Disappointed in new job

(So this role isn't actually in IB, but this is the most active topic and I wanted to get some advice.)

I'm a recent graduate and after a couple of months of applying for roles, I managed to get an offer from a mid-sized asset manager. The job description seemed interesting enough - a mixture of transition/trading, research, marketing etc. When I interviewed, it became clear that it would involve trading and research, which sounded good enough.

However, I've been here for a month now and it's very different to what I thought it would be like. Research/investment idea generation isn't really part of the role at all, it's just good to do in your own time if you want. It's all trading, but this just involves transition work. Meaning, a client pulls money in or out so we need to create spreadsheets of how to do this. It's all very procedural, whereas I thought it would be a lot creative in creating investment ideas.

I graduated from a target and my main ambitions were to get into trading (S&T). Had a lot of experience in trading but didn't manage to get in so I was also looking at AM/HF also. At this point - what do I do? I've only been here a month and it's my first full-time job but I don't see a future here at all.

 

My manager and others aren't doing very interesting work - that's the issue. It's not that I'm new and so they've given me boring grunt work - that's just the work they all do. One or two in the team have done some interesting work in their free time on investment ideas but that's not the actual role.

I did find trading more interesting, but I just like markets and being involved in investment whether that's more long-term plays at an AM or sell-side trading.

 

Definitely stick it out for a while. Question though, you've been there a month. Do you really think the current responsibilities will be the same forever? Or is this part of your training? I would keep looking and try to find a better role, but it seems like either you got the wrong idea, or the firm just sold you whatever they needed to fill the role. Shows that asking the right questions is key. I've taken a job like that before where the actual role varied much from the advertised role. It ended up working out, but I was pissed, too.

"Decide what to be and go be it." - The Avett Brothers
 

As above, I do think the responsibilities and work will be the same because my manager is dealing with the exact same issues.

I think maybe a mixture of both. I was unemployed for a few months after graduating and I was delighted to get an offer after so many applications. The advertised role was very varied, but in the interviews they narrowed it down. However, it still seemed okay enough. Only now am I seeing that really all the research/investment idea generation side of things is just something you CAN do in your spare time. It's great if you did and it was a good idea, but that's not the day job essentially.

Definitely at partial fault but I do feel I was somewhat lied to also. I'm not sure if I should or can talk to my manager about this worry. Ultimately I do want to do well and switch but bad references aren't going to be a good thing. Or maybe it doesn't even matter if I explain my situation, I don't know.

 

On your resume and in future interviews they won't know what was the side project vs your main job. It sounds like you have the opportunity to build up a resume that features a few investment pitches, potentially that end up becoming live trades. Again, do well in your main work, but in the future you can, without lying, have a resume that reads a lot more like an equity research analyst.

Keep your chin up, it's better than being unemployed. Good luck.

 

You're probably right, but I just feel like I could be doing a lot more research work in my own time. It does provide an income, which is great, but the opportunities to do research are very limited. It has to be on my own time.

How long would you guys stick it out for before looking for work - or should I already be looking for something?

 

Agree with the above. Don't quit cold turkey but I'd start looking immediately and I'd leave as soon as you've lined up something else. You're young, you're not expected to have the ability to intensively diligence roles at that age and employers will understand that. You don't owe your employer any minimum time if they truly did intentionally play up the job and mislead you into taking it. Good luck.

 

Stick it out for a year and start looking for exit.

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."
 

IF you can present valid argument to explain this in an interview, then definitely start applying and leave now. Staying at place you hate can make your life miserable and can impact your long term career.

 

IF you can present valid argument to explain this in an interview, then definitely start applying and leave now. Staying at place you hate can make your life miserable and can impact your long term career.

 

Hi. I've been a lurker but decide to comment since I am in a similar situation, but with some months into my job. My direct manager has a horrible reputation within the company and is looped out of a lot of things from the team. I feel like I am getting the same treatment and I am so sick of it. Honestly, he may be good at his job, but the work environment really sucks. Is your situation similar? I am looking for some advice as well...

 

Can't comment on the OP's situation, but I realized within a few weeks of starting my job that my direct manager has very unreasonable demands and doesn't work well with other internal teams. It's really frustrating since he assigns projects to me, some of which I see as unreasonable and often sadly a waste of time, and push back sometimes, but he doesn't get it. And since he doesn't have a great reputation within the company, it's hard for me to work with some other people, since they know that I work for him. It's really frustrating because I've never had issues like this with my past 2-3 managers. I don't know if this would be a valid argument to present in any job interview..

 

Very ethical, in fact almost expected at some level unless you make a long term committment.

As for your employers: fuck them, there is no loyalty and they will replace you the second they choose to do so. The best thing you can do is ALWAYS have feelers out for another position. This industry is very unstable, and you're going to get ahead faster by jumping around anyway, you might as well start looking now.

One thing: be careful of conflicts with ER.

