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TOP STORIESView from the Bottom: waiting in frustration17 August 2009COMMENTSThese days, some banks have jobs available but they will offer only when they are certain is a good hire or they will try to transfer someone internally. Read all comments »In the latest installment of her popular “View from the Bottom” series, our columnist vents her frustration about banks and their tedious selection methods. The writer is a young Singaporean banker who worked on Wall Street and is now searching for a job back in Asia. You’ll be pleased to know that I’ve actually had a few interviews recently. I tend to either make the final rounds, or some silly internal process simply brings everything to a staggering halt. With no shortage of young candidates in the market and no real urgency for banks to push for junior hires, it’s been slow going. When I have got interviews, I’ve usually been selected for very specific reasons pertaining to my background that would enable me to hit the ground running and contribute from day one. During one recent six-hour-long assessment day (which also involved several other hopefuls), I was given PowerPoint and Excel exercises, simulating exactly what it would be like on the job. The bank wanted to test candidates’ attention to detail, presentation and modeling skills. Interviews were conducted in between all these tasks. During a separate series of interviews with another firm, one senior banker told me that the recent shakeup in the financial sector has been beneficial because it has allowed junior analysts to readjust their attitudes towards work. In the boom years before the financial crisis, job offers were too easy to come by and career options were too plentiful, he said. Analysts’ attitude suffered as a result and their work was not of the same quality as when he was a junior in the 1990s. However, I know for a fact that most of this banker’s junior team works 100-hour weeks and no other senior banker had complaints about them. But I simply responded by nodding my head, wondering whether such generational comparisons are fair, or whether he simply wants his analysts to earn credibility through deliberate hardship rituals. In fact, kudos should be given to the junior members of his team who prepared the extensive “testing material” at my interview. All these detailed, on-the-spot assessments made me wonder whether we are seeing a new standard for interviews. It seems the team is more concerned about what the analyst can bring to the table immediately, rather than any longer-term expectations of career development. Anyway, in the end, I managed to make the final round, which was a series of interviews spanning four hours. I heard that the first job offers were made just one day after my finals. For me, however, the wait was much longer! I knew I wasn’t the bank’s first pick, but because I didn’t receive a formal rejection, I thought perhaps I was a back-up choice. After three weeks of waiting in frustration, I was finally told that the firm needed a term-sheet, fluent mandarin-speaking person for the desk. I’m back to ground zero. Look out for a new column next week on how our writer is running out of career options.
COMMENTSCC, Hedge Funds, Mon 17 Aug 09hang in there and be tough
Tr, Global Custody, Mon 17 Aug 09I am eager to know what kind of specialty are you applying? Add your comment »benjaminwang, Tue 18 Aug 09don't let them get to you.
B, Accounting & Finance, Tue 18 Aug 09100 hour weeks a week ? lol what an exageration... Add your comment »Payals, Compliance / Legal, Wed 19 Aug 09I think this is true of everyone in the job market right now. I've done a lot of interviews as well where I never receive a rejection and wait three to four weeks. Then I am told they want to keep my CV on file for when business picks up, but right now they would rather use candidates who are native Mandarin/Cantonese speakers. Add your comment »zw.steven, Wed 19 Aug 09Not to mention new hires externally, even for internal vacancy at global banks, teams that you'd probably easily dismiss years ago now would screen internal transfers of juniors as if they only hire MD. They ask juniors to be specific.
Tim, Compliance / Legal, Thu 20 Aug 09Listen, if they didn't want you, the chemistry wouldn't have been right anyway. Don't take it personally. And hang in there. Persistence is key. There is something out there for you. Your job is to keep knocking on doors. One door at a time. Add your comment »Peter G, Derivatives, Fri 21 Aug 09Well dont cry over split milk. Sometimes it just sounded grand working in a big organisation. Works are everywhere not only restricted in banking line. I'm sure one will also excel in other field as opposed to only in banking line....Dont you agree? Add your comment »HR Colleague, HR & Recruitment, Sat 22 Aug 09I have been going through the frustration as you are. Some banks are just looking and waiting when there is a turnaround. These days, some banks have jobs available but they will offer only when they are certain is a good hire or they will try to transfer someone internally.
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