A lot of the posts I’ve made in the past dealt with advice I needed in my job search. I was a kkent – for a few different reasons I had trouble getting into finance out of college when I graduated a few months ago. I persevered, though, and was eventually able to get into equity analysis (I made a victory post). Everyone on the forum was so helpful and I can honestly say that without you I couldn’t have done it. Looking back, I realize that for a lot of the questions I asked, I already had an answer for. I think more than anything else I was looking for some reassurance. I’m in another dilemma now, though, and for the first time I have no idea what to do. Any advice would be really appreciated. As I just mentioned, I was able to get a job as an analyst 1.5 months ago. So far it has been good; the biggest positive by far is the people I work with. From what people have told me, getting along with your boss means so much and thankfully I can consider mine somewhat of a friend. The other positive is that the work is something I enjoy; not so much the specifics of dealing with stocks, but just being able to analyze investments and make buy/sell recommendations off of my own research. The job isn’t perfect, though. I guess the biggest problem is the lack of formal training (I didn’t have more than 30 minutes of solid training yet). I’ve been able to deal with it and don’t mind learning on my own, but it takes its toll on me after awhile. At this point, all I want to do is learn as much as I can. So the job has been good but not great, and the notion of leaving for somewhere else never entered my mind…until a couple weeks ago. While interviewing back in May, I just missed out on a great opportunity to become an analyst with a hedge fund (similar type of work). The interviews went great, but in the end they said they wanted someone with more experience. I’ve kept in touch, though, and recently was sent an email telling me that they’re looking for another analyst. I think it’s safe to say that if I wanted the position I could take it. They know who I am (nothing has changed in the past two months) and I don’t think they would waste my time through a series of interviews again. I honestly have no idea what to do; I can’t do any work right now because it has been weighing on my mind so much. The hedge fund opportunity would probably be the better choice in terms of exit ops and pay (I’m guessing around a 40% salary increase). I’ve talked to a lot of people in this field who have told me to follow the money, no exceptions, when you start out. The biggest thing keeping me from leaving is the people I work with. I don’t think there would be a bigger slap in the face to a company that has invested so much in me (they haven’t trained me a ton, but getting me started out still took time and money) to leave after a 1.5 months of being there. Added to this is the fact that I really like the people I work with (if this was a kkent situation, I would have left already). I think it’s important to also mention that I got along very well with those at the hedge fund. If I could look into a crystal ball and it said that I would make the same long-term salary with either choice, then I would where I’m at. But being able to make and learn so much more is appealing. Thanks
Well, I would disagree strongly with the statement, “follow the money with no exceptions when starting out”. You want to put yourself in a situation where you learn as much as possible, get a reputable name on your resume, work with respected people who you can leverage later. Actually what you make in your first 2-4 years means shit. Look at where you are going to be in year 5 and put yourself in a position to cash in big at that point. If the HF and your current firm have similar exit opps then definitely follow the money though.
Even though I’m not positive on the exit opps, I tried making it clear that in my opinion the hedge fund has better oppurtunities. Just thinking about it rationally: if I interview five years from now and it says that I was an analyst for a fund making 30% each year or one making 11%, what looks better? Also, I know for a fact I will learn more there (especially modeling).
Also of note…a HF is not going to train you any more than any other shop. No one trains these days in ER or Jr. buyside roles. You are seriously deluding yourself if you think otherwise. If you want training, get in a formal banking program, otherwise suck it up. Finish the CFA, and learn to ask questions. Observe. Read everything you can. See how your bosses handle their decision making processes and how they treat clients. They are not their to train you…it is your job to be proactive to learn. A HF is going to be geared in this manner, so be prepared for it.
DirtyZ Wrote: ------------------------------------------------------- > Also of note…a HF is not going to train you any > more than any other shop. No one trains these > days in ER or Jr. buyside roles. You are > seriously deluding yourself if you think > otherwise. If you want training, get in a formal > banking program, otherwise suck it up. Finish the > CFA, and learn to ask questions. Observe. Read > everything you can. See how your bosses handle > their decision making processes and how they treat > clients. They are not their to train you…it is > your job to be proactive to learn. A HF is going > to be geared in this manner, so be prepared for > it. This is a good point. I may be overvaluing the overall learning experience. I think what’s most appealing is the modeling aspect of it. I want to open myself up to a wide area of exit ops, and modeling seems to very important for the things I might want to get into later on down the line.
Gobucksgo said: “This is a good point. I may be overvaluing the overall learning experience. I think what’s most appealing is the modeling aspect of it. I want to open myself up to a wide area of exit ops, and modeling seems to very important for the things I might want to get into later on down the line.” ===================== Then do some modeling. I never received a minute of on the job training. My training consisted of “Go do X, Y and Z,” and going and doing X and Y and asking questions about how exactly to do Z, and then figuring it out. Some shops offer training, while others are more of a sink or swim attitude.
It would be helpful to post some more descriptions of your current place versus the HF. What’s the HF’s AUM, strategy, the number of PMs, track record…etc. etc. Speaking from experience (because I work at one), there are awesome HFs, there are unfortunate HFs (like Sowood), and there are sh*tbucket ones (Pirate Capital comes into mind, Amaranth is another). Loyalty is a 19th century concept, and we’re in the 21st century.
Ambiter makes a very good point. I’d look into the longevity and “brand” awareness of the HF versus your current firm.
mcthorp: I know what you mean; lets just say the people I’d be working with are very intelligent and I think I could feed a lot off of them. Ambiter: Could you shoot me an email at email@example.com so I can let you know about my situation in a little more detail?
It’s the nature of the job. We have training where we’re required to take x amount of classes a year from a list of y courses, but otherwise, it’s basically, “Here’s what I need done and by when. Figure it out and ask me questions if you get stuck.”
If you’re really in it for the money go into entry level back office, I heard they make $75,000 coming out of college and are millionaires by 30.