I Applied to 1,000 Finance Jobs to Test the Labor Market

I applied to 1000 finance jobs, to see how easy or not so easy, this job market really is. Most companies are trying to hire right now, so the hypothesis is I would be able to get plenty of interview requests or job offers. I needed a resume that was good, but not amazing. Just something that would be acceptable to most hiring managers in finance, and would allow us to get a solid idea on what the job market looks like. To make things easy, I used my own resume as a template, then made some small adjustments to make it more general. Next we needed a name for me. I went with something that could be male or female, and could be a white or black person. . I also wanted to test the market for a college student vs someone with a bit of experience. So we made 2 versions of the same resume. In one, Dakota is just about to graduate and is looking for his or her first full time job, and in the other Dakota has 3 years of experience as a junior analyst. Finally, I needed a phone number and email address. Got a couple weird looks buying a burner phone from Walmart, but we got it done.
There were a couple of interesting trends that I noticed and kept track of while filling out all of these job applications. First, I was a bit surprised by how often the job application listed the salary for the position I was applying to. In my opinion, it makes perfect sense to show the salary of a position when you are trying to get applicants to apply to it. Doing so will eliminate a lot of headache after the interview process if someone had different expectations on the pay going into it. But I just didn't expect to see it as often as I did. Of the 1,000 jobs I applied to, 571 of them showed me what the expected salary would be for the position, which I thought was pretty cool. Next, there were far fewer jobs than I expected, offering to let candidates work from home either partially or all of the time. I know in what is now May of 2022 that the pandemic has mostly subsided, but I still expected to see more flexibility from employers given how common working from home has been for the last 2 years. Just 259 of the 1,000 jobs offered a work from home arrangement. Maybe working from home is just more of a tech industry thing, whereas more business in the finance field is done face to face.
If you have an idea of something you want me to cover in depth, please let me know because I take your requests seriously. Will be back with more CFA Exam tips in a couple of weeks so please submit more questions you would like to hear answered. Love you all!
- AJ
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[@joaquinms8891]

Did your resume said you were a CFA?

[@ansshanand]

Same question! Also did you mention CFP?

[@pedromota3685]

I'd like to know as well

[@straighttalks-ajsrmek323]

Sorry, I forgot to mention this in the video! I said I was an L2 candidate.

[@onebridge7231]

I worked in Finance 30 years. The CFA, FRM, and a lot of PhD’s are just over paid managers who can cram for test, but forget most of what they were tested on. 5 years into their jobs and they were still clueless how the bank operated, how interest rates are set, and how the bank funded it’s operations. It was even worse in the Investment & Portfolio areas of the bank when I did 2nd Line Model Validation. Some of the worse modeling practices were from CFA’s and PhDs! They all thought they were 1st class talent, but only 5% were actually any good.

[@maxr.3854]

@@onebridge7231 While those without such certificates and you of course nailed it.

[@Frederick0220]

$50k/year for a finance job is incredibly depressing and confounding. Finance is supposed to be a high paying industry. Maybe only at the Morgan Stanleys and Goldman Sachs of the world.

[@thex2thaz]

For those in a hurry there was about a 9% rate of response out of 1,000 applications. 90% of the jobs were entry level. Of the 571 Jobs, avg was $48,000 Salary. Of the 92 Jobs that responded was $46,000. Thank you for making this video @ AJ.

[@saber9876]

i clicked on this video not intending to watch it but to scroll the comments for information from it so thank u

[@Wealthward]

Not all heroes wear capes

[@yuiwang8526]

For the effort of submitting 1000 applications, you absolutely won my respect! I recently started look for a new position (FP&A) and I can share some datapoints/thoughts: 1. Interview process. Big tech companies tend to have a longer and more selective interview process - it took me roughly 1.5 months to complete 5+ rounds of interviews with one big tech firm; while it only took 1.5 weeks to land an offer with another fortune 1000 company for similar positions. So the effort required sometimes can play a big role in the process, and generally it’s worth the effort for young professionals to focus more on the quality vs quantity - that adds to your comment re: cover letter, thank you letter and etc. 2. Immigration status. It’s my observation that Whether or not an applicant needs visa sponsorship can play a big factor in Finance (it’s not a big issue in tech though as most tech companies are willing to sponsor). Would be curious to see how your result for “interview/acceptance rate” change if you make that distinction in application. :) Lastly I do want to add that I really enjoy watching your videos! They are so informative and helpful and getting more and more fun!

