Lateral Associate Offer Decision
Guys, so this obviously is not my normal account, but I'd like some thoughts from the Monkeys on the board.
I'm currently an Associate at a MM boutique who is up for VP in the near future. I have the opportunity to go to a well regarded BB, but it would require putting off the promotion for two years. Even with the title downgrade, my comp would either stay the same or increase, so that isn't a consideration. I currently have little or no junior help, so the title bump will probably be pretty hollow unless things change in the near future (get some analysts into the group).
The questions I'm facing are
1. How big of a title downgrade would you take to move to a far better firm.
2. How much does title matter if your job doesn't change
3. Should I move to a different boutique instead and take a boost in comp, prestige and only put off the promotion a year.
So, what do you guys think.
no one can really say for you, since we don't have your utility function
however, as for me, i would only lateral if it were a better BB so... think GS/MS/JPM/CS probably also throw BOA in there for good measure
do you want to stick in banking? if so, your title matters 0, as you're going to stay around, and will inevitably move up the ranks however if you want to do something else, the title may help you lateral more easier caveat: if you want to do PE recruiting however, i'd lateral, since they won't headhunt VPs generally
Given the points you mentioned, I think you could make a strong case for making a move even if you lose a year. If you stay, you will be a VP next year, but will not gain much utility in terms of enhancing your resume over that time period. Your profile will essentially stay the same with the exception of having a few additional deals on your resume. I'd rather be a VP at a top-tier firm two years from now, especially if it's GS/MS/JPM. You will gain an additional perspective on wall street, increase your brand name and will likely be more marketable / better off whether you decide to stay in IBD or do something else.
Should add that some of this likely depends on your situation. If you are in a top group and are a top performer, then I would only consider losing a year if it's a top-tier firm. If it's GS/MS/JPM, then I would probably take it since you cannot be sure if you'll have another chance. Otherwise, I would hold out and wait for another offer where you won't lose any time.
I worked for a number of years without junior support. It sucked and definitely retarded my professional devlepment and money making ability.
Based on that alone (ie applying a simplistic analysis), if the move to another IB means you get junior support but notionally slower progression, I'd take it. Having juniors will accelerate your progression, which becomes a lot less about execution ability (critical as a junior, less so as you ascend) and more about using leverage (ie delegating to competent juniors) to get more stuff done, more revenue made, faster advancement and more bonus.
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