User Panel
User Panel
User Panel
|
Posted: 8/24/2006 6:42:55 AM EDT
Back in 1999 when I was sending out feelers, and I only had 4-5yrs in the business, I was getting at least 3-5 phone call per day(posted resume on Bloomberg and disseminated thru a few headhunters). From firms all over the country. I had gotten a few offers from a firm in Chicago, FL, and Salt Lake City, UT. Each were offering full relocation packages(including moving, corp housing, bonus for incidentals and expense reimbursement for house hunting trips prior to the move) I have also made a counter offer with the one in Chicago that is 15K above their offer and was met. However, at the time I was not ready to leave the beach life in SoCal. I was just feeling things out.
Fast forward to the first time I became unemployed(laid off), 2002. I was getting maybe 3-5 calls a week. Still from all over the country. However, relo packages aren't being offered any longer. Most headhunters discouraged putting counter offers on the table. Fast forward to the another time I was unemployed(laid off again), 2003. Hardly any call. Most in the industry said they are not offering relo or even looking at resume out of state. Salaries are 10-20% below industry standards. After the massive lay offs in 2002 following 9/11, there is/was a huge pool of analyst, trader, portfolio managers that this was feasible for the industry. Fast forward to yet another time I am unemployed(hurricane Katrina), today. Seems its a combination of 2002-2003. There are some that are looking at out of state resume but the reasoning is that they can still get them cheap. You can hire a trader in say Phoenix where there is not much in the trading arena. Offer him/her a job in L.A. making the same money that they are earning in Phoenix. And not have to offer a relo. Or hire recent college grads on the cheap. Most headhunters I deal with are now willing to show out of state candidates to their client companies. They still caution that relo packages are very conservative to non existant. However, it seems the salaries are somewhat no longer discounted. More and more posting for my industry in money center cities. There is still a large pool of candidates and recent graduate that it is hard to get in if you are from out of state unless you have an education from a top ranking school, and/or an MBA from a top ranking school and/or a CFA. With regards to folks saying that they don't see an improvement in jobs. From personal experience I am seeing improvement. Although not to the extent as they were in the mid to late 90's. Job growth is there. I see it in pockets throughout the country. True its not a nationwide job boom. It really depends on you industry and where you are located. For me, the job market in my industry here in Dallas is drier than a 90 year old virgins coochie. However, it seems that the IT market here is picking up. Job growth for my industry in money center cities are beginning to pick up at a rapid pace. I am also seeing a shift from manufacturing and labor to a more service and technology oriented industries. With that our economic structure is changing as well. Now this morning the yield curve continues to be inverted. Which, historically, has been a precursor to a slowing economy. I think we will never see the job boom of the 90's. Man I need to get a job soon.  |
|
|
|
Posted: 8/24/2006 6:50:19 AM EDT
[#1]
90 yr. old coochie?? Damn, L.T., you sure can paint a picture with words.
|
|
|
|
Posted: 8/24/2006 6:51:59 AM EDT
[#2]
|
|
|
|
Posted: 8/24/2006 6:53:58 AM EDT
[#3]
dude,
i hate to bring this up, but with the job hunting luck you have had in the last few years, have you considered a career change? Not saying it's you but it sounds like the market in that skill set is flooded and the good jobs are just almost impossible to get. |
|
|
|
Posted: 8/24/2006 6:57:59 AM EDT
[#4]
Yeah tried that. Got fired once for it.  Just couldn't find anything that interested or challenged me. I am just in the wrong location from what I want to do. That should be rectified by years end.  You will be seeing either NY or CA under my avatar soon.