[@RexiRexx87]

Dakota Williams…nailed it man!😂

[@gregorybainathsah7284]

Damn, this guy sent out 1000 resumes just for a good YT video, That's some real dedication! Awesome video, this gives me some practical perspective on the job market. Very useful stuff AJ

[@mba2ceo]

y a stupid do believe that

[@emzywillrich7243]

I applied for 2,154 on LinkedIn before I got one.

[@gracedong7]

some next-level commitment and awesomeness

[@noahsalgado4683]

awesome video. thank you ! this job market is hard out here.

[@kateallen570]

This video did not get enough hype! Thank you for all of the work!

[@straighttalks-ajsrmek323]

Thanks for watching!!

[@ying1296]

My god, subbed. You make good content and this commitment is amazing

[@straighttalks-ajsrmek323]

Thanks man.

[@luispowell8036]

This is great 😂😂😂 I have been watching your videos for more than a year and never subscribed with this, you got a new subscriber

[@straighttalks-ajsrmek323]

Thanks for subscribing!!!

[@Susanthebrand]

i am here in 2024, and all i can say is i am in awe of the work you put into making this video, and i appreciate you for making this video. thank you

[@MrezaSF]

Hi ! What entry job you suggest for a 0 experienceed person? Thanks!

[@alkharsa11]

AJ your a legend!

[@annarbor612]

Great effort!

[@user10cool]

Great vid!

[@arashpolgerdi869]

Thanks for your research

[@jaiminiviles2635]

Good Job!

[@lukethompson2023]

Great video! :-)

[@tofigmammadov2700]

Wow, what a great idea! I really hope you get better success with number of views/likes for this video than with 9% success rate on your experiment!

[@straighttalks-ajsrmek323]

Haha thank you!

[@KD-el9uq]

Cool idea

[@janreichenbach265]

It's remains supercompetitive at the top employers like Blackstone or Goldman Sachs because they receive hundreds of applications for one entry level position. Even if everyone held the CFA with all three levels + a Stanford or Harvard MBA, not everyone would be able to land a job there -> supply and demand. Sad but true. At least, the CFA charter is relatively moderately priced.

[@millionsuponmillions]

Of course we liked this video!!

[@straighttalks-ajsrmek323]

Thanks for the support man!

[@amit-bt1ki]

Having passed cfa l2 but not having a degree from a 'prestigious' college, it's become so tough to find entry level finance roles in good companies with a decent pay. It's disheartening.

[@anonymous5424]

@@WorldWideSk8boarding can you name a few target schools in canada to do a masters in finance ?

[@11junkyard]

Is it at least possible to get a few good openings, even if they aren't from not so good companies?

[@Ksealey89]

Have you applied to the big 4?

[@onebridge7231]

CFA’s are a dime a dozen and so are MBAs and even PhDs in finance. Even from the Ivy League colleges. My last manager had a CFA, FRM, Master Science from Yale and was an immigrant from Germany with a good German undergrad and he maxed out at middle level finance manager at top U.S. Bank. He jumped to a smaller institution where he is now Head of Model Risk on his way to Chief Risk Officer. Finance companies want PhD in Physics, Math, Engineering. People who can code Machine Learning and Artificial Intelligence. Sadly, colleges don’t tell or train there business students in this. Better to get your foot in door and build experience with any finance job that is legitimate , but relying on your CFA thinking you’ll get a Goldmans Sachs M&A job is not going to happen or the odds a extremely low.

[@fborregoATBeyer]

Awesome!

[@Denis-vr3sh]

Reference to the office movie... the best

[@makaylamachacek9258]

Is there anyway you could release the exact resume that you use? It would be relevant to see what exact experience you listed/with what companies. Also- which school did you list for the new graduate? All of those would be huge factors that would play into it

[@straighttalks-ajsrmek323]

I don’t want to show the resume since most of it is mine. But I changed the college. I said I went to North Carolina, a pretty good finance school.

[@renewells1880]

It is Deere & Company ... "John Deere" is a trade name owned by Deere & Co.

