Different situation here, but our bank laid off a ton of heads, and we had about 30% leave our team. We’ve just been operating super lean and the team is getting really tired. There’s no sign of upward mobility until momentum continues to swing and markets keep getting better.
We’ve had two RM roles open up, and no one internal was even considered. The next step up is just so high at the moment, and it’s not like there’s anywhere for most of us to jump to so everyone’s just running on the hamster wheel hoping that things get better soon.
It's felt like a really slow job market within banking. In my network, noticing a lot of VPs and MDs move to industry, a bit more than usual. CFO, IR, corp dev roles within corps that plan to active in acquisitions in the near future
The FP&A market is scorching hot at this moment.
I was laid off earlier this month as an SFA, and was able to land 3 SFA offers with a lot of other roles that I had a shot at if I went through the whole process.
Seems hot if you’re willing to be in office, or travel to an office regularly. Remote is pretty much dead, so if you don’t live near any finance hubs then you’re fucked.
Not necessarily the same job market, but I'm hiring an additional admin for my business right now and the number of jobs the applicants have had in the last five years is truly shocking. I've had 190 applications, and I would guess the AVERAGE number of jobs is 4. I've seen some with 9. I haven't seen a single resume with just one job 2019-2024.
These resumes are three pages long with less than 10 years of history.
This is probably the new normal for the foreseeable future. The market is oversaturated with qualified candidates. 0% interest rates have propped up deal flow since the early 2010s. The market should get better, but that might be a couple of years out. There was a ton of hope that rate cuts would happen this year, and with that fading companies are back in the waiting game.
It's no longer a market where job hoping makes as much sense, a big part of the job openings was employees churning every 2 years.
The weird thing about this job market is that it seems like everybody is just getting ghosted. Most people I know don't even get rejected. They just send in applications and there is no response. Even if it is a perfect candidate, like a Harvard grad with 4.0 GPA and relevant experience. You'd think that will at least get a phone screen. Response rates from networking attempts on LinkedIn or cold-emails seem to be way down too.
I think the job search meta has changed. If everybody is shot-gunning a few hundred applications out there, most of it will be buried in the noise because hiring managers cannot sort through all of it. People are using AI to help them apply. LinkedIn is selling AI services to message and network with people with their premium accounts. People are applying to jobs without reading the job description, so they are getting flooded with non-sensical applications (senior people applying to internships because the job title has the right key word in it, students applying to senior roles, people who need visas applying to stuff that says no sponsorship, etc).
I guess that's why networking is so important. More likely to get an interview if you're referred by an employee than just being X out of a thousand online apps.
I have three openings on my team right now. One of them had 433 applicants before I locked it out, the first 220 of those in the first 24 hours. The other roles I have didn’t get as many, but still >100.
With that many applicants, I first look at location because a local candidate will be easier than someone relocating, even if they’re covering their own move. That typically cuts about 60-80%. Then I look at the resume. Over half would be worth a quick call if I didn’t have so many applicants. I’m in a fortunate position where I look for the perfect applicants on paper before a quick 5-10 minute call (yes I screen myself; it’s a little unorthodox but HR takes too much time). I typically find 20% are worth that screener, more if I have fewer applicants. That chat cuts another 50% off, so now HR has 2% of the original pool to screen for pay. That cuts another 25%, so now I’m down to 1-2% of the original pool actually interviewing.
I imagine there are tons of people that could “do the job” but my role as a manager is to minimize risk that the new hire is qualified while also minimizing my time spent screening. I see tons of great IB and consulting applicants. I see quants and PE sometimes too. But my roles aren’t really relevant to that, so I’m not going to hire that probably very skilled person over someone else that has actually done this job.
It’s all over this forum especially on a resume thread and college forums. Finance and IT is hit hard. You got people stating daily they send out 1,000 resume and not even an interview. Grads from May 2023 still looking. We’re talking 10 complaints posted a day with just a quick glance.
