So, long story short, I graduated last year and after 1 and a half years as an equity research intern both at a MM bank and a hedge fund (I am from Brazil, doing long internships is the standard here) I managed to land a starting consulting position at a MBB firm.
I am working for one month there, but now my former boss at the hedge fund left his position to be head of equities at a big european bank here in Brazil and invited me to work for him as an equities analyst for the proprietary desk. This guy is really succesful, he is a former MD of Credit Suisse and earned like several million dollars trading equities in the past.
So here's my dillemma: stay on the road working as a consultant (base salary 53k + 15k bonus USD, shitty hours, so-so work, possibly paid MBA, great people) or go work with him at the prop desk (base salary 65k + 0,75% of PnL as bonus USD, better hours, less learning on the work, no MBA, but a lot of risk in bonus/job security?)
What you guys have to say about this? I like both jobs, but I don't see myself as a consultant 10 years for now, I'd rather be a badass trader. But It's so hard to land a job at the Firm I am right now that leaving it behind is really difficult. No trolling, please. I used to care about prestige, firm name and so, but the more people I meet I see that the average Joe doesn't give a fuck about what firm do you work in. Discuss, please.
Seems like with trading you make 12k more base with may more upside working with a guy you already know and can learn from, plus it's what you want to do in the long run anyway. How is this even a dilemma?
If you're not on the hook for losses then even if you pull a ltcm/amaranth, in the worst case you make 3k less all-in annually.
Trading
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It amazes me that risk aversion can be large enough that someone would choose a job that they like less.
On the other hand, considering you say you want to be a 'badass trader' im guessing that you really only like the idea of being a trader.
Thanks for the great input guys. At first, my plan was to do two years of consulting, get my MBA at a top US school and leave to work as an associate for a PE firm in brazil or US hedge fund focused on latin america. I don't want to be where I am in the long run basically because the hours will always suck and I can make more money working with equities, not to mention all the powerpoint work until I make partner. But the point is that I have put so much energy into getting here that it's hard to leave it behind after only one month! When I graduated, I didn't know what to do... I had an offer to stay at the hedge fund where I was an intern (but things weren't going exactly well there), offer to work as an IBD analyst at the largest brazilian IB or work at MBB. I chose MBB because I couldn't stand IB hours, all the weekend work and doing monkey work all day long. I am not sure what my decision will be yet, but I have to say I'd really like to be a trader long term. If anyone else has anything else to say, please do.
Edit: @derivstrading yea, "badass" wasn't the most appropriate word, I recognize that. I'd say succesful defines better what I want to be. I know what it takes to be a trader and I am by no means risk averse, otherwise I wouldn't want to be one. My point is that I have something for what I have worked really hard to get and I would have to throw it away to pursue what I really want in the long term.
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Reviving the topic... I am still at MBB (sometimes loving it, sometimes hating it) the guy has recently contacted me to schedule a lunch meeting so we can discuss the topic again...
My former employees at the hedge fund contacted me as well to offer a better position with increased pay in the equities division of the fund... tell me about making hard decisions....
Ok, I know that I should do what I want and I have stated here that I wanted to be a equities prop trader/PM before, but realistically, I am 22. I have some clue on what I want to do, but nobody knows (or very few do) what they really want to do at this age. Bailing MBB would probably lower my chances of getting into HBS, but do I really need to go to HBS?
Oh, what am I doing here... relieving my problems in an internet forum... that's what you get when you work 13 hours a day and your best friends are IB analysts...
Guys, sorry to bump this old thread again, but I have to say that only now I made a decision about this: I am going to join the proprietary desk. I was offered a significant improved comp from what I said in the first post and that made me decide it. My intentions are to develop a career in equities analyses/trading/PM in the long term anyways.
My question is: how harmful is it to leave MBB after just 3-4 months? What is the best ways you guys think about communicating it? Should I keep this quick gig in my resume anyways from now on?
I'd love to hear insights on these.
Regards
Why should it be harmful? Because you left so early to actually go to your dream job? Because you did not 'do the right thing' and 'serve for 2-3 years before moving on?'.
All bs, no need to worry about this at all. You went to trading because that's the path you want to take -- only explanation you need to give, should you ever be 'challenged' on this, which no sensible person will do anyway. I would indeed keep it on CV because it still shows you passed quite a selective screening scheme, plus it also just means you don't have a 4 months whole on your CV which may raise eyebrows.
Actually my dream job would be doing the same thing, with the same people, but in GS. Well, nothing is perfect. Back to the subject, I am pretty sure I will be inquired a lot of times about why I made the decision to leave the firm after such a short term. They put a lot of effort/money in the recruiting process and initial trainings and they will try hard to convince me to stay.
I believe it was partially my fault to accept their offer without being sure it was the perfect fit for me. I feel a little "ashamed" of telling them I'm leaving because of all the stuff I said in the recruiting process.
Don't you think staying in a firm for just 4 months on your resume shows that you are at least "unstable" for future employers? Would I get benefits from having the "MBB seal of approval" in my resume even though I just stayed for only 4 months?
This makes absolutely no sense. Why does the name of the bank make any difference when you're on a prop trading desk?
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