Struggling
First year at regional boutique bank here.
For context, I come from a super non target and basically networked my way into banking at this shop. Ever since I hit the desk the VP I work directly with has ridden me endlessly hard which is great because you learn twice as fast, but it has been grueling. I just got my yearly review and they said they liked me a lot, I fit great into the team, and I have a great “attitude” but I still haven’t met their expectations yet. I’m exactly 6months in They gave me a 15k bonus on a 55k base.
I work the absolute hardest at the bank and while everyone is putting in 50-70 hours a week I find myself putting in 90 hours on the norm to just catch up on my slow turnover speed or to study for my series exams which I’ve been given virtually no time to study for (currently studying for the series 7). I feel like it may be time to lateral banks as I am not even getting reps anymore because nobody trust me to not fuck up.
Additionally, they do not hire out of undergrad. Almost all of their hires come in from a masters or MBA level. I understand the learning curve is steep but I feel like I am stagnating and not learning. I write down all of my mistakes and try my hardest not fuck up but it still inevitably happens. Almost like it’s wired into me. Does anyone have any recommendations for a struggling first year or should I just transfer banks and start fresh somewhere?
You can start looking now and be fine but I think its always best to stay in a job for at least a year. To do that start looking at around the 8/9 month mark. You seem bright so I am sure a bigger bank will snap you up quickly, just network with anyone you can
Do you think my bonus is cause for concern? I am in a tertiary city (think Dallas, Charlotte, Tampa) which means the COL isn't as high. However that just feels insulting for how hard I've worked despite it being 6months….
No, Granted the bonus is probably a little low, but you accepted a very low paying job so you probably should not have expected a high bonus.
You sound like a smart, self-aware hard worker. If you don't like the team and don't think you're being treated/compensated fairly, I would look to lateral while you still have a job. Don't get down on yourself for making mistakes -- ALL new analysts make plenty of mistakes. As long as you're not making the same mistake twice, you're doing fine. Your place sounds bad, and if you feel like they've lost trust in you, figure out your "story" as to why you're looking to leave (without trashing your place -- that's never a good look) and start looking for new gig after New Year.
Appreciate the advice. I love the younger guys and they’ve quickly welcomed me to the team and to a new city. However the culture can be quite toxic for a “lifestyle bank”. The pay is unacceptable for how much I work and am treated. I fear leaving because I am inadequate due to lack of reps here so I don’t know if I can handle a larger bank when they expect a lateral hire to have more experience. I guess I’m looking for a sounding board as to whether or not my thinking is correct here. Thanks in advance
Like above poster said, get a few more months under your belt for optics, and start networking (asking people at other places about what they do, if they like their bank... again, without trashing your place). And regarding reps -- didn't you say you're not getting any anymore bc people don't trust you? Also, it sounds like you have a good relationship with the young analysts -- can't you ask them for more work? If they're decent people, I'm sure some will trust you with minor assignments and, if you perform well with those, they'll gradually give you more meaningful work and you'll gradually learn more about modeling and deal process.
Tons of banks are hiring. Get out and restart.
Already ripping and rolling baby, just had to run it by the monkeys of WSO first
Yeah jump fast my friend. No need to put up with toxic banks, that claim to give you lifestyle but don't.
Part of the reason they tell you your not exceptional is to keep waving the carrot in front of you, to keep working harder, to achieve the "thanks your doing such a good job"
This is how a company works. It's the very definition of management / leadership (not saying it's the correct way of leading)
Leaving isn't going to solve this issue (or it may).
$55k base?? 😳
This dude had some good self-care and self-motivating advice.
Imagine doing this shit for 15 years... What they don't tell you in banking is this hazing is all part of the process. Just keep showing up man. One day it'll all click.
$55k base is absolutely ridiculous, that says all you need to know about the bank. Your stub bonus is still below market at $30k full year but you can't compare it to other people's full year bonuses.
Time to lateral. You should usually wait a full year, but I think you have a bit of a free pass to leave in the next month or two since you just got your bonus.
55k base? What kind of boiler room is this. Everyone here in LCOL is making 100k+ base just like street. All the shops. This stuff is standardized there’s no such thing as different pay for LCOL in IB anymore. You’re being scammed. Go somewhere else now.
Network your way into a BB or any halfway reputable MM. If you are at a regional boutique right now, literally nobody will question you leaving for a BB/MM, even if you are 6 months in.
How tough is it network your way into a BB? I'm nervous to do so for hurting my firm, or for not actually being adequate and getting crushed somewhere else. Like yes it's not good here but maybe I have it easy? Idk.
Don't be concerned about hurting the firm - they're absolutely fucking you on comp. At a bank in a LCOL city and $55k base would've been fucking insane when I was an analyst - even more insane now after the COVID pay bumps...$15k bonus is not as bad as $55k base, but still awful. Try to parlay your experience into a gig at a bank that doesn't pay you like shit.
A lot of ppl have imposter syndrome at the analyst stage, so I wouldn't worry about it too much. If you do wind up being inadequate and getting crushed somewhere else, you'll at least be appropriately compensated for getting crushed.
55k base is already a red flag imo
A lot of these regional Boutiques think they can pay that since that is what the accounting shops pay. Grauntee the partners of the firm came from some sort of Accounting background. It is literally a joke
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