Making the Leap

So there was a question about my new job and what prompted me to move. Well, it's actually not as different as it sounds. I still trade prop, primarily, but I have a few other functions as well. I do a hedging function for the bank on a global portfolio basis. So if the firm as a whole seems to have certain risks on, my boss has the mandate to hedge these large risks. We do quite a bit of volume in this sense, as at times the risks skew one direction in many different areas. These hedges tend not to be too frequent, so we trade prop in our "free" time (i.e. when we're not creating new analytics to view the global portfolio risk).

There wasn't much thought involved in this. I'm still at the same firm and still trading prop. I get a cooler title and more pay. Plus a big name in the firm called me personally to put me in the role. No-brainer, they say.

So what should you think of when making a change? Here are some bullet points:

Growth
* Does the role have more responsibility?
* Will it give me more firm-wide visibility?
* Will the job put me in a position to succeed?
* Is there growth potential from the new post?
* Who will mentor me? To whom will I be reporting?

Finances
* Does the role put me in a position to get paid now?
* Does the role put me in position to get paid a lot more in the future?

Role
* Will the work be engaging to me?
* Have I become redundant or stale in my current role?
* Will I have fun?
* Are the people in the group the types with whom I want to work?
* Will I be happy?

Absolutely the most important are the role being engaging, the role giving growth prospects, the position being a role in which you are set up to succeed, and the prospects of high pay in the near future. Don't be blinded by the prospects of an immediate bump in pay or a title. The important pieces are being able to grow into someone important in the firm and on the street. Pay comes to anyone who survives long enough on the street. Yes, pay comes quicker to some, but try to look at your lifelong earnings not just your next two years. Being a trader, it's sometimes hard for me to take the long view too, but it's definitely paid off.