Is it bad to switch jobs every year?
I will be working for my fourth company since graduating. I have been with every company for a little over a year. I have been switching because I have been having a significant salary increases each time with another firm. I have tried asking each firm for a promotion internally or a simple raise and have not received anything as significant. Does it look bad on my resume to be moving around often? Does it make me look unstable or negative in some other aspect? I have moved in rank in between: Analyst to Associate to Assistant Vice President to Lead Analyst.
Yes, companies start thinking you're the toxic one with the problem rather than the companies
At some point you have to settle down for a while and show stability. That means turning down the occasional pay increase.
It's definitely not as stigmatized as it used to be, but 4 times in close to as many years is getting a little excessive.
It's fine if your change is dramatic. Down the road, you will need to explain your work history to new employer or graduate school.
"I started in job A, it's great experience, I learned 1, 2, and 3, but 4, so I decided to get job B, I learned 1,2, and 3, but 4, so I moved on to job C ... " and so on, and 1,2, and 3 are positive points, 4 being the reason why you made the move.
If you have too many jobs, the story gets more difficult, just keep that in mind.
Definitely a red flag unless each step can be very consistently explained. I.e. if every step was an opportunity you couldnt pass up then I can understand, but usually it means there is something thats not right (either you arent easy to work with, or you jump ship immediately).
What i see quite often is people who just like to collect prestigious names. Ive seen guys that are extremely smart, well spoken etc, but it seems like their only purpose is to check off as many prestigious names as possible. I.e. shorter stints at an IB, MF PE, Harvard MBA, Stanford Grad Degree, prestigious VC then looking to get into an HF. Like trying to put together the ultimate WSO wet dream or something.
[quote= Like trying to put together the ultimate WSO wet dream or something.[/quote]
Well put
That is definitely a WSO wet dream. I'm hard now. Silver banana.
Yes, it is bad.
Btw, Associate/AVP/Lead Analyst all sound about the same level. So from someone much more senior they aren't going to have the same view as you on significant promotion. If you told me you went from Analyst to Associate to VP to Director... I would be fully impressed and understand 4 jobs in 4 years. Sounds to me you really only got 1 true promotion.
Of course this all goes out the window if you can produce big revenue. (You can be an ass if you produce big revenue...)
However you may at some point invest in your future by having a 3+ year tenor with a single firm. You can then say you were young and thought jumping for 30-50k bump was a big deal... Seems like it when you start at 80k but not so much more when you look back at it from the future 500k.
Play the long game, not the short one.
I would likely pass you over....
Would you hire you knowing there is a very high probability you won't be around in 12 months?
This reminds me of something David Rubinstein said in an interview (referring to a guy from Harvard who had an impressive resume but moved around too much). He ended by cautioning that you should make sure you're actually getting good experience/developing expertise, because you don't want to wake up in 5+ years and have a great resume but not enough expertise in (at least) one area. Otherwise, you're generally replaceable.
Have good references, a good story for your moves, & get as much $ as you can.
I agree you should try to develop relationships and good references.
What kind of reference can one get from a job and a manager you stay with for only 1 year. Nothing worth anything. Move a lot for a little money is very short sighted... Not saying to stay forever but your "significant increase" is small potatoes from what you are short changing yourself later on by really developing greater expertise and stronger relationships that you can get staying around for a while.
I've always felt you should stay at least through two bonus cycles at a job. A year isn’t a lot of time to prove worth at a company – especially in a large corporate setting – that you warrant a raise/promotion.
Can confirm it looks bad.
I've moved around at about the same frequency, twice for reasons that were beyond my control. Everyone still interviews me because of the names on my resume, but inevitably it becomes a problem at the midpoint of the hiring process: "You left prestigious company X? Why? Your resume says you were a rockstar there..."
I have real reasons for each move, but honestly it's tiresome telling the stories so I imagine it's worse hearing them.
Yes. Stop being a job hopper and start being loyal.
My personal rule is to stick it out for 2-3 years if you can. Hitting the 18 month mark sends a modestly positive signal relative to how hard it is to keep a job at your current form- 24, 30, or 36 months looks even better. Employers no longer give references, so duration of employment is often your best signal.
Don't quit over a 20% pay hike-- 50%, sure. But that means that if you started at $50K you should be earning $300K now. That should be enough to hang tight for a couple years.
If that's the case, OP should have an awesome job and settle down for a couple years. Stick it out for 30 months and kill the jobhopper vibe.
But let's assume OP doesn't have an awesome job. After four job switches that haven't really improved his work situation, what makes him think that switching a fifth time will be better? What I can tell OP is that proving you can stick it out for 2-3 years is generally good for your career and is to some extent a mark of adulthood and professionalism.
I've had a few jobs that could be construed as job hopping but is in general bad luck. First two jobs were funds that went under in 07-09. Happens. Third job, a small fund, the boss basically disappeared. He just didn't want to come to work. The other partner decided he wanted to live by the beach and work from there. He moved to CA. Fourth job was at a Russian bank which was then sanctioned. Fifth bank is a BB that's in the news and cut way, way back. Including me, my bosses and more than a few other people on the team. 6th job is doing okay but doesn't pay super well.
Need to Move for Personal Reasons, But I'm On My Second Job in 15 months After School - Advice? (Originally Posted: 07/08/2016)
Hey everyone, I'm wondering what's the protocol I should follow about changing jobs and/or moving after recently joining a new company.
I graduated from a good midwestern school a year ago, and moved back to my east coast home city because my college GF was also moving there. My first job out of school wasn't great, and it took me many months to find a new one. I started at my new company in April, and it's a great job at a well known, highly respected consulting firm. Problem is, I need to move. The long term relationship ended very sadly/badly, and I just can't live in this city any more. I really need a change of scenery, and I have a ton of friends and family in a city near where I went to school. I'd like to move there.