|
|
|
|
|
Posted: 8/24/2006 7:19:12 AM EDT
[#5]
lordtrader,
i think the problem you may be experiencing is the geographic proximity problem--not too many jobs for people with your skills exist outside of places such as nyc, chicago, san francisco, and boston. have you ever considered moving to nyc? for what it's worth, i was hired by a wall street firm back in '03. although i'm no longer in the finance industry, i do know that hiring on wall street is still going on like gangbusters. banks and other financial services firms simply can't hire enough people to fill the need for ipos, corporate m&a advisory activity, and institutional flow trading execution. bonuses for finance professionals have increased dramatically year-over-year since '03, and we're now looking at bonus payouts which rival the payouts you'd see back in the tech boom of the late 90s. in addition, to cap all this off, private equity firms and hedge funds are also on track to another year of record fund raising from investors, which means that more bankers will be needed to advise on deals and more traders will be needed to manage clients' liquidity and create a market for secondary trading. basically, long story short, anyone who's in nyc and wants a job has one. the job may not be the individual's "dream job" in finance, but it's a good paying job in finance nonetheless. |
|
|
|
Posted: 8/24/2006 7:26:17 AM EDT
[#6]
also, btw, have you ever considered becoming a financial advisor or private banker with the likes of a firm like ubs, jpmorgan, bofa, etc?
being a financial advisor or private banker (read: NOT A STOCKBROKER) would in many cases be somewhat similar to being a fixed income trader. although you wouldn't necessarily be pricing trades or creating positions for securities, you would be helping clients to execute equity, fixed income, and derivative trades through your firm's trading unit. the key advantage to this type of career is the fact that i) you can work in almost any major big city, and ii) it's a career path that's likely to be lucrative for years to come. if you've been following financial news, you know that there's so much "stupid money" and "excess liquidity" floating around out there chasing the same limited stock of assets. why not try to cash in? |
|
|
|
Posted: 8/24/2006 7:31:29 AM EDT
[#7]
Yep, I went from the financial tech industry, to firefighting, now I"m a underground coal miner in western colorado... Hey, the money's decent and I actually have fun doing what I do.
|
|
|
|
Posted: 8/24/2006 8:07:24 AM EDT
[#8]
Yes I have come to that conclusion. I am actually in the process of saving up some dollars so that I can move. I had my asst. trader(when I was in New Orleans working for an asset mngmt firm) who only had 2yrs experience, evacuated to NYC after the hurricane since her college friends were there. 2wks later she got a job with an international insurance co in their portfolio management group as a portfolio analyst. I have 2 plans to put in play by the time my contract/temp job ends at the end of Oct. 1) Put all my stuff in storage. Go to NYC and stay at an extended stay hotel for about a month or 2 till I find something then move my stuff. 2) Move back to CA since I have a ton of friends I stay for free for a month or two. Only thing I am considering right now is: CA I can stay for free, but will probably take me longer to find a job. NYC I can probably find a job fairly quick, but I do not know the city very well. I have actually gotten an offer for in NYC. The salary was par for the job and the area. However no relo. I just coudln't absorb the cost at the time. That was actually a blessing in disguise that I turned down that job, cause that firm did an asset swap with a bank and about 80% of that dept is being laid off. Definitely making the move to either NYC or CA. Never much cared for Dallas anyways. And with my experience here, Dallas never cared much for me either. |
|
|
|
|
Posted: 8/24/2006 8:20:55 AM EDT
[#9]
LT-
I left banking (CMBS) 5 years ago....no regrets at all. |
|
|
|
Posted: 8/24/2006 8:38:36 AM EDT
[#10]
That's how I got started in the business. I hated every minute of it. Retail clients are dumb and they are too involved. It is their personal money afterall. They go through and senseless emotional rollercoaster. Also tried private banking with, oddly enough, JPMorgan. Same deal. Retail Clients except now they feel they own you since they have millions of dollar with the bank and they go golfing with the CEO or some big wig up top. Money was good though. Comparable to a good trading gig. After 11yrs in the industry, I found my passion is in trading, institutional sales trading or portfolio management. I am lucky I guess. I am probably one of the few people that knows what they are going to be when they grew up. I have also had it with banks. 1) they don't know how to run a securities business 2) all the damn mergers. At this point I am targeting private equity firms, asset management and regional/super regional brokerage. I wish I had an extensive derivitives background or a quant degree so I can get into a hedge fund. Also not discounting FX trading. |
|
|
|
|
Posted: 8/24/2006 8:43:10 AM EDT
[#11]
Beer Slayer,
I'll take a shower, shave and even wear a suit. Would you interview me? Heck I'll polish my shoes and get a haircut! |
|
|
|
Posted: 8/24/2006 8:51:06 AM EDT
[#12]
Damn LT, you can stay with Wave out on Long Island and take the train to commute. After all, he knows where to find the best lumpia and balut. 
