London Entry Level Jobs Situation

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mrzerga

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Guyz and Gals,
Several parts to my question so bare with me:
a)Does anybody care to share first-hand experiences with entry level job situation in London?
b)Is there serious seasonal fluctuation in jobs availability and volume(I plan to start looking seriously around September) ?
c)How likely recruiters to be of any help in these entry level positions, as according to my understanding, these positions offer low margin profit for recruiters, no?

Standard background : BSc Finance GPA between 3.0 and 3.5, Level I candidate, slightly relevant internship, rest of job experience is finance irrelevant garbage (non-accounting audit and non-finance sales).
Desired positions: most likely have to start in operations and move on up, as with my credentials, analyst positions are probably unlikely(nice oxymoron, eh?).
UK job permit is not an issue (EU citizen). Any answers are appreciated.
 
Hi mrzerga!
I'm in the same situation (but I have more experience in Finance, unfortunately not as close to the "real thing" as I would like).
I'll come and live in London in September too, once my notice period at my current employer is over.
If you want to discuss further what are the next steps we two should think about, don't hesitate to send me a mail at [email protected].
Good luck for the job search.
 
mrzerga - I am in almost the same situation, the difference is that I completed master's studies. Did you imply that you are moving from the states? Since I have never heard about GPA in the UK, it all about 1st, 2:1, lower, third. If that is the case it may be more difficult.

Yes, I am sure here is a seasonal difference, total crap in summer. The best time IMO is winter, but fall is ok too. It is connected with bonuses issues since people prefer to wait till December to get their bonuses and get out. That was the explanation of one hedge fund manager I met. But it works for associates, I am not sure whether it works for analysts.

As for recruiters - I think that they are subdivided into specialized groups. Some will not deal with you indeed (one gentleman said he is interested in minimum 80k, when I said 30k - he adviced to find someone else), but some are just aces in lower margin positions.

What I would strongly recommend is to pay attention for temp positions, it is a good way to get experience, recommendations and knowledge about people's responsibillties. Besides, it is relatively easier to get into temp jobs (though to get fired as well), they pay more and if you set up a limited company you can increase your salary to 80% of gross income, up from 70% on a PAYE basis. To get a perm one even in operations you will have many interviews and if you have something to put on your resume before it is good.
 
Luchano,
thank you much for the insight, yeah I'm indeed relocating from the US(both personal and other reasons).
May I bug you with couple more questions?
By "may be more difficult", do you mean that US Bachelors is not viewed as an equivalent to local education? How big do you think it be of an obstacle in terms of job search? It was my (albeit naive) perception, that as long as you have Bachelors equivalent under your belt it should not matter to the employer...
Yeah, it is my understanding also that December to February is going to be completely dead season for employment, that is why i'm trying to secure a job before the slowdown.
In terms of recruiters do you have any personal favorite that you would recommend?
What is the normal spread for operations ? Is it between 25k to 35k?
As to temp position - thats a very good point, it should be common sense but somehow I usually overlook these options...LLC advice - very good point - never though of that...
I guess these are all the q's for now...Thank u!
 
heya mista zerga!
saw your mail but just got home after a long journey... back from london
I reply to u asap! and now I'm going to crash on my bed and sleep which may certainly help me to send you a proper mail instead of doing it at once.
cheers
 
mrzerga Wrote:
-------------------------------------------------------
> Luchano,
> thank you much for the insight, yeah I'm indeed
> relocating from the US(both personal and other
> reasons).
> May I bug you with couple more questions?
> By "may be more difficult", do you mean that US
> Bachelors is not viewed as an equivalent to local
> education? How big do you think it be of an
> obstacle in terms of job search? It was my (albeit
> naive) perception, that as long as you have
> Bachelors equivalent under your belt it should not
> matter to the employer...

Well, it is not a formal obstacle, but may be a cultural one, traditions and work ethics. I think Americans are more open, funny and easy going. With British it does not work. Though it is a minor point, if one is adaptable he will succeed. I meet many Americans working on a senior level in London. Besides, you would be surprised by the lower quality of life and service that is vertually non existent in the UK. To set up an internet connection you may be credit checked two times etc.

> Yeah, it is my understanding also that December to
> February is going to be completely dead season for
> employment, that is why i'm trying to secure a job
> before the slowdown.

Actually, it is a good time since they paid bonuses and they recruit. But getting in earlier is better, no doubt.

> In terms of recruiters do you have any personal
> favorite that you would recommend?

Well, there are many specialized shops and big universal ones. Most of them will waste your time since they will invite you to register and just improve (capitalize) their databases. But I would go there anyway since you never know what may work and you may practice your interview skills a bit.

From generalists, MichaelPage is the leader, but they may be too hectic, Project Partners may have good options for operations, Witan Jardine - very personable guys, I think the best ones in the way they treat people. Arrogant and impolite agencies - Hudson, Morgan McKinley - did not give me a feedback on interviews! Look at the reed.co.uk you will find lots of boutiques in operations.

I would strongly recommend applying directly to JPM, BofA, Citi, UBS - they always have lots of positions in support, though it is more common to temp with agencies at the beginning to build a resume.

> What is the normal spread for operations ? Is it
> between 25k to 35k?

I would say 30k is a good range, for temping it may be different, 15 quids ph is good. But damn I saw a secretary position at UBS where they pay 50k, that is hilarious.

> As to temp position - thats a very good point, it
> should be common sense but somehow I usually
> overlook these options...LLC advice - very good
> point - never though of that...
> I guess these are all the q's for now...Thank u!

When you will want to set up a company 1stcontact is a good outsourcer, though they charge a lot - 5% from gross. But it is feasible for several months.
 
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