Hello all
I am an analyst at a well known bank but not a BB, not quite MM (there are 210 bankers). I have just finished my first year. My firm is on the east coast but I am from a small city a good 2 hours by plane. I loved the work and experience of my first year and learned a lot and made a great bonus of 65K so I did a good job. However, I want to be home, I did not think I would miss it this much. Anyway, is it possible for me to make a lateral move near home at a small bank, I did not want this after college due to the zero training, and I wanted to experience being a true analyst. A few questions:
Is leaving in a year weak?
Will getting a good job be tough?
How do I explain leaving?
Does that make me look like a person who could not hack it?
What will the pay decrease be if I move to the research side near home? A smaller bank? a HF? A medium PE firm? (I am not expecting a 122K job but I will take 80 and being near home)
Should I wait another year, though most stay three?
Basically what should I do? I love the work but miss friends, my significant other, and family. Also, I am not too keen on my fellow analysts.
depends a lot on where home is and what opportunities are there. where's home?
Newton, MA (outside of Boston) now I work in Philly
One things I realized a few years after finishing college:
1- You're 'old' high school buddies aren't the best people to continue having friendships with, you've been there done that and need to move on with your life.
2- You've got to 'grow' now instead of later, moving back home is a growth inhibitor in a lot of ways
Hope all works out.
re:#1...i completey disagree. there's nothing like friends you've grown up with.
If I were you I would start applying to places in Boston. Obviously IBD in Boston is limited but there are boutiques where you could probably find a job with only a year of experience. It all depends on what you want. Boston has a lot of VC, whether or not you could get a job with a VC firm with only a year of experience I am not sure of. But I think you just need to apply and if firms are looking for a reason why you want to leave your current firm I think anything along the lines of the culture was not right or the place was not right will be sufficient. In terms of compensation, I don't think there will be much of a decrease if you end up getting offers from hedge funds, PE or VC, but with boutiques there could be. I doubt you would get less than 80K though. I myself am in NY right now, just for the summer, but am hoping to find something in Boston.
Thanks so much for the responses. to the first reply: it is nothing to do with high school friends, I went to a boarding school in New Hampshire. I miss the city of Boston a lot and my family and my girlfriend of near 4 years. Therefore, my worry comes from not being able to get a job. I was wondering how many small firms be it PE, IB, and VC want a second year analyst. If I had completed my second year how does it improve my chances? Also, what is the chance of a first year moving into a firm like SG Cowen? If anyone knows of some firms let me know.
Dude, Newton is awesome and is proximate to a variety of opportunities. I would pursue firms like i-star and other PE/HF opps in the area. I went to BC so I spent a substantial amount of time in the area and loved it (despite being a devout yankees fan).
If I were in your position I would do the following: finish up your 2nd year as an analyst, move back to Boston (if you still desired to do so) work for a year or two in Boston and then apply to B-school.
hey tbroker I went to BC and know a good number of people who stayed in Boston to do banking. Look at botiques, one I would recommend would be Lane Berry, my friend started working for them recently and likes it a lot.
any banks or firms anyone can name? also is it true that most analysis firms love former bankers and banking gives the 'best' exit strategies?
anyone else?
bump
Harris Williams, Canaccord Adams, Jefferies Broadview, Adams Harkness TechVentures, Pacific Growth, Harbourvest, SG Cowen, America's Growth Capital, Friedman Billings Ramsey all have offices in Boston. I am sure there are plenty more though.
As to your individual questions:
"Is leaving in a year weak?" -Yeah. You'll get crap from your co-workers (some of whom may be pissed about now increased workloads). But do what's right for you. They'll survive.
"Will getting a good job be tough?" -I don't know. It's not like you have too much experience. Test the market; don't leave until you have something lined up.
"How do I explain leaving?" -Say you are doing what's best for you.
"Does that make me look like a person who could not hack it?" -Maybe, but not if you go to another bank.
"What will the pay decrease be if I move to the research side near home?" -Don't know for sure. Lifestyle opportunities will be much better though. Why do you need so much money at age 24 anyway?
"A smaller bank?" -Depends on the bank. Ask around.
"a HF? A medium PE firm?" -Probably no pay decrease; does your uncle work at one of these places? Getting such a job with 1 year of exp will be the issue.
"Should I wait another year, though most stay three?" -if you don't line up a decent job I would say stay. If you leave, you will want to stay with your next employer for at least 2 years or you will appear to be a serial job hopper. While you stay in your current job, research Boston opportunities, contact headhunters, etc.
I've been here for 2 months when is it too early to contact firms and headhunters?
do you work for harris williams?
I mean when is a good time to contact headhunters....how many months in? I do not work for HW and if I did I wouldnt admit it
tbroker, what city do you work in?
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