Few people know it and even fewer will admit it that bank recruitment is actually a seasonal process. If you are looking for a job in the banking sector, chances are that now isn’t the best time to start scouting.
Trends in 4 Major Investment Banks
Based on the trends exhibited by 4 major investment banks – Goldman Sachs, Credit Suisse, Deutsche Bank and UBS, October to December is literally considered to be a “cold season” in the field of bank recruitments. In fact, as per trends that have been tracked since 2010, these are the months when the maximum number of staff is slashed from the banks.
This trend tends to continue up until the end of the first quarter in March. The fact of the matter is that the only time of the year when banks welcome new recruits is in Quarter 3 between July and September. When comparing the 4 year trend between these 4 major banks it was found that the overall average firing of staff in Q4 (October through December) was a whopping 239 employees. In Q1 (January through March) these figures went slightly down to 175 employees being let go off. While the number reduces significantly in Q2 (April to June) to 29, the only quarter through the year that represented staff additions is Q3 when an average of 189 new employees were recruited for the year.
What Makes Quarter 3 so Special?
July through September is considered to be the best time of the year to recruit because graduate and MBA hires tend to start work now. Furthermore, most banks make it mandatory for employees to serve a three month notice period. This means that bankers that apply for new positions in new companies in the beginning of the year start receiving their offers by the end of the first quarter, after which the 3 month notice is served until late June or early July before they are able to start their new jobs.
Landing a Banking Job
So does this mean that you just sit back and wait for the season to arrive? The answer obviously is, no. Depending on whether you are fresh out of college of B-school, or have already ventured into the banking world, you need to put in effort all year round. If you show some interest, and connect with people to meet with potential employers, you will find that they are more than happy to arrange a meet with you.
Furthermore, it is not necessary that you need to be a scholar from an Ivy League to get a good career in investment banking for yourself. Work hard towards preparing and qualifying yourself for the kind of job you are looking for. The idea is to stack the odds in your favor.