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What's the hardest part of your job search?
Many of you regulars in the community took CFA for various reasons, mostly job/career related (e.g.
@james010,
@Reena,
@sidmenon,
@diya,
@Maroon5,
@AjFinance etc). I'm interested to hear about your search experience so far, and what (if any) we could do to help?
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As we are all in different locations across the world, I don't even know where to begin or how 300hours can help... perhaps a CFA-focused job board by location?
- pressure to hire internally
- sudden hiring freeze, or team reshuffle (in smaller companies this is v common!)
- position already filled but recruiter screwed up / job posting not removed (obviously embarrassed to tell you the real reason!)
Job searching is very trying - I rank it as one of the toughest experiences of my life. You will get a payoff though. With each interview you just get better and better and interviewing, so it can only get better and better, albeit not as fast as you'd like (would it ever?)
I was probably looking for my next job for about 9 months before getting this one. The problem you have at the moment is a contracting industry and a surplus of people looking for work. I read a stat in CityAM (free London finance newspaper) that in 2012 there were on average 19 suitable applicants (and no doubt many more unsuitable ones!) applying for each available job in the city. This compares with 3-5 pre the crisis. On that basis your about 5 times less likely to get a job now than before.
Add that to that the fact that you will be up against people with a lot more experience, which was the main problem I found. I was going for internal interviews for a promotion, and was told I was an excellent candidate but that someone else just edged it as they were making a sideways/downwards move and had several years experience which I did not have. This is what makes it difficult for young high flyers (which most of us i think are) who want to progress. In good times people will take a chance on you, but when cuts are being made all over the place then employers want as much experience as they can get.
The key is to keep applying and hope you get lucky. When the economy finally shifts back to a bullish growth phase (which it always does) there will be opportunities, and they aim is to be in the right place with your CV ready to take full advantage of these when they appear. No doubt there will be a further glut of graduates around by then, which is why it is imperative to stand out with achievements like being a CFA candidate or Charterholder.
M
I'm enjoying the Channel Islands, although it's very different to London! I basically decided to come out here because of the dire job situation in The City...managed to get the promotion and responsibility I was seeking, and the favourable tax isn't too bad either! It also adds 'offshore banking' to my CV too
The Channel Islands also punch massively above their weight in the finance industry too. Guernsey only has a population of 60,000, but in terms of the industry it has:
£97bn of bank deposits
£274bn of funds under management
154 Fiduciary Licences
737 Captives/Cells
Definitely adds another string to my bow!
M
I would say the rejections are tough as well but I actually don't get many! Most companies never reply/acknowledge applications. Also I really try not to get too excited when I do manage to get a lead as they never usually go anywhere.
I actually have quite a funny story about networking where basically I met a guy at a party and asked if he wanted to meet up in the city for a drink/coffee as I was really interested in his company/ job, and he said there may be an opportunity for me. He was slightly camp but I was too busy foaming at the mouth dreaming of finally getting my ticket to greatness at a big ibank to realise what was going on. So anyway a week or so later I am invited to quite a posh bar in the city. I thought it was strictly networking but it turned out to be a gay date of sorts. Was basically wined and dined for a few hours, pretty sure he was coming on to me. I declined any offers of further entertainment. Sent my CV/ covering letter but haven't heard anything since. Oh well, that's the trials and tribulations of a wannabe cityboy! LOL.
It's true that in London the HR dept has pretty much go for 2.1 and above as initial screening, purely due to sheer amount of applications and this was one easy criteria to implement. Have you tried smaller boutique firms? Getting relevant experiences there (trading) for a few years will definitely help your case.
No doubt the market is super tough now, but I'm glad you're not giving up hope and improving yourself with the CFA!