Switching to another firm covering the same sector?

Hi,

My boss is well known in the sector (been there for a long time) but is not II ranked. Currently one of the II ranked team is hiring, and I am wondering if it is beneficial for me to apply for the position. The reasons I want to switch are: (1) better pay (even though hours would be longer), (2) better exposure to buy side clients, and possibly (3) an easier transition to the buy side in the future due to prestige, better network, etc.

Has anyone done this before? Would I be burning bridges? Also if I chose to proceed, should I first try to talk to the II ranked analyst before I apply for the job? My worry is perhaps he does not want to hire someone who is currently working for a competitor. Also I don't want to have anything written that could jeopardize my current job.

Thanks a lot in advance.

Novel