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"If it's so easy to get a new banking job, why can't I find one?"

According to everything I read and a lot of people I speak to, banking jobs are booming. But if this is the case for some people, it certainly isn't the case for me.

Maybe I'm too old. I have over 10 years experience in research, and I've been looking for a new position since August. Yes, it's early days, but the response I'm getting from recruiters does not make me optimistic.

I'm being told that while there are jobs around, they're mostly for junior people with less than five years' experience. They also seem to be in particular niches rather widespread. For someone who's been in the market as long as I have, it seems there's very little on offer. 

The sell-side in particular still appears to be laboring under strict headcount constraints, but will take a punt on someone with revenue potential who's not too expensive. The buy-side barely hires experienced people and is just about hiring juniors and training them up. 

It makes life very difficult when you're at my level. I'm in contact with multiple headhunters and have so far been told there's nothing suitable - although most are hopeful that 2022 mandates will land soon. 

Is anyone else in the same situation? I would be interested to know how you're finding the banking jobs market in the comments box below. 

Marco Valent is a pseudonym

Photo by Shawn from Pexels

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AUTHORMarco Valent Insider Comment
  • pb
    15 October 2021

    I'm in the same boat; jobs that support bankers, even if they require a strong skill set and a lot of experience, have been sent to either odd places in the US where you wouldn't want to get caught dead or they go to Mumbai or Ireland or the Philippines. I lost my job when US execs of the US operation of an Asian bank moved numerous jobs to north of NYC - where the execs live, so they wouldn't have to commute. My round trip commute would have exceeded SIX hours daily. Lots of coworkers also lost their job - at a bank that likes to proudly campaign that they never lay off anyone.

    Since then I've applied for well over 150 jobs. Ones that I'm well qualified for, a fair number that I've had good referrals for. But in most cases I'll never even hear back that I've been rejected, let alone for interviews. No matter what employers claim, this job market - at least in banking, for skilled people the banks actually need, is extremely tough. And frustrating.

  • Je
    Jemima Goodluck
    14 October 2021

    The Daily Mail and the other news outlets are saying that there is a shortage of skilled workers whereas in reality people are struggling to get work . I for one have been out of the market for a number of years and have found Banking / financial services to be a shrinking market. So, I completely agree with the writer. The movement in the job market has at best been staggered with short periods of heightened activity lasting for a couple of weeks followed by a long lull of slow down / no activity in hiring..

  • Bo
    Bo Lundmark
    14 October 2021

    Yes, feels like research will be seen as a nice rather than need to have as long as bull market is lifting index funds and ETFs. Took me 10 months to get a new job after losing mine so don't give up!

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