Advice needed.
Hi all,
Currently a 24 year old and working at a global Fortune 500 as a Senior Financial Manager. Making roughly 110k - 150k. Recently got an offer from a much smaller company as a Senior Financial Analyst with better Financial Package +$5k-10k per year. My current company is in a rapidly declining industry and I don’t see any upward growth opportunity anymore. Really want to take the the offer from the 2nd company which is growing rapidly and promise me huge growth opportunity.
I am currently torn between two options largely because of taking a step back. (Manager to Analyst) and working in a world renown company.
Need to make a decision by Friday. Any advise would be much appreciated. Thanks in advance!
You highlighted the answer yourself- current company in a rapidly declining industry with dismal growth prospects, have a shot at role with great upward mobility. If you value growth take the 2nd offer
The way to view this is not between your current company and the offer at hand. It's the new role vs. all potential future roles if you're actively looking for a new company.
Can you provide some clarity as to why you would come on as an analyst as opposed to a manager? Did you interview full well knowing this? Does the current manager have a considerable number of YOE? If the manager is nearing a promotion and the idea is that you will soon be promoted to manager thats one thing, but taking a demotion for a marginal increase in comp does not justify making the jump alone. Yes your company may be in decline, but sounds like you need to hustle and start casting a wide net for new roles.
Hi.
Thanks for the response and of course. I actually never went through a formal interview with the company. I got offered this opportunity by my previous manager, who I really enjoyed working with. The idea is that he will get promoted to director in 1 year and I will assume his position once he got promoted.
TBH, I have been looking for other opportunities with the manager title level. But they all require +5 years of experience and I only have 2. Couldn’t get the opportunity to be even interviewed. That’s another reason I have been considering taking a step back.
Really appreciate the guidance on this. Pls let me know what you think.
Thanks for the clarity, I think this makes a lot of sense. Given your comment, I would probably make the transition as it is natural and appealing for a few reasons:
1. Direct path to manager, which is an excellent place to be at with 2-3 YOE (3 YOE when you make the transition). As Dan said below, 2 YOE and a manager title is uncommon. Might be worth seeing if you could adjust the title though. Remember, everything is negotiable.
2. Much stronger company (you described this yourself in your OP)
3. Working with a manager (soon to be director) you know and like is a huge plus.
Key question here is:
the fast track to get promoted back to manager - was that laid out by multiple people or just your former boss?
If the latter - you need to go in with eyes open that while your former boss may be expecting a promotion (for both of you) soon - it likely isn't certain and is unlikely to be 100% in his control.
I'll echo one of the other posters - you're jumping for a chance at upward mobility a meanwhile you've just got a huge opportunity already fall in your lap.
That kind of comp and title at such an early stage in your career is a lot to give up.
The best way to justify this trajectory you're on is to stick it out a few years and prove you can handle the responsibility you've been given so early.Otherwise someone looking at your resume may assume you couldn't hack it as senior manager and that's why you took less responsibility so quickly after your promotion.
The $10k diff in comp is immaterial. What really matters is what kind of trajectory can you stay on - and key to that is to demonstrate- what kind of responsibility can you prove you can handle?
I'm curious what your path was to be a 24 year old Sr. Manager. I assume this means you have 2 YOE. Title inflation at your current company? Do your responsibilities align to average manager responsibilities?
In this case I'd only be afraid of a demotion if your current title/responsibilities are truly Sr. Manager level. IE, analysts, Sr. analysts, and managers rank lower, maybe even some of them report to you, they follow the normal promotion path (FA 0-2, SFA 2-4, manager 4-6) and you are just ahead of them, you report to a director, etc. If it's just an inflated title then you shouldn't feel bad about abandoning it- I doubt any companies would be looking at you for the next level (director) when you have 2 YOE, regardless of your current title.
Now, the title doesn't mean nothing- I think you might be able to land a manager job elsewhere based on your current title. But generally companies/recruiters can see through title inflation, so don't think of it as a step back.
HiI really appreciate the advise. Just to provide some context and clarity, I started the company with as a management trainee or the FLDP. Got promoted to Senior Analyst after I finish the program. And got promoted to my current role after another 6 month. So still fairly new as a Senior Manager. Got 3 direct reports at the analyst level and I currently report to a Senior director. Feel quite lucky that I was able to get promoted that quickly. My current is essentially a plant controller in one of our manufacturing facility, responsible for all financial activities in the plant. But also want to make sure I pick a company that will be growing in the future. Hope this clarify some of my background.Really appreciate the guidance again.
You definitely have a story here, considering you came out the FLDP and have 3 direct reports. Plant controller jobs are not very sexy but provide a wealth of knowledge about how to run a business at a smaller scale- I've seen a few careers catapulted forward after a stint as a plant controller (especially during hard/shrinking times- one guy off the top of my head was a controller at a Ford plant in 08. That did wonders for him and he hit VP at 31).
In your shoes I would not jump. The fact that you have analysts reporting to you, you make 110-150k, and are a plant controller puts you definitely within the responsibility level of "manager". At 24 years old, you are well ahead of the curve. I wouldn't leave for anything less. Frankly, if you stay 2-4 years you actually could start looking for director level roles.
What broader industry are you in? how rapid is "rapidly shrinking"?
Your path of FLDP -> SFA -> Sr. Manager can absolutely be painted as you being a rockstar and getting promoted rapidly. In my original response I was assuming you worked at some firm where "manager" is actually an entry level role (this happens in marketing, sometimes in supply chain, etc). I'd stick around for 2-3 years to solidify your title to make a jump easier. Also consider the fact that the company might have big things in store for you and that is why they are promoting you quickly.. The fact that you are getting people-leading experience too is big. You seem to be in a great place, and I would absolutely not leave for $10k.
Someone who has to think about this probably should be an analyst.
Yeh stepping away from a certain title is always tough,
But in this case I think it's rather clear cut. You spelled it out yourself.
Are you concerned that friends or family might not understand the change and think your career is going backwards?
All,No word can express how thankful I am for all the guidance here.To keep you all posted, I have made the decision to stay with my current company, at least for another year or so. Would like to some more time just to solidify my current position.Again, thank you all so much for the willingness to help out a young finance professional here. This is actually my first post on WSO. And will spend certainly more time in the future returning to this community with more posts/guidance for othersWant to call out Dan, Deal team 6, anonguytoibd, rf949 for all the guidance here. Very much thanks again
Just came across the post and you def made the right decision. Unless you are moving to Corp Dev, smaller company and a step down is not worth the little premium you are getting. There is ALWAYS another opportunity and working at a reputable firm will definitely give you a better exit than a smaller company, let along the difference in title.
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