UK
I’ll be frank: if you’re a junior banker, this is not an easy time to find a new job. Juniors with two to three years’ experience tend to suffer disproportionately during any crisis and this time is no exception – it’s frequently the juniors who are being let go.
At the same time, recruiters have a tendency to focus on more senior staff. Before the crisis, I spent 20-30% of my time placing juniors. Today, it’s more like 10-15%. Recruitment (where it is still taking place) is all about candidates who can reassure clients with their track record. In one word, it’s about candidates who are ex-per-ien-ced!
This is because experienced staff are seen as more secure, better able to help banks out of the current situation, and better able to help them prepare for markets’ recovery. By comparison, juniors are seen as a risk and a long-term investment. It’s a risk that banks are prepared to take when business is strong, but which they are avoiding during this crisis.
Does this mean there are no openings for juniors? Right now, hiring is on pause and it’s difficult to say what will happen during the coming months. However, there are reasons for hope:
· Candidate turnover continues, even in a bear market.
· Some organisations, which have been less affected by the crisis, have a strategy of hiring strong talent while it’s available at competitive prices. This is particularly true of boutiques.
· Not all professions have been equally impacted. Most organisations are rethinking their development strategy. Finance and risk jobs are in the ascendant. In the front office, there’s still demand for sales staff and for flow traders to work on vanilla products, while demand for exotic structurers has slowed considerably.
What banks are particularly interested in now, though, is candidates who “bring in business”. Senior staff are the most obvious choice, but some juniors also fit this mould. We often speak to junior bankers who, in a short period of time, have succeeded in developing their business value. They have contacts, recognition from their employer, strong knowledge of clients in their sector, and a view on the markets. In brief, they have a convincing and proactive attitude.
Undoubtedly, banks’ are going to get more, and not less, demanding. But remember: your value is not a function of the shape of the market – it’s about your P&L! If you can deliver, you will always be in demand.
Jérémie Lempkowicz is senior consultant in the Paris office of recruitment firm Aston Carter. This article appeared first on our French site.
Let alone those of us with zero experience!!!
Seemingly impossible task to find ANY junior job in banking no matter how junior.
This guys seems to know what he is talking about. For once a head hunter who is straight forward and to the point.
Thanks Jeremie for this useful piece of information
Yeah, know what you mean Eawpp05. Its rubbish at the moment. Catch 22.
Fully agree with the last paragraph. In 2nd Tier Banks, fairly junior staff (associate level) are running the origination effort for specific countries/sectors/products. Obvisouly they are not generating US$20m of P&L per year but you can find some juniors that could generate $3-5m of fees for their desks.
I’m “junior” (2-3yrs experience) and have easily been MORE in demand since this crisis than before – banks would much rather take on someone who’s had some great exposure (in charge of key projects) that rival a Director’s, but at a fraction of the price. I’m now a 24yr old Vice President at a bulge bracket, with no fear of getting made redundant – again why fire me when there’s so many more inefficient Directors/MDs everywhere. Life is so sweet :-)
I personnaly think that he doesn’t have a clue of what he is talking about…he is just a headhunter a trader “wanna-be”
with all respect Peter i was recently placed into my fund by a headhunter and increased my package by 40%, headhunters in general get a bad press but those whose core job is to headhunt and not recruit do a good job in most cases, he may be a ”wanna-be” trader but he probably earns a lot of money within his field.
I agree. This is an interesting and informed article. There’s no need to be negative about anyone simply because they are a recruiter.
In short, Peter your comments are irrelevant, useless and obviously unwelcome – well done! you should feel very big now compared to the ‘inferior’ headhunter.
This is a well written and highly accurate article. As a hiring manager at a brokerage i am inclined to agree with the main points raised in this article. Junior Talent is and will always be highly sought after so long as it is genuine talent.
No scoop here. It is almost impossible for a junior with no experience to get in, very very hard for a 2-3 year experienced junior, and better for senior who are good, and nobody knows when it is going to change.
Rather silly article. Experienced candidates are going to be far easier to sell to a employer, compared to a junior with no experience, especially in the current environment. Yet another gem from a consultant!!