Is this job hopping? MM Bank 1st year CA in commercial banking
Hi monkeys,
Need some advice on something I have come across in my career endeavors. I have recently completed my development program at a large regional bank. Currently a credit analyst with good amounts of deal exposure but its all been mostly in Business Banking (some exposure to corp and syndicated deals) in a small market city.
Have the opportunity to join a slightly larger bank for a senior analyst role in their levfin group in LA and theyre willing to train me up. Is this considered job hopping and would I be stupid to turn down the opportunity?
Based on previous WSO threads, here's what you need to know:
Job Hopping Concerns:
Career Development:
Training and Development:
Risk vs. Reward:
Personal Considerations:
In summary, moving to a senior analyst role in a leveraged finance group at a larger bank can be a strategic career move rather than job hopping, especially if it aligns with your long-term goals and offers significant growth opportunities.
Sources: Employment Dilemma, Was just asked to resign...what should I say on interviews?, Would you take a step down in title & pay for dream job?, Q&A: 1st Year Analyst at MM IB, Stupidly low bonus. Should I jump ship?
Think it really depends on the firm you're joining and the firm you're leaving. Since you said most of your exposure has been in business banking I assume that's referring to companies under $50mm in revenue? If yes, the new role will definitely get you some experience that is more transferrable up/down in revenue size than what you're seeing now (not to mention complexity and/or potential sponsor involvement).
Regarding the job hopping point, attrition is natural from junior talent. It doesn't sound like you've just come in to the "large regional", gotten trained, and immediately jumped ship for a different opportunity but rather that you've been there for a couple years and want to explore outside of what you're seeing now. If you've been putting in the work and have been developing/been a contributing member there's no reason that a truly exceptional boss/manager wouldn't be supportive of you wanting to grow where the work better aligns with your career interests/goals. I.e. strong analysts leave after 2 years to end of analyst contract and strong associates might leave their firms after 1-2 years for an exit/VP role elsewhere. VP's and above jump around often as well. Don't let your seniors' career decision to move up the ranks in one firm deter you from wanting to pursue your career interests (especially if its work you'd much rather be doing). All of that is caveated assuming that you've done everything "the right way" and you don't have a manager that makes you wanting to explore external ops. as a personal attack.
TLDR: as long as you've put in your time and developed/done all you can in your current role/at your current firm, there's nothing wrong with exploring other opportunities (especially those you may find more interesting career wise) and leaving your existing job on good terms
Appreciate the insight a ton. Yes, revenues generally under $50MM. And yes, I was an intern for on year in their commercial banking department and one year now as analyst, so basically 2 years. Would it be better to stick around as an analyst until that 2 year mark?
Thanks again.
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