Banking industry is still under the water and it seems that near future will not be better. While reading the Financial Report of UBS from Q2 2008, I came across an apparently gloomy forecast of the chairman and CEO of the company:
It seems that new lay-offs are on the way (a number of my friends in this bank was laid off already... :( ).Outlook: In the second half of the year we do not expect any improvement in current adverse economic and financial market trends. We will continue our program to reduce personnel levels, costs and risk concentrations.
12 August 2008
UBS
Chairman Peter Kurer
Chief Executive Officer Marcel Rohner
It is really very bad time to be on the job market. If you are able to embark on any academic programme in order not to have blank period in your CV its very good time to do it.
In coming months, quarters and years many people will have to adjust their aspirations and ambitions to survive on the job market.
Let the power be with you!
6 comments:
What if you were finishing your masters in Financial Engineering and wanted to apply to an Associate level job for the following Fall 2009? When would be the optimal time to apply considering today's bad economy?
after taking a quick look in this blog i see that most of the topics are about how bad the future of qf is..
I am just about to start a master in this era...should I back off?
@Ganesh
The optimal time to apply is now (I mean when the applications are open).
Second half of 2009 would be better, so you still should be able to find a job. Where are you studying?
@Sen_Saven
You shouldn't pull back. That's my opinion. You have applied, you were accepted to this job, so don't pull back...
However, you need to expect difficult time looking for a job...
I'm part-time studying at Stevens Institute of Technology (Hoboken, NJ) and working full-time at Lehman. I expect to graduate in December.
What did you mean by "when applications are open"?
They are opening applications for Analyst and Associates positions in Sept 2009.
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