I am planning on talking to my career development counselor about this in October, which will be 6 months after my start date and right after the busiest period of the year for us ends. How do I approach this? So far, I like the work and the company, and I'd like to stay in the same role/similar role. Several people on my team work remotely already; do you think I could say my request to move is for personal reasons? I could easily do my job at the same level in a different city, and like I said, several people on my team already do it, although they probably had stronger reasons than "I'm miserable in this city." I believe the company requires internal transfers to stay in a role for 12 months; do you think the company/my bosses would be open to me working remotely in the new city for 6 months, and then seeing if I should stay in my role or internally transfer? I'm already doing good work, and I'm confident my bosses do/will think highly of me.
Or, would it really hurt my resume if I just quit in October and moved? I know job hopping isn't a good look, especially for a generic finance guy like myself. But, my happiness and sanity is paramount, and I have enough spare money and motivation to be unemployed for a little bit while I look for a new job. I'm worried, though, that the job hopping will really hurt a potential job hunt, either internally or externally.
Thanks for your time and advice in advance.
tldr; 2nd job in a year, need to move for personal reasons. Not sure if I should try to work remote, change roles internally, or move and find a new job in the new city. Need advice on how to approach this and how to talk to my bosses about it
bump?
if you can hand your MC job to me, I would take it.... I mean seriously.
But for real, your best option is probably grinding it out. It might suck to be in a firm with lots of visibility but not so great life, but you have a ton of worse options. Don't be stupid and quit first. seek out resume drops / headhunters and get offers first. Otherwise you could use your performance to transfer into a closer office.
Hah I wish it was MC...I'm on the corporate finance side of the house. I'd like to move to the consulting side eventually but my priority is getting out of my current office. I agree that quitting this company would be a pretty unwise decision, and hopefully my outside life is bearable enough that I can grind out a few more months. I'll probably just work hard and once I get to 6 months tenure, ask them if I can relocate and/or pursue other options in another city. Hopefully they are cool about it and don't press too much on what my "personal" reasons are. If they are resistant, I'll definitely seek out resume drops and recruiters and try to make an external move.
If you're hungry, eat. If you're tired, sleep. If you're unhappy at you're current job, leave. Life at it's core is simple.
How do schools look at job changing? (Originally Posted: 08/04/2015)
After getting a degree in Mechanical Engineering I took a job in an engineering rotational program at one of the "Big 3" jet engine companies (GE Aviation, Pratt & Whitney, Rolls Royce). When I took the job I was really excited about the opportunity and didn't realize how I would be completely separated from most of my college friends. Most of them took jobs at smaller companies in the city that is about 2 hours away from me and I am in the middle of nowhere with nothing to do after work/ on the weekend. The job is challenging and I've been learning quite a lot. Being such a big company there are a lot of room to move around as well. However, as I've mentioned the location sucks. I also don't see myself in hardcore technical/ engineering roles in the future and thinking about starting my MBA in Fall, 2018 to transition into consulting / business strategy type of roles.
So I was wondering if I should I go after jobs at smaller, no-name companies in the city or suck it up at my current company for another 3 years and then go for my MBA? I can probably have the "brand" name on my resume by staying here and the rotational program will expose me to various sides of the aviation/ airline industry. Whereas, I'll most likely be stuck at doing same thing over and over again / specialize on something at a smaller company, but promotion can be much faster at these companies. How much will having the company (F50) name on my resume help? Do business schools really care about tech companies unless it's Google, Apple or ebay? How do business schools look at job switching, specially going from a F50 company to a no-name/ regionally known company?
Having one of those 3 companies on your resume will be great for business school. However, MBA programs look favorably on job switching as long as there's an upward trajectory, you're taking on more responsibility, there's a clear story, etc. My guess is that having a year or 2 of a F50 on your resume "checks the box" of having a big name on your resume and you needn't be there when you apply.
It probably wouldn't make sense to apply when you've only just started a new job though, that might look odd, unless you can tell a clear story why it makes sense.
The story of going from a rotational program at a F50 to a no-name looks suspiciously close to "it was hard so I quit". Moving companies for work/life balance doesn't strike me as believable for a ~25 year old with no spouse or kids, and telling the real reason you are thinking of leaving (2 hours away from friends and bored on weekends) would seem immature.
I'd say suck it up. But you could transfer to a place that is CLEARLY a promotion in role/responsibility. And by clearly, I mean the admissions folks looking at your resume will get it WITHOUT you having to hold their hand and try to put spin on it. Your decisions don't just affect your chances at an MBA, they also affect what jobs you can get after. Are you REALLY going to be able to learn more/grow more if you transfer away from a world leader in your field?
If you are really that unhappy, obviously go. Just do it with a clear understanding of the optics could be.
You're thinking about leaving a top company so you can be closer to your friends.... Jesus Christ.
C'mon guy really? Stay where you're at and drive the 2 hrs to see your friends on weekends
Thank you all for your inputs. Even though I'm in a great program and company, being such a big company surrounded by very smart ppl, promotions have very defined timeline and i wont have any promotion til I finish my rotation. But I'll get to lead our outsourcing folks which I'm doing now. So one of my peers he suggested since I'm gonna pursue an MBA it'd probably better to go a smaller company that has faster promotion track. That way I can be in the city as well, but from what I've been hearing it'd be better to stay here and go into a MBA program once Im ready.
Is it ideal to hop companies/industries "often"? (Originally Posted: 04/30/2016)
Or have you found it more beneficial to stay with one company and grow within?
I jumped from consulting to IB, I think it depends on what opportunity presents itself, but ceteris paribus I think it's better to stay in one industry. You don't want to jump incessantly, but if you're not seeing a path up you shouldn't be afraid to make the leap.
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