|
|
|
|
|
Posted: 8/24/2006 8:59:51 AM EDT
[#13]
Man I haven't had balut in years. Since I left CA back in 01. I actually miss that stuff. Saw an episode of Fear Factor where they had to each eat 3 of them. I would've been in heaven. |
||
|
|
|
Posted: 8/24/2006 9:02:20 AM EDT
[#14]
so we would be subject to more WAVE and LT photos, like the one in team a few months back 
|
||
|
|
|
Posted: 8/24/2006 9:11:50 AM EDT
[#15]
trust me you dont want any of that! i used to call it "mystery meat" BLECH!  (besides LT youd have to share a bed with him and he snores! )lordtrader, i wish you the best of luck and hang in there.........i wish i had something better to say but things will get better...... |
||
|
|
|
Posted: 8/24/2006 10:34:19 AM EDT
[#16]
Yeah I know. I hung out with him at Gunstock I. People couldn't tell us apart, even though I was better looking.  Thanks. |
|
|
|
|
Posted: 8/24/2006 11:00:46 AM EDT
[#17]
so ive heard chin up! 
|
||
|
|
|
Posted: 8/24/2006 2:27:13 PM EDT
[#18]
|
|
|
|
Posted: 8/24/2006 2:32:06 PM EDT
[#19]
Checking Reciepts at WALMART is a growth industry!
|
|
|
|
Posted: 8/24/2006 7:36:57 PM EDT
[#20]
Too bad you are not in mining. It is really hard to get fired or lose your job right now. With 5 years experience, you are golden. One real concern in the industry is that hot engineers are going to be promoted much faster than they can gain experience and crash and burn.
Everything is cyclical. When you were flying high in 1999, I was making 10 bucks an hour doing construction because swinging a hammer was my only other real marketable skill, putting up with a dirtbag boss who should have been in prison. If I did not step into that in between job that allowed me to settle down and buy a house, I would have gone to dental school. Now, I am probably making more now than you were then. I am getting sick of hearing you complain year after year about how hard it is to get a top flight job in your chosen field. Put up with it or go to grad school. If you want sympathy, look in the dictionary. Why does the world owe you a living? |
|
|
|
Posted: 8/24/2006 7:52:37 PM EDT
[#21]
Heh, just try getting a job in Aviation Maintenance nowadays...
|
|
|
|
Posted: 8/24/2006 8:18:39 PM EDT
[#22]
LT, new lead headed your way via PM. I don't think this will suck as much as the last one, and may have some potential.
And not to put too fine a point on it, but yes, the job market blows. |
|
|
|
Posted: 8/24/2006 8:22:21 PM EDT
[#23]
I would think DynCorp would want someone with your skills. |
|
|
|
|
Posted: 8/24/2006 8:27:40 PM EDT
[#24]
Off topic: How does one get into mining? |
|
|
|
|
Posted: 8/24/2006 8:30:32 PM EDT
[#25]
hell, i've thought of switching fields on many occasions--but to what? i have some really esoteric, technical marketing experience with a concentration in CRM, database marketing and direct marketing in general. those jobs (at least at my level) are very few and far between. unfortunately, most DM ompanies are located in and around NYC, Boston etc. i don't really want to live up there. i'm not even kidding myself that i can find anything in my state, but ohio, penn, va et al seem to be pretty dried up. i've got somebody pretty interested in me in utah, but damn..utah? that's a haul from here and would seriously mess with the extended family dynamic (i have two small kids who are attached to their grandparents).
