Fresh out of undergrad and think I'm getting lucky--career advice?
I've been interning at a microfund (10mm AUM) and just got an offer for 55k salary. Any advice if I can/should negotiate for more/bonus terms?
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Where are you located and what is the organizational structure? Seems fair given the size of the fund. Is it all GP capital or friends/family? Never really understood why anyone would hire employees with 10M. Are they actively fundraising? Do you have any other options? Could be a cool place to start IF you guys raise capital, perform well, and you become a valuable member of the team (at which time you can negotiate for more comp).
Thanks for the response. I'm in NYC and it's an SMA with a 2/20 fee structure, managing partner, phd, and programmer. It's a mix of capital sources, and they are actively fundraising. My other option is for a 40k position as an investor analyst at a boutique firm, so this is much more interesting for me. I guess what I'm really asking is if/how I could rationalize a higher salary. This will be my first real gig and I want to build a solid foundation for future career moves (and I need to help out my family).
Should I even bother negotiating? If so, should I aim for higher salary or the possibility of a bonus? Or both?
Don't negotiate, the call option value of being on the ground floor if they raise a bunch of money is worth a lot. $55k is fine if you live in Hoboken.
Thanks for the advice, it seems to be the consensus around here. I feel that they have a ton of potential, so I definitely agree. Hoboken's not an option unfortunately as I have to live with my folks and pay their mortgage/expenses, but I'm hoping to turn their property into a rental and move somewhere less expensive as I won't be able to afford everything on 55k. Thanks for the tips!
If that is your best offer, I don't see a reason not to take it but I'm not sure anything that small cant afford to pay you much more. Just prepare to wear a bunch of different hats, as in, expect anything and everything to be delegated your way.
They have other revenue streams outside the fund, so I think that's the only reason they're hiring me to begin with. I'm rather excited to wear as many hats as possible, so it shouldn't be a problem. From what we've discussed thus far I'd primarily be responsible for risk management/data integrity with a bit of IR, but either way I'm ready to taken on (or at least try to) whatever is sent my way. Thanks for the advice!
Really good stuff.
One more question: They're flexible with title, as I'll be wearing a few hats. Any suggestions for something that would keep my options most open in the future? Right now I'm thinking either financial analyst/risk analyst. From what I know, I'll be doing risk modeling, overseeing trades, (sitting in front of bloomberg terminal), writing marketing commentary. Are there any titles others I should consider?
Agree with @"HFer_wannabe". Even if you put down a more specific/impressive/senior title a potential recruiter will call BS anyway given that it is your first job out of undergrad. By putting Analyst you can maintain a generalist position which will allow you to maximize your exit opps as you will have the opportunity in your resume and in your discussions with recruiters to expand on your responsibilities.
Also agree with Gray Fox that the call option (even if it is not explicitly defined in your contract) is worth the risk this early in your career. Make the sacrifices required now (split a shitty 1 BR w/ a roommate to save money, basically live at the office, make yourself available/indispensable, etc.) and potentially reap the benefits down the road. That was my strategy anyway. Good luck.
You should specifically tailor your resume for any given job you apply for.
I'd be careful throwing "risk" in your title, implies middle/back office gig in my mind. Financial analyst sounds like you'd be working with the CFO. I'd say just leave it as Analyst
building a network of contacts should be near the top of your priority list for first job after undergrad. i would decline this offer...build up credibility elsewhere, meet more ppl, then look to jump to small startup fund when you can come in at much higher level of responsibility, incentive package, etc.
Thank you for the advice everyone, it has been incredibly helpful and encouraging. I will post an update once I formally accept the offer/sign contract, hopefully within the next week or two. I have a lot of learning to do, and look forward to it very much.
Take it. God forbid things don't work out, you can also do a 1 yr msf program and re-brand yourself.
I'm actually starting Gtown's MSF this month, too. I know there are mixed reviews, but I figured I'd give it a shot.
It depends on how stable you think the position will be. Working at the HF you'll definitely have the possibility, although probably not too great, of growing tremendously with it if they decide to keep you on. Try to take a more active role in being involved with the actual suggestion of securities to include in your firm's positions. This could look good on a resume.
Thanks for the tips. I think the position is relatively stable, as my responsibilities extend into part of the parent company's other revenue streams. Nonetheless, I'll stay on my toes. It was expressed that I will be expected to (obviously not immediately) provide input on positions, so I'm working on reading up on as much as possible to get a head start on the learning curve.
Update: signed offer letter for 55k plus 5-10% performance bonus -- thanks everyone for the input. Negotiations were short, started at 53k flat and finished at above. Benefits, 401k etc., so I think it's fair. I requested annual salary review in contract, too.
Will be a great learning experience, congrats.
Fair.
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