[@straighttalks-ajsrmek323]

Thank you, Rene.

[@cindyventura682]

Slow job market I've been looking the past 6 months!

[@rachelsmith6820]

Thanks for asking I need some advice about getting through ATS for the interviews. I do great in person but can't seem to get to that interview.

[@sahvtft]

Ty

[@onebridge7231]

I can tell you No Recruiter takes the time to read a cover letter. They only look at the top 25% of your resume and are only skimming it and it better be related to the job your applying for. Only recent experience is what they are after. Ditch the cover letter and objective statements. They’re outdated and useless.

[@andrecepeda5538]

Excelent video

[@richardcarlin1332]

What this really illustrates is salary stagnation. In the early 1980s, starting finance salary was $25,000. In the early 1990s Starting salary was $35,000... Fast forward to now, $46,000. Based on inflation and cost of living alone, starting salary should be at least $80,000. My salary at a company 20+ years ago was $50,000 for a different type of role. Technicians for the same role today are offered a $50,000 salary, so no growth.

[@sahvtft]

But look at how much richer CEOs are

[@MinecraftPigSniper]

I got offered 70 + 5 sign at a job in the city at a top company, which is the exact entry offer my girlfriend's brother got 12 years ago when he started his finance career... it's pretty laughable how bad salaries have stalled.

[@weswest8666]

Supply and demand

[@talhaahmad7136]

Pwc US hires from Pakistan expwcer senior associate on 90k! Those of my seniors made it great I must say

[@almaaune3596]

Did you mention where you applied for jobs? Mostly through indeed, or linked in? Great video!

[@straighttalks-ajsrmek323]

Yea I did, mostly through Indeed.

[@Frederick0220]

1,000 jobs is insane. Did you not do any cover letters? Cuz if you did, this would've taken months to complete.

[@christopherwatson4890]

Do you think you can share a template of your resume? I just completed my level I exam (waiting for results 🤞🏼) but have been struggling to find a job that will qualify me for the work experience needed from CFA. Anything will help greatly! Thank you for all your great content

[@straighttalks-ajsrmek323]

Email me!

[@richmusick4881]

9% call back rate for jobs paying 48k a year? Take me out back to the woodchipper and end it. I dont wanna be here anymore..

[@straighttalks-ajsrmek323]

LOL. It may be better given the current job market.

[@mba2ceo]

reality of slavery - THERE ARE NO JOBS

[@thomasknight604]

Very interesting on the 3-year side. Seems like analysts and people trying to go into a pure finance role aren't making nearly as much as their PWM counterparts. Imo a competent CFP should be able to pull $110,000 salaried remote with 3 years of experience these days. When I last sent a resume around I was pretty targeted and tapped my network a bit. CFP/CFA. Only sent out maybe 15 applications, got 19 interviews, had a new job within 5 weeks. I think that applying to 1,000 jobs your success rate is low because there is no way to demonstrate a career arc, and a lot of the stuff you apply for wont be a great fit.

[@straighttalks-ajsrmek323]

Yea, I agree about the CFP salary. Plus remember for my test the apps were very impersonal.

[@VarunnShetty]

Absolutely couldn't believe you did this! Also did you mention you've cleared CFA?

[@straighttalks-ajsrmek323]

Great question! I forgot to mention this in the video. I said I was a L2 candidate.

[@VarunnShetty]

@@straighttalks-ajsrmek323 thanks bud! Still can't believe you did 1,000 job applications! You don't even need a job LoL

[@maxb5957]

Max was here

[@patstedmanspolishpassport9264]

lmao there are housekeeping jobs right now paying 20-25 an hour #defundcollege

[@aceapocolips]

Ok now do 1000 interviews to get us an idea of that process.

[@straighttalks-ajsrmek323]

I'm on it lol

[@straighttalks-ajsrmek323]

or maybe next "I Lived 1000 Lifetimes to See What Works Best"

[@Hindufromdenmark]

Please make video on cpa

[@robertcollins629]

About 10% is what I’d expect. Just like dating, it’s a numbers game baby.

[@straighttalks-ajsrmek323]

Lol good point!

