Using an IBD

Hello all

I am an analyst at a well known bank but not a BB, not quite MM (there are 210 bankers). I have just finished my first year. My firm is on the east coast but I am from a small city a good 2 hours by plane. I loved the work and experience of my first year and learned a lot and made a great bonus of 65K so I did a good job. However, I want to be home, I did not think I would miss it this much. Anyway, is it possible for me to make a lateral move near home at a small bank, I did not want this after college due to the zero training, and I wanted to experience being a true analyst. A few questions:

Is leaving in a year weak?
Will getting a good job be tough?
How do I explain leaving?
Does that make me look like a person who could not hack it?
What will the pay decrease be if I move to the research side near home? A smaller bank? a HF? A medium PE firm? (I am not expecting a 122K job but I will take 80 and being near home)

Should I wait another year, though most stay three?

Basically what should I do? I love the work but miss friends, my significant other, and family. Also, I am not too keen on my fellow analysts.

 
tbroker:

Basically what should I do? I love the work but miss friends, my significant other, and family. Also, I am not too keen on my fellow analysts.

One things I realized a few years after finishing college:

1- You're 'old' high school buddies aren't the best people to continue having friendships with, you've been there done that and need to move on with your life.

2- You've got to 'grow' now instead of later, moving back home is a growth inhibitor in a lot of ways

Hope all works out.

 
cackmenimble:

One things I realized a few years after finishing college:

1- You're 'old' high school buddies aren't the best people to continue having friendships with, you've been there done that and need to move on with your life.

2- You've got to 'grow' now instead of later, moving back home is a growth inhibitor in a lot of ways

Hope all works out.

re:#1...i completey disagree. there's nothing like friends you've grown up with.

 
Best Response

If I were you I would start applying to places in Boston. Obviously IBD in Boston is limited but there are boutiques where you could probably find a job with only a year of experience. It all depends on what you want. Boston has a lot of VC, whether or not you could get a job with a VC firm with only a year of experience I am not sure of. But I think you just need to apply and if firms are looking for a reason why you want to leave your current firm I think anything along the lines of the culture was not right or the place was not right will be sufficient. In terms of compensation, I don't think there will be much of a decrease if you end up getting offers from hedge funds, PE or VC, but with boutiques there could be. I doubt you would get less than 80K though. I myself am in NY right now, just for the summer, but am hoping to find something in Boston.

 

Thanks so much for the responses. to the first reply: it is nothing to do with high school friends, I went to a boarding school in New Hampshire. I miss the city of Boston a lot and my family and my girlfriend of near 4 years. Therefore, my worry comes from not being able to get a job. I was wondering how many small firms be it PE, IB, and VC want a second year analyst. If I had completed my second year how does it improve my chances? Also, what is the chance of a first year moving into a firm like SG Cowen? If anyone knows of some firms let me know.

 

Dude, Newton is awesome and is proximate to a variety of opportunities. I would pursue firms like i-star and other PE/HF opps in the area. I went to BC so I spent a substantial amount of time in the area and loved it (despite being a devout yankees fan).

If I were in your position I would do the following: finish up your 2nd year as an analyst, move back to Boston (if you still desired to do so) work for a year or two in Boston and then apply to B-school.

 

hey tbroker I went to BC and know a good number of people who stayed in Boston to do banking. Look at botiques, one I would recommend would be Lane Berry, my friend started working for them recently and likes it a lot.

 

As to your individual questions:

"Is leaving in a year weak?" -Yeah. You'll get crap from your co-workers (some of whom may be pissed about now increased workloads). But do what's right for you. They'll survive.

"Will getting a good job be tough?" -I don't know. It's not like you have too much experience. Test the market; don't leave until you have something lined up.

"How do I explain leaving?" -Say you are doing what's best for you.

"Does that make me look like a person who could not hack it?" -Maybe, but not if you go to another bank.

"What will the pay decrease be if I move to the research side near home?" -Don't know for sure. Lifestyle opportunities will be much better though. Why do you need so much money at age 24 anyway?

"A smaller bank?" -Depends on the bank. Ask around.

"a HF? A medium PE firm?" -Probably no pay decrease; does your uncle work at one of these places? Getting such a job with 1 year of exp will be the issue.

"Should I wait another year, though most stay three?" -if you don't line up a decent job I would say stay. If you leave, you will want to stay with your next employer for at least 2 years or you will appear to be a serial job hopper. While you stay in your current job, research Boston opportunities, contact headhunters, etc.

 

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