Is it a mistake to be Loyal? Should I lateral?

Question

I am currently an ANL 3 and will be promoted Associate 1 in March 2023

Would it be a mistake to stay at my current bank? I am pretty happy at my bank to be honest, but on the other hand moving bank is an easy way to increase my fixed salary

Indeed, the hiring budget is always more than the retention budget

What do you guys think? Should I move bank to get a salary increase? I am very happy at my current bank and I might end up working with difficult seniors at another bank, is it worth it taking the risk?

Any reply is very appreciated

Short Caller · Accepted Answer

Don't listen to that fucking intern telling you to stay, your bank would fire you in a heartbeat if it had to - why would you be loyal to a corporation that has no loyalty to you? Go where the money is and jump ship - there are studies showing that people moving to new firms make much more money over their career than those who stay in the same company all their lives. NO. HONOR. AMONG. THIEVES.

jarstar1 · Answer

I'm not in banking, but I just moved across the country for a new job. I was leaving a great company (family office, around 80 employees around the country), great pay, great hours, amazing culture, I had a good group of people and a solid mentor there, but ultimately I wanted to move back closer to home to be by my family and friends. I found a job with a major real estate firm, and I'm in my first week (so things might change as time goes) but this job is clearly going to be a tougher job to work than my previous one.

whan · Answer

You need to decide what your long term goals are. Are you looking to stay in IB, or would you be looking at exit opps at some point in your associate years (FYI harder to leave banking as a VP, until D/MD level when corp roles open back up but no PE/HF).

Second consideration is the prestige/opportunity of the shop, and base compensation is a distant 3rd. At your age, in the grand scheme of things you make plenty of money, so an extra $20k ($1k/mo post-tax) is nice but by no means a game changer.

Ehmerica · Answer

My thoughts are if you’re moving up then stay.  It shows they respect you and you are critical to the team.  The key point is being moved, up if you weren’t advancing then jet.

I’ve been stale for 3 years with career growth and am now leaving (covid shot my career in the foot).  It is basically a lateral and the pay is much better. Also, it seems like less of a grind than my current position.

If you do decide to look you’re in a good spot.  You’ve already gone through the ringer in terms of interviews and the pressure is off with finding a new job.

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Is it a mistake to be Loyal? Should I lateral?

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Is it a mistake to be Loyal? Should I lateral?

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