crablegs Wrote: ------------------------------------------------------- > You guys are freaking me out… did not realize > how bad it was out there… I consider most > people on this board as highly educated, > motivated, driven, aggressive… etc and still > seems to be hell these days… I cannot even > imagine if I had to look for a new job today. > Would probably be unemployed for a very long time. Uh no. Most active participants on this board are fairly junior and/or have free time, i.e. not working.
I have to agree with the notation that entrepreneurialship will get us out of this economic mess…the problem is that ibanks, PE firms, and VC’s just is not giving up their cash for high risk ventures or even business growth. Until they do, the inventory of workers will continue pile up and saturate the financial services labor market. Now business degrees or even a CFA doesn’t mean as much, because the level of intellectual demand is not the same as it once was. My advice is to start your own business, be innovative, or apply your financial acumen in a different industry. Trying to make money off money is not a sustainable career path.
How do you find new business/innovative ideas? Are entrepreneurs born to begin with, or it is skills that one can acquire throughout different walks of life?
Entrepreneurship is an art. An entrepreneur, like all artists, must be passionate, hardworking, talented, and lucky. And like art, entrepreneurship should not be seen as a way to make a living, but a way to live.
crablegs Wrote: ------------------------------------------------------- > You guys are freaking me out… did not realize > how bad it was out there… I consider most > people on this board as highly educated, > motivated, driven, aggressive… etc and still > seems to be hell these days… I cannot even > imagine if I had to look for a new job today. > Would probably be unemployed for a very long time. There’s a mix of jr, mid-level, and a sprinkle of sr people on this board. Many are in the same situation, unemployed
Hey guys – first, sorry to hear that there are so many people on this forum looking for work. Undoubtedly, that can certainly put economic stress on you. However, at the same time, hopefully you guys are using this opportunity to learn as much as possible about different career tracks and potentially find out what it is that you really love doing. Oftentimes, you can make the most of a period of unemployment to consider different career avenues, do contract work, and ultimately perform a lot of self-reflection. WSJ has an interesting section on its website where perhaps you can draw some inspiration and ideas: http://blogs.wsj.com/laidoff/ One other thing I’d like to suggest, and which has worked pretty effectively from what I’ve heard, is to use LinkedIn. I imagine most of you are already on LinkedIn. However, how many of you regularly update your status? How many of you use InMail to contact friends of friends or other people in your network in order to set up an informational interview? We are in the 21st century, and if you’re not making full use of LinkedIn to connect with others or keeping people updated using some other type of social media (Facebook, Twitter, blogs, etc.), you’re missing out. Most job opportunities are NOT being published anywhere, much less being sent out to recruiters because firms don’t want to pay recruiting fees in this economy. However, there are still opportunities out there for short-term employment or contract work, as well as some long-term ones. If you’re not making the most out of LinkedIn, you may be missing out. TRUE STORY: A friend of mine had signed on with a bulge-bracket bank doing investment banking after graduating from a top 15 business school in 2009. However, as with many others out there, he lost his job because of the downturn. Oftentimes, people (especially men) associate their self-worth with their job. Naturally, he felt embarrassed but was not discouraged. The first thing he did was to file for unemployment (don’t delay on this; start collecting your benefits immediately). Then, he updated his LinkedIn status saying that he was an associate that was out of a job, but was looking to catch on with another investment bank. Simultaneously, he reached out to a number of contacts in his area to set up several informational interviews. Eventually, he was able to catch on with a boutique investment bank in his hometown, getting some face time with one of the senior people at the firm. He went through the rounds of interviews and eventually secured an offer after being unemployed for a couple months. Granted, the job did not pay as much as his original bulge bracket offer, but he’s still clearing six figures and now has some real money to help put food on the table for his wife and child. KEY TAKEAWAYS I guess the moral of the story is that you shouldn’t underestimate the power that LinkedIn can offer – keep your profile and status up to date, and aggressively network by sending InMail and reaching out to your connections and friends of friends. Don’t go about it by asking straight up for a job; most people feel a bit pressured when you ask them for a job, because people don’t like to say “no.” Rather, it’s easier to ask them for an informational interview, and when you have the opportunity to meet in person or speak over the phone, make the best impression you can make. Eventually, there’s a good chance your efforts will convert into an employment opportunity, either with them or one of their contacts. Don’t be discouraged – stay persistent! Job offers don’t just fall into your lap. There are more opportunities out there than you guys think; you just have to go out and seize them.
^ You should listen to this fella, he gives very good advice time and again. His first paragraph speaks volumes. I can also echo his practical suggestions. I have been contacted by two headhunters via LinkedIn in the last 3 months. Maybe the first and last two that will ever contact me, but the fact they did is key. For real, proper jobs that exist. It doesn’t happen to me very often and it is very flattering. It could happen to you. The chances are zero if you don’t have a profile but between zero and one if you do. Neither jobs were for me for a number of reasons, but I did put the HH into contact with a few ex-colleagues who are currently looking and whom I hold in high regard. They were both on LinkedIn, so I just hooked them up… I think one of the HH was given my name by another contact although he wouldn’t give that information away (he certainly seemed to know more about me than was specified on LI.)
numi Wrote: ------------------------------------------------------- > and now has some money > to help put food on the table for his wife and > child. Yeah, that’s always been my career aspiration, to make enough money to afford food.
^ good luck, I hope you achieve your goals someday! Anything is possible in this country, even for someone like yourself. Keep the faith.
smirk - I hope you are just a kid. $70k isn’t exactly bank.
Really bad market for jobs right now, have been looking since past September (about 6 months)…still no clue. Can’t even concentrate on CFAL2 because of stress and tension. I hope things turn around soon.
Would like to add that I forwarded my resume to one of my connections (MD at a big bank), he forwarded it to his friend, had an interview…things were pretty positive, interviewer also told me about second interview and how he would like to meet me and stuff, haven’t heard from him since then. Already more than 3 months. Not sure if I should bug my contact regarding this issue, just left it on fate.
you let your lead go cold for 3 months? :\
storko Wrote: ------------------------------------------------------- > you let your lead go cold for 3 months? :\ Nopes, I sent him an email 2 weeks after the first interview and then left him a voicemail…
Email and voice mail are very passive. Are you a shy guy?
Really? What are you going to suggest storko? Stalking at the office? Demand a face to face meeting?
At least talk to him on the phone
gauri Wrote: ------------------------------------------------------- > storko Wrote: > -------------------------------------------------- > ----- > > you let your lead go cold for 3 months? :\ > > > Nopes, I sent him an email 2 weeks after the first > interview and then left him a voicemail… A good tactic here is to send “update” or “checking in” e-mails. Ask how the interviewer is doing and also update him on any interesting developments in your life. Also, if there’s anything you noticed in your real life that made you think of your experience interviewing with him (i.e. something you guys discussed came up in the news recently and found it interesting), it’s an excellent reason to reconnect. This way, you keep yourself on the interviewer’s mind and reiterate your interest in the position, but also show that you’re keeping yourself busy and advancing your career. People in general always want to surround themselves with someone that leads an interesting and exciting life.
numi Wrote: ------------------------------------------------------- > A friend of mine had signed on with a > bulge-bracket bank doing investment banking after > graduating from a top 15 business school in 2009… …No offense, but this post lost it’s relevancy to me right about there…
^ None taken. However, just because it isn’t relevant to where you are in your career/life doesn’t mean that others here won’t benefit from the anecdote. Pretty sure you’re not the only one on this forum that’s unemployed.