Need Advice: Move banks after 1 year?
Hi everybody,
I have been reading WSO since I was about 16 and then I stopped for about a few years while at university so a quick thanks to all of the monkeys for their indispensable advice. I have secured a one year graduate scheme at a big EM bank in Dubai (IB) which gives me the opportunity to work in another global office after one year. However, I am not too keen on working in this bank for long as I have hoped to work in a more prestigious bank although I'm getting paid well. I also wish to move to London to be with my girlfriend as long distance is a b*tch. Given that I want to change my employer I thought I might as well apply to jobs in London. Now my relocation to London could be possible through the bank I already secured a place with, however, there are many reasons why it wouldn't workout (i.e. headcount in London). To hedge my bets, I was wondering whether it was possible to apply for entry level or associate programs in London after finishing a one year graduate scheme. How likely will they take a 1 year analyst from Dubai (taking into account that I have had a S&T internship in London before and have an undergrad from around there)?
regards,
Red
Please excuse my brevity!
I'll give you my two cents, with the caveat that I am by no means an authority, as I went through the U.S. banking system. That being said, I was educated in the UK and have several friends in the London IB scene.
Setting aside the facts that it's a brutal hiring market in London Banking right now, I would say your best bet is getting in touch with some recruiters after you've been at it in Dubai for half a year or so. I'm assuming that if you're headed into banking, you likely have friends from university that are doing the same. After a couple months on the desk, they will start to be contacted by recruiters. If they're comfortable, you should be able to get introduced to said recruiters, or you can cold email them yourself. These people will be the gatekeepers to lateral hiring positions, and having a year experience in Dubai may (not sure, depending on what kind of experience you get) help you stand out a bit.
As for applying to entry level spots, you can give it a shot. It's easier to do that in the U.K than it is in the U.S., but at the end of the day, I don't think you will want to lose a year. As I'm sure you'll find once you start, being a junior banker isn't exactly bundles of fun. I don't know many people that would willingly subject themselves to an extra year of that unless it's significantly changing their life / exit opportunities. Admittedly, this sounds like it might be the case for you, but I just don't think it's ideal.
As for applying to associate positions, I won't spend any time on that, as it's not an option. I would be shocked if a respectable bank would hire you as an Associate after one year at another shop.
thank you very much!
So far, I am going to be on the industry coverage side at first and then rotate in the products teams. A lot of the senior bankers are from well reputed banks and have worked across geographies. I am quite surprised that lateral hires can start at such early stage, is this truly the case? `
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