Jumping for the 2nd time as a ‘18 Grad
Thoughts on jumping to another bank as an Associate (currently an Analyst)? This would be my 2nd jump and I graduated in ‘18.
Offered comp is 110K base plus 25% and this is for Corporate Banking (alike). One issue is that Associate pay at my current bank is higher (higher base with higher bonus but I don’t expect to get promoted until 2022 and even that’s not 100% guaranteed). All-in compensation is expected to increase YoY though.
Would I be pigeonholing myself in this group (niche) by jumping again for the 2nd them when I graduated only 2 years ago?
It’s not worth burning another match for a slight benefit imo. Especially if you’re staying in the same group/industry just for another bank with the sole purpose of collecting a pay raise/promotion 1 year sooner. Now if you were transitioning from CB to IB or going from a small regional bank to a BB then it makes more sense.
In terms of work quality, it would be an upgrade as I’d be going from Tier 2 Lender to Tier 1 Lender with Agency roles.
So you think it’s not worth it if it’s just 1 year sooner promotion? (I don’t like that I will be an Analyst for 4 years as well)
Here's the way I would look at it: if you like corporate banking and want to stay in the role, and if you are fairly sure you'll like this group/bank, then it's not a bad move. However, if you still have aspirations to try out IB/Consulting/Etc. and think you may be trying to make another bigger career switch in the near future, or if you think the culture at the new bank seems intense and you wont want to do it longer than 3 years, then I wouldn't burn a second match. Two moves isn't bad it's just that another jump in the next 2-3 years wont be easy as people will wonder why you're looking for a fourth company before you've even made VP level. So don't look back if you're sure you like this new group, you feel good about long-term prospects and you don't mind playing your second Joker in the deck - but do be aware you don't have infinite matches to burn regarding job hops.
Bump
I’d make the move. I did the opposite — moved from a Tier 1 to a Tier 2 and got a huge pay bump. Getting the experience of working at a bank that leads deals will ultimately lead to higher comp down the road if you decide to go back to a different bank.
Be aware that in Corp Banking, tier 1 comp lags behind the comp at some tier 2’s and you’re most likely gonna make less money at every level until you hit Director.
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