A Unique 1st Year Dilemma
Hi all,
I've got a dilemma to ask advice about. I'm currently in my first year at a BB, S&T (equity trading). It is going OK so far, but another BB has advertised that it is looking for a junior trader for my exact role. The second bank is definitely an upgrade (very worth it).
What should I do? Should I even apply (risk of being found out by my current group, and anyway, the stigma of leaving in the 1st year)?
Obviously this topic has been mentioned in other contexts on WSO but I didn't really find a thread that addresses this situation. S&T is a small community so I don't want word to get out, what are the risks there?
Thanks.
I think I work at the firm with the equity sales role open. I saw it posted online this past week internally.
No advice to offer; just sayin'
He is in trading not sales i think ?
Trading, yeah. Got any advice? @
Isn't it kinda frowned upon to jump ship before approximately 12-18 months...?
Not sure how your situation is unique at all Don't majority of people in the workforce think about leaving their current firm for a new one and its consequences all the time?
As for the answer, you have to assess your current situation. Are you fitting in well at the current workplace, what's your relationship like with your coworkers, relationship with the desk head, likelihood of career progression at the current firm, etc.
It's unique in that it is S&T (a pretty small community) and the exact job I'm doing has been advertised. So it is less about my fit and progress than simply about finding a better shot elsewhere (and it is quite an upgrade believe me).
I guess I'm trying to get some color on the risk/return of applying. What are the odds my current group finds out? How professional is HR at these places, etc? Also is it taboo to switch in the first year in S&T, or is this line of work different?
If you apply and get the job at the better BB and take it, don't expect to keep any ties at the first bank. But given it's trading and not IB, there's less emphasis placed on the 'prestige' of the bank but more on the individual's performance and also how much responsibility the desk lets you take on. So when you say 'an upgrade' I would have to ask in what way?
If you're with a BB that's having a lot of internal issues and is laying off teams left and right and you're worried, then I think it's worth looking at the other posting. If not and your team is giving you a good amount of responsibility and learn, it may make sense just to stay put. If you move, you'll need to re-prove yourself vs. analysts that are already there. So if this is a better BB (but it still plans on making cuts), you'll be at risk of LIFO.
It is an upgrade for the reasons you mention. Stronger group, likely more chances for responsibility, etc. I'm also worried about my BB for what you say.
So I do want to give it a look. I just want to know the risks. Could my group find out or are other firms professional in the way they handle this stuff? If my team found out if would be catastrophic, obviously. So I want to know if there is any real risk of that by applying.
It really depends on the group's culture and how they conduct themselves, I think. When I was still interviewing around prior to landing my current role, several places I interviewed with would look at my resume and say: 'Oh, you work in ___ ____'s team - I (used to work with him/ play tennis with him/ attended his event/ etc)'. None of the places revealed this to him or my old team that I was looking around.
For the most part, I think banks are professional and will not relay this information to their friends at other banks and similar groups - because they know this is inappropriate. Unless you pull a Aleksey Vanier or that recent guy from NYU and send out a real d-bag worthy resume/cover, I think you should be fine.
hey mate, thanks for responding, i appreciate your comments and i'm emboldened to apply.
anyone else got anything? would like more color if possible.
If it's a better opportunity go for it. Your current team should understand, and if not, screw them.
Equity desks are hiring for junior roles outside of their training classes? This sounds interesting. Sounds like you are nit picking honestly and unless you have a real valid reason to leave wanting to move to what you think is a better shop just sounds a bit silly. The grass is always greener on the other side pal.
It is weird isn't it. Not sure why. I do think I have valid reasons for looking and just want some color on the risks.
You don't want your current employer to get wind of you and have any evidence that you're looking.
Make sure to keep everything informal -- no full resume ("look at my linkedin" you can say), no "I'm actively looking" emails, etc. That said, it definitely makes sense to jump. Banks are not all the same, and there are some really bad ones out there.
Hey, yeah I want this very low profile. That said I saw the listing for my exact role and that will require a full resume. Do I run a risk then or is what Kanon said true?
Why dont you call the firm privately, ask to speak to HR and ask them personally to keep everything confidential.
well, it's an online posting. i guess i want to know what people think are the odds of my team's finding out.
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