Different Job Opportunity, what do you guys think
Hey guys. I'm very lucky to say that I've been offered a job in this market. It isn't specifically with an investment bank, which is what I was originally looking for, but it is similar, and having any kind of offer at this point is good.
The position is with a major reinsurance company. Basically they have a bunch of insurance companies that they buy insurance from, which is their normal business. But they have brought in a few MDs from BB IB's to try and work those relationships into starting to get advisory work in M&A deals and capital raising. The division is only 4 months old, and things are just really getting started.
I'm excited for the position, as I will basically be asked to do the same exact things that Analysts at IB's are asked to do. The only problem is that down the line it will not look as good on a resume, and i will probably have to explain it to people as it is but it isn't I-Banking. The offer is the same as other I-Banks (actually better).
So what do you guys think about it? I'm almost positive that i'm going to take it, but would like to hear other opinions on this position.
Thanks!
Obviously take whatever you can get in this job climate, especially based on the skill set you'll be developing and the competitive pay. Exit opps may not be as frothy just based on lack of name recognition but you'd be crazy to pass up a position like this for fear of it not being as prestigious as a straight ib job with a BB.
As you said yourself, you are very lucky to be offered a job (and a good one) in this market.
Unless you have another banking offer to compare to, I don't think you have a choice. Will the job take more explaining to do down the road compared to a plain vanilla analyst job at a bank? Sure. But you really don't have any other options at this point - and in my personal opinion I think it would be foolish to turn it down in the hopes of getting an analyst offer in this kind of environment.
In other words, a decent job looks better on a resume than unemployment.
Congrats on the job offer!
Alex Chu
Thanks for the congrats.
I guess another thing I'd like to know is if anyone has worked in a low level position in a growing kind of franchise, such as a new boutique (maybe Moelis a few years ago) or some kind of internal M&A team. Did you find that your valuation skills were comparable to those who worked in established banks?
Again thanks for the congrats. The only way I would turn this offer down would be if my GS contact decides to call me back, which is actually negative probability at this point.
Good luck to those who haven't gotten one yet
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