What type of position should I move to next?
Hi everyone, I'm in a bit of a pickle right now in terms of what position I should move to next.
I started my career in credit ratings after college for a couple of years, had a brief stint in FP&A (not really for me), and then moved into fixed income sales and trading. Stupidly, I signed a non-compete with this company, and my salary is crazy low for the responsibilities.
Where could I move next which wouldn't break my non-compete agreement (it is very enforceable)? I'd like to work at the next job for at least 2-3 years. I'm very familiar with structured finance as a whole, but can't do trading for the next couple years.
Based on the most helpful WSO content, here are some potential career paths you could consider that align with your background in credit ratings, FP&A, and fixed income sales and trading, while avoiding conflicts with your non-compete:
Corporate Finance or Treasury Roles:
Leverage your structured finance expertise to transition into corporate treasury or finance roles. These positions often involve managing a company's liquidity, funding, and financial risk, which aligns well with your fixed income and credit ratings experience.
Risk Management:
Many firms value professionals with a background in structured finance and fixed income for roles in risk management. This could include credit risk, market risk, or operational risk roles at banks, asset managers, or corporates.
Consulting:
Consider roles in financial consulting or advisory services, particularly with firms that specialize in structured finance, credit analysis, or capital markets. This would allow you to utilize your expertise without directly competing in trading.
Investor Relations:
Your knowledge of structured finance and fixed income could be a strong asset in investor relations roles, especially for companies in financial services or those issuing debt instruments.
Data Analytics or Financial Technology (FinTech):
If you have strong analytical skills, transitioning into roles focused on data analytics or FinTech could be a great fit. These roles often require understanding financial products and markets, which aligns with your background.
Asset Management or Portfolio Management Support:
While direct trading might be off-limits, you could explore roles supporting portfolio managers or working in fixed income research within asset management firms.
Education or Training Roles:
If you're open to a less traditional path, consider roles in financial education, training, or content creation for structured finance and fixed income topics.
Each of these options allows you to build on your existing skills and experience while steering clear of potential non-compete violations.
Sources: Prop Trading (MM) v.s. BB Sales and Trading, https://www.wallstreetoasis.com/forum/investment-banking/structured-finance-outlook-and-exit-opportunities?customgpt=1, Confused about my career..., Alternative jobs after trading stint, Lesser known MBA career options? Looking for advice on what to do post-HBS.
Why do you say non-compete is “very enforceable”?
Have you shared and discussed your employment agreement with a white collar employment lawyer?
In my experience, non-competes are VERY unenforceable for junior level folks. If you’re the CEO or Sales Executive, sure, but thats a different story.
99x out of 100, the only real reason a firm needs you to “non-compete” as a junior employee is for a cooling off period in case you have any sensitive info (ie deal-specific). Anything more than that is viewed as trying to keep you from leaving/making you less employable, which courts have not viewed kindly.
A few reasons:
The agreement based in FL (which updated its laws a few gears ago to be extremely employer-friendly)
It has broad language and reaches across the whole country.
One could argue that I have signifiant specialized knowledge due to the nature of our business.
I hate that the agreement is two years long. It’s crazy.
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