How unemployed bankers can make £300 an hour
Some salvation for both unemployed investment bankers and still-employed investment bankers in need of extra cash: a new website allows bankers to sell career advice to students and junior financial services professionals, for a fee.
Magali McIntyre, a former M&A banker at Lehman Brothers, said she's signed up around 100 current and former bankers to her site, Route In, where they can offer interview practice and careers advice to paying candidates on an anonymous basis (after she's vetted them to ensure they are who they say they are).
"Our network members decide which services they would like to offer candidates - from mock interviews to case study practice, or industry discussions," said McIntyre. "They're free to set their own rate for the service. It typically varies from £30 to £300 an hour," she added.
McIntyre's 'network of experts' includes people currently working in financial services and as well as people who once worked in financial services but have been out of the industry for several years. "We wouldn't want people who've been unemployed for 10 years, but there are sme people out there who aren't working now but who have significant experience and a lot to add," she said.
Selling advice to students may not compensate for the loss of a well-paid investment banking job, but it could provide some helpful pocket money. "Some of our experts are expecting to do ten interviews a week during the graduate recruitment season," said McIntyre.
This is not the first time former financial services professionals have decided to make money helping others into the industry. Peter Harrison, once an executive director at Goldman Sachs, now runs Harrison Careers - a careers advisory service which takes a cut of the pay earned by its successful candidates. Muzaffar Khan, a former LSE student, FX trader at Barclays and strategist for Moore Capital co-authored the book, 'Racing Towards Excellence' and has worked as a 'success coach.'
Where are the students with £300 an hour to spend on interview advice? McIntyre says Route In is being marketed to university finance societies, to MBA students and to junior bankers who feel stuck in a rut. "If you're someone who's working in M&A and you want to move into something else like private equity, it will help you to talk to someone already working in the private equity industry," she said.