Hi all,
I need major life advice today – I got offered a seemingly great position at a large buy-side firm today, but need more information and advice before I can make an educated/informed decision. Here’s some background and the options.
Candidate Profile:
Bachelors Degree (Economics, Dean’s List, Honors Society) from top forty school, four years of experience in mutual funds and hedge funds. I'm married and looking to start a family in the next 2-4 years.
Door A – Current Job at Hedge Fund Admin:
I am killing it, everyone appreciates me, I’ve been promoted twice already and expect to W2 ~$72,000. I know everybody, am an expert on the systems and am comfortable. However, I work ~20% overtime per year which hurts my free time. I also don’t get higher education reimbursed, health care costs money and there’s a glass ceiling on my future on the administrator side. This is why I'm searching ...
Door B – New Job at Renowned Buy Side Firm, $120B AuM:
Base of $60,0000, Signing Bonus of $5,000, Target Bonus of 35-55% with a minimum of $10,000 guaranteed year 1 (to get me to a lateral move compensation wise). I get 100% free health care, with all co-pays and deductibles reimbursed. I also get 100% higher education paid. My hours are standard 8-4:30 while the markets are open, so presumably little to no overtime. I’m also on a prestigious buy-side company, where if their bonus pitch is true, I will succeed tremendously and love it. However, year two my guaranteed salary is only $60,000 which is less than my current position – can I trust that I will get a bonus year 2? I also need to relearn new systems, foster new relationships, breakup with my current company, etc. That’s a lot of pain. Also ….
Door C – Greener Grass
It’s important to note that Door B is my first venture in the marketplace with my current pedigree. Can I make an informed decision without seeing the other doors? If I got this offer so quickly, what else is out there? Or did I just get really lucky with timing. It’s like getting accepted to a top ten law school, but never applying / not knowing about any other top schools or if they would offer scholarships, etc. At what point can I say, “this grass is green enough.”
Is Door B the correct choice? Am I over-thinking? At the end of the day, I care most about making an educated/informed decision and not rushing into anything.
Thanks !!!!
I've learned the work/career stuff will settle itself out if you are driven, intelligent, and a little fortunate.
the home stuff won't.
So, hate to use a cliche but I work to live, not live to work, so I'd rather figure out does the location work for raising your family, is the commute going to piss you off, do you have a support system for your wife (you mentioned having a family - once we decided to do that, my wife I think subconsciously or not decided we should live 20 minutes from her parents), etc. stuff like that.
the work stuff I think will work itself out.
There is a website that does a comparative analysis(you'll have to google)that will guide you to FINANCIAL value of a move.
Ultimately, it is opportunity vs. goals and life-style, including more responsibility.
Protect yourself if there is a sudden downturn; you don't want to be a victim of employment LIFO.
And, in this economy. congrats on any potential upward mobility, whether or not you take it.
But do your graduate work as soon as possible, if you're planning on a family in a few short years. You do NOT want to have full-time work and grad school when you have a little one (unless you like torture).
(Also, the people behind Door B might get Game of Thrones jokes.)
I'm most concerned about not knowing anything about Door C and taking the first good offer that comes at me. Did I get lucky and win on the first try? Or am I selling myself short and should I continue to search?
most of my friends from the NE (Prince Street) couldn't hack it with kids - given the parking, traffic, noise, etc.
While I and they love the North End and miss it, most have moved to the suburbs.
just something to consider. Commuting to the city vs. living in it is very different.
if this is in the next 12 - 18 months (having a family) it's critical, longer than that who knows.
And as for door C, I don't think that ever closes. There is no loyalty, I wouldn't want to get a reputation as a job hoppper, but if your resume is on linkedIn and Indeed, etc. you will constantly be receiving solicitations from companies and recruiters looking to fill positions.
I've been in my current job for 8 years, but prior to that I probably moved around every 18 - 24 months. and that was not uncommon in my field (technology)
If you like, you might simply want to ask what the conditions are that would make it likely that you will achieve that targeted bonus in year 2.
Ultimately, those factors probably mean more than a lower base compensation. The rest of Door B is clearly an upgrade.
pjacs - I pay a premium to live in an elevator building, open concept in the North End so kids / stroller etc. is way more manageable. Absolutely love to be able to walk everywhere