Applying while unemployed versus applying from unrelated role - lesser of two evils?
Bit of a crazy/stupid career situation, but I got laid off from a data analyst/data science type role. I've finished all levels of CFA exams and had an accounting undergrad; I self-taught my way through coding.
Now that I have to ponder where to go from here, I saw a DCM post at a smaller firm that I'm considering applying to, because at this point (~3YOE irrelevant) I might as well just explore a bunch of different jobs and pivot.
All that said, the question is, which one of my options is the lesser of two evils for this application?
1. Apply with the coding job as current (by the time any interview comes it won't be current though), but it'll look weird because data to DCM makes zero sense.
2 Apply with the job set to end April 2023, and I can say being let go made me re-evaluate my priorities in my career, but obviously comes with the negatives of job-hunting while unemployed.
Based on the most helpful WSO content, navigating the job application process, especially when considering a pivot into a new field like DCM (Debt Capital Markets), requires a strategic approach to how you present your current situation. Both options you've outlined have their pros and cons, but let's break them down to determine the lesser of two evils:
Applying with the coding job as current: This approach allows you to apply as an employed candidate, which can sometimes be perceived more favorably by hiring managers. The key here is to craft your narrative in a way that highlights how the skills and experiences from your data analyst/data science role are transferable to a DCM position. Emphasize your analytical skills, proficiency in coding (which can be a unique asset in financial modeling), and your completion of all levels of the CFA exams, which demonstrates a strong foundation in finance. The challenge is to convincingly explain your interest in pivoting to DCM and how your background has prepared you for this transition.
Applying with the job set to end April 2023: This option involves being upfront about your employment status, which can open the door to discussing your career reflection and renewed focus on pursuing a path in DCM. This narrative can be compelling if framed correctly, showing self-awareness, resilience, and a clear, motivated interest in DCM. The potential downside is the stigma sometimes associated with job-hunting while unemployed. However, this stigma is lessening, and many employers understand that layoffs, especially in the current economic climate, are often beyond an individual's control.
Considering the intricacies of your situation, the second option might be the lesser of two evils for several reasons:
In conclusion, while both options have their challenges, opting to apply with your job set to end in April 2023 and focusing on how this transition period has sharpened your career focus towards DCM could potentially be more advantageous. It allows for a narrative that showcases growth, resilience, and a clear, motivated interest in the field you're aspiring to enter.
Sources: Looking for Perspectives on Unemployment, Deciding on quantitive majors/career path?, Top 10 Undergrad, Top 10 MBA... Unemployed 3 months, 2 not great offers to decide between, Nine Months of Soul-Crushing Unemployment - Advice Needed, Laid off, Depressed and Giving up...
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