Get busy living
 

It's not unethical unless you've made a long-term commitment to the firm. That said, you have to do what is best for you - if you're unhappy, start looking elsewhere - just not at work, obviously.

The big key here will be in tactfully explaining why you want to make a move so quickly without badmouthing your current firm or the position and showing the new employer that you won't quickly jump ship again. Check this out for some strategies if you want more advice or PM me.

 

Yes - otherwise it looks like you haven't done anything for 3 months. 3 months is enough time to know something isn't right, while gaining some experience at the same time. Sell the experience and your interest in moving to the new employer without negativity.

 

Am in the same boat as you. Hate the firm but like (or at least still believe that i like) the job.

I had been with my firm for 6 months. Still find it hard to come up with a convincing reason to explain to the interviewers why i want to leave.

You have only been with your firm for 1 month. To be fair, you should at least speak to your directors and MDs and wait out for 3 months or so before deciding again.

 

If the firm sucks, at least figure out why they suck as much as they do. That way you can tell prospective employers why you want a change - as well as convey that you are intelligent enough to recognize the type of corporate culture you would be most interested in participating in.

Besides: "Keep Your Friends Close and You Enemies Closer" - Learn All That You Can About How A Bad Shop Works!! and I guarantee you will benefit from the experience somewhere down the road.

It's going to suck, but you're actually in an opportune situation.

 
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If the startup was going under or you were about to get fired you wouldn't be getting any notice either. Barring more information, I think you know what needs to be done.

This. Loyalty only works when its a two-way street and more often than not with employers it simply isn't. Take care of yourself first.

Commercial Real Estate Developer
 

Well, what I would advice you to do is to talk to your boss and explain your thoughts - you are not getting what you want, you're not really develping your skills and don't see any progress in the nearest future. Probably there is a way out and your boss will give you some other tasks to do or even move you to another position. Why not.

If really notm then it might be a good choice to find another better place.

http://www.mbadissertation.org/
 
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Well, what I would advice you to do is to talk to your boss and explain your thoughts - you are not getting what you want, you're not really develping your skills and don't see any progress in the nearest future. Probably there is a way out and your boss will give you some other tasks to do or even move you to another position.

This. Do your best not to burn any bridges by being transparent. Maybe your work will improve and it could end up being better than your first choice seemed to be. If things don't change you are already one foot out the door.

 

There is no way to get out of this without burning bridges, be polite and explain why you don't think you're a fit of course, but then hand in your 2-weeks notice. However, a little caveat, make sure the job on the other side is ACTUALLY what you want, and also that they are not going to fall through again....because the last thing you want is leaving this boat for another, and ending up in the salty sea. Good luck OP!

"Finance is a gun. Politics is knowing when to pull the trigger" - Mario Puzo
 

thestranger have you approached your boss about the lack of challenging work and the fact that you feel you're not being stimulated and engaged? This should be step one before you make any transitions and may result in a 360 in your work experiences (hopefully for the better).

If you do decide to quit try to do it with as little fanfare as possible and just be honest with your boss. Do this only if you have a firm offer on the table with little to no chance of having it rescinded.

I'm sure you know this but if you're not happy and you did all that you could its better to move now than to be miserable for the next year or so. However, again do so cautiously and only if you feel that you'll enjoy your new role.

 

Sorry I didn't see the part where you said the field's not for you. Is that because you fear the exams or because you truly don't like it? If it's the former, stick with it and I'd say what I previously wrote: the exams aren't that hard. If it's the latter, then I'd say stick with it for longer than a month, give it six months or a year and see if you still really don't like it. If you still don't like it then figure out what you want to do and explore different fields. I highly recommend against leaving any job until you have something else lined up unless you're a trust fund kid and can float yourself for an extended period of time or if the job is truly horrible and it's affecting your health. You never know how long it will take to get another job and life's much easier when you have current income.

 

It's more expensive to fire you and hire a new banker than it is to give you a few hours off to study per week. See if they'll let you block off some study time until you've passed the tests.

 

I don't think this is a good idea. There is absolutely no way you're working 100% of the time that you're in the office. This is on you. You need to have the self-discipline to study during your down time while at work, on your own on weeknights, sacrifice your weekends for the next two or so months, and just grind through it. Nobody spends 8-10 hours a day for three months studying for the series exams. More like a week of cramming after six straight weeks of going out during training.

And I'm pretty sure if you fail, they give you another shot or two. There were several people that failed the exam at my bank when I was starting out, and they all had opportunities to restudy and retake.

Don't stress, it's not that bad. Like others said, it's really just the 79 that takes significant time to study for.

 

This is going to sound harsh, but I think you need some tough love. The exams are passable, your schedule is difficult but not impossible to study around, and if you're quitting a job to get around some exams (that you at least have a chance of passing), then I can't say I have too much sympathy there.

  1. You're getting out at 11/Midnight. Suck it up and study for an hour or two each night. That should still leave you with ~6 hours of sleep a night.

