OK, this may be wishful thinking given there aren’t a huge number of jobs to move into in the current market (unless, of course, you work in custody or FX), but a Wall Street Journal reader has shared a useful-ish insight on how to play the banking job market if you want to ensure you never end up watching Cash in the Attic.
According to the anonymous ‘$’ (commenting at the bottom of an article on how not to get fired, the way to get and stay ahead on Wall St is by moving jobs frequently, as follows.
Analysts: Every two years.
Associates: Every three years. Move with a one-year guarantee, and one year’s grace, then collect one year of market comp.
Vice presidents: Every three years. Move with a one-year guarantee, get one year’s market comp, and get fired halfway through the last year.
Managing directors: Go to a foreign bank for a two-year guarantee. Always collect over $300k, maybe $500k-$1m.
However, in the current climate, another Wall Street banker on the same thread points out that you may be best off trying to get fired early on.
She (we suspect it’s a woman) says: “I survived a couple rounds of investment banking layoffs after the tech bust and it was SAD because the final rounds cut the real cream of the crop. Meanwhile, the best alternative jobs have been taken by the victims of the first couple rounds – you got it, the bad ones. My advice – go ahead and take the package!”