Is it too early to lateral?
Currently an AN1 at a LMM firm starting back in July. Bank paid below market salary even before the bumps to ~$100k and still shows no sign of bumping their pay at all. Bonuses are below market as well and my hours are on par with those working at MM/UMM firms.
I've been reached out to by recruiters for a couple UMM banks in my city asking for my interest in lateralling. Out of morality of only starting back in July, I don't see myself making any immediate moves to lateral. However, my goal in my upcoming conversations with the recruiters is to push for Jan 2022 start date opportunity.
Obviously a lot of things need to fall in place for this is happen (actually get the offer) but curious on people's thoughts on lateralling only 6 months into the job. Normally, I would want to wait at least a year, but after the COVID pay bumps, my all-in comp likely falling now >$35k below market, and working roughly street hours, it's tough for me to reason out staying a year if another opportunity is presented.
Obviously, one year seems a more credible time at first job, but in this market, six months seems to be legit. Plus, if firm is paying you substantially below Street, this is risk they run -- and a very legit reason to look to move (hours are 100% of Street, pay is only 65% - so move makes sense).
Curious, how/why did these HH reach out to you? Saw you on Linkedin? You're in a "hot" area? In other words, if you're at a firm that's not well known, what do you think attracted the HHs to you?
Messages came from recruiters at the firms. Not in NYC, but a step below. "Hot" for my industry coverage. I'm sure the messages went to plenty of other people in my city but plan to be proactive to keep any edge I can.
Nice. Doesn't sound like there's a harm to you seeking out opportunities. Even if you don't take advantage of it now, you'll make contacts for potential future moves.
Bump. Similar situation. At a well-known MM, getting paid street, but my group is hella inactive (i.e. overly pitch-heavy). Also started in July and debating if I should stick it out a year or actively recruit to a “better” (i.e. BB or EB or top MM) firm right now… at this point I just want better experience
Bump
Lol this is Truist. I still think they’ll bump soon but who knows.
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