Market Timing the Job Market

For anyone following the industry, it is clear that Wall Street has had some tough times. Unfortunately for those looking for jobs right now, it may be the worst time ever to be looking for that new job. A lot of layoffs are occurring in the structured credit and mortgage markets. Even some investment banking / M&A areas are slowing their hiring in anticipation of a downturn. That means less hiring in equity capital markets as well. So what are you to do if you find yourself in the unfortunate position of looking for a job now?

I think it would be tougher than usual, but all the same tricks apply. Find a good headhunter, leverage connections and be persistent. All the same, you may find a lot of places have hiring freezes on right now. What do you do then? Get relevant experience. If it's an option, go get a masters degree for a year or something (I'm sure the job market will pick back up soon enough, it always does). Get work experience at a smaller boutique firm. Try working for an analytics company or even a consulting company. There are lots of options if you are willing to use a detour as a way of keeping your career moving forward.

Have patience. Even if things look bleak now, the bonus cycle comes up in 3-6 months. There's always a frenzy at that time. After that the summer comes again for new hires. For those without the luxury of just waiting, get a job in a somewhat relevant field. In your future interviews you can always state that you found your job because Wall Street was in the credit debacle of 2007 when you were first looking. Once the cycle reverses, you can find a job and seem like you were at least keeping with the times in the market, despite the fact that your unfortunate timing kept you from getting that first analyst or associate gig.

Good luck.