I have a dilemma that I need to deal with. I was working at a mid-tier BB (Citi, Bof AML, JPM, DB, etc) and worked there for a decent amount of time although deal flow hasn't been as robus (similar to rest of street and market conditions in late 07 and 08 ). I took a severance package in 08 and travelled abroad last year so been out o fthe game for a while.
I recently received an offer from a MM (think HLHZ, HW, William Blair, Jefferies, Piper) type of firm. I was a 1st year associate when I left. They want me to come in as 3rd year analyst since they think I'll be able to come hit the ground running, have less expectations from the group internally as well as other groups within the bank which I'd have as an A1 and the fact that I've been out of the game for a little less than a year. The group considers itself to be one of stronger ones within the bank but I'm not sure that I totally agree anyways. I'm guaranteed a promotion and will be a 1st year associate so basically I'm giving up a year . They said that I'll get a "healthy" signing bonus and will be able to stand out as a 3rd year vs A1.
From a reputation perspective, my prior firm is definitely more global and stronger across the board. Would I be stupid to not fight that angle coming from a better bank? I don't want to be considered weak from the get-go if I go in as an A1 versus 3rd year analyst and dont want to burn any bridges before I even start. Curious to hear other people's thoughts.
you're not coming from a better bank, you're coming from 1+ years of unemployment
listen to twilight. In this economy take what you're offered with a smile on your face
Thanks for the feedback and being blunt which is what I kinda needed. The senior guys said they'd push for giving me the A1 level if I felt strongly about it but just be warned about much higher expectation levels. That's only reason I asked.
If you have no other offer, you have nothing to leverage and it will be difficult for you to make any push. In fact, I think you should consider yourself lucky that you can still get back into banking after being out of work (whether voluntarily or involuntarily) for more than 12-18 months at a junior level. Also, they are going to give you a "healthy" signing bonus, which is not bad at all. They could have just screwed you by not giving you any signing bonus and you still do not have a comparable alternative plan.
Also, most likely you will not be as efficient as you were since you have been out of this work environment for more than one full year. If you have never been through the analyst program at any bank (say you joined as associate right after MBA), you will need a good amount of time to even try to catch up with the rest of senior analysts in the group.
IMO, the bank's offer is fair and there is nothing much you should feel unfair or complain about. Just take it especially if you have no other option.
A year out of the game ? - you should take what you can get, don't push your luck at this point. Just put your time in as an Analyst, they will remember when it comes time to promote you.
Other posters hit it on the head. You don't have the leverage you need to push for Associate. not to be redundant, but be happy with what you have!
Depending on the MM bank you move to, I think you'll find the analyst/associate role at the MM bank is quite different from the role you're use to. I don't know if you'll be able to hit the ground running as a first year associate in the same way you think you will. I agree with those above, you want a year to learn the ropes with a guaranteed promotion in the hopper. Otherwise you run the risk of coming in, taking some time to adjust to the different work / bank specifics / not being unemployed, and risk not qualifying for a VP promotion. Besides, their offer is more than fair based on your background and work history.
Why do you want to go back to banking? RUN my friend, as fast as you can.
I would take the offer and be happy in this economy if you have nothing else. I'm just a first year BB analyst though, so not sure what my opinion means to you.
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