I just want to gauge the WSO crowd on this one. I am damn determined to make it into Asset Management and I know how difficult it is. I feel I am at a place that has offered all it could (I've learned a lot, not only in investment management, but also in dealing with the bullshit), but I feel I am plateauing.
I work for a 3-person RIA shop as a mutual fund analyst. There are no exit opps, I graduated from a non-target, and have been working with the firm for a year now. I've been on "intern" salary since the start and have been promised 3 times for a raise. I kept my mouth shut, worked hard, became the go-to guy for trading and portfolio management for my boss (he loves that he can delegate anything my way, but he still likes to trade mutual funds based on performance over a week's time frame....hard to convince him not to) and he ends up bumping my salary to $35K with no benefits and no 401k.
I know I am not entitled to anything (a la @"Marcus_Halberstram"), but it pisses me off to have worked for this guy for a year, doing all of the portfolio management while he vacations and he ends up only bumping my pay by $6000. I don't have exit opps with this job like most might if they were in IB. I want to quit so that I'll have more time to study for the CFA, continue networking and applying everywhere, but I have a little voice that keeps telling me to stick it out.
I'm not close to a major city (ie San Fran, Chicago, New York) so meeting with people in the industry makes it a little tougher. Any thoughts here? Stupid idea? Do I bite the bullet and stay? I would appreciate any feedback on this.
Do you have enough savings to quit? I'm assuming you've already been trying to look for new jobs already, but if not then do that instead. You could potentially make an easy industry career switch to something easy in your area considering you're making 35k with no benefits, as this would get you by. In the meantime, you could try networking with other finance shops around the area or if you're willing, to make a location change. A lot of it depends on your personal preferences and lifestyle. Unless you work long hours, studying for the CFA is definitely possible although it would likely take 3-6 months before you're truly prepared.
If you really can't stand this place, then quit, which might be easier to swallow on a 35k salary, unless the cost of living is really low.
Stay, study for the CFA, continually network with people, setup calls during dead periods, and strategically meet people out of your city (i.e. vaca to NY for a few days). Travel costs will start to add up and any extra income will help. There's no reason you can't handle the extra pressure. Sure, you'll probably be going hard until 11-12 some nights, but that's what it's gonna take brotha.
He is paying you poorly, if you are providing as much value as you say, you shouldn't have a problem finding a similar role making about 50k a year - much more livable and will give you the opportunity to study and network and not stress as much about money.
Thanks for the responses guys, appreciate it. Frustrating week to say the least. I decided to play a little chess and sent him an email demanding what I feel is a fair wage, yet keeping his needs in mind so as to not burn any bridges. If he accepts the counter then great, I'll stay, get paid even more, but continue with the applying, networking and studying. If he does not accept, then I'll suck it up, I'll know who I am dealing with and do as you say @HFer_wannabe and take some more "vacations." He knows he has the upper hand, but I have to keep my cards hidden until the time is right.
Quitting without a job offer is not a good idea. You don't know how long you'll be unemployed and if it is an extended period of time, it can be troublesome. I think it makes interviews harder as well since you'll probably need to explain why you left, why didn't you have an offer (is there something wrong with you/etc), what did you do in the meantime, etc.
Basically, it's better to have a sure thing (your current job) than to hope for something to come along..
I would echo the other comments on this thread. Just stating the obvious, but living outside of major finance hubs makes it difficult to find work. The last thing you want is a long period of unemployment that will screw with your resume and personal finances. The good news is your employer values having you around, so you don't need to worry about getting let-go while you search for a better opportunity. Though I wouldn't advertise you are looking.
You can't look at the compensation bump without considering the broader context. While you're griping about only a $6k bump, thats actually a 20% compensation increase... which is substantial. The question becomes... is that a 20% increase over a materially sub-market base? To determine that you need to know what market comp is, and whether your capable of getting access to a market comp position. If market is $40k, but no one is hiring (or not hiring you)... that's not market for you.
I'd figure out what market comp is. And then see where you stand... potentially approaching you boss about your comp issues. Tell him what market is, what your comp is, and why your contribution is deserving of market or above market. Your contribution is not "I've stuck it out for a year on intern comp" its "I do X, Y and Z, freeing up capacity for you guys to focus on A, B and C... provide leverage for the team... take on responsibility atypical of someone at my level etc."
Interesting. Well, I've interviewed for jobs that have offered comps around $45k and one that was $70k, unfortunately I didn't lock those down and wish I did, but would that be my market comp?
As of now I'm pigeonholed into the max he can offer, but I counter-offered my salary range, explained what I can do for him in the future, but also challenged his perception of my past/current value. We'll see what happens.
Please don't leave a position without a new job. Just keep applying. I came close to doing the same thing as you for similar reasons and am so glad I waited until the right position came along.
Quitting Job (without offer?) (Originally Posted: 07/08/2011)
I have recently quit my job without offer. I basically work for a consulting firm, in which I did not enjoy the work or get along with my supervisor leading me to resign soon and leave on my own terms.
I have three weeks to look for job before my resignation is effective. I know the job market is weak, but are there any inspiring stories of those who quit without offer and found something immediately? What should I do to get a quick fix to this? Would headhunters/recruiters at this point help? Keep in mind I have one year work experience in consulting field.
If I don't have something before my resignation is effective, how should I proceed and explain this to recruiters?
Man up.
Fuck doing your job, start spening all day networking
I second this...just look for jobs and do the minimal amount (no one's going to toss work your way anyway).
well...what do you want to do (work-wise)? You can always explain away the resignation easily assuming you don't want to do consulting any more.
What city are you in? Was the consulting firm a boutique or a larger shop? What do you want to do next?
Time to get on your grind. Dont want to be standing in line at the soup kitchen? Do ya
What city are you in? I might know a few people who would be chomping at the bit to call up and inquire about any potential spots opening up...
Feel free to PM me
Contact people in your network, and let them know what you're specifically looking for. That's your best bet. If you haven't been on the job for long, then I'd consider leaving it off of my resume. There's no way that you can explain pussying out without telling a bold-faced lie, and that could come back to haunt you.
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