The investment banking job market has shifted significantly over the past few months. When we are asked by job candidates how to gain a competitive edge in this fast-moving environment, we often suggest brushing up on your financial modeling and valuation skills through training at The Investment Banking Institute (IBI).
Over the past seven years, IBI has trained thousands of professionals who are currently working or have worked with some of the most prestigious Investment Firms on Wall Street. We recently caught up with Aaron Hurwitz, IBI Director, for his perspective on today’s investment banking job market.
What trends do you see in financial hiring today?
The biggest thing that most people don’t realize is that there is an opportunity for new people to come into this industry. Many people are afraid to enter the industry because they wonder, “How do I compete with all the people who have been laid off, and who have more years of experience?”
The top people who have been laid off are going to be snapped up right away by other firms. They have the contacts and know people who would love to have them on their team. But many others who have been laid off have unrealistic expectations of what kind of job they can find, and how much they will be earning in the future.
But someone new to the industry has two advantages: First, they are often willing to accept a lower salary range. And second, because they are highly motivated and excited to be in the industry, they’re ready to work hard. And that’s what firms need in these tough times. They want to bring in people who are going to ensure the success of their firm. People who are hungrier, more motivated, with much more potential for upward mobility.
Where are the investment banking job opportunities now?
Another big change we’re seeing is that firms which may have served more of a boutique role in the past are going to be expanding and taking on new roles. The better capitalized firms are going to fill the void left by firms that either no longer have an appetite for risk, or have left the space entirely, or have changed their business model. Other firms are going to assume these roles, and they are going to be hiring and expanding aggressively when the time is right.
Some are hiring now. There are firms building out teams and expanding, and there are opportunities. In any situation, there are opportunities. You just have to know where to look.
On behalf of our members, JobSearchDigest.com has negotiated a special discount for IBI training. JobSearchDigest members receive $100 off the price of training simply by mentioning Job Search Digest when they call to register. Investment Banking Institute can be reached at 212-380-7027 or visit their website for financial modeling training opportunities.