i'm not really in a position to go back to school right now, so what should i consider? what is a growth industry that would be a (semi) easy transition? i see a lot of jobs out there i know i could do, but they are asking for some VERY specific experience that i dont have. |
|
|
|
Posted: 8/25/2006 4:20:05 AM EDT
[#26]
Why I won't be worrying about a job anytime soon:
Engineers With Security Clearances --A Hot Commodity In Alabama Space and Missile 08/21/2006 HUNTSVILLE, Ala. - This center of government and military space and missile programs is looking for a few (thousand) good men and women: engineers with security clearances. The unemployment rate for engineers in the Huntsville area would have to increase before reaching 1 percent, according to leaders of Teledyne Brown Engineering Inc., a unit of Teledyne Technologies Inc. [TDY]. Teledyne Brown alone has about 1,300 to 1,400 workers, mostly engineers, along with program management personnel. But like other high-tech employers here, the company needs more hires with security clearances. Since there are but a finite number of these people, this makes the hunt difficult. Worse, some other companies needing engineers with security clearances have hired them away from Teledyne Brown. While tough for employers, this makes a great market for employees. An engineer with experience can pull in $70,000 to $120,000 a year here, according to John R. Yanosky, vice president for missile systems with Teledyne Brown. The firm briefed reporters attending the 2006 Space and Missile Defense Conference and Exposition. And that salary range is even better than it sounds, given the low cost of living in Huntsville. While home prices range to $750,000 or even $1 million for a rowhouse on Capitol Hill in Washington, for example, a local Huntsville newspaper was filled with ads touting five- bedroom single family homes on large lots for less than $500,000. And traffic jams are rare. |
|
|
|
Posted: 8/25/2006 5:32:43 AM EDT
[#27]
That article makes me feel rich. I only make about half the average salary for engineers, but a nice five bedroom house around here is only $150-$175,000.
-James |
|
|
|
Posted: 8/25/2006 5:48:58 AM EDT
[#28]
i am very sorry.  good luck
|
||
|
|
|
Posted: 8/25/2006 6:14:10 AM EDT
[#29]
Interesting thread............
I recently quit my job (3 weeks ago) in public accounting because I was tired of working for an unethical sob who broke the rules and put my license at risk w/ every audit or tax return he signed. So, I up and quit. I am currently using 3 recruiters and I have only had 3 interviews in 3 weeks. Now, I am trying to get out of public accounting and get into private / industry accounting, but damn.......I expected a lot more interviews. My recruiters tell me that I can have a job next week if I want to go back to public, but I am so tired of selling my soul for a paycheck that I would like to get out. In addition to looking at accounting jobs in industry, a buddy of mine got me an interview w/ a local finance company. The position was in commercial lending (read: sales). The job didn't look too bad. I would be using my accounting knowledge to sell the financing and leasing of equipment. I understand the leasing and financing aspect of the job, after auditing such transaction for years, but what keeps holding me back is the cold calls. Yes, the do buy "scrubbed" lists but until you build up your customers, its still cold calls. Does anybody have any experience in Commercial Lending? Thanks, Accountant |
|
|
|
Posted: 8/25/2006 6:43:34 AM EDT
[#30]
accountant,
you willing to relocate? i may have a lead for you in industry. pm me with your background and some details (i.e. big 4, regional, tax, audit, etc.). fyi, i am NOT a headhunter. just a corporate finance guy working for a company looking for accountants. |
|
|
|
Posted: 8/25/2006 6:47:49 AM EDT
[#31]
Sounds like its time for a career change and/or a change in market location. Some markets and regions are hotter than a firecracker right now. Where I live - anyone with a heartbeat won't be unemployed for more than a few days.
|
|
|
|
Posted: 8/25/2006 6:59:00 AM EDT
[#32]
Come to Florida, buy my house. It's a lot like California except you can own machine guns. |
||
|
|
|
Posted: 8/25/2006 7:39:44 AM EDT
[#33]
Dude, team up with Wave and fight crime!
 
|
|
|
|
Posted: 8/26/2006 9:09:53 PM EDT
[#34]
You should of stood in the Navy, sir. Could of been commuting from San Diego to south Orange county. When would you have been retiring had you stayed? Besides the quality of hot ensigns is on the rise. LOL  This could of been you. Fort Jackson, S.C. (March 23, 2006) - Executive Officer of Fleet Industrial Supply Center Det 206, Lt. Cmdr. Gordon Jones, and Ensign Tamara Williams assigned to Commander Pacific Fleet 0389, patrol with the Quick Reaction Force, during an Individual Augmentee Training Course at the McCrady Training Center. The Sailors are conducting training prior to deploying in support of the global war on terrorism, and Operation Noble Eagle. U.S. Navy photo by Photographer's Mate 1st Class Timm Duckworth (RELEASED) |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
