I've made a huge mistake

Huge in a relative sense...many people obviously have much bigger problems than this.

I'm a year out of university / into the corporate world (investment banking) and made a move a few months ago to a different company (same job function) in a different city than in which I started. I had a very good thing going at my first company but knew very few people in that city (aside from my girlfriend). In the end, I chose what I thought would be a better opportunity (more prestigious company and working in NYC) in a city where I knew people over a girlfriend and a work situation in which I was very comfortable.

Long story short, while I'm happy hanging out with my friends, I'm not that happy at work. Part of it is the "change" aspect, I'm sure, but I really enjoyed my last job and the way my new company does things makes the job less enjoyable (more tedious and more needlessly stressful). It also doesn't help that we're not having a very good/busy year so all I'm doing is making pitches with very little actual execution and have been stuck on a side project for months that is not really part of my job description. Unfortunately at this point I already have my eyes set on moving back.

If things don't turn around in a year and I start looking for jobs back in the first city, how bad will it look that I'll be two years out of school and already have worked at two different companies? Would it be possible to work for my old company or is that bridge burned (aside from the quitting after 8 months, I left as professionally as possible and on good terms with everyone personally)?

In general I just want to move back and would prefer to work at a PE firm or distressed/deep value credit hedge fund (I can't see myself moving to a third bank at this point) since I don't really want to be just an agent anymore...I want a job that involves more analysis and being able to form conclusions and *act* on that analysis. Problem is that my current group in banking sucks for placing into that type of stuff so I'm (perhaps naively) hoping that a premium is put on my NYC experience.

Looking for some advice / perspective here as I know many members here have either: a) Worked in finance; b) been through many different jobs / cities.

Your concern is that you were able to get high profile jobs in this job market?

I can't comment on the Ibanking factor. But out of college I went to work for a bank, things didn't work out and I resigned 8 months into the position. I left the industry for about 6 months before signing on with a competitor bank. Needless to say the interview process revolved heavily around my short experience at the first bank and I had a lot of explaining to do.

So in my experience, yes, multiple jobs with short stays will make landing a better gig much more difficult. Particularly as the job market blows right now.

looks like you want to be on buy side rather than you like the old city.

I imagine the old city is DC/Boston/SF?

Would you stay in NYC if you find a job in buy side. As to change job too many times, it does look odd, you would need decent story for it. I would stay at your current job for at least a year. It's not the geographical location matter it's the fact that you changed company fresh out of the school 3 times in less than 2 years (if you do make this change). Only you can tell whether you can go back to the old firm or not. I have seen plenty of people done that. Is your old firm small or big? That might make some difference too, big firm generally speaking easier (and they probably don't care), unless you're under the same boss. Smaller firm matter to the extent of how you interact with your old boss/co-worker, because you will run into same people daily.

Good luck.

Originally Posted by clee1982

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. I would stay at your current job for at least a year. It's not the geographical location matter it's the fact that you changed company fresh out of the school 3 times in less than 2 years (if you do make this change). Only you can tell whether you can go back to the old firm or not. I have seen plenty of people done that.

If you can go back to your old firm I would think that might make the number of moves in a short time look a little bit better. Obviously if you move from this job after just a few months, it will require some explaining, because it will be obvious that it wasn't working out for one reason or another. But if you go back to your old company, at least it will show that you weren't just moving because you kept burning bridges.

If you were valued at your old job and didn't burn any bridges there's prolly a chance you could go back...since they could still get more value from you over a new person. Just man up and say you made a mistake, the grass really isn't greener on the other side, you really enjoyed your previous job and felt valued there, etc etc

We had this issue about five years ago when a competitor pirated a bunch of our Six Sigma people, luring them away with a promotional level or two. Within a year almost all of them wanted to come back. They all did land their old job back because we liked them, even when they left they acted with integrity, and they kept their old networks alive...even though some of them had to initially come back at a lower level

This doesn't sound like much of a mistake, really. If you're looking to move into a PE/distressed debt shop, you're definitely in the right place in NYC. Sounds a bit early to be moving into these anyways, if you're not in a top bank/group.

Why not try lateraling to a "better" group, with the intent of moving back to the city you like to do PE in a year or so? I don't think it looks too bad if you're moving from a smaller city to new york, and then lateraling to a "better" bank or group. It's a natural progression from [insert smaller city] to a bank at new york, and then spin the lateral as a lack of "fit" or desire to try [insert product or coverage group].

Ojfc

Originally Posted by HRoi

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If you were valued at your old job and didn't burn any bridges there's prolly a chance you could go back...since they could still get more value from you over a new person. Just man up and say you made a mistake, the grass really isn't greener on the other side, you really enjoyed your previous job and felt valued there, etc etc

We had this issue about five years ago when a competitor pirated a bunch of our Six Sigma people, luring them away with a promotional level or two. Within a year almost all of them wanted to come back. They all did land their old job back because we liked them, even when they left they acted with integrity, and they kept their old networks alive...even though some of them had to initially come back at a lower level

I agree with this comment. It is important that you stay true to yourself because you have already admitted that you did something that you regret, career-wise. Therefore, it cannot be more painful now if you just take one step further and tell your old company that you like them more.

However, when the time comes in the next several years, will you be changing your job again if there is another company offering you a job? If so, I believe that the bridge would have already been burnt.

Originally Posted by CBrown85

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Ojfc

you make a superb point there.

op. i have only been in one city, and not in your field at all, but over the past 2 years i did move around a few times and did not find it to be a drawback when applying for new positions. explain breifly and professionally why you moved dont place any blame or sound whiney, make it matter of fact and you should be fine. good luck.

Only you can judge if your bridge is burned at the first company. I think your best course of action is to reach out to them and try to get some feelers in as to whether or not you'd be welcomed back. If you go back to them you really have to commit to at least a few years though or you will get a bad job-hopper reputation and I think you'd start to become untouchable. I do agree that moving back though will look less like job-hopping and more like a bad decision - but you still will have that first hop on your record.

If you hop to a third company in one year I'd have to think nobody would take you seriously anymore but I don't know banking all that well. I do have one buddy who quit I-Banking after 6 months and they were absolutely livid with him, but that's my only data point.

I don't think i have ever heard of an IB analyst (myself included) that wasn't miserable during the early part of their career I know downtime sucks (i was around in 08-09, i know what you are talking about), but it does provides a change from 100+ hour week. given buy-side is your goal (and i am sure you are aware, but you have already missed the boat for summer 2012), i would focus on that rather than changing again and moving back to a city where you'll have much less exposure to recruiters, PE/HF, etc. i'm sure you know how competitive the market is, but being onsite helps a lot during recruiting, especially as most buy-side firms tend put a lot of emphasis on fit, which is a lot easier to assess over a coffee rather than on a phone call.

Well, first of all I think you need to figure out who this "Hermano" fellow is.

Originally Posted by dtmt

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Well, first of all I think you need to figure out who this "Hermano" fellow is.

ENGLISH PLEASE.
Great, now I'm late.

Buyside isnt any better at the associate level. Back when the market was booming analysts switched banks like it was nothing so it shouldnt raise an eyebrow. Just say your dealflow wasnt good at bank X so you want to go to bank Y. Is this a BB?