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.