  2. The series exams are in large part memorization (rather than application of concepts - there's really not much thinking. Or at least not in the ones that I've taken). A tutor can't help you memorize things. That's on you. Skip the tutor, put your social life on pause for a few weeks, and study all day on the weekends.

Finally, as some guys have mentioned, this is assuming you like the job and are just trying to deal with the exams. If you really hate the job, then I guess this stuff isn't applicable.

 
Best Response

@"mlxd08"

Optics are bad if you quit. You aren't actually working non-stop all of that time you are in the office so don't make it sound like you are and start taking the initiative. This sounds like you went from sleeping in until 10am everyday and having class a few days a week to an intense schedule and are miserable because of the change. Which is understandable, but you aren't in college anymore. You have a great opportunity so don't fuck it up.

The whole "just quit if you don't like it" or "There's no point in investing a lot of time and effort in something if you just really don't like." is bullshit. If you are really that miserable, consider your "suffering" an investment into your future and bust your ass for the next year or two and secure a much more agreeable finance gig. You'll have a much easier time landing a job with that on your resume and as @"Dingdong08" pointed out, you really don't want to leave a job until you've got another lined up.

Even after a year or two, once you land a new role somewhere else and are there for about 3 weeks all you will ever remember are a few of the times that it really blew and some of the camaraderie you had while under that kind of pressure.

 
ArcherVice:

@mlxd08

Optics are bad if you quit. You aren't actually working non-stop all of that time you are in the office so don't make it sound like you are and start taking the initiative. This sounds like you went from sleeping in until 10am everyday and having class a few days a week to an intense schedule and are miserable because of the change. Which is understandable, but you aren't in college anymore. You have a great opportunity so don't fuck it up.

The whole "just quit if you don't like it" or "There's no point in investing a lot of time and effort in something if you just really don't like." is bullshit. If you are really that miserable, consider your "suffering" an investment into your future and bust your ass for the next year or two and secure a much more agreeable finance gig. You'll have a much easier time landing a job with that on your resume and as @Dingdong08 pointed out, you really don't want to leave a job until you've got another lined up.

Even after a year or two, once you land a new role somewhere else and are there for about 3 weeks all you will ever remember are a few of the times that it really blew and some of the camaraderie you had while under that kind of pressure.

I'll second this. Although I could never work those hours unless you put a gun to my head. To each his own. And I made my decision a long time ago. But once you are in, I'd suck it up.

 

Dont quit over an exam or two. A buddy of mine used an online school and said 80% of the practice questions were on the actual exam. Find yourself a good prep program.

 

yeah seriously, how the fuck do you guys get perfect SATs, great grades at top schools and worry about the damn series 7? makes no sense.

I passed in in 2 weeks at almost 90% off of 20 total hours of studying, and I was only in the industry for 3 months total when I took it, it's easy. I went to public school, had a mediocre overall SAT, humanities major at a state school non target, and I passed it. you can do it.

 

Stick with it and try your best to pass the exam. If you fail and they fire you, then you can go and do whatever you want. If you pass and still hate the whole thing, then you can go and find something else but don't quit the job

 

I echo what everyone said. There's plenty of downtime at work to find 1-2h to study and another 1-2h after work.

OP what was your background prior to this, where did you lateral from?

I'm not familiar with public finance IBD but the hours seem pretty light compared to traditional groups, is this a function of OP being fresh or its a lower intensity group?

 

You are a moron. Weekends should be plenty of time to get through your exams, especially given those things are an absolute joke. You have time to post on here but no time to study? Don't give me this sh.t - I had friends in the GS FIG group who would pass those exams while working. So your bs job that lets you finish as early as 11PM should be in no way getting in the way of your studying. But again, they were not complete losers and knew how to open a book.

 

I took the Series 79 and 63 while working consistent 7 days per week, 80 to 100 hours. It was tough, but absolutely worthwhile. I can't believe you would quit a good job, because you think studying for a test will be hard. Think of this as an opportunity to prove what you're made of. You'll look back in the future and be happy you persevered.

 

Seriously...learn how to actually do research before trying to jump ship. Get to know your clients, your sales guys, your teammates, and your coverage management. Use it as a learning experience for 1-2 years, even if your boss is horrible. You are an analyst, most of your work is done in solitary confinement anyway, right? It's not like an ops job where your evil boss is breathing down your neck constantly.

 

I did that. (Worked for free in something relevant, then got my MSF). I was able to overcome a 2.3cum GPA in college and get into banking using that method.

I'd do it again, and would recommend it to anyone.

Array
 

What Business Unit are you working with? I would suggest trying to network within and showing the FO desk you support that you possess the ability to do what they do.

I Got a dollar and a dream...
 

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"Now that I think about it...I never actually know when you guys are here in the office. Kind of like furniture...I just assume."
 

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If the glove don't fit, you must acquit!
 

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Super Nintendo, Sega Genesis - when I was dead broke man I couldn't picture this
 

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