Best move for someone like me
I've been trying to break into IB/Research for a year. I don't have the relevant experience to break in at any other level besides bottom floor. Given the recent layoffs, market turmoil, and future predicted layoffs...what should I do? Apparently, people are playing the waiting game on bonuses, so I really won't stand a chance when the job market is saturated with talent.
Are the same layoffs hapenning in equity research depts, or is it mostly IB, lev fin, and other sub prime spill over?
Should I duck and cover in operations for a year, or am I taking myself out of the game completely?
I forgot to mention I am a year and a half out of school, and graduated from a non-target...any input would be appreciated.
Uh, you may ALREADY have taken yourself "out of the game." What exactly have you been doing for the past year and a half? That is the most important thing, if not the only thing matters, and you didn't even mention it.
Well, I mentioned my experience isn't directly relevant. I went to a non-target, was determined to work in NY(I grew up here), but there was no pipeline via on-campus recruiting from my school. I graduated, worked at a third-party broker/dealer in member services for a year (essentially trade support). The only reason I'm still working towards this is because I am willing to come in at the entry-level, and just hoping someone will give me a shot.
I have a pretty good degree in finance, I just never had the feeder system back to NY. My career service center was pretty awful, and I found myself very misinformed by the time I entered the job market here.
What are your thoughts?
Will probably need an MBA for associate level work. I would start by asking around. Wall Street play musical chairs in dec. If I were you I would start by expressing interest within my firm and begin taking series exams if they'll sponsor you. That would put you on better footing going forward.
Well, I am no longer with that broker/dealer. They were third party, and I wasn't getting the finance exposure that I wanted. I did a year with them, finished up about two months ago, and am currently working part-time while seeking interviews.
I know the obstacles to non-targets, and I've been networking like crazy since graduating, but it hasn't panned out yet. I guess the point of this post is to gauge how much worse this is going to get for me with all the new talent flooding the market within months.
Does the same exodus happen in research as does in banking? Do you think I can use it to my advantage with all the spots opening up - or will it make no differnce with no relevant experience?
I think...If your last job was so awful and you have no "relevant experience" then the only thing that could work is going for an MBA and using oncampus recruiting.
From what I've seen experienced hires usually come from the same "level", MBAs and other degrees are for outside people trying to break in. I've seen people spend years doing "part-time work" and "networking" with it no panning out (then they go to business school and wish they hadn't wasted so much time)
I think you should start filling out those business school apps (it'll be hard getting in with your low years of experience but the sooner the better). And get a full-time job- probably shouldn't have a year of shitty part-time work on your resume as that would just SET YOU BACK.
I wish it were as easy as going to b-school, but my application would be so weak right now that it wouldn't be of value. I wouldn't get into a good program, and it would be a waste of money.
I need to figure out a way to get some pre-mba experience in the right direction. I agree I need to get out of this part-time cycle, but I have no where to move full-time yet.
IMHO you made a pretty egregious mistake by leaving your old job without another one lined up. Now you are going to have a gap in your resume, unless you try to pass off this part-time job you have as legit. Even if you hated the old job, it was still a finance job and looks a lot better than any part-time gig.
Make as many bank contacts as you can but I doubt you'll get anything right now. Not being a jerk, but being realistic. Go talk with as many F500 firms as possible; many are recruiting right now for undergrads in to finance. Only 1.5 years out of school you can still possibly get into their finance programs for u-grads. Or, if you did finance/accounting in college, try to get a job with a Big 4 or reputable accounting firm. Both those options will give you exposure to a big finance office and some translatable skills to banking.
Most importantly, F500 and Big 4 both place well into MBA programs, which is your best shot now. You kind of put yourself in no-man's land by leaving your last job but at such a young age you can turn things around.
I agree with you, I am completely in limbo, but I didn't leave my other job. I was there as a temp, and turned down their full-time offer..they needed me and I need a job, so I stayed as a temp, until eventually it was just time to part on mutual terms. I didn't want to take a full-time and perpetuate the role.
Does anyone have any advice on the research route? I'm under the impression that it's easier to start there vs. banking.
F500 and big four are good recommendations gomes, I've recently started looking into them.
Research wouldn't be a bad gig, working equities for somewhere like Fidelity I have heard is actually not bad. Don't know a ton about the industry myself so I can't really help ya.
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