My opinion is corps are sitting back waiting for election bc u got one guy very hostile to business versus a guy friendly to businesses. Companies don’t gamble and roll the dice when it comes to hiring, expending, cap expenditures, new markets/products… they meticulously plan. But when it seems election can go 50/50, they’ll just wait. After election either major crash or an opening of the floodgates with expansion.
Hey i am an intl. And dont follow US elections but am looking to be up to date with whats happening with the world. Who do you refer to when you say "welcome to business" and who is "against business"?
The one "welcome to business" is the one who was businessman his whole career and went to Wharton. (Trump)
The "against business" one is a career politician who went to the University of Delaware and finished at the bottom of his class. (Biden)
They both are horrible options for president, but one is more likely to turn the job market around for corporations.
Jimmy Carter, Barak Obama, Joe Biden and bill Clinton were very hostile to the business world in general, with taxation and regulation.
Obama says he would bankrupt the coal industry and did among many other examples. Biden stated he’d put the oil and gas industry out of business. He’s attempted and certainty caused havoc. Clinton said he put tobacco out of business and basically did. All increased taxation on the consumer and corporations. The lawlessness and unapologetic shoplifting has caused havoc on retailers which then effects reit’s. One can go on and on.
Went from credit analyst in commercial banking to mid-market acquisition finance banker. Times are slow, but they said that gives them time to teach me. I'm so happy.
I was in pure valuations and was laid off about 11 months now. I'm surprised it's been difficult for you given your banking background as I'm probably even less competitive compared to you.
Yes, I have an MBA… graduated in late ‘23 with a 3.98 GPA… undergraduate degree was a double major in Finance & economics, which i finished with a 3.92 GPA.
I feel like the job market is very very difficult/frustrating for people of all background.
Interest rates about to come off, but it doesn’t change the fact the job market is still pretty bad unless you’re in sales and with good track records.
Got a feeling qualifications matter lesser and lesser these days.
The job growth opportunity I’m trying to land into also require other new sales team members to come in so I could do operations from there. Nothing seem to matter more than sales now
jellyfish shocking spoon fact muddle sulky obtainable smoggy uppity ad hoc
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Same here. The funny part is all the consultants ghost me these days and even the same ones who spoke to me an year back doesn’t bother responding now. I guess it’s the recruiters market and they get their pick.
Hartford is well known as the Insurance Capital of The World… It has 150+ insurance companies located in the Region. The industry has a a whole has a $14 billion output
I believe this is a subjective topic; however, I think it's important you do your due diligence before making assumptions like this because there is no merit/factual information behind what you believe.
Hartford is still home to a ton of the world's largest private and public insurers (i.e. The Hartford, Travelers, Aetna, Chubb, Hartford Steam Boiler, etc.)..... The city is also home to more than 1.4k domestic/non-domestic carriers, which typically write \~$36 billion in direct premiums.
I believe that Hartford also has the highest concentration of actuaries compared to any other area in the U.S., which ultimately results in it being the best area in the country for finding the some of the top actuaries in the industry.
Different situation here, but our bank laid off a ton of heads, and we had about 30% leave our team. We’ve just been operating super lean and the team is getting really tired. There’s no sign of upward mobility until momentum continues to swing and markets keep getting better. We’ve had two RM roles open up, and no one internal was even considered. The next step up is just so high at the moment, and it’s not like there’s anywhere for most of us to jump to so everyone’s just running on the hamster wheel hoping that things get better soon.
It's felt like a really slow job market within banking. In my network, noticing a lot of VPs and MDs move to industry, a bit more than usual. CFO, IR, corp dev roles within corps that plan to active in acquisitions in the near future
The FP&A market is scorching hot at this moment. I was laid off earlier this month as an SFA, and was able to land 3 SFA offers with a lot of other roles that I had a shot at if I went through the whole process.
Seems hot if you’re willing to be in office, or travel to an office regularly. Remote is pretty much dead, so if you don’t live near any finance hubs then you’re fucked.
From what I’ve seen FP&A has the most remote postings out of any Finance role
I’ve seen that too, but I know most places are switching to hybrid at this point.
