Monday, March 16, 2009

Business Week Blog: First Jobs - For Young Professionals

I'm always on the look out for new resources and want to pass along this new blog I found on Business Week called First Jobs. It is a blog dedicated to young entry-level professionals. It has a few interesting posts, of which I have listed below. To learn more check out their site.
  • Layoff Coaching 101
  • College Grads Facing Worst Hiring Climate Since 2002
  • Dressing to Impress: More Important Than Ever?
  • Relevant Work Experience A Must, Say Employers to Recent Grads
So you might be asking yourself 'How does this relate to me and how to get a job in banking?". The answer: IDEAS. If you haven't caught on yet, finding a job in investment banking this year, especially if you are from a 'non-target' school, is next to - if not - impossible. (If you are from a 'non-target' school and did get a job in banking please respond to this post listing the name of the school, bank or type of bank, and how you landed a job in banking) As the title of the second blog post above clearly states, "College Grads Facing Worst Hiring Climate Since 2002"!!!! This means, as I have mentioned so many times before, to start thinking outside of the box.

I have listed a few ideas in the March 6, 2009 blog post and want to reiterate a few key principles and ideas.

KEY PRINCIPLE 1:
If you can't get a job in banking.......HOW CLOSE CAN YOU GET TO A JOB IN BANKING?

First, try to get a job in banking. Network and try to get interviews with all the main bulge bracket and middle market banks. Also try to network your way into boutique banks. Next, offer to work for pennies or for FREE (ie. an unpaid internship) at an investment bank. If you get in and do a good job it will lead to bigger and better things, such as a full-time job or a job with another firm. So maybe you have to get a second job because you do not make any money, so what! MAKE IT HAPPEN! You have to trust and realize that working for free is the solution to the great dilemma, 'How do I land a job where you have to have experience to be hired, when I do not have any experience?'. Also, notice (if you haven't already) that the fourth blog post specificially states 'Relevant Work Experience A Must, Say Employers to Recent Grads'.

The next key principle is:

KEY PRINCIPLE 2:
Be Willing To Work For Free*
*Even if it means taking a second job and multiple other sacrifices

This job market is terrible, but let's say you finally pony up and offer to work for free and still cannot find a job in banking, now what?? The next question to ask is 'How close can I come?'. How should we arrive at the answer to this question? If you refer to the blog post First Things First: The Big Five, it lists some key skills to illustrate when interviewing, such as being analytical, quantitative, a team player and a hard worker. If you are working for free and holding down a part-time job, what a great story to illustrate your dedication and hard work in a job interview and an MBA entrance interview.

To illustrate your quantitative, aka financial modeling skills, get a job working for at a bank - regional/merchant bank, for the government at the FDIC, or a private company. As I have mentioned before, take a class from one of the Wall Street training programs or pass your CFA Level I,II, & III. There are many opportunities in today's market place to prepare yourself to get a job in banking. Will it be easy? No, of course not, but with prior proper planning you can prepare and position yourself to be in the right spot to land a job in banking!

9 comments:

yulvzhi said...

Thank you for your advice. That's really hard to get a job in Financial crisis, but is a good time to think deeply and reconstruct knowledge system.

graciela said...

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ron said...

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