Lower tier shop for bigger title
Hi WSO,
Got a momentous decision so could really use your advice. 40y VP in EM Trading at BB European bank. I can see ceiling with my current spot. Too crowded at the top so little chance to promote. Everyday, I do the usual, make the budget and take home 400k tops every year.
This may change.
There’s a possible opportunity for me at a few tiers lower shop (think Santander, Mizuho, BMO, ABN) to revitalise their markets division. I’ll be given a team, a jump in TC and at least the Director rank. The typical small name, bigger role move.
I would get better advice if I comment on where I stand. Straight up
- I’m a brand person (Ivy League) So my pride takes a hit with a different bank on my name card
- I am pushing for Desk Head which may mitigate above
- That said, assuming the real possibility of a 50% jump in TC, I look forward to a lifestyle change. Hello 911s and 2,000 sqft condo
- I think I got 5 years left in me to push very hard and see how far I can get. If you told me in 4 years time in this new shop, I’ll reach MD with 1 or 2M in TC, I’ll take that path. This won’t happening where I am currently.
Thanks in advance for your advice. WSO has seen me through as an analyst and one more time could help me in deciding this job switch.
Regards,
Nijikon
Based on the most helpful WSO content, here's what you need to consider for your decision:
Brand vs. Opportunity: While your pride may take a hit moving to a lower-tier shop, the potential for a bigger title, increased compensation, and leadership responsibilities could outweigh the prestige factor. Many professionals have successfully leveraged such moves to accelerate their careers, especially if they can demonstrate tangible results in revitalizing a division.
Compensation and Lifestyle: A 50% jump in total compensation (TC) is significant, especially if it aligns with your lifestyle goals. However, ensure that the increased pay is sustainable and not just a short-term incentive. If the new role offers a clear path to MD with $1-2M TC in 4 years, it could be worth the move, especially since you’ve identified a ceiling at your current firm.
Career Ceiling: At your current BB, the crowded top and limited promotion opportunities are clear barriers. Moving to a smaller shop where you can take on a leadership role and have a direct impact on the business could provide the growth and recognition you’re seeking.
Risk vs. Reward: Revitalizing a markets division at a smaller shop comes with risks. Success will depend on your ability to execute and deliver results. However, if you’re confident in your skills and have a strong track record, this could be a calculated risk worth taking.
Exit Options: Consider how this move might impact your long-term career trajectory. A successful stint at a smaller shop could position you for even bigger roles in the future, but a misstep could make it harder to return to a top-tier firm.
Personal Timeline: With 5 years left to push hard, this move aligns with your timeline to maximize earnings and career growth. However, ensure that the new role provides the resources and support needed to achieve your goals.
Ultimately, this decision comes down to your risk tolerance and priorities. If the potential for higher compensation, a bigger title, and leadership responsibilities outweighs the prestige of staying at a BB, the move could be a smart play. Just ensure you’ve thoroughly evaluated the new shop’s stability, culture, and long-term prospects before making the leap.
Sources: Advice from an ex-IB MD - on how to make VP, 30 and a bit lost in career - Advice Appreciated, The Case for Taking a Banking Attitude to Other Industries, Banking vs. The Buy-side: 10.5 considerations, Tips to stop chasing prestige (and be grateful)?
Dont let prestige capture you, secure that bag
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