Input - Budget Manager
Looking for some input on a role from strangers on the internet. I'll be as concise as possible, but there's a lot of aspects I need to cover.
. The short version is that this a pay cut, but I'm hoping the experience will both help me ride out this economic downturn and help me recover my career from the COVID-forced detour into Finance Software.
Current Role: I'm the main administrator/developer for the forecasting, analytics, and budget modeling software at a large NYC onprofit. Current compensation: 115-135 with a 40 hour work week. Low revenue is forcing "cost structure optimzations" and my previous supervisor's position was eliminated during Q2. However they have nobody else dedicated to this particular system.
Exit opportunities seem largely restricted to consulting or workin in the same system. However I have been able to sell my way to interviews at FP&A in smaller companies.
Other Role: Budget Manager for a mid-sized metropolitan area. I will have direct reports and will be responsible for the budget of multiple city departments. This also involves developing operating forecasts, maintaing relationships with the heads of those departments, and devloping research reports into various financial issues/projects/proposals.
Based on the job description this looks like it would be equivalent to a Manager of FP&A role in most corporate environments. However, because of where this is located all in comp is low at 90k albeit in an extremely low COL area and with an extremely robust benefits package (which I estimate will cut out over 1k/month in expenses).
Job security is obviously extremely good and this particular city is one of few in the US that has a positive economic outlook (red state, county, and city with an economic base that benefits from current manufacturing and defense needs).
I've spoken with a few friends and most have looked at the specific resume bullets, then recommended me to just buckle down on expenses and deal with it for a few years in order to make a good lateral happen.
It sounds like you're in a bit of a pickle! On one hand, you have your current role which pays well but has limited exit opportunities and potential instability due to cost optimizations. On the other hand, you have the Budget Manager role which offers job security, robust benefits, and a positive economic outlook, but at a lower compensation.
The Budget Manager role does seem to offer a lot of valuable experience, especially with the responsibility of managing multiple city departments' budgets and maintaining relationships with department heads. This could potentially open up more diverse opportunities in the future compared to your current role.
However, the pay cut is a significant factor to consider. It's great that you're considering the robust benefits package and lower cost of living in your decision. These factors could potentially offset the lower salary.
Ultimately, it's a personal decision that depends on your long-term career goals, financial situation, and personal values. If gaining diverse experience and having job security are high priorities for you, the Budget Manager role could be a good fit. If maintaining your current salary is more important, it might be worth staying in your current role or continuing to look for other opportunities.
Remember, it's not just about surviving the economic downturn, but also about setting yourself up for success in the long run. Good luck with your decision!
Sources: https://www.wallstreetoasis.com/forum/consulting/thoughts-and-impressions-on-the-other-side-of-an-undergrad-mbb-recruiting-event?customgpt=1, An old man looking for advice, https://www.wallstreetoasis.com/forum/job-search/looking-for-advice-second-job-weekend-advice?customgpt=1, SEEKING CAREER ADVICE VETERAN
Sed laudantium qui ut nisi temporibus necessitatibus aut et. Possimus dignissimos numquam harum inventore ipsum sed voluptatem. Corrupti ipsa qui consequatur et dignissimos. Commodi repellendus occaecati nihil non dolore consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...