Here is the question: should I return to investment banking after moving to Kansas City?
Background:
- Graduated in 2007, finance,
- Analyst in a top public finance investment bank only to "flunk out" in less than a month--- - While "flunking" out of this program, I passed Level 1 of the CFA exam on the first try. So go figure? Talk about different types of IQ.
- Got a job for very little money doing commercial appraisals and was laid off when the company collapsed, 9 months on the job.
- Immediately joined up with the multifamily arm of a GSE (Fannie/Freddie). Got great experience there for 14 months
- Finally joined up with the nation's top multifamily capital group (been here for 14 months). So despite my complete failure early in my career, things have gotten on track amazingly well.
But now I have the chance to return to investment banking. I'm planning on moving home to Kansas City from Washington, D.C. I've got 2 interviews set up for next Monday in KC.
1.) RE IB specializing in raising debt and equity capital via public-private partnerships. 3rd year analyst. Specialize in KC area doing all kinds of work--hotels, retail, industrial, