LMM IB associate vs UMM IB analyst
I'm a senior analyst (I've received the associate promotion effective January 2021) at a regional boutique and I'm in the process of recruiting to move to NYC.
I'm currently recruiting for two firms:
- A) an Upper MM IB such as Baird, William Blair, Jefferies etc.. for an Analyst role
- B) a Lower MM IB such as Stifel, Raymond J etc.. for an Associate role
I've already got three years of experience as an Analyst so I really should be an Associate. I tried leveraging the Associate interview process with (B) and my Associate promotion at my current firm to see if (A) would consider me for an Associate instead of an Analyst but they said no, however, they will aim to promote me to Associate within 12 months of joining.
What does everyone recommend doing?
Do you want to remain in banking? What's the goal?
My vote in most scenarios is to give the Baird/Blair a shot. Probably feels hard to stomach now but they are quality shops and the pay/opps might make up for it. Also don't know how much you care about culture, longevity, etc.
Thanks for the reply, I definitely don't want to do banking long term but I'm still a bit uncertain of my long term plan, I'm thinking possibly buy-side as my exit strategy. I've just had no luck recruiting for buy-side coming from my current firm.
Yeah it is a bit painful knowing if I go with (A) I'm essentially going to be taking a huge paycut for the first 12 months [e.g. analyst pay at (A) vs associate pay at my current firm or option (B)]
What would your advice be on the above job opportunities for someone not wanting to do banking long term?
If you have (which is sounds like you do) a clear path to the better title and increased pay in a year and you plan on staying in IB I would go with option A
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