Finance/business graduates? Good luck and welcome aboard

By: ispeculatornew
Date posted: 12.05.2008 (4:00 am) | Write a Comment  (5 Comments)

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The lucky ones, those that have came from all walks of life (which is arguable in itself) to study business or finance hoping to join in on the great business of asset management or investment banking. Even a few years ago, when these students joined in, they were looking at what they could get. Graduating from a top ranked school? Then you are probably looking at a lousy 100K to start out and you will be stuck with 400-500K (including bonuses)  before you turn 30 years old. Of course you’ll probably have some student loans but still, not bad. Tough life hey? Yes, I know, you will be stuck working long hours, under intense stress, but it’ll all be worth it.

Oh wait a second, did you say you were graduating in 2008? Ooops, I’m sorry, then let’s change the terms just a bit. Actually, what we have to offer you is a 60K back office job? Oh what’s that, you wanted to do work in one of those hedge funds? Just try giving a call to the companies you applied at.. chances are that half of them are or will be out of business by next year… and the other half? Well, yes sure.

I mean you do not have any experience are only competing with the 50% working for those now dead funds right? And with so many managers and analysts out of work, imagine what great salary negotations you’ll get…

Yes, might want to try to private equity. They are the latest trend right? Borrow huge amounts of money to buy companies and then get rid of valuable assets to then enjoy managing a zombie company. Oh no, forgot to tell you that you can’t borrow anymore, so private equity is dead…

Investment banks! I mean sure, they’ve been around forever, and it takes a long time to go up in the ranks. But they do pay huge bonuses right? Let’s see, we have Bear Sterns, Lehman Brothers, Merrill Lynch, Goldman Sachs and Morgan Stanley…. what’s that? Two of these are no more, one was saved and the two others had to convert into regular banks?

Ok ok… you get it now, you are stuck at these big banks. They might not pay as well, but at least you will enjoy a good life, with a stable career, decent pay, great benefits. That sounds like something to settle for without a problem, especially in these days. It’s good that you understand that it’s your best opportunity…  Oh… but did I mention that Citibank almost failed, Bank of America is barely able to swallow their purchase of Merrill Lynch, Washington Mutual is now history.. and all of these banks are announcing new layoffs every day…. Ok maybe not  EVERY day. Sometimes they are stuck announcing bonus and pay cuts or that they are cancelling their Christmas parties… great times hey?

Welcome to the class of 2008-2009!

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  1. Comment by James — December 5, 2008 @ 12:00 pm

    You are so right. Right now, I am paying for school, but I’m wondering if it was really worth it. I want to pay my loans back and I want to be earning a decent amount of money when I graduate, however I need to know that I will be capable of doing that. This economy is really hurting my chances of getting a decent job.

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  4. Comment by franko — December 18, 2008 @ 11:47 pm

    the best mba grads will soon be taking govt jobs

  5. Comment by Koko's Tree — January 3, 2009 @ 5:40 pm

    At first glance the financial sector definitely doesn’t look like the best place to go looking for a new job.

    However, with the loss or down sizing of so many major players in such a short time a vacuum has been created. Smaller and more specicialized companies now have the opportunity to jump on projects and deals that before they were never considered for.

    In all adversity lies opportunity. You just need to know where to look.

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