Getting a job in investment banking is difficult even during a strong economy. Barriers to entry are high. Banks target what they perceive to be the best candidates, recruiting at only the best schools and subjecting wanna-be bankers to the most grueling interview process.

In this economy, getting a job in FINANCE is exceedingly competitive, let alone investment banking. With Street-wide layoffs and bank failures, the supply of labor is unusually high. Competition is fierce, as more candidates compete for a smaller pool of jobs.

What does this mean for you if you are currently seeking a job in financial services? Jobs are out there, but they are fewer. However, some banks are seizing this economic downturn as an opportunity to hire good people.

Be ready to knock on what may seem like countless doors to find the right opportunity. Do not be surprised if you meet with firms and they are not quick to proceed with a formal interview process. Many firms are meeting with candidates, but are waiting to see how the economy will play out before making hiring decisions.