| Topic Name: |
Figured it out too late...? |
| Message Name: |
Yes, it is really happening. |
| Date Posted: |
10/18/2002 |
| In Reply To: |
I guess what I'm really worried about is getting that experience that will get me where I want to be.
Everyone says the market sucks, but sometimes I wonder how bad it really is for the jobs I would take. There are a lot of layoffs going on, but is that what's really going on at the professional level? Are the research teams at large IM firms and banks operating on skeleton crews because they can't afford to hire additional smart hard workers? It's kind of assuring to think that's going on, but is that the truth?
In other words, will firms need to "beef up their staff"? Does anyone know of firms that are currently strapped but as soon as things start to look up, they will start to hire a lot of people?
I'm very focused on IM. It is the career I want. In the end, my focus is my greatest strength. But I'm sure anyone can related to doubt that comes from persisten rejection.
Thanks to everyone for your replies.
DL |
| Message: |
It's not lip-service, nor is it rumours generated by the hype out there. Many mutual fund firms have been in net redemptions for the past two years - and being that the fees on those now-invisible assets are what supports hiring & infrastructure costs, no one is hiring right now. Most firms are at a freeze, and have decided not to re-staff expensive positions that are vacated (that's called "attrition"). Layoffs have already run through the admin. levels, and the superfluous marketing or IT budgets. But firms are still not having an easy time trying to hit their bottom line. So, it's the well-paid professionals at the more top-heavy firms who are now in the spotlight, and strategic layoffs are happening - though they are small compared with the previous rounds. The market sucks, (not so much the past week though right?)-- and actually for " the jobs you would take", that is of particular relevance. Thos skeleton crews are bad already, and are, in fact, probably thinner that you're even hearing. No one in IM is real happy at work right now - we have never worked harder, longer hours, nor worn more hats. But that will change.
Once the market truly comes back (and no, I do not mean at bubble-levels - the neverending bull was fantasy-land...we all know that), firms will be hiring - but carefully and in a lean way-- and they certainly have the talent now from which to cherry-pick.
good luck.
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