I've been offered a two jobs, and I'd like you guys to tell me which is a better choice:
Job 1 Title: Associate Type: Middle Market M&A Industry: IT & Business Services, some Healthcare Location: Non-NYC Northeastern City (Boston, Philly, etc.) Pay: All in about $30k less than Job 2 Cost of Living: High Future Prospects: Seem like they want me there for the long term, assuming I fit as well as they think I will. This could be a plus but I'm unsure whether I want to do banking forever. Hours: Good, sounds like this only goes over 65 a week or so when closing a deal, firedrills, etc.
Job 2 Title: Senior Analyst Type: Capital Markets & M&A Industry: Healthcare Location: Southeast (Atlanta, Charlotte, Nashville, etc.) Pay: All in about $30k more than Job 1 Cost of Living: Low Future Prospects: Low, seems like this is a 2 year senior analyst gig with a small chance of being hired an as Associate. They typically don't hire Analysts as Associates Hours: Still decent for banking, but sounds like the kind of typical non-bulge bracket 75 hour type a week job with more during certain deal times, firedrills, etc.
Me: Background in middle market M&A. Unsure if I want to do banking for much longer. I prefer middle market M&A to capital markets work, but I feel like it could be a good opportunity to expand my skillset.
What do you gents think?
In this case I'd take the money. Higher salary plus lower cost of living is hard to beat. In 2 years time you can move on up elsewhere.
Take the associate role.
1) $30K is negligible. 2) Lower COL is lower for a reason. 3) Associate > Analyst for future job reasons
That $30K isn't worth it in the long run. Play this out. You do your two years in a market with limited jobs and don't get the associate bump. You'll have to relocate to find another job and the location will make networking hard/impossible while working finance hours. Then, if you find a gig, you'll have to sell them on making you an associate. Not impossible, but it is still easier to go from one title to another at a firm than to upgrade a title.
You take the associate gig and they keep you on. Or you decide to get more comp and go somewhere else as an associate. You'll have this option because you a) have the title and b) be in a city where you can network without hoping on a plane.
IMO, this is an easy choice.
All things being equal, the 30k difference is basically an agreement to work 10 extra hours a week at less than 6 bucks an hour
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