Looking for advice on my situation
So I interned at a top MM bank last summer and got a full-time offer. For reasons I won't get into, they pulled my offer 2 weeks before I was supposed to start.
I'm trying to recruit for full-time in 2017 right now, as well as looking for any opportunities right now so I don't sit around for a year.
I got an offer from a small 30-35 person shop that has a pretty unique structure. They say I will be hired on as an independent contractor and will be given no signing bonus and no benefits.
I would get $5000 on a monthly basis with a potential to earn maybe 20-40k in bonus.
Would these be red flags? I'll essentially be making what an analyst typically makes (85k) without the bonus. Although I hear the hours are better.
My question is, should I just take the offer for now and try to find opportunities in my off time? Or take a year off or go back to school and focus on recruiting for next year?
Thanks
The "reasons" why your offer was revoked is a pretty big missing link in terms of offering advice. If that reason is going to be an issue in future interviews it might be better to take what you've been offered.
The reason my offer was revoked is easily explained and shouldn't be a problem. The major concern is the shitty hiring market right now with almost all spots filled up by summer interns. Combined with how I tanked my GPA to a 3.3 since I felt like it didn't matter since I already had a job.
First and foremost, $5,000 x 12 months is not $85,000.
Second, no benefits is a killer. You will end up spending quite a lot on insurance and such which will really eat away at your cash per month.
As for your options - they are both valid. I feel heading back to school may cause a bit more risk as it creates a gap in internships and may lead to other questions. That being said, if your reason for an offer withdrawal is explainable through cost cuts or the like, then you'd have an easy way to incorporate that into your story without a second glance from the recruiter. In contrast, heading to the small shop will allow you to gain some experience in a leaner setting, which may lead to more exposure to work. It may also make it hard to lateral if you become isolated or lose your ability to consistently network and job search.
It ultimately hinges on your ability to explain the lack of offer/employment during that summer.
The reason my offer was rescinded is easily explainable. Shouldn't be too much of a problem.
I meant that the $60k base + the bonus would be essentially what most analysts get as base. Meaning it's very low.
I'm leaning towards taking the offer and just looking for opportunities while working.
Do you think it's possible to negotiate the comp? Maybe asking for 5.5k per month? Or like a 5k reallocation bonus?
I don't want to lose this offer, but I feel like the amount they are paying me is borderline disrespectful.
It's not disrespectful, you have no leverage and barely any other options. IB recruiting for your class is over by a year.
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