Shit - friend made redundant from BB. Options?
Guys,
My mentor from b-school (an MBA class of 2010) just got made redundant from his job. He joined the Associate programme at a BB last July, and just found out the shitty news yesterday. He worked in a sector team within IBD.
He wasn't the only one...while a few survived, quite a few MBA's got canned. Clearly the LIFO concept at work. It seems quite a few of the banks have started redundancy programmes.
We were just talking through what options he has (not that I can be much use as I'm trying to break into the industry myself!) but thought I'd see what existing bankers and others may think. Are there any freelance finance type gigs out there which offer a steady source of income while he applies to new jobs? He wanted to do PE, but that's clearly a dream now. I think M&A is his best option, at a boutique firm. However, as he rightly pointed out, what was the point of the MBA then?
Pre-MBA he worked for a small M&A boutique. Interned during the MBA at the BB in question and got made an FT offer. Newly married but no kids, so added responsibility there.
Anyways, any ideas would be appreciated.
T
Ah... This is a tough situation to be in. Obviously the MBA is not a guarantee of a stable job, especially in a market driven, cyclical industry such as IB. However, a top MBA should give him access to a bunch of contacts and other banks he can lateral over to.
As for the freelance question - check out Accordion Partners. I have never worked with them, but it seems to be an interesting concept for a temporary gig. Corporate development might also be a valid option.
What is the general geographic location of your friend?
Thanks - will ask him to check out Accordion.
We're both MBA's from Wharton. I'm a class of 2011 and he's class of 2010. I couldn't find shit when I applied (to a LOT of places) in the US and the UK. I eventually found a decent gig at a fund in Dubai.
He's based (was based) in the London office.
I totally agree that a top MBA isn't a guarantee anymore of a great job in finance. Those days are clearly long gone.
T
You know as well as anyone else that his MBA is now a sunk cost. Much like the purchase of an under performing stock, one could say, "Well, what's the point in me having purchased this stock last year if I sell it now at a loss?" He's "purchased" the MBA and owes the debt--his best bet is to move forward in a manner that will secure him a good job in the industry that will allow him to service his lifestyle and his accumulated debts. If that means M&A at a boutique then so be it. No one is owed a dream job because of the quality of his or her MBA program.
Pride cometh before the fall. The job market is horrendous right now--he would be best served to take any good job he can find. With his credentials it should be of little difficulty compared to the rest of the mere mortals.
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