Advice: Only from those in the industry

sharp_in1008's picture
Rank: Monkey | 61

Hi Guys,
Need some advice from the guys in the field
Brief background: Top 3 global research house, an year 2 associate (analyst, associate, vp heirarchy in bottom to top order), post MBA joinee. Received personal clients votes in year 1, did an IPO (lead guy) and was going all gung ho last year. Then financial crisis stuck, politics et al and now working as the junior guy for a colleague who is in essence a fraud, and wants me to claim he was managing people. I have a small, relatively insignificant sector and the guy makes all efforts possible to actively sabotage my career, no clients for the larger sector, no company contact etc., tells our boss he desperately needs resources but keeps me idle so that he is irreplaceable....essentially doing everything to sabotage me.

Advice needed:
a./ Should i approach competitor houses directly or via recruiters only?
b./ Whilst boss is sympathetic and wants to change things (promises me to wait 2-3 months and he will sort it), he does not want to upset his top hot shot. However last year's bonus for me was a negligible 25% of base and i assume that the final ground is money so i should assume all these good intentions are baloney and he just wants to make me work another 6 months for free? Correct/Incorrect
c./ How best to tackle this situation in light of background and b./
d./ Expectation of $200k, for a year II associate comp are unreasonable?

Comments (3)

Jun 28, 2009

first off, sounds like you are in a tough position. hang in there.

i'm of two minds:

1) many people on the street right now are "underemployed" and in crap spots, so it may be worth it to just bide your time

2) it probably doesn't hurt to look -- start with your network, friends, family, alumni, etc first, that way you can keep the search confidential.

i'd suggest asking yourself if you can still find work/projects/analysis in your current position that will help your development. if so, then it might be worth sticking it out. if you have absolutely no opportunity for development, then it's time to start looking.

i've seen a number of openings for research positions in recent weeks, so i suspect you'd be able to compete for them with no problem.

Also, my view is that a big part of the benefit of waiting to change jobs is that 12-18 months down the road when you're interviewing, you should be one of the few(er) who were employed throughout 2008-09, making you stand out even more.

$200k all-in sounds reasonable, with a variance of say $180-$220k.

Obviously, not offering an rocket science here, just think it's worth focusing on basics. i'm in a similar position in a global markets job and have been doing the above. received one offer recently, but decided to pass on it (basically b/c I felt that my current position, while sucking, still allows me to grow and develop which should position me for better opportunities down the road.

good luck.

Jul 8, 2009

Thanks.
The whole issue is that my boss wants to promote this guy as the hot shot while i seem to be getting the votes...puts him in an uncomfortable position. May be they fire me anyways.
I got 1 premium offer but i guess you are right, i should wait for the proper platform before jumping. Thanks for the reply.

Jul 9, 2009
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