You think you're screwed?

I’m a new member, but after reading some of these posts I was a bit surprised at what some of these people are complaining about. “I have a job with a boutique but can’t get into BB” or “I have a degree from a top tier target school but can’t get my foot in the door.” Like I said in the title of this post, you think you’re screwed? Look at the market… you’re lucky you have a job. Put yourself in the shoes of a banker who’s getting laid off after 20 years of experience, and then complain.

I myself like many of you who post on this thread am also looking for the in…however my situation has a few more obstacles. First off I did not graduate from a target BB school (Bentley College, ever heard of it? Well kudos to those who have cuz it’s a good school…but many haven’t). While I did finish with a strong GPA in Economics/Finance (3.5, although given that I’m not from an Ivy I should have probably worked towards a 3.9) I was not able to get any internships in finance, partly because those companies do not target directly at my school but also because I transferred in the middle of my sophomore year missing most of the opportunities. So, I was stuck doing a marketing internship for a small Business Intelligence company.

So this is my current situation. I graduated in May, was going to start work at a top bank’s Wealth Management office but after the wave of hiring freezes my offer was retracted. So, now I’m stuck with nothing -no experience, no job, and willing to take on any role at any salary as long as the experience is remotely relevant to add resume value towards a career in finance.

Basically, what I’m trying to say is it’s easy to think “I know I can do better than this” or “I can’t settle for a salary lower than X” but given the current conditions you should be happy with any experience you are getting because there are thousands of people just like me who are having an impossible time getting even our toe nail in the door.

 
matty200:
<span class=keyword_link><a href=/resources/skills/valuation/net-worth>net worth or nothing</a></span>:
slim wheel,

Go out, kick ass, take names, stop bitching.

Seemed to me like he wasn't bitching at all, more like telling everyone to be happy with what they have and move on.

you're interpretation is flawed. the guy needs to focus on himself, and not compare himself to others (however hard that is going to be to avoid doing)... obviously, he's not in a position to give advice to others here anyway without a job.

i commend you for being nice though and standing up for the guy.

best of luck.

 
Best Response

Sorry to burst your bubble slim but that is life. The rich complain about things which hold them from being richer and the poor complain about things which keep them poor.

You, at Bentley, feel like you are entitled to a pretty good offer and when that got stripped from you you are now forced to go a step below and find something else. People at targets had BB offers stripped and are pissed they have to go a step below. Just because they had something better in the first place and have to "settle" for something better than you have does not make them whiners it makes them just as bad as you.

I am no exception.

 

Fair enough tbroker, I can see how my post came off as whining too. I was just trying to set a comparison, but I admit you're right in saying that everything is relative. In the end if you want it bad enough you'll get it.

As for the comment left by x35109...what?

 
slimwheels00:

As for the comment left by x35109...what?

he means your fellow high school friend who told you to go to a 'name brand' safe target school (like Cornell or Brown if you can't get into HYPS) instead of the 'looks like a great overall program' school.

my interpretation.

good luck.

 
slimwheels00:
I’m a new member, but after reading some of these posts I was a bit surprised at what some of these people are complaining about. “I have a job with a boutique but can’t get into BB” or “I have a degree from a top tier target school but can’t get my foot in the door.” Like I said in the title of this post, you think you’re screwed? Look at the market… you’re lucky you have a job. Put yourself in the shoes of a banker who’s getting laid off after 20 years of experience, and then complain.

I myself like many of you who post on this thread am also looking for the in…however my situation has a few more obstacles. First off I did not graduate from a target BB school (Bentley College, ever heard of it? Well kudos to those who have cuz it’s a good school…but many haven’t). While I did finish with a strong GPA in Economics/Finance (3.5, although given that I’m not from an Ivy I should have probably worked towards a 3.9) I was not able to get any internships in finance, partly because those companies do not target directly at my school but also because I transferred in the middle of my sophomore year missing most of the opportunities. So, I was stuck doing a marketing internship for a small Business Intelligence company.

So this is my current situation. I graduated in May, was going to start work at a top bank’s Wealth Management office but after the wave of hiring freezes my offer was retracted. So, now I’m stuck with nothing -no experience, no job, and willing to take on any role at any salary as long as the experience is remotely relevant to add resume value towards a career in finance.

Basically, what I’m trying to say is it’s easy to think “I know I can do better than this” or “I can’t settle for a salary lower than X” but given the current conditions you should be happy with any experience you are getting because there are thousands of people just like me who are having an impossible time getting even our toe nail in the door.

are you looking for a job in nyc? have you thought about accounting? or looking into corporate finance positions in f500 companies? if you are, that's your best bet in my humble opinion.

-net worth

 

I work for a top F500 company and they are hiring analysts to do a lot of different work, it is not banking but it will not stray you off the path from "high powered finance" (IB/PE/HF,AM) as long as while you are there you beef up your EC and/or do the CFA or something to that effect.

By doing so you will be able to go to a top B-School and when the market is back to what it has been over the last 4 or so years in 2010+ you will just be getting out of B-School and ready to go to IB/PE/HF/Am

 
tbroker:
I work for a top F500 company and they are hiring analysts to do a lot of different work, it is not banking but it will not stray you off the path from "high powered finance" (IB/PE/HF,AM) as long as while you are there you beef up your EC and/or do the CFA or something to that effect.

By doing so you will be able to go to a top B-School and when the market is back to what it has been over the last 4 or so years in 2010+ you will just be getting out of B-School and ready to go to IB/PE/HF/Am

and also to respond to net worth's comment: to be honest I have been applying to a wide range of positions in the NYC area. Some are more accounting based while others are investor relations (which I don't want to do). However, most likely given my inexperience, its really hard for me to even get interviews in the ny area. I will take tbroker's advice though and shift my focus on F500 companies that need analysts. Also, I am planning on taking the CFA level I in December to add some credibility.

Thanks for the advice guys

 

Guys, have you looked outside the USA? Asian offices are hiring, Russian offices are hiring, African offices are hiring...even in Europe they still hire, though not so actively. Those who have internships at good places under their belts, may be well positioned to join in junior roles, as many banks will consider US candidates seriously and on occasions prior to locals even.

 

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