Quitting after 9 months
I'm currently working in ER at an upper MM firm in London. I like the job + I get along with my MD (both from the same country) and sometimes actually get drinks with her post-work and we talk a bit our private lives. She even told me, I'm one of the stand-out juniors who has joined her in recent times. (Not sure if sth. more could develop out of our work relationship, since she's already married and has a kid)
However, I hate the high COL in LDN + "low" pay (GBP50k Base + I guess 10% Bonus or so)
Therefore, I applied + received an offer for a Equity Sales position in sattellite office at a BB in a much cheaper country + lower taxes with similiar pay. Therefore the question, how would you quit my initial job without burning bridges?
Criminal UK wages hit again..
You are comfortable with the research to sales jump? They are two completely different jobs, and if you're looking to go to the buy side in the future then sales certainly won't help you. I am not sure if you salary is in-line with other ER associates in the UK - maybe check on that and make sure you aren't being underpaid.
That being said, having a boss that you get along with goes a long way. 1 year under her isn't enough time to learn all the nuances about the industry/sector. MY boss basically picked me up off the street, and he is great. I want to reward that with at least 3 years of good work for him and not jump ship quickly. Helps that he's a well respected analyst too.
Sounds like you're just starting off, I get 50k isnt great but you shouldnt be struggling even in LND. Bonus sounds very low though and worth raising with your seniors (thats what friends in accounting and fund manager research get)
Echo what TheFlyingKiwi said above, theres the longer term to think about in terms of roles. You may find it more difficult to transition back to ER, buy-side etc. once you move to sales. ER/buyside part of the business is also more lucrative comp wise from people I have encountered so there's that to think about (you have to be interested ofc). If you really cannot stand your living situation in London, dont just jump to the first ship. If you can afford it, take a couple months in between.
My 2cents (personal advice), try and make it through to the one year mark, anything less is a bit of a red flag for future recruiters
do it... I made a lot more than 50k in MO in LDN doing 40 hr weeks... you can go do buy side sales/bus dev in future so not sure why people think the buyside is totally off limits to you... unfounded WSO dogma
50k fix Not Sure of you're lying pretty much all BB's and MM's in LDN pay £50k fix dir Analyst 1
50k MO is probably 2-4 yrs experience not an AN 1
Sales to buyside is not impossible but will be very tough once you make that switch (just personal experience). Personally have seen v few people switch back and find people pigeon hole you once you do
ooh yeah its a big fat lie............. AN 1 MO varies... the analyst our shop hired out of internship/uni is on £45k with 25% bonus...
Page 47
https://www.robertwalters.co.uk/content/dam/robert-walters/country/unit…
or page 15 here
https://www.randstad.co.uk/s3fs-media/uk/public/2019-11/fs-salary-surve…
Berenberg is not UMM lol
You're quitting a job you like with a team you like for 'similar pay' to work in a Satellite office in another country? Just reading that hurts my brain.
Most analysts earning between 40-60k depending on what firm you're at (some buy side LO AM pay around 40k and some of the banks top end pay 60).
You're take home pay might be better due to tax but 1) do you even want to live in this new country? 2) what about the risk that you just hate the job? 3) what about the risk of shitty culture/team? Even if your pay is 20% more, is it worth it for those risks?
Banking has a shit reputation for culture for a reason, most of the times it's shit. You've lucked out with a good boss and team. I can't stress how important and valuable that is. Getting up every day to work for a prick who you hate will make 1 year feel like 5.
Unless you've always wanted to do Equity Sales, I don't understand this move at all
Also I wouldn’t even say some buyside LO AM shops pay between 40-45 I’d pretty much say all pay this. Was looking at a report the other day which somewhat confirmed it with some paying even less. AM at Banks has always paid more but honestly i’m not sure what they actually do there because it honestly just seems like Sales/Alternative teams. I don’t really see them move to other buyside AM’s to join the Investing teams
Yes agreed! I don't have enough data points to know for sure but it wouldn't surprise me if 90% of LO AM starts on a base of 40.
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