Accepted Job-- 3 Weeks Later, Looking for a New One
Hi all,
Four weeks ago I got an offer to work as an assistant trader with the prospect of becoming an options trader within a year. My pay currently sucks, but I was intrigued by the idea of becoming a trader one day. Now, three weeks in, I realized it was a mistake. I do not feel optimistic about the path I'm on so I am looking for an exit.
I've been fortunate enough to keep a solid network, so I do have some connections I can use to get interviews at a few big 4 accounting firms. Now, if I choose this path, my plan is to work in the big 4 for three to four years, grow a strong network and hopefully move onto PE. If that fails, then I would like to go to grad school.
However, I'm not sure how to tackle this process. I'd feel really bad walking away from my current role as an assistant trader less than one month in. In a way I feel like I failed, giving up on one of my dreams to become a trader, but if it means getting on the right career path, then I'm willing to live with the decision of walking away.
So how should I approach my bosses, should I even tell them I'm looking for a new job? If so, what should I say? I really would like to leave on good terms and use them as references if that's an option.
Any advice would be much appreciated.
Approach your team after you get an offer in writing and not a moment sooner
Radio silence. Do not tell them you are looking for a new job, at this stage they are basically training you so you can do your job. Think about it from their perspective, you want to tell them that you are going to leave before your training is complete or before they get any value out of training you but they should keep paying you in the interim? I have no opinion to offer on moving from accounting to PE.
For what it's worth, Big 4 to PE is an exception, not a rule. It is incredibly difficult but doable if you work hard and nare diligent. However, I can promise you that updating models, doing industry research, and anything else you do as an assistant options trader will be more interesting than Big 4 audit or tax. If you can get into a Big 4 valuations, strategy, or M&A gig, which exist (in very small quantities reserved for super bright kids that for whatever reason couldn't make it to a bank) then that is a different story. I just say that to give you an expectation. Also, at Big 4 you're not getting paid. Honestly, if you're getting paid less at your current job than a first year auditor or tax guy, then consider me surprised. Big 4 pays really, really low.
Now is definitely the time to leave, but I absolutely agree not to say a word until offer is in hand. They will be pissed if you leave, but most firms are well aware of the chance that a new hire might continue to have interviews come up and might potentially find a bigger, better deal after they've already hired and started training you. But again, they will still be pissed. If you tell them you are looking now, you run the risk of them letting you go without having a job lined up. Not sure how the relationship has gone so far, but even if they are nice, seem to be easy to approach, etc., don't dare tell them you are looking or it might blow up in your face.
how can somebody judge after 3 weeks??
I imagine conversing with traders and actually seeing what goes on day to day would give you an idea whether or not it's something you want to pursue.
Exactly, there is a lot of pessimism on the floors of CBOT these days. The pits are shrinking, floor traders are exiting in flocks.
@"GBB_19NHS" Basically, the reason I'm not optimistic about this career path is because the group of floor traders I work for are expecting me to pick things up on my own. Now, that would be great and all if I was actually a sophomore or freshman in college, but since I already graduated, I expect to be earning a decent salary so I can pay my bills. I don't want to wait 1 or 2 years until I become a trader, I just can't afford to do that right now. Also, notice how I said floor traders --another reason why I'm pessimistic.
Anyway, Big 4 accounting does not pay really low. The average salary is around 55-58k, which for me, is not bad at all considering I went to a non-target school. Also, Big 4 accounting isn't so much about the money, but more so about the connections you make, the experience you gain, and the doors that open up once you've established yourself.
I don't know, I guess I'm at a point in my life, where I'm confused and worried about where my life is going. The start of a career path determines the rest of ones life so I would like to get it right.
Do not say anything to your bosses. Get the other offer in writing then tell them
fair enough, as mentioned keep the gig, start looking and as soon as you have something locked up you tell them and thats it. They will live on, it happens.
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