Being in your mid-twenties and out of work isn’t easy. Not only are you fighting for each vacancy with a large group of unemployed GenY bankers, but the longer you’re unemployed, the harder it gets to land any interviews.

And now you’re watching in frustration as the hiring market improves for those higher up the financial food chain (VPs and above).

Analysts and junior associates are still being forced to play a waiting game. Most banks are focused on recruiting people who can build new business, originate deals, or give then bulging client books. All of that requires the dreaded “e” word: experience and plenty of it.

Employment experts say it’s only a matter of time before firms also need execution professionals, but nobody is putting an exact date on it. “2010” is the most specific anyone will get. In the words of one Sydney recruiter: "Hiring in Australia has a senior focus. They need the generals to lead the army before they can hire the foot soldiers."

Average performers with average resumes, who in 2007 would have got several interviews, are struggling to get one. When an analyst vacancy does crop up, banks can afford to raise the recruitment bar sky high because they have so many CVs to choose from.

Your situation is even less secure if your fledgling career was in securitization, property or another really screwed-up sector. There probably just aren’t any jobs going in your former function, so you will have to convince an employer that your core skills - be they in sales, analytics etc - are strong and can be adapted to another arena of banking.

And if by some miracle, you do get a job offer, you’d better have a great reason for turning it down. The following are not great reasons, but some junior candidates are still spouting them:

• You were an associate, but the job is at analyst level. If you’re good at your job, a promotion will come soon enough, especially with markets picking up. And by the time you’re thinking of your next career move, you’re bound to be back on the right step of the career ladder.

• You're not working for Goldman. Having a big-brand bank on your CV is currently considered a luxury at the junior end of the job market. Working for the Big Four, or a struggling global player, is still miles better than being unemployed.

• Your salary has been slashed. Stop complaining. You’re probably too young to have a mortgage to pay or kids to support, so at this stage of your life you can afford to let your wallet take a hit.

In a frosty employment market, the job spec on offer matters far more than seniority, brand value, or salary level. So ignore any short-term pain and ask yourself whether the opportunity will advance your career in the longer term, getting you closer to your career goals and letting you learn new skills.

In the words of another recruiter: “I know of one candidate who took a big pay cut, from $120k to $70k. These are the kind of compromises that a junior person has to make in order to stay in banking.”

Do you agree with the above assessment? Let us know your thoughts in the comments box below. Or better still, become an anonymous columnist on eFinancialCareers and write about your plight as a bank employee or job seeker in Australia. Email apac.editor@efinancialcareers.com