Hi all,

I am a recent graduate and I am applying for jobs. At least I was. I finished my masters in October and then did some travelling and came back in January in order to find a job. I will explain you my situation, what I believe and then I would like your opinion.

In my BSc in Finance I was really into societies, clubs, a real outgoing person sometimes leaving my standards behind ending up with some B's or C's. That gave me have a 2.5 / 4 from an American uni in a EU country. I then wanted to do a Masters and decided to choose the best UK university possible for my GPA. I 've been accepted from quite a lot, and of course rejected from the LSE list and so on, but the one that I chose was University of Surrey since the modules were far more interesting than any else. It was ranked 22 in the UK so I believe it was a good choice but nevertheless not excellent. I completed a Masters in finance awarded with Merit. When I finished in October, then satisfied, went with some friends travelling. January came back in the UK and started to looking for a job. The story is like this: No Graduate scheme from a reputable bank (or even firm) would accept an equivalent of 2:2 in the UK. I had only 6 months working experience in my country (you well know how obsessed are the HR's to have a work experience in the uk) thus they wouldn't pay much attention. Postgraduate Merit didn't redeem my 2.5 GPA (2:2 equivalent) which clearly sucks as the firms insist in the Undergrad degree honours.

Taking all these into consideration and adding the huge factor that a great portion of the middle level of Investment banking departments is removed is leaving graduates hopeless. Why? Because now almost every fired person (who are A LOT) has experience and the employer should choose them instead of someone that just finished his Masters with a little experience. After numerous applications, some interviews (with big banks in which i didn't go through as I didn't have experience), lots of rejections I ended up with a one-month internship in a small firm in the financial services sector. Nothing big, mostly research, settlements of investments etc. After my internship finished (the firm was full of specialists and there was no room for juniors, true fact) I was back on the course to search for a job. Didn't want to stay home all day doing applications so I enrolled and got 2 diplomas self studied in the IFS school of finance and the Chartered Institute of Investments.

Now my real dilemma is.. Should I enroll for a second Masters Degree in a no1 university such as LSE, Imperial etc (again not sure if they are going to accept my application) in order to boost my academic qualifications (would it help?) or should I continue with the burst of job applications (investments related) but taking into consideration that most of the employees are hiring either the top unis or experienced individuals? Any new ideas, opinions, recommendations are welcomed and appreciated. Thnx!

Greg

I'm afraid I know nothing about that sector so can't comment on the specifics. But the reality is that the job market is tough and employers are going to have a large pool of candidates to choose from, so any blip (like a 2:2) can be used to narrow down the field. It's tough, but that's how it is.

I realise that it's late to give you this advice but it might not have been the best move going travelling after your Masters. I suspect that of your peers who found employment, many will have started their job hunt well before you (probably before the course finished). As I said, I don't know much about the sector but it's my inclination that companies want people who can do a job, rather than those who have excessive amount of theoretical knowledge, so I'm not sure that spending time and money on another Masters will help. Rather, I would suggest carrying on with the job hunt and also try to get another internship and/or do anything you can that is business related and shows initiative.

Good luck.

Agree with Hazyjane, a more higher ranking university masters on top isn't necessarily going to give you an edge - even people with masters from top Unis are struggling in the job market. On job experience is really what counts.

What about seeing if you can get another internship or some more stints of work experience? Or what about diversifying your job applications - what about consultancy or retail banks? Don't forget that in these times a job doesn't have to be for life, so taking a job in a related area and getting relevant experience may get you a job which then will give you the step in the right direction.

Hazyjane, I agree with you but the point is to step your foot in the door and that's the hard part cause you have to distinct your self from others. By which way? Either experience or to be from a top 5 University. The second Masters could work either way i think. Either the employer would respect the top notch uni and might give me a chance or could say that the candidate is too afraid to compete in the market and enrolls to further education. A reply from a top uni is waiting and I think I have to give a little bit more thought if I am to play with the rankings (that is to attend a school which is in the Top 5 instead mine which is in the Top 20).

True DanB, lot of people told me to look in consultancy firms and I might stick with it... I just have the offer from the uni now and really don't know if it will be a waste of money, effort and time just to go 15 places up!

One problem is that if graduate schemes are sifting on the basis of having a 2:1 first degree, then your postgraduate degrees don't get you past that point - it's often an automatic reject so an LSE / imperial MSc won't change that. Like the others, I'm not convinced adding yet another qualification to your cv is going to make the difference you think it will. You say you have work experience in your home country - is it worth trying to either get a foot in the door there and try to move into a UK-based job in a couple of years, or targetting firms that do significant business with that country so that that experience is of direct value? Or try something less competitive to get some work experience on your cv.
Do you need a work permit? If so, the government changes are making it really hard to hire anyone needing one so that may also be a problem.

Bewildered,

Thing is that some companies (very few) are accepting the Merit of a Masters as a 2:1 as theoretically its the equivalent. However, the basis is that u have to have a 2:1. I have done an Internship in a Financial Services company in the UK as well for a month but it took me 3 months to find it. No I am an EU citizen and in that case u don't need a visa. Thanx, right now the dominant thought, between the two, is just to burst more applications and maybe do an MBA after a few years that i 've worked.. Or start the CFA exam which would be very advantageous at the moment..

I would agree with HazyJane and that all the degrees in the world even with a PhD would not make a difference if you don't have relevant work experience. I am afraid you might even have to apply to work as an Intern to gain that valuable experience before a company or univ would even take notice. If you want to teach then go for a low level school or college to get that experience before going for university positions. If you want a commercial or corporate job then find a low entry level job with a company and prove that you are not just a book worm with tonnes of certificates - don't amount for much in the eyes of the HR Manager. (up)