large firms you should have more than just 1 application in with them.
Obviously my situation doesn't lend me the most credibility, but I hope you found some of this useful. Will also be checking this forum to see what others say!
I thought that people only take the CFA after working for a certain period of time? If someone could clarify the timeline on this, I would appreciate it.
I just wanted to chime in on what you said about having someone bat for you on the inside. Its so critical to network and see who you can link up with when you want to start with no experience. As you said, they go with people who have at least some experience which is not hard to find, but if someone can vouch for you that you are hard working, a diligent learner and team player, its all you need sometimes for an entry level position.
Definitely don't think you're out of luck for this recruiting cycle. A few banks may be finishing up their recruitment right now, but most are still recruiting. You just need to get to know the right people.
Agree with chrysosclancap about trying to have somebody on the inside vouch for you. Also, looks like EatsChineseFood linked to a service that does exactly that. Don't let complacency set in. No sense in sitting at a job that you're miserable at, especially if you're getting paid half off what you could be making at another job that likely isn't any more miserable (IB)
EatsChineseFood, GolfClubSpot, and Chapstick are all accounts used to promote the lobby, a paid mock interview service. I don't really have a problem with the service, but it's pretty dishonest to pose as an IB or PE Analyst / Associate on a forum designed to help people and promote your own company. He's got like 3-6 accounts that he uses to give silver bananas to his posts about the service. He also uses the accounts to monkey shit anyone who calls him out (just see my post history where I called out his other fake accounts).
Just an FYI to anyone thinking about dropping $80 to get a referral to a bank - thats not what his service does. It's great for getting a paid mock interview or information about a very specific group. It's not going to help you make a connection with a bank employee (the customer and the banker have to stay anonymous)
Edit: Aaaand EatsChineseFood's comment above has been edited to remove the link to the Lobby. Just be up front about what your service is for bud
EXPOSED
Regarding business school, you're job may not be prestigious but with your GPA and going to a solid school, if you do well on the gmat (lets say 720+) I really don't think bschool will be much of an issue. I also have no experience in this matter so I could be wildly mistaken.
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