Job dilemma - Germany vs UAE
Dear all,
I require some honest opinions on my post-MBA career move. I’ll try to be as clear and succinct as possible:
About me: 33 yrs old, MBA from Wharton (class of 2011)
Pre-MBA experience: corporate finance function within a pharmaceutical major (focus on special projects, M&A and project evaluation, reached rank of Senior Analyst, which in industry is the equivalent of Associate 2/3 in investment banking)
Post-MBA aspiration: Investment banking / Private equity / venture capital in the US (preferably NY but I was open to other locations). I need to get into work as soon as possible in order to pay off extensive financial commitments.
Post-MBA reality (interviews): Interviewed with all the major investment banks for Associate 1 (nobody was prepared to offer anything more), interviewed with a few PE/VC funds and a couple of principal investment functions within major corporate houses.
Post-MBA reality (offers):
Offered 2 roles:
- A small M&A boutique in Frankfurt, founded by a well-connected rainmaker (ex-Partner at GS) and has a staff of 2 analysts, 1 senior associate and 1 director. I would come in as a senior associate.
- Pay (including bonus) is well under what a senior associate would make in even a tier 2 investment bank.
- They have already executed a number of deals (small and mid-cap), so have an up-and-coming track record
- Very much an entrepreneurial gig, building up a business, strong growth prospects (for the firm and for me personally), serious travel and visibility with clients.
- The principal investments team for an oil major in the Middle East (Abu Dhabi) – they have around 6 portfolio companies with 1 exit. Not really a super-structured process with regard to deal origination and evaluation, although they did put me through 3 technical and valuation case studies!
- AUM: $500m, looking to grow significantly going forward.
- They are looking to grow the team to around 5 people. Headed by a Director (which in industry is the equivalent of MD in investment banking), I would be the second hire, coming in as investment manager. Not much travel (maybe the odd journey to somewhere regional).
- Pay is equivalent to what an Analyst 3 at a tier 1 bank would make (obviously no tax here in the middle east), so on a like-for-like basis, the equivalent of associate 2.
What are your thoughts?
Obviously I would have liked to work in NY or even London, but that’s not an option now because I need to respond to these two. Because of financial commitments, I don’t have the luxury of waiting for a US based position to turn up. Unfortunately, that’s the reality.
Many thanks for your help.
MBA from Wharton and ZERO offers from US or UK? Man..
I would definitely go with Abu Dhabi though. That area is red-hot right now and could leave you with some serious opportunities. Plus no tax=more than what most IBD'ers make here in the states. Look at it as an opportunity rather than a disposition.
Best of luck!
Abu dhabbz.... no tax...
Abu dhabbz.... no tax...
for money? UAE is a no brainer. For quality of life? I have a friend in germany who hates it solely because they have no sense of humour. Sarcasm, black humour, completely lost on them. Plus the language isn't so exclusive.
If it was me? UAe. Why? All mainly for non work reasons, nothing to do with the stuff you stated.
You want to head back to the US, so its not like you're moving for life. You'll have more money to head back with is a side issue. For me, the important factors are:
Working in the middle east, ticks a box on my list of things to do. Have you been to europe? have you seen northern europes weather? There's a reason we all go on holiday to sunny places, and its not because we love the culture. Endless sunshine is a definite perk.
Im guessing you're single. Nothing wrong with that. German women are pretty feisty (i currently live in the netherlands, and meet a friend in Germany now and again), but im thinking you're more likely to find a better match in the UAE, (not a local, an imported work like yourself).
Tolerance of foreigners. Poorer countries revere the white man, continental europe is extremely racist, I dont want to derail the thread, but it is. Trust me. Not just that, but people with money have a really comfy life in UAE, in Germany you wont enjoy it so much. Think it through. It's friday night with your work colleagues, going out to drink/dinner. Noone is speaking your language around you, and they sneer at you for not knowing german (they do).
Your call though.
T
UAE..
Just out of curiosity, do you speak any other languages? Or do both of these firms work in English and don't care that it's all you speak? (i.e. is there any expectation that you'll learn a new language if you don't know it)
Also, I hate to stir the pot but Dubai (the UAE in general?) has some pretty messed up laws... I've heard horror stories of people being locked up in jail - for months - for bring drunk, kissing in public, simple stuff...
Great - thanks very much for the responses! I'll keep you updated on what happens...
Consider this: " Overall, German-speaking cities occupy six places in the top ten in this year’s Quality of Living Survey by Mercer Consulting." http://www.citymayors.com/features/quality_survey.html
All other five cities are within a 3-hr drive, plus if you look at the top 20 you have Amsterdam, Berlin, Copenhagen etc very nearby. Certainly not a bad region to spend some years.
I'd generally disagree with much what trazer said - Frankfurt is a great place. no offense, but the hint that it's easier to meet quality women in UAE than it is in central Europa is one of the most preposterous things I've read on WSO.
Guys - it's not so much the women opportunities as opposed to the professional opportunities that I'm looking for! Although I agree that the social life in Germany (language problems aside) would be better than the UAE (excluding Dubai). Trazer's point about the degradation of social life when you don't know the language is a very fair one.
Yep - I didn't get any offers in the US or UK. Problem is that the firms DID come, but they came with 2 or 3 spots max that almost 80-100 of my classmates all applied for. At that rate, it all comes down to potluck. I have a lot of classmates in a similar position.
Didn't really want to go in at Associate 1 at the age of 33, so kinda my fault in a way!
Germany ! Middle East is a waste of time and it’s no tax free for american citizen !
based
I’d go with Frankfurt ! It’s easier to pivot from EU than going from Abu Dhabi to any other market ! Also I assume You are international Student that failed to get an offer / sponsor just like my sad story ! Good luck !
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