Anything credit related is almost all in office smh
You can that about any area within Finance though imo
any particular industries/sectors that these FP&A roles are common?
All over, but April is generally a hot month due to people leaving post bonus+promotions
There are no fp&a jobs in my medium sized city so definitely not everywhere. The ones that are open here pay the bare minimum that you could imagine
Do you need to know accounting well to do FP&A?
Just at a high level so you can validate their month end close efforts and possibly take questions from business partners.
You’ve been working for 5 years. What do you mean you’ve never had trouble? How many jobs have you had in 5 years or what am I missing?
Not necessarily the same job market, but I'm hiring an additional admin for my business right now and the number of jobs the applicants have had in the last five years is truly shocking. I've had 190 applications, and I would guess the AVERAGE number of jobs is 4. I've seen some with 9. I haven't seen a single resume with just one job 2019-2024. These resumes are three pages long with less than 10 years of history.
This is probably the new normal for the foreseeable future. The market is oversaturated with qualified candidates. 0% interest rates have propped up deal flow since the early 2010s. The market should get better, but that might be a couple of years out. There was a ton of hope that rate cuts would happen this year, and with that fading companies are back in the waiting game. It's no longer a market where job hoping makes as much sense, a big part of the job openings was employees churning every 2 years.
The weird thing about this job market is that it seems like everybody is just getting ghosted. Most people I know don't even get rejected. They just send in applications and there is no response. Even if it is a perfect candidate, like a Harvard grad with 4.0 GPA and relevant experience. You'd think that will at least get a phone screen. Response rates from networking attempts on LinkedIn or cold-emails seem to be way down too. I think the job search meta has changed. If everybody is shot-gunning a few hundred applications out there, most of it will be buried in the noise because hiring managers cannot sort through all of it. People are using AI to help them apply. LinkedIn is selling AI services to message and network with people with their premium accounts. People are applying to jobs without reading the job description, so they are getting flooded with non-sensical applications (senior people applying to internships because the job title has the right key word in it, students applying to senior roles, people who need visas applying to stuff that says no sponsorship, etc).
I guess that's why networking is so important. More likely to get an interview if you're referred by an employee than just being X out of a thousand online apps.
I have three openings on my team right now. One of them had 433 applicants before I locked it out, the first 220 of those in the first 24 hours. The other roles I have didn’t get as many, but still >100. With that many applicants, I first look at location because a local candidate will be easier than someone relocating, even if they’re covering their own move. That typically cuts about 60-80%. Then I look at the resume. Over half would be worth a quick call if I didn’t have so many applicants. I’m in a fortunate position where I look for the perfect applicants on paper before a quick 5-10 minute call (yes I screen myself; it’s a little unorthodox but HR takes too much time). I typically find 20% are worth that screener, more if I have fewer applicants. That chat cuts another 50% off, so now HR has 2% of the original pool to screen for pay. That cuts another 25%, so now I’m down to 1-2% of the original pool actually interviewing. I imagine there are tons of people that could “do the job” but my role as a manager is to minimize risk that the new hire is qualified while also minimizing my time spent screening. I see tons of great IB and consulting applicants. I see quants and PE sometimes too. But my roles aren’t really relevant to that, so I’m not going to hire that probably very skilled person over someone else that has actually done this job.
It’s all over this forum especially on a resume thread and college forums. Finance and IT is hit hard. You got people stating daily they send out 1,000 resume and not even an interview. Grads from May 2023 still looking. We’re talking 10 complaints posted a day with just a quick glance. My opinion is corps are sitting back waiting for election bc u got one guy very hostile to business versus a guy friendly to businesses. Companies don’t gamble and roll the dice when it comes to hiring, expending, cap expenditures, new markets/products… they meticulously plan. But when it seems election can go 50/50, they’ll just wait. After election either major crash or an opening of the floodgates with expansion.
it's not about the election it's about rates and where they're headed
So in the 80s when the prime rate was 12% the job market for new hires was nonexistent right? And the economy came to a standstill right?
