Switching sectors?
Hey all,
Gonna avoid a long post but basically I've been on a team for around a year and a half and have an opportunity to change sectors. The current sector I cover is not of much interest to me, and I'm unsure how long I want to do research in general. I definitely do not want to go to a hedge fund, but wouldn't mind some form of AM/maybe business school. My team is very intense and honestly not that likeable, while the new team is way more relaxed, and people are cooler. My main apprehensions are 1) basically starting over, 2) not trying to fuck over my current analyst. Any tips?
EDIT: For added context, this is a situation I'd have to make a decision on relatively soon (call it 1-2 months).
TIA!
Hey there!
Switching sectors can indeed be a big decision, especially when you're considering factors like team dynamics and personal interest in the sector. Based on the most helpful WSO content, here are a few things to consider:
1) Interest in the Sector: If you're not interested in the sector you're currently covering, it might be a good idea to switch. After all, you'll be spending a lot of time researching and understanding this sector. If it's not something you're passionate about, it could lead to burnout or dissatisfaction down the line.
2) Team Dynamics: You mentioned that the new team is more relaxed and the people are cooler. This is a big plus! A positive work environment can make a huge difference in your job satisfaction and overall happiness.
3) Starting Over: While it might feel like you're starting from scratch, remember that a lot of the skills you've gained in your current role will transfer over. Plus, the new challenge could be exciting and a great learning opportunity.
4) Current Analyst: It's considerate of you to think about your current analyst. However, remember that people switch jobs and roles all the time. It's part of the business world. If you decide to make the move, just be sure to handle it professionally.
5) Timing: Since you have to make a decision in 1-2 months, start weighing these factors now. Maybe even make a pros and cons list to help visualize your decision.
Remember, at the end of the day, you want to be in a role and sector that you enjoy. It's your career journey, so make sure it's one you're happy with. Good luck!
Sources: Did on cycle just start?, Seeking advice - Decade of experience in niche sector and laid off, When to jump - Advice on switching jobs, careers, and fields, Equity Research - switching teams & exit opps
Couple of things…
1) if you don’t care to make a career in ER or a HF then why does it matter if you switch sectors?
2) I’m not in AM, but I’d imagine they’re value breadth vs depth so switching could benefit you.
3) Giving your current analyst a couple months notice (I wouldn’t advice to do this personally) is not fucking him / her over. Interesting they’re giving you a few months. Typically a few days.
I’d advice you give him 3-4 weeks prior to starting the new job.
4) If you’re considering business school, the name of your bank will play a large impact so consider that. Are you switching from or to a BB? Are you going to a better or worse bank?
Good luck.
1) I didn't enjoy the ramp up period, although that could be due to the intensity of my team. I get the impression that the same time period on this team would be much smoother.
2) Agreed, I've also thought of this possibility.
3) It's a long story but that makes sense, I think a few weeks is a decent amount of time to figure things out as well.
4) I'd be staying within the bank, it's a BB.
Thank you for responding!
Figure out a way to find out the dynamic between your current analyst and your future analyst. The trickiest part about changing sector within the bank is politics: your current analyst ego will be bruised for losing talent to another analyst (worse if within same broad industry, ie. moving from semi to internet; less bad if you are moving from machinery to medtech, sth like that).
It's a risky move. It comes down to:
- How much DoR wants to get involved in brokering this transfer (most DoRs want to keep both analysts happy, cuz you are just a junior person and almost no one cares about what you want)
- Who brings more dough for the bank: your current analyst or your future analyst, that translates to bargain power in keeping you / getting you
The two analysts are in very distinct sectors, so don't think there's much competition. I appreciate the insight, this was good perspective.
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