Long Hours High Pay vs Low Hours Average Pay
Hello everyone,
It is my first time posting stuff here, and I would appreciate if anyone could give me some light to help me decide whether I should change jobs or not. My goal here is not to outsource my decision, but rather collect valuable input from the members here that are more experienced than I am.
To give some context: I work in Project Finance (i'm an associate) for a consulting company in a MCOL area. We provide financial advisory services for companies and also debt structuring, almost like an IB boutique but 100% focused in Project Finance/Infrastructure.
Last year my total comp was 187k after tax, 80% base and 20% bonus. I work on average 40-50h most weeks, with some occasional weekends here and there (although very rare) and I think the most I've worked in the last year was 60h-70h per week during a two-week span.
I consider my position as one of incredible work life balance. I have unlimited WFH, live in a walking distance to my office (10min walk), and can travel while working. I enjoy my job, but sometimes I feel a little bit disappointed with my company and colleagues because they're not so smart or driven comparing to the people I've used to work with in high finance in the past (think PE/Buy-Side).
However, I got an offer from a big European bank to work in the PF team. My total comp would go to 320k after tax (60% base and 40% bonus), and I'm really excited about the job description, the deal flow and the group seems to be very laidback and easygoing.
The only problem is: during the interview, the VP made it clear that even though they're not a sweatshop (no facetime required, you can leave your desk early if there's nothing going on), they still work around the clock during live deals. Sometimes they work all weekends in a month, and usually from 09AM to 01AM and it can get even worse sometimes.
I'm really divided if I should even consider going there after that. I've worked those hours in the past and I remember how awful it was, and how it takes a toll in my mental health.
But I'm not sure if I'm being soft or exaggerating. The VP said that during "normal" times they usually leave at 7PM - 8PM.
What do you guys think? What would you do if you were in my shoes?
Thanks!
Based on the most helpful WSO content, here's how you can weigh your options:
Key Considerations:
Compensation vs. Lifestyle:
Work Environment:
Long-Term Goals:
Personal Experience:
What Would WSO Monkeys Do?
Final Thoughts:
Ultimately, the decision depends on your priorities. If you value balance and mental health, your current role is hard to beat. If you're driven by career growth and higher earnings, the new role could be a calculated risk. Remember, as one WSO user put it, "Life isn't all about money." Choose the path that aligns with your personal and professional goals.
Sources: Work/Life Balance - Hours, Lifestyle & Hours in Corporate Finance, Where is the compensation in banking? Is it worth taking a pay cut for the long-term prospects?, , A Guide for Switching From Commercial Banking to Investment Banking
Bump
Sounds like your current role pays very well for the hours but you might want to push yourself and get the extra reward
Granted these are long hard hours and life is not all about work. On the other hand I know what it’s like to be surrounded by mediocrity complacency and wanting to push myself more and get more out of life/career
There is no risk free option. You should think about where this role can take you or if it effectively leaves you stuck in place
The other is hard work but comp and career opportunity is a big level up.
Edit:
I’ve actually just read your post again and you seem well aware of all of this. Maybe the concern is that you will not survive the pressure? The other is whatever the vp is quoting you is likely to be worse IRL - because it sounds prety reasonable for the comp. I guess up to you - you could be walking into total landline if it’s a sweaty and shit team you can’t learn from. I believe you can’t run from hard work and if you want the most of life its what is required. Similarly you want to pick a good shop with people that will help nurture your career.
What is it about long hours truly that makes your mental health decline? Can you fix it with more experience and competency? If you are destined for unhappiness is a 1-2 year stint worth it? Could you return to your current shop in a much better position afterwards?
The hours aren’t worth it man
Yours truly,
Analyst 2 in Power at a BB
Where is this new offer located? I don't know what exact MCOL you're in, but keep in mind your current comp is equal to about ~$250K in NYC and other VHCOL
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