Boutique consulting firm job scam? Need advice quickly!
Hey WSO people,
I am a new grad from a non-target who is in a bit of a tough situation. I just got an offer from a boutique consulting firm in Portland Oregon called Aginsky Consulting Group to be an analyst. This would be an ideal position, however the job pays no base salary for six months, and there is only a vague promise to make some commissions along the way and then get a full time offer if you perform well at the end. I was told that the full time offer would be "competitive," but no promises were made, and I am pretty skeptical because I have never heard of this business model before... just to clarify this is not for an internship, but for a full time position, working many hours.
Has anyone ever heard of this firm, or of similar offers/compensation structures? Would I be stupid to turn down another offer I have(non finance but with a BB and pays well), to pursue this consulting opportunity?
Thanks in advance, need advice quick because I have to respond tomorrow!
Take the BB offer, this does indeed sound like some scam.
Take the BB offer, this does indeed sound like some scam.
I agree with above.
BB
Second the above. Take the BB and maybe transition to finance if that's what you want. That sounds like a scam and a half.
Scam for sure. Pretty sure that's exploitation
Whats a non finance role at a BB? Do you mean legal? or some MO/BO thing?
Sounds dodgy. I think you should pass on the consulting offer.
no way, what could go wrong with working for free for six months without guarantee of anything beyond that?
pass on that for sure, absolutely smells like a scam.
There was a thread on here a couple of months ago where the OP had a compensation package like that at a boutique IB for a year or so. If you'd otherwise be more interested in the consulting position, I'd make your feelings known and ask for a ballpark figure. It can't hurt to ask.
Thanks so much for your feedback guys. The non finance position at the BB is as a mortgage loan officer. Still very well compensated with a base salary etc for first year out of college, but definitely not what I want to do long term. My thought is to take the BB offer and like Or3dl said transition into finance when I can... I assume continuing to network will allow me to do this in time? Unfortunately I was late to the game and only have one PWM internship under my belt as an undergrad, so getting I banking/finance offers out of the normal hiring season has been difficult thus far. I am in the running for some summer analyst positions at the moment, but I need something to do in the meantime and can't afford to wait 5 months to start a job.
I also am waiting to hear back on a S&T job with Piper Jaffray at the moment, but I have a gut feeling I'm not going to get that offer based on the enthusiasm of my interviewers. It looks like I may be in the mortgage business in the short term, thank you all so much for your response here, you have pretty much confirmed my suspicions.
Think before I outright reject the offer I will ask why the structure the compensation that way though and see if I can negotiate for a base salary, but I'm not optimistic. I'll post about the outcome of this.
financeguy2245, even if they were a little clearer now you should not take their offer. The way they handled the offer was unethical. You can only expect the same behavior in the future. That is to say, they might choose to tell you what you want to hear now in order to get you to work for free for 6 months. After that they could do whatever they want.
STAY CLEAR!
What could go wrong for six months without addition of any guarantee of free?
The website stinks of scam, stay away good sir! take the mortgage gig and the paycheque, dont lose sight of where you want to be and you'll be perfectly fine
Hello WSO people,
I was an applicant who took the deal. Here is my first hand experience with this boutique consulting firm:
The deal: The managing director wants a honeymoon period. In the description it states six months. In person the director explained it could be as short as 3 months, depending on performance. Basically, he wants to know is the junior associate is able to deliver high quality writing, financial and market analysis, and general professionalism.
IMO - The deal: I know that this is a common practice in Moscow, Russia. It is sort of like an apprenticeship a culinary graduate would have in a top restaurant in NY or Paris. Basically, the payment is in a form of experience.
The people: At the HQ there are 3 full time people, and 2 part time sales people several interns, and two associates in their honeymoon phase. There is an office of 3 full time people in India. and a number of people (I still have not found out) in Russia, California, London and Seattle.
IMO - The people: I attended American University and have learned to the good from the bad. The director has a character of a natural born leader who is generous in his praise. The employees are smart, friendly, and open in thought and conversation. This office is has great communication among its people.
The Time: I have been here for 10 days and have been putting in full time and then some. There is so much to learn and I am able to choose which projects I want to undertake on a weekly basis. Since I choose projects based on my strengths, I am able to progress the cause effectively.
Day in a Life: Here is one random day from last week. Answered voicemail from previous day. Called brokers and gathered marketing materials for a 10-15 million usd timberland acquisition an investor from India is doing as a hedge in his investment portfolio. Next, listened in on a conference call from L.A. An innovative audio products company gave a over the-phone-pitch looking to raise capital. Had a conference with all people at the office, we delegated tasks and brainstormed about new prospects for the firm. Next, Familiarized with investment criteria from another overseas investor. Next, collaborated with Indian office via email. Finally had a sit down the the director to discuss 4 channels of business development. Went home to bed while excited about the activities of the next day. btw The next day I chose to spend on excel doing financial modeling.
-will update as the weeks go by.
Would love to hear feedback when the MD isn't watching over your shoulder as you write a review. Then again, maybe you are the MD.
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