Laid off from Investment Banking – How to Get Back In
I am currently attempting to re-enter the finance industry after being laid off from an investment banking position with nine months of experience. I have one strategy consulting internship at a reputable boutique, as well as six additional months of experience.
Last May, around 80% of my team was let go due to low fees. While some associates were retained and moved to other teams, all analysts, including myself, were released. Since then, I have been able to participate in a few smaller transactions through networking and referrals, working on a contract basis. Unfortunately, none of my former colleagues who were also laid off have been able to secure work.
I believe that having less than one year of experience in the industry makes it difficult to secure a senior analyst position, yet I am unable to apply for graduate schemes.
I have been unsuccessful in my job search so far, with only a few interviews resulting in no offers. Even interviews where I received positive feedback and was praised for my preparation did not lead to job offers.
I am considering using a potential success fee payment in the future to restart my career by pursuing a master’s degree in Economics & finance or financial mathematics. This may help me break into a more math-intensive role within the industry. I would appreciate any insights on this strategy.
I have also attached my CV for feedback.
One response
To break back into the finance industry after being laid off from investment banking with 9 months of experience, you will need to craft a strategic plan to showcase your skills and stand out to potential employers. Here are some steps you can take to improve your chances of getting back into the industry:
Network: Utilize your existing contacts in the industry to explore potential job opportunities. Attend networking events, reach out to alumni from your school who work in finance, and connect with professionals on LinkedIn. Networking can often lead to hidden job opportunities that are not publicly advertised.
Skill enhancement: Consider taking courses or certifications to enhance your skills and make yourself more marketable to employers. Since you mentioned the possibility of pursuing a master’s in Economics & finance or financial mathematics, this could be a good way to deepen your knowledge and open up new career opportunities.
Resume optimization: Make sure your resume highlights your relevant experience and skills effectively. Tailor your resume for each job application to align with the job requirements and showcase your qualifications. Consider seeking feedback on your resume from mentors or career advisors.
Interview preparation: Practice your interview skills and be prepared to speak confidently about your experience and why you are a good fit for the role. Take feedback from previous interviews to improve your performance in future interviews.
Consider alternative roles: Since you mentioned potentially pursuing a math-heavy role, explore opportunities in quantitative finance, risk management, or financial analysis. Research different areas within finance that align with your interests and skills.
Persistence and resilience: Breaking back into finance may take time and effort, so it’s important to stay persistent and resilient in your job search. Keep applying to relevant job openings, follow up on job applications, and stay positive throughout the process.
Ultimately, the decision to pursue further education through a master’s program is a personal one and can depend on your career goals and interests. If you believe that obtaining additional credentials will enhance your prospects in the finance industry, then pursuing a master’s degree could be a viable option.
Remember to stay proactive in your job search, leverage your network, and continuously seek opportunities to showcase your skills and expertise in the finance industry. Good luck on your journey back into finance!