Yes, it is the hardest environment in many years to get a job. Yes, there will be people that still get the job they are looking for. To make sure YOU are one of the candidates that secure an internship or full-time job, Breaking into Finance suggests one thing to consider in order to increase your chances: being flexible on compensation.
Let’s start by saying what I am NOT suggesting here: I am not saying you go out there and advertise loudly that you are ready to work for free. NO. You are a hard worker, well-trained and highly educated, so you have a value that the bank or fund that hires you should pay for. HOWEVER, I heard many times over the past few weeks, that students are being told by companies that there is a freeze on their headcount or, in other words, they cannot increase the amount of money spent on paying salaries.
What I am suggesting here is the following: continue to pursue the jobs and companies in your networking target list either formally (through a recruiting process) or informally, through networking (as discussed earlier this month in an article on Cinco Dias) and try to put yourself in front of the hiring team or the human resources department, be it on informal meetings or in formal processes.
At the right time, if you have done your job right in selling them your profile as a candidate and they would like to hire you; and it is clear, implicitly or explicitly, that spending money to pay your salary be tough to from the company’s finance team, be open to, or suggest directly, the possibility of going, temporarily, for a lower payment than initially discussed, to have an unpaid trial period, etc.
The goals: 1) Signaling: you are showing flexibility and willingness to take a hit to join the team 2) You are a pragmatic professional 3) Get your foot through the door and start getting that valuable experience.
The caveats: don’t do it upfront, as otherwise can undercut your value or feel like a desperate move. And be firm about setting upfront a plan to get to full remuneration once the crisis is past and once you have proven your value.
Don’t get discouraged by the current uncertain environment. Continue pushing forward, make that call, send that e-mail, get that informal coffee with people in the industry, day in day out, and be sure that the next job in Finance gets closer with every minute you spend on the effort. In the process, contact Breaking into Finance and we’ll be thrilled to assist you in your quest.