Gloomy State of Financial Job Market

Over the long weekend I took a trip back to New York where I met some Wall Street buddies. Everyone was feeling depressed — even though many of these guys took home some fat bonus checks in late January. Everyone knew people who had just got laid off; and most were concerned about their own job security. We all agreed that the job market on Wall Street was terrible right now, and most in the group believed things would continue to be bad for a while.
Pretty depressing, isn’t it?  (Especially if you’re looking for a quant job!)
If you’re still in school, or have a non-quant job, you may want to do some serious thinking about your career planning. For example, do you have a "Plan B," an alternative career plan if you can’t get a quant job (or any finance job)? If you absolutely want a quant job, have you leveraged all the resources out there, including all the contacts you can find? Have you spent lots of time perfecting your resume and "soft" interview skills? Have you beefed up your knowledge in areas that you claim to be an expert in?
When the times are bad — it surely feels that way right now — there’s little one can do, other than holding on and finding suitable ways to survive. If you have any questions, feel free to contact me by e-mail. (Please note that I’m not a manager, recruiter or headhunter, therefore it would be inappropriate to ask me about job openings at my company or elsewhere.)
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2 Responses to Gloomy State of Financial Job Market

  1. kiki says:

    When will the job market get better? At the end of this year or next year? Thanks.

  2. Brett says:

    I wish I had the answer! I mentioned in a previous blog entry that many analysts (i.e., non-quant professionals who analyze the market for a living!) expected banks to improve by the end of this year, but now all the uncertainties surrounding a possible recession as well as anxieties about the fall presidential election in the U.S. are simply making things worse.
    Up until 2 or 3 weeks ago there were active hirings in the Asia-Pacific region, at many i-banks. That seems to have slown down as well, but if you can, try your luck there as well.
    Good luck, everyone!

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