Thinking about lateraling
I'm curious about what other opinions would be in this situation.
I'm on my second year on a sales and trading desk and seriously considering either lateraling to a new desk/trying to move over to the buy side.
I currently have my 7 & 63 and took it upon myself to sit for my 57 in a few weeks as well (not needed to trade what we trade). When I got started, I was made aware that it was going to be a hazing period where the newest junior on the desk is going to be doing a lot of the menial tasks. Grabbing lunch, watching for popups, and making sure things don't fall through the cracks. Tasks have escalated to, but are not limited to, cleaning the office, doing all supply orders, delivering personal mail to be shipped, and even ubering an hour away to pick up a senior's car. Life on the desk is pretty standard (from my expectations) for a trade desk. A lot of shouting and derogatory comments (I did a sport in college so it just felt like a day in the weight room). The pay also is low. I knew going in that it would be low starting out, but was assured that it would go up within the year once I became licensed and helped the desk while also growing in my role. But, living in a high COL city with a pay of 65k all in, I am beginning to really run dry on funds. Everyone on the desk makes over 300k and the top seniors are clearing 1mm, but those probably aren't good examples to look at.
Typical hours are 50-55/week and majority of the desk works from home (hence the slow development and lack of communication). The desk is relatively new, but made up of very well established veterans from other firms who all have brought large client lists and never missed a step in their respective transitions. There are not any corporate structures in place for training up a junior and I can feel that when I see people at competing firms who were already actively trading (some even with members of my desk) within 3 months of having their licenses and I am still not to that point yet.
All of the above said, I am trying to understand how normal this experience is or if I should really consider new roles. I keep being reassured that this role is very hard to come by, due to it being a sales trader role and not just sales or trading. I have applied to other roles and been interviewing. These roles are even advertising base salaries at double my pay. I've also looked at trying to break into the buy-side as either a trader or possibly being an analyst (although it is an uphill battle for that).
Any and all suggestions/opinions are welcome. I'm struggling to find the correct thing to do. I see the money these guys bring in, so I know there's opportunity. But it still feels like there is no structure or training to build me into someone who is going to be contributing directly to the PnL anytime soon. I have to dip into my savings every month to pay for necessities and am starting to run low. I don't want to no longer afford my job, but I also don't want to go broke just to keep my job either. When I started, I was told it was a marathon, not a sprint and that I'd be doing things that I wouldn't like as a junior. But after a year, missing family holidays (I had to book 2 separate round trips to spend Christmas with my family because I had be on the desk between Christmas and New Years. And I completely missed Thanksgiving with them because I had to be on the desk) low pay, no performance reviews, and no pay increases/bonuses, I am struggling hard to see a light at the end of the tunnel.
Happy to respond to any questions as well. Just trying to figure things out.
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