Need some serious advice - Urgent advice
Hey guys, I'm in need of some serious and urgent advice. I recently started my analyst stint with a MM and after training was informed that I will be placed in ECM despite my desire to work in IBD. This is a pretty big setback for my career because:
1)I know Exit Opps for ECM are limited
2)I had not planned on going back to B-School hence transition to PE/HF becomes damn near impossible esp under these market conditions
3)The work is monotonous and repititive, it mostly involves formatting and no valuation work
I don't really care too much about the pay or bonus but it's the exit opps and learning opportunities that I care about.
I am seriously panicking now because if I do this for 1 or 2 years, my exit opps will become pretty much non-existent. To compound my problems, I'm not American, from Europe and so cannot quit and do my own thing (or go back home for that matter). I'm here on a work Visa and need an employer to take over my contract and help me pay back my signing bonus.
So basically, I'm phucked and don't know what to do. Do you think I have a realistic chance of landing another job at this point ? I don't know which employer will hire me after hearing all these complications...
you worry too much, there's exit opportunity for everything that you do.
non-target school people land BB IBD jobs, i advice is do it and if you dont like it, go to another company. this is corporate world, people change jobs all the time.
Agree with bcorp. Chill, do your ECM stint, network, apply to other places in the meantime and decide at the end of your internship whether you want to jump ship or continue with ECM.
Good luck and don't worry so much.
"Living the dream 24/7 on http://theallnighter.blogspot.com"
Agree with bcorp. Chill, do your ECM stint, network, apply to other places in the meantime and decide at the end of your internship whether you want to jump ship or continue with ECM.
Good luck and don't worry so much.
"Living the dream 24/7 on http://theallnighter.blogspot.com"
wait, what do u actually do?
Relax bro, you've got an enviable position.
what do people think of Credit Suisse's Equity Capital Markets group?
They were joint bokrunner on google IPO. They get deals.
I don't think you guys get it, I'm a first year analyst not a summer intern. I graduated in may, I was part of the incoming analyst IB class but was shafted after training and placed into ECM.
ECM, at least at my bank sucks balls, there is no valuation work, only formatting bs.
So my question to the experienced bankers is:
Can i still get back into the recruiting scene for IB or other financial firms and have a chance ? will anyone buy my story ?
I can't afford to waste a year on something that will not help me achieve my future goals of getting into the buyside. Why would anyone hire me after a year in ECM, when they can just draw on experienced ib analysts ?
I def don't wanna start off as a FY analyst next year...
You realize that the challenge right now is that you have very little to differentiate yourself to the better (other than training, you're almost in the same boat with everyone else who doesn't have a job in banking). I don't mean that to sound insulting, because you clearly were a strong enough candidate to get an analyst job, but from a bank's perspective you resemble every other newly graduated student that they could hire off the street.
On the negative side, you've barely started at a firm and are already looking to move.
This presents a real challenge, which I'm sure I'm not surprising you with since you've undoubtedly given it more thought than anyone. You have a choice of evils: to take that hit and try to find a job with another firm, despite the fact that you are, to use a CM term, a "story credit" now.
The alternative is to do a year or two and then leverage the goodwill into a lateral move into a line banking unit.
How did you rank ECM on your group preferences? Why do you think you got jammed with that placement - was it your test scores? Lack of face time during the placement process? If you choose to try to find a new job, people will want to know how it is you got put into ECM.
First off, thanks for taking the time to answer. I do realize that it reflects poorly on me that im choosing to move so soon. But I think of it more as an "annulment" of the contract and will definitely impress this on interviewers if i decide to move.
Secondly, I ranked ecm last (5) on my choice of preferences, mostly as an afterthought simply to fill up my list. Never in my wildest dreams did i think i would actually end up there. My test scores were a couple of points above the average. The mistake i made was only concentrating on networking with the product groups, who ended up taking fewer analysts this year.
Since i dint bother networking with the industry groups too much, they dint pick me and this is how i ended up in ecm as the odd man out. I agree that most, if not all the blame rests on me, but the bank also has to shoulder some of the blame for putting me in a non banking division.
At this point im waiting to hear back from the bank for a response for my repeated requests to transfer but If nothing happens, Ill have to start looking.
Forget HR. They have a vested interest in keeping you where you are (they put you there right? Moving you would be to admit they made a mistake).
Reach out to some of the group staffers. Undoubtedly some of them will feel like they got jammed with an analyst or two. Done right, you can help focus some of the horse trading that is quietly (and invisibly) going on right now.
You will need to move quickly. That door slams shut once everyone settles into their new seats and inertia sets in.
You're going to have to put in several months before you can start looking. Most headhunters won't deal with you as no bank would pay them for another analyst of which they just received a full class. If you can network around with friends at other banks, they could maybe slide your resume to the proper people, but you would need to know someone rather high up in order to get the ball rolling fast.
Give it several months, work hard and earn a good rep. You should get a six-month review, after which you could approach headhunters and when they ask how you think you rank, you could mention that you were ranked top in your group and cite your review. You still need to build your street cred.
If something happens in the mean time as far as your transfer requests go, then take it if it's what you want.
Good luck.
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