[@haruyanto8085]

But unlike dating, you don't lose money and time

[@MastaSplinta]

You couldn't be any more wrong 🤣

[@enriquerivero4051]

how did you send 1000 aplications so quickly? it took me almost a week only for around 100 aplications considering most of the jobs like you to apply directly from their websites and not directly through indeed

[@straighttalks-ajsrmek323]

All through Indeed!

[@Jere9181]

What types of jobs did you apply for? You mention retail banking at around $18 an hour but how many were corporate finance vs lower wage jobs? The average salary you mention seems very low. Also which location did you put? Was this across the entire US? Thanks!

[@straighttalks-ajsrmek323]

Mostly entry level "normal" jobs. Not Wall St banking jobs. And yes around most of the country.

[@smartyyoung7319]

Tech companies are having hiring freeze. Same thing for finance?

[@straighttalks-ajsrmek323]

Not at the moment!

[@nicolaspaulin1861]

what about u guys, do you have more or less than 9% interview rate? I have more and I am not even in finance so i am surprised

[@99lmatteoli]

I love hearing the “message the hiring manager” but most listings don’t giving one, and when looking into the company at all you never find them and if you do there’s 10+ and I’m sure as shit not messaging all 10+

[@straighttalks-ajsrmek323]

Then you might lost out on the job to the person who does message all 10+

[@mahdigholami901]

Greate

[@rachelsmith6820]

Have you done a resume video for this video? It would help me out.

[@straighttalks-ajsrmek323]

No but I could do that. What are you thinking?

[@onebridge7231]

Traditional Finance taught in University and CFA, FRM type roles are being phased out. If you’re a college student and want to get paid in finance, then get on a PhD Physics track were the curriculum teaches logic and machine learning and artificial intelligence. You’ll get an offer of $200k plus base typically ( bonus is the real money) right out of Uni if you pass the coding and logic interviews. All finance even M&A is going digital where companies are offering M&A type services online.

[@emzywillrich7243]

The bottom line is that they did not want to pay "Dakota Williams" the higher salary.

[@anuchitu6993]

Were the interviews conducted online or on-site?

[@straighttalks-ajsrmek323]

Online or via phone call.

[@nicolaspaulin1861]

crazy to think he could have helped a friend (or 2) get a great job, but prefered to send 500 fake resumes instead :(

[@viacheslavsavateev6522]

Now try this for Canada. You’ll be very surprised.

[@straighttalks-ajsrmek323]

What would be different?

[@viacheslavsavateev6522]

@@straighttalks-ajsrmek323 response rate

[@donaldlyons17]

@@straighttalks-ajsrmek323 Having lived in both Quebec and Nova Scotia I would suspect the answer would be YES.

[@KevinMDowney]

For the 42/500 you were perceived as over-qualified (I.e. too expensive).

[@straighttalks-ajsrmek323]

Yea that very well could be.

[@mba2ceo]

9% reply rate and luck y to get 1 paying offer

[@Game-yl2lh]

You have to be a 10 of 10 talent. So, you do not have to participate in any CFA exam to be recruited.

[@kostarizo5986]

For these 1,000 jobs that you applied to, how many different companies would you say you looked at?

[@straighttalks-ajsrmek323]

Maybe 300

[@DROIDFARM]

Man this was like me in real life hahahaha

[@serenequeensubliminals]

venus is closer to the sun than mercury tho😂

[@straighttalks-ajsrmek323]

No, its not.

[@dct124]

Next time use Hillary. I actually had a black kid in my class named Hillary when i was in elementary school. It was a boy. Hillary Clinton obviously, Hillary Banks from Fresh Prince, and I'm pretty sure theirs others.

[@jimogden4076]

Is this a 1.D misconduct violation?

[@VarunnShetty]

Exactly how?

[@straighttalks-ajsrmek323]

Nope.

[@thomasknight604]

Not a chance

[@user-ul1ku1ds9d]

Jon searching websites are ok if you have a lot of experience and know the buzz words that get picked up by the sofware. I work in finance for 28 years and can literally take a year or two off and come bank to the same firm without a problem making great money. I have a couple under grad degrees and MBA which helps a little growing the business and speaking to clients and their comptrollers. Other than that please don’t make fake resumes…you are wasting peoples valuable time and you might be gout someone who really needs work. Lori’s taste man, poor taste.