Back Office to Middle Office move

Hi guys,

I recently went for an interview for a middle office role (fund analyst) at one of the largest banks in Canada. I currently work at a global Asset Management company in the back office (fund accountant). The company got back to me within a few days with an offer. However, here are the caveats:

  1. No pay bump
  2. Less vacation days (10 instead of 15 what I currently have)
  3. Same essential functions but a bit more responsibility
  4. i have to stay within the role for 18 months prior to moving anywhere else in the company

What are your thoughts? Should i accept?

Many thanks...

 

I don't think the term "prepubescent" has any relevance here. I did not ask for your input on the value of these positions, it's obvious that if I'm on this forum that I'm trying to get to something better. Everyone does the best they can after grad and tries to look for opportunities to better themselves. Sometimes these "prepubescent" opportunities are the only ones available.

The new company is one of the largest in Canada with a very recognizable brand name and more exit opportunities. I'm afraid if I stay where I am at I have less chance to get out the longer I stay. However, if I do stay I can get my CPA and the company fully covers it. Perhaps I can transition to one of the big 4 after.

 
Best Response
  1. No pay bump - This is very odd. Usually they'll give you something for moving...unless you're pretty well paid for your position already (which only you know)

  2. Less vacation days (10 instead of 15 what I currently have) - This is rough, I'd see if you can keep your 15 days if you aren't getting a pay raise. They take a while to accrue anyway.

  3. Same essential functions but a bit more responsibility - so you're moving into a more senior position? I'm not sure I understand the difference between a fund analyst and a fund accountant. Maybe you can provide more detail?

  4. i have to stay within the role for 18 months prior to moving anywhere else in the company - where else in the company would you go? What's the long term end goal here and how much WE do you have already?

What are your thoughts? Should i accept? My thoughts are this move sounds purely like a title change, and not much of a function/role change and with the same pay and less benefits to boot. i understand not wanting to be pigeonholed, and I'm not saying don't take the offer but I would try to negotiate; if they got back to you that quickly they clearly want you there. Usually when you go to a smaller firm they sweeten the pot to get you to move over. At the EOD, only you know if this is the most beneficial move for your career going forward- it requires sacrifice sometimes. good luck!

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 

Thanks so much for the feedback, Ottoreadmore!

I guess the pay bump didn't occur as I am earning at a higher end level for fund accounting already and the position is not senior enough to warrant a pay raise. They actually offered less to begin with and then said they'd match what I currently have.

The 10 vacation days they said is a company wide policy and the hiring managers can't do anything about it apparently.

The role is not senior to what I do but what they essentially did is integrate the role of several departments in fund admin (fund accounting, fund reporting and fund tax) under one umbrella and put fund analysts in charge of everything and all the funds. In my current role I am responsible for a handful of funds only. In the new role I will be responsible for all the funds and - from my understanding - have specific responsibilities which I guess would increase with seniority.

The career progression in the company is to either go into performance analytics, operations, portfolio analysis or the front office trading room as this was explained to me. In terms of how likely these moves are and how long I have to wait, I am not too sure. I have just under 2 years with fund accounting already and 3 in total in this Asset Management company. Right now I am leaning more towards declining the offer and pursuing my CPA and then trying to transition into the big 4. I understand that all this needs to happen very soon in order for me not to be stuck in this role. I am also pursuing my CFA. You are right that this sounds like a title change - I think the HR just got creative to solicit more interest for this role. However, from looking at LinkedIn many people who currently work there were secior fund accountants in their previous roles.

All in all, I think I am going to decline BC this was the first offer that fell my way and I was not really proactively applying. I appreciate your comments and insight. Thanks again!

 

Sounds like instead of focusing on changing job for the increased responsibilities...you should be looking for ways to get your employer to cover the cost of an MBA. MBA is the easiest way to transition from back/middle office to front office. Front Office is where the real money is made. Everything back/middle is seen as "support" or "cost" to a financial firm, and thus, every attempt possible will be made to MINIMIZE that cost (salary, number of employees, ect..).

So, if your current employer does not cover the cost of an MBA, i'd suggest making a list of firms that do (there are many) and then look for a job at one of those firms. An MBA can be done within 2 years (or you can drag it out to 4-5).

You are young, so this makes sense. A 10k/year diff in pay over 3 years is miniscule to a 100k/year diff in pay 4 years down the line.

 

Necessitatibus adipisci ab ea explicabo pariatur. Quia sint qui sed doloremque. Quaerat illum quidem illum minima dolor at repellat doloremque. Est et reprehenderit rerum non suscipit quas iste.

Libero cum qui beatae fuga. Quos ea explicabo incidunt non sed repellendus. Omnis sed et autem eum dolor explicabo qui.

Corrupti provident sit sunt temporibus maxime facilis mollitia impedit. Nulla id voluptates nostrum enim voluptatem voluptatem et. Rerum nobis ab blanditiis a cum. Similique labore minima maiores hic consequuntur.

Esse ab reiciendis quos omnis. Quas est hic ullam et quae. Aut alias repellendus accusantium exercitationem ut. Assumenda qui delectus ipsam qui suscipit accusantium et. Nihil debitis vel natus eos nisi placeat ut. Rerum praesentium animi aspernatur impedit eum.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (199) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
dosk17's picture
dosk17
98.9
5
Secyh62's picture
Secyh62
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
GameTheory's picture
GameTheory
98.9
9
CompBanker's picture
CompBanker
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”