Posted in Career Advice for Young Professionals Generation Y/Millennials Getting from College to Career Job Search Tips on July 24, 2008 at 9:54 am
My radio co-host Alexandra Levit and I are quoted in this week’s NewYorkTimes.com “Shifting Careers” column. Here is the question submitted and our responses:
I will be graduating from an Ivy League college this year, and had planned to apply for jobs in investment banking and finance this fall. However, in light of the recent market/economy downturn and massive layoffs, I am becoming disillusioned with the industry. Since my academics are average and I have slimmer chances of being hired at top banks, I am considering seeking an entry-level position in consulting firms instead (which I am also interested in).
Do you believe that would be a good idea. Would you advise new graduates to ride out the downturn? How easy would it be to switch fields later on in my career?
Lindsey’s advice:
You are smart to consider current economic conditions in your job search, but there is no need to set up an either/or situation. If you really want to build a career in investment banking, then keep those opportunities on your list while also looking elsewhere. Finance is a super-competitive field. So you’ll need to work hard to network within the field and build connections with people who can serve as your advocate. This is especially important when you’re competing against people with better grades. Passion and experience count — sometimes even more than grades — so make up for your average G.P.A. by taking additional finance classes, attending networking events, researching companies online and reading as much as you can about the field and all the companies in it. Be on the lookout for firms that you may not have heard of. You don’t have to work at a top-tier firm to get great experience and connections.
In terms of what other fields to pursue in addition to investment banking, cast as wide a net as possible. Consulting is certainly an option, but be aware that it is a totally different world from banking. There seems to be a myth among Ivy League students that consulting and investment banking are similar because both industries recruit on the top campuses. In reality, they are very different, and it sometimes irritates recruiters when students say they’ll take a job in either field. That shows you don’t know how different they are. In addition to consulting, do some research on other industries that may be doing better than financial firms in the current economic climate. Consider general management, small and medium-size businesses, government positions and anything else that appeals to you. Your first job is a way to gain professional experience and build your network; it’s not a life sentence. If you build strong skills and connections in an industry that’s not quite what you want, you should be able to switch into your desired field when you feel the time is right. Good luck!
Alexandra Levit’s advice:
I like entry-level management consulting gigs for new college graduates, because although stressful, they generally provide the baseline business skills you will need for any career you’ll select in the future. For example, as an entry-level consultant, you’ll learn project management, budgeting, client relations and public speaking. A few years in the consulting world also provides an excellent foundation for determining if graduate school is a sensible next step. Given that it’s impossible to know what you’ll want to do in 10 or 20 years, management consulting is a smart choice for a first job.
As a soon-to-be Ivy League graduate, you will probably have the opportunity to interview on campus with top management consulting firms. Since your grades are just average, put together a résumé that highlights all of the personal and professional achievements that made you desirable to a top university. Additionally, ask your career center if you can talk to some recent graduates currently employed in these firms. Not only will they be able to give you the inside scoop on life as a new management consultant, but they will also offer critical advice for nailing the case interview (your analysis of a real-world business scenario), which is often an important part of the selection process.
In general, it’s a good idea to be a bit flexible when seeking a job during periods of economic uncertainty. You can prepare yourself for a possible switch to banking down the line by using your new position to explore the financial aspects of management consulting. Get to know the individuals in the financial divisions, take company-sponsored course work and volunteer for projects with a financial component. And most important, earn a strong reputation at your consulting firm so that you can count on excellent references in the future.
Click here to read the full column and the answer of another career expert, Marty Nemko.
That shows you don’t know how different they are. In addition to consulting, do some research on other industries that may be doing better than financial firms in the current economic climate. Consider general management, small and medium-size businesses.
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Sunny
First of all, thanks Lindsey for your comment about one of the common misconceptions Ivy League students have about banking and consulting. What is even more troubling is how these 2 career choices seem to prevail even in the midst of the current job market. In her speech to the Class of 2008, a noted Ivy League president told the about-to-graduates, “[Y]ou may love investment banking or finance or consulting. It might be just right for you. Or, you might be like the senior I met at lunch who had just returned from an interview on the West Coast with a prestigious consulting firm. “Why am I doing this?” she asked. “I hate flying, I hate hotels, I won’t like this job.” Find work you love. It is hard to be happy if you spend more than half your waking hours doing something you don’t.” In my mind, this issue is largely about how one chooses to define “success.” She went on to say, “[t]he most remunerative choice, you fear, may not be the most meaningful and the most satisfying. But you wonder how you would ever survive as an artist or an actor or a public servant or a high school teacher? How would you ever figure out a path by which to make your way in journalism? Would you ever find a job as an English professor after you finished who knows how many years of graduate school and dissertation writing? The answer is: you won’t know till you try. But if you don’t try to do what you love — whether it is painting or biology or finance; if you don’t pursue what you think will be most meaningful, you will regret it. Life is long. There is always time for Plan B. But don’t begin with it.” It’s always been puzzling to me that some of the most amazing students I know, with incredible portfolios of accomplishment throughout most of their undergraduate life – some on an international scale, become totally risk-adverse and tunnel-visioned about what to do after college. I understand that this field is attractive to many Ivy League students as an opportunity to extend their college experience by doing “interesting work” alongside smart and motivated people who are, in some instances, their same friends from school. The prospect of a diverse learning experience through exposure to a variety of different industries and “cases” is also very appealing as a way of “road testing” which career field a student may choose to pursue in the future. That all being said, I think it’s incumbent upon us a career practitioners to begin by asking “why?” first. I know that this may not be the forum for such give-and-take discussion, but I can’t help but wonder if the new graduate’s plan was based on a thorough understanding of the work, or what he/she deemed as being “worthy” of his/her degree. The fact that the person didn’t differentiate between the two seems somewhat diagnostic in and of itself.
Thanks for the useful insight into the advantages of a consulting career. The economy is slowly improving but the job safety is still an issue. By the way, there is a 9 minute survey that shows if one’s job is safe or not. You can take the survey and view instant results! http://www.angstcorner.com/Home/tabid/70/Default.aspx
Getting a job in the financial industry would be hard. You have to give the employer a reason why they should not hire the other candidate.
John
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@ Lending Pro – thank you for the comment!
- Lindsey
I’m impressed with the advise you have given. It is truely sound! People should seek insight as much as they can into the feilds of work they planned and worked so hard to start in.
@ Maggie – Thanks for the great insight into the benefits of starting a career in consulting. Offline I am going to ask you to write a guest post on this topic!
Thanks,
Lindsey
Glad the NY Times is tapping into your advice Lindsey! You and Alexandra provide such well thought out responses to the question. The areas are different but I can make the case for going the consulting route – Having started my career in consulting, I found that with each new project I got exposure to a different industry, different company, different business function, different team etc. Gaining that kind of understanding from the inside helped me see where I wanted to build my career (and where I didn’t). I also got to work with the most amazing people – fun, motivated, intelligent – most of whom are still an active part of my network today (and doing amazing things with their careers). Also in consulting you can focus on the financial services industry so you don’t have to choose between the two. You can work with investment banks as your clients and make the transition after the downturn and after you’ve had a chance to understand what that industry is all about.
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