By Jen Saarbach & Kristen Kelly, Co-Founders of The Wall Street Skinny
I’ve always believed that markets work well when they are efficient. So, shouldn’t that apply to the job market? The answer seems to be “no”.
Perversely, the age of increased access and enhanced automation has made the job application process way WORSE for applicants (and, in my opinion, hiring managers). We have received countless messages saying “I’ve applied to over 100 jobs and gotten nowhere”. Today, we’re seeing even the brightest, most disciplined, and pedigree-heavy applicants stuck in cycles of rejections.
Why? It may be due to a few common mistakes. And if you’re spinning your wheels, you may be making one of them.
1). Falling into the digital black hole
If I hear one more person complain that they’ve submitted 100 online applications to no avail, I’ll lose my mind. Regardless of industry, but ESPECIALLY in high finance, an online portal is where resumes go to die. You are being filtered out by an algorithm that simply doesn’t care.
The reality is, even the most technical jobs are a relationship business. If no one inside the building is advocating for you, you don’t exist.
So what can you do about it? Redirect the investment of your time and energy from endless applications toward building human advocates. And it doesn’t have to be these super targeted coffee chats with one goal in mind each time. It can be a casual conversation with a neighbor, a former classmate, a friend’s parent, whatever. A role shared with you by a personal contact is infinitely more valuable than a generic posting. A role created or sourced for you by a friend or mentor? The dream.
2). The intimidation game
It’s easy to feel intimidated by “wish-list” job descriptions. I’ve seen analyst-level roles that list 15 years of experience as the minimum criteria. Across multiple industries, we’re seeing what amount to entry-level postings that somehow manage to demand years of experience and mastery of a dozen specialty skills.
It’s nonsense.
The reality? These criteria are often defensive gating mechanisms written with little thought or effort, not hard requirements. Unless you need a surgeon’s license, high finance is a business of grit, pattern recognition, quick thinking, and effective communication. If you have a track record of success across a diverse set of life experiences, you are likely well-qualified for many jobs that might “on paper” seem inaccessible to you. Don’t wait for permission to apply.
3). The overqualification trap
Conversely, a lot of you are getting hosed for roles where you check every box twice over. If a role asks for 5 years of experience and you’ve got 15, it’s not a fit.
Don’t be insulted by this; it’s not that you’re “not good enough”. Hiring managers in high stakes environments are looking for malleable, hungry, adaptable talent. They want someone high energy who they can mold into a successful contributor.
You may still feel hungry and excited to put in the work. But they don’t know that, and aren’t willing to take the risk. So, when you apply for a role that you’ve already outgrown, your salary and lifestyle expectations will likely end up clashing with the “new hire” spirit the firm is looking for.
4). Fixating on the path, not the present
You’ve been taught that many elite roles require a very specific career path. So you’re dialed in on exactly how your resume is “supposed” to look in order to get there. Why are you then getting rejected for the early stage along that path?
Many candidates treat each interview like a chess game, mentally positioning themselves six moves ahead. If your focus is so narrow that you’re only treating your current role as a stepping stone to something better, your interviewer can smell it a mile away.
Think about it from their perspective. Why invest time, effort, and resources into someone who’s just passing through?
And let’s be honest. No senior executive we’ve ever interviewed in 200+ episodes ever had a “direct” path to where they are today. By narrowing your “path” to a specific, prestigious trajectory, you may miss unconventional opportunities that offer massive intellectual and emotional upside. So, widen your aperture. After all, the goal you have at 25 rarely looks like the one you’ll fall in love with at 40.
5). Miscalculating your leverage
You’ve been taught to never accept anything less than your true worth. So, why settle?
While these aphorisms are meaningful from the standpoint of your overall approach to how people treat you, they may clash with the reality of a tight job market.
Case in point: we recently heard from a candidate who lost an offer at Goldman because she tried to play hardball with her compensation for a junior role by asking for an above-market rate.
Listen, here’s the reality. If you’re a Portfolio Manager with a stellar track record, you have tremendous leverage. But if you’re one of tens, if not HUNDREDS of thousands of interchangeable analysts vying for a junior seat, you don’t have much leverage…if any at all.
Understanding the reality of your status in the ecosystem is the first step towards improving it. If you are truly stellar, empower people to recognize your true worth once they’ve seen what you can do. Negotiating like an MD when you’re an associate demonstrates a lack of EQ that can backfire tremendously.