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The reason you feel overqualified is probably because you needed to do more/wear more hats at the small shop. The thing is, though, that small shops have 1 or 2 ways of doing things, and have less opportunity to learn new things. You might find that you are actually under qualified because you don't understand the big shop process, the necessity for it as well as ways to work around it. Qualified, yes. Experienced, not yet.
Titles don't matter as much as pay and what you're working on. You could have a really high title, but if you're at a 2 person shop it doesn't mean shit. Stick to money and projects as your Northstar.
Do you admire the people more senior than you? Feel like you could learn from them? Are there opportunities to deepen or broaden your skill set? If the answer is yes to above then stay. As an Analyst I imagine you're in data all day, if the tension is that you're stuck in the numbers and not given opportunities to be more consultative/strategic you should bring that up before jetting.
Agree with CD1. I've move from small agencies to big, and they are different in the ways they operate. I would say to stick with it for a bit and learn as much as you can. Maybe it's just my experience, but I found that there was so much about advertising (and bigger accounts) that I just didn't learn at the smaller shops and wouldn't have had the opportunity to learn if I had trusted my initial instinct, which like you, was to bounce after 6 months. I ended up staying at the big agency 3 years after I got over that initial questioning whether I made the right decision or not.
This advice is spot on @sa. Definitely take it to heart before jumping
Honestly I've worked in both and I HATED the small shop vibe. If you feel that's more you, though, cut and run at 12.000 months and don't look back.
It's a taste thing and given the consultancies are coming you might as well like the music the band plays as the ship sinks down...