It's tough. But it's not hopeless. Here's what's actually going on, and what you can do about it.
If you've been job hunting recently, you already know - it's harder than it used to be. Applications disappear into the void; roles get pulled at the last minute. People with great CVs are struggling, and you're not imagining it. You're definitely not alone.
But here's the thing: the market hasn't collapsed - it's restructured. The rules have changed, and most people are still playing by the old ones. This page is about understanding the new rules, so you can work with them rather than against them.
Click any question below to read the answer.
Both things can be true at the same time. The market is genuinely tougher than 2021–2022. Hiring has slowed, firms are being more selective, and there are more qualified candidates per role. That's real.
But it's also true that most people are still relying on the same approach that worked five years ago - mass-applying on LinkedIn, waiting for a callback, and hoping for the best. That approach barely worked then; it definitely doesn't work now.
The people who are landing roles right now are doing something different: going direct to recruiters, building skills that stand out, and networking with intent. The opportunity is still there - it's just distributed differently.
A few things have shifted at the same time:
1. Firms hire slower and more carefully. After the 2021–22 hiring boom (and the layoffs that followed), most firms are running leaner. They'd rather leave a seat empty for 3 months than make a bad hire. This means fewer open roles at any given time, but the roles that do exist are serious, well-paid, and actually funded.
2. The "hidden market" has gotten bigger. More roles than ever are filled through recruiters, referrals, and direct approaches before they're ever posted publicly. The jobs you see on LinkedIn are often the ones firms have struggled to fill, not the best ones.
3. Skills expectations have risen. Five years ago, being good with Excel was enough. Now, even non-quant roles expect some Python, data literacy, and the ability to build or use tools. The bar has moved - but that's actually good news if you're willing to learn, because most candidates still haven't.
4. AI has changed the conversation. Firms want people who can work with technology, not just talk about it. Having a portfolio of projects you've actually built (dashboards, tools, scripts) separates you from 90% of applicants immediately.
Probably nothing wrong with you - but there might be something wrong with the approach.
Here's the reality: online applications have a success rate of roughly 2–5% for competitive finance roles. That means for every 100 applications, you might get 2–5 first-round interviews. And that's before the interview process itself.
The maths just doesn't work in your favour when you're competing with hundreds of other applicants through a portal. You need to flip the equation.
It feels counterintuitive, but doing less (more targeted outreach) genuinely produces better results than doing more (mass applications). Quality over quantity. Always.
For some roles at some firms - honestly, yes. Certain places still filter by university, especially at the entry level. That's just the reality, and there's no point pretending otherwise.
But here's what's changed: skills are becoming a genuine equaliser. A candidate from a non-target university who has built a portfolio risk dashboard, knows Python, and can talk intelligently about markets will beat a target-school candidate who can't do any of that - more often than you'd think.
The buyside cares about whether you can do the job. That's always been true, but it's more true now than ever; firms are smaller and every hire needs to contribute immediately. Your CV just needs to get you through the door - and that's where recruiters help, because they present you as a person, not a line on a spreadsheet.
Focus on what you can control: your skills, your market knowledge, your network, and how you present yourself. Those things compound.
If you're actively looking, here's a realistic game plan:
Week 1–2: Foundation. Get your CV right - one page, no fluff. Lead with experience and results. Look at our CV examples for the structure; if you don't have projects on your CV yet, start building one from our Coding Hub. Even one project makes a difference.
Week 3–4: Outreach. Contact 15–20 specialist buyside recruiters from our directory. Use our outreach guide for the exact email template. Connect with them on LinkedIn too. This is your highest-ROI activity.
Ongoing: Stay sharp. Read our Market Insights weekly. Follow financial news. When you get an interview, the number one thing they'll test is whether you understand what's happening in markets right now. Don't get caught out.
Ongoing: Keep building. Even while job hunting, keep adding to your skill set. A second project on your CV, a certification, or even just being able to say "I taught myself Python over the last 3 months" shows initiative that interviewers love.
Don't wait. Seriously.
Here's why: waiting doesn't make you more competitive. If you wait 6 months for the market to "improve," you'll have 6 months of nothing to show for it. But if you spend those 6 months building projects, reaching out to recruiters, learning Python, and understanding markets - you'll be a completely different candidate.
The people who break in during tough markets are the ones firms remember. You stood out when it was hard; that says something about you that a booming market never could.
And firms are still hiring. The headlines about layoffs and freezes get all the attention, but the buyside is always recruiting for the right people - multi-manager platforms, in particular, are constantly looking for talent. The roles exist; they're just not sitting on a jobs board waiting for you.
Great question. Networking has a reputation problem because most people do it badly. They send 500 identical LinkedIn messages saying "I'd love to pick your brain." Don't be that person.
Here's the version that actually works:
Be specific. Instead of "I'd love to learn about your career," try something like: "I saw your firm just launched a new macro fund - I'd love to hear how the research process works on the desk." People respond to genuine curiosity, not generic requests.
Give before you ask. Share something interesting first. An article, a chart, a perspective on something happening in markets. Then ask your question. It shows you're engaged and thoughtful.
Follow up once, then let it go. If someone doesn't respond, don't chase them 4 times. Send one follow-up after a week; if nothing, move on. There are plenty of people who will respond.
Think long-term. The best networkers aren't transactional - they build relationships over months and years. Comment on people's posts, congratulate them on moves, stay on their radar. When a role comes up, you want to be someone they think of naturally, not someone who cold-messaged them once.
It's never too early. In fact, starting now is the single biggest advantage you have over people who wait until final year.
You don't need to have everything figured out. You just need to start doing things that compound:
Learn Python basics. Even just being able to say "I'm comfortable with Python and pandas" puts you ahead of most applicants. Our Coding Hub is designed exactly for this - real projects, not theory.
Start reading the FT or Bloomberg. Even 15 minutes a day. The goal isn't to become an expert; it's to build the habit of understanding what's happening in markets. When someone asks "what's your view on rates?" in an interview, you want to have something to say.
Join investing or finance societies. Not for the CV line (though that helps) - for the people. Your university peers will be working at banks, funds, and consultancies within 2–3 years; that network starts now.
Do spring weeks and internships. Even if they're not at your dream firm. Any experience in financial services teaches you how the industry works and gives you stories to tell in interviews.
This one's important. Job hunting - especially in a tough market - can genuinely affect your mental health. The silence, the rejections, the uncertainty; it's a lot.
A few things that help:
Separate your self-worth from your job status. Not getting a role doesn't mean you're not good enough. It means the process didn't work out this time. The best traders in the world lose money on most of their trades. They just manage the losses well and let the winners run. Same principle.
Set small daily targets, not big monthly ones. "Send 2 recruiter emails and read one article" is better than "land a job this month." You can control the inputs. You can't control the outcomes. Focus on the inputs.
Take breaks without guilt. If you've been grinding for weeks, take a few days off. Go outside; see friends. You'll come back sharper and less desperate - and desperation is something interviewers can feel.
Talk to people. Join a community (like ours). Surround yourself with people going through the same thing. It's not just networking - it's knowing you're not alone, and that matters more than most career advice you'll read.
The market is different, not dead. The people who adapt - who learn new skills, reach out to the right people, and stay consistent - are the ones who break through. That can be you.