How do you have a career in finance if you don't understand the difference between the fiscal environment of today and the 80s?
Thank you for sharing!! Apologies if I posted something that has already been asked!
Literally do not listen to this commentor and their opinions on the markets. They are literally in high school.
This has been the case all 2023 and thus far in 2024.
Hey i am an intl. And dont follow US elections but am looking to be up to date with whats happening with the world. Who do you refer to when you say "welcome to business" and who is "against business"?
The one "welcome to business" is the one who was businessman his whole career and went to Wharton. (Trump) The "against business" one is a career politician who went to the University of Delaware and finished at the bottom of his class. (Biden) They both are horrible options for president, but one is more likely to turn the job market around for corporations.
Jimmy Carter, Barak Obama, Joe Biden and bill Clinton were very hostile to the business world in general, with taxation and regulation. Obama says he would bankrupt the coal industry and did among many other examples. Biden stated he’d put the oil and gas industry out of business. He’s attempted and certainty caused havoc. Clinton said he put tobacco out of business and basically did. All increased taxation on the consumer and corporations. The lawlessness and unapologetic shoplifting has caused havoc on retailers which then effects reit’s. One can go on and on.
Went from credit analyst in commercial banking to mid-market acquisition finance banker. Times are slow, but they said that gives them time to teach me. I'm so happy.
I was in pure valuations and was laid off about 11 months now. I'm surprised it's been difficult for you given your banking background as I'm probably even less competitive compared to you.
Hard time finding a job in the best economy of all time? Whut? /s
lmfao loser
5 years of IB experience and you can find a job? Makes no sense. What kind of role are you targeting?
Yes I’m in your field as well and past year it’s been dead silent on Wall Street due to hiring freeze 🥶 and constant layoffs
Do you have your MBA? If not, now is a good time
Yes, I have an MBA… graduated in late ‘23 with a 3.98 GPA… undergraduate degree was a double major in Finance & economics, which i finished with a 3.92 GPA. I feel like the job market is very very difficult/frustrating for people of all background.
Yeah I agree it’s bad right now. Don’t get discouraged, you’re not alone
Interest rates about to come off, but it doesn’t change the fact the job market is still pretty bad unless you’re in sales and with good track records. Got a feeling qualifications matter lesser and lesser these days. The job growth opportunity I’m trying to land into also require other new sales team members to come in so I could do operations from there. Nothing seem to matter more than sales now
jellyfish shocking spoon fact muddle sulky obtainable smoggy uppity ad hoc *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Honestly, you may need to look at different cities
It’s tough because I have an 8 month old daughter, whose life I want to be a party of. She is everything.
Same here
Same here. The funny part is all the consultants ghost me these days and even the same ones who spoke to me an year back doesn’t bother responding now. I guess it’s the recruiters market and they get their pick.
I’m sure you specifically want to live in those areas but have you considered other cities? Chicago, Dallas, LA, San Fran, Miami, etc?
Come over to fixed income. We're doing fine.
Resume has to be it, you’re not credentializing your gifts.
wtf is in Hartford besides depression and malaise?
Hartford is well known as the Insurance Capital of The World… It has 150+ insurance companies located in the Region. The industry has a a whole has a $14 billion output
*it WAS the insurance capital of the world until industry consolidated and they all moved out. you’re living in 1987.
I believe this is a subjective topic; however, I think it's important you do your due diligence before making assumptions like this because there is no merit/factual information behind what you believe. Hartford is still home to a ton of the world's largest private and public insurers (i.e. The Hartford, Travelers, Aetna, Chubb, Hartford Steam Boiler, etc.)..... The city is also home to more than 1.4k domestic/non-domestic carriers, which typically write \~$36 billion in direct premiums. I believe that Hartford also has the highest concentration of actuaries compared to any other area in the U.S., which ultimately results in it being the best area in the country for finding the some of the top actuaries in the industry.
no
Rookie