So - I have signed at a Top-Tier MM IB specializing in a certain industry. (Think FS). They have paid a sign-on and I am liable to pay it back if I leave before start date. Start date is next month.
I have the opportunity to go for a BB IB interview in a generalist team with a fairly decent chance of landing it. This would be the same level or one level up (Analyst 2/3).
Pay and bonus at the MM is higher, and the culture is probably better. Also, I like the FS specific industry (I am aware of potential limitations for an FS exit). However, the BB has a large amount of prestige and opportunity for mega-fund exit.
Do you think I should even be considering this? Or should I do a few years at the MM and then laterally move to BB if I want the prestige later?
You should go for the interview and then decide which one is better. I would not worry about analyst starting salary difference. It will not matter in the long run.
don’t back out yet throw something to buy you some time. Don’t get too creative and wild with your story though. Keep it simple. Always start out the convo or email with a thank you and gratitude.
They have already paid the sign-on bonus and if I do back out. I will piss a large amount of people off.
However - good advice thanks guys. I think I will take this one step at a time - if the interview arrives, I will take it. If they give an offer, I will then decide and weigh up the pro’s and con’s. Both are US Investment banks and I would love a chance to get there.
Yes what they said, take each step one at a time, don’t fall into being arrogant with offers in hand (you seem to be doing fine), keep your wits. At face value, I would personally take the BB role because the aura will stay with you in your career even after you leave and you can always go down market. It really comes down to how hungry you are in your career because the BB will probably also be much more demanding.
That said, if you want slightly better work life balance and love the sector at the MM and the team and you feel confident that that is the better fit, then by all means do that. In the long run, you’re going to be much more successful in a place that is the best fit for you organically rather than forcing yourself into a role because of optics. For things like business school and in a relationship industry, having a manager who might have a more personal interest in you at MM could be a bigger difference, although business schools also look at brands somewhat.
Like people said, take it one step at a time, but if the BB feels right then definitely forget the costs, you owe the MM firm nothing (other than repaying the signing bonus), its a transaction business and be under no illusion of loyalty, they would do the same to you when it came to actions. Either way its a win, win, congrats.
If I was for sure going back to B-School, I’d probably vote BB if you can get it because you’re only going to be there for a few years anyways, might as well, dig in and gut it out and go for the glory.
No harm in looking around for something better, and if you have to pay back the sign-on, so be it. Beyond being legally enforceable, it’s also the right thing to do.
As far as being black-balled longer-term, you’ll probably never have a shot at working at the MM firm if you renege but given your current line of thinking, it doesn’t sound like you’d miss it anyway.