Less than one year in IB, got lateral offer from another BB IB - move or not?
Hi Monkeys,
I’m first year analyst (technically 7-8 months) at IB as generalist. Some more background: two IB internship prior to the fulltime so I know well what’s IB life. Both got return offer, but one has weak deal flow and the other’s industry might not be my interests. So I got the full time offer from my current bank directly (not realising the people/culture would be the problem). Analysts are generalists and associates are placed to teams (depending on how you perform and the dynamics between you and the team in analyst time. This system really squeezes every analyst out and makes me feel I’m an intern all the time despite “full-time” title.) Starting my job virtually was beyond what I’ve expected - longer working hours plus really frustrated and unreasonable culture and I’ve never felt so exhausted and sad. Every day I have the feeling to quit.
Now I’m getting the offer from another BB with a specific team. People are nice and brand name is better but the industry might not be as exciting as TMT/healthcare. I’m also thinking about buyside opportunities but it seems that I have to stay with my second job for a longer time (maybe one more year) before another move.
However, job market is weak and I don’t know how long I need to wait before the opportunities come. Even thinking about staying in this bank and working makes feel painful and sad. My current bank is IPO strong but weak in M&A, which is not ideal for the buyside move (but the offer bank has quite a few). I’m also concerned if I quit within one year (for another BB), how it would impact my resume?
Should I move or stay? Really need some thoughts here. Thanks a lot.
do it yolo
Leave for the better bank. Brand name is everything now that firm culture is basically dead and everyone is getting crushed with WFH. I used to encourage students to care about “fit” but rn, i just recommend going with the best brand name since the experience will be so universally shit lol
Thanks for reply. But I’m also concerned that I have to stay in the next job for longer time (probably more than one year) while I’m also thinking about the buyside opportunities (given that 1st and 2nd year an is the golden time to leave...) lol am I thinking too much...
No point to move fro BB to BB unless you are considering IB in the long run. There is not going to be much improve in culture, WFH is brutal for all the 1st years right now no matter what bank you are at. If your goal is PE exit, stay and grind it out. Just my 2 cents
Whatever you do, be proud of yourself mate. You’re clearly an attractive candidate having received offers from multiple banks.
Did you google translate the original post? It’s really hard to read
Not really.... not sure what’s happening with the IT system but the formatting is horrible after posting lol
I would say do it as well. You've put some real thought into moving, so I would say go for it. Fit over brand name generally, but right now (and for the benefit of buyside recruiting) the brand name could help and if you have an opportunity you worked for, take it.
contrarian view - you don't know that the other group's culture/hours are any better, plus as mentioned you'll have to stay for longer and spend time to get up to speed.
if you're not MF/UMM or bust i'd stay and ride it out - once you land buyside offer you can just coast
Seems like a hasty move tbh. I totally see the culture point and that you might not like your current bank but I also understand that you're thinking of moving solely on the basis of brand: Q) is that MM -> BB type of move? If it is, then it sounds more reasonable but bare in mind that the grass is rarely greener on the other side and you might find yourself in an equally bad or sweaty culture. If it's a BB -> BB move - unless you have a very solid reasoning - you most likely won't gain anything, in fact you'll have to win the trust of your new team all over again.
This is a really hard decision and it’s a mid BB to top BB. In my case I’m not completely in a new group cuz I did my internship in the “new” group and they are asking if I’m willing to go back. Understand turnover is high and team might not be the same as it used to be but the VP and D there I know are nice people. Pros of the move might be 1) better brand, 2) potentially better culture, and 3) more M&As (my current bank is really IPO-heavy and did get deal experience on IPO here). But I’m also aware of the cons - 1) longer time in banking before I move on to buyside, 2) less than 1 year’s move might not be good for CV.
And one last point is that I totally understand the virtual start makes first year analyst life frustrated and my current bank literally has the most toxic culture I’ve experienced, so I want to give myself another try to see if I’m really not into banking.
Just want to see if this sounds more sensible to you and appreciate your thoughts if any.
I am in a role where I feel the same about team/culture and everyday I feel like I just think about how much I hate work. I think you need to ask yourself how long do you think you can last at your current bank without quitting. Also how much do you think your happiness will improve at the new bank and do you see yourself staying there for 1-1.5 years comfortably? I would be weary of accepting an offer just for the sake of a little change vs a material improvement. I think a lot of analyst shift at this time with similar months of experience so I wouldn't worry too much on that front.
Also, I have gotten some interviews with BBs blindly applying online, but did you network a lot in your process?
I don't think the buyside statement is true. In interviews you can always mention that the new group had more exposure to M&A which you thought would give you the relevant skillset needed to become a better investor on the buyside, in addition to having a better culture. No one will look at you unfavorably you for those reasons imo.
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