Working in a low tier Bank
Hi everyone,
I am having a hard time accepting that I am in a low tier bank. I have been unlucky in the recruiting process, however I am grateful that at least I am getting paid decent and do not have to depend on anyone else. To give you some background, I am currently in a Corporate & IBD rotational graduate scheme in a 2nd/3rd tier bank (think somewhere between RBS and BNP Paribas). I am unhappy because whilst I am doing well (according to the feedback I have been given) I always feel like I am not doing the real gig that you would do in BB/ US IB. This is exacerbate by the fact that i dont get to do any modelling or any significant lifting on a deal as it is usually done by the associates/senior analysts. What makes this worse is that the Sales and Trading side of the bank is much better regarded and paid.
There are some good senior bankers in this firm which I feel I can learn from, they are former top tier investment bankers. Which makes me think that it must not be so bad after all. However, they have already "been there, done that" given they already have 10 years experience at a more reputable firm.
My goal for now is to get in to the best possible team ( in terms of exit opportunities/ what my bank is good at/ overlap with top tier banks). This is likely to be a Debt financing team (Lev fin/ DCM) and I am hoping that will get me somewhere better. My question is how likely is it that I can end up switching to a more reputable firm 2 years down the line? and how can i improve my chances?
Thanks bros.
You sound like a real downer. Face the facts - you're in a rotational program which you signed up for, so obviously you're not going to get a ton of modeling or "heaving lifting" because you'll be recycled out. Also banking is generally fairly similar everywhere and everyone seems to think analysts spend hours doing "sick" models and single handedly solving complex corporate finance issues for the Fortune 500. This is wrong. Given that at the end of the day you've still got some IB experience, stop moping about how miserable it is to be at a "low tier" bank (I'm still cringing every time I read that) and lateral up to something better if it floats your boat because yes it is entirely possible - but you'll have to stop thinking of yourself as somehow lower than everyone else and man up a little
Your comment is actually up lifting. You're right, maybe I should just man up and get on with it.
For real. Stop pissing and moaning. You're new, this is only the first step in your career. Network, get to know people in your bank and move on when the times right.
But how I can make sure I can measure up to Analysts at top tier banks.
Why exactly are you worried about that? Just curious.
OP - you have any real problems to tell us about?
I suffer from mild depression and bipolar disorder
Find a good therapist that you like and make regular appointments. It will get better if you take initiative to make it better. Trust me.
Hmm. Take care OP, you seem to be unnecessarily pessimistic. patience is the key here, like tna said you will have better chances, with time .
I really hope you're not complaining about an opportunity. Also, you're in your early 20s. Life just started. It didn't end.
where are you located?
I know a lot of students who would be ecstatic for the position you're in, not sure why theres this unhappy / "unlucky" attitude - assuming its your first job out of undergrad I don't understand why you're upset.
Also I think you should be aware that if you go into work thinking you're too good for that company or the position then your attitude may shift without you even knowing it... that passive shift in attitude (which could come across as arrogance, etc) might be picked up by a manager (who will possibly be writing your recommendation at some point).
Smile, work hard... you're fortunate. And... (I don't mean this in a disrespectful nor a preachy-sort of way) try to get some perspective on your 'situation'- a 20-something year old such as yourself is most likely making very good money, relatively speaking; money that a lot of people across this country would love to make so they can pay rent / feed their kids / pay for medical bills. Perspective matters, you're very young... plenty of time to to switch to something you like.
Don't worry about comparing yourself to other analysts in the field. There will always be someone better and someone worse. If want to move up, which is a good thing, what you do need to do is make sure you learn as much as possible right now. Don't worry if someone tells you you did good, don't worry if they say you suck, just LEARN and LEARN and LEARN. When you end up going to lateral, or apply for your next position, the interviewer won't be caught up with your 'prestige' anymore, they'll think "wow, this guy really knows what he's talking about". You'll be surprised how little people do.
Go into work every day and crush it, because at the end of the day whatever market value your bank has, for you its about your market value. Coincidentally, that value is based on what you contribute to your employer - but its the value you will be sized up by and you have the chance to make it whatever you want it to be.
When you're feeling down and passive, listen to entrepreneur Gary Vaynerchuk. Or early Metallica (works for me).
thank you guys for your support. Your messages have been very helpful actually! I guess theres nothing I can do about it other than work my ass off and see what the future holds for me.
Suck it up and deal with it. There are a lot of us that would KILL to be in your position, and once there would be hustling for the lateral already.
Dude...srsly you call BNP Paribas 3rd tier? Not that bad alright... 2nd tier maybe? lower 1st?
And the most friendly person I know from my networking experiences is from BNP, not GS or Evercore or anywhere else...
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