Advice regarding loyalty to firm
Answers from those in the Investment Banking industry and not students. Thank you.
- 2017 graduate
- worked for a couple months
- a small boutique in new york
- haven't taken series exams yet
I love the culture, people, and deal-flow at my bank but like most people on this forum. I've always wanted to chase the best opportunities available to me. I've worked for 5 months.
I've been approached by recruiters from the best groups @ EB's & decent groups atbulge bracket banks looking to poach and I'm wondering the following:
- Am I a p.o.s. for wanting to lateral?
- Will they contact my firm during the recruiting process?
Companies will always kick you to the curb if they can save money, outsource, or have a better employee so why be loyal to an entity that is loyal to only it's bottom line, not you?
No. Ignore the above. Lateral recruiters WILL NOT contact your employers as it is detrimental to their business in the long run. Also it's your career and just remember there are 1000+ people looking to move into your position so don't worry about your replacement. Do what you want
Why/How do you think you got approached by recruiters if it's just a small boutique? Just curious if this is normal or not
This may or not not answer your question but being approached by recruiters is a need-basis kind of thing and they just create their own pool. If your Linkedin profile is tight, and your educational background isnt questionable they usually try and give the qualified ones a shot at an interview. Especially if its a boutique that does the same exact thing at a particular group i.e. Industrials M&A at a lower transaction value—>EB at an M&A group that happens to touch industrial services space. Its all fair game but you need to have good MDs and they need to be well known in their sector or partners need to have deep relationships that gets their word out there.
I agree that you should take every opportunity you get but if you see yourself as a career banker then I would try to figure out the culture/people at the other firms beforehand. Lateraling to a "better" firm just adds more competition and there is a high chance that you won't enjoy the environment as much.
A couple of things to consider here:
Your current position does not sound like a bad place to be. Good deal flow, good culture and good people. The latter two are rare commodities on the Street. Would you be happier at a BB or EB with bad culture and bad people? That's a very reasonable outcome of a jump.
You mentioned that you're getting multiple offers. That's a really good sign. It's also a sign that similar offers could be around 8 months from now after you get your bonus. In fact, you might get even better offers then since you'll have some more experience and the licensing exams done. If someone gives you an amazing offer that you just don't think will happen again, then make the jump. But to me, it sounds like you've positioned your resume well and will likely be able to get similar or even better offers within less than a year.
If they are recruiting him he should be getting at a minimum reimbursed for any losses bonus.
Markets booming. Sounds like a bigger firm didn’t plan well enough for how hot things are getting and needs to beef up.
Optionality is key to your early career. There is no reason not to take the interviews. Get an offer and the assess whether it is better than your current position. Companies aren't loyal to employees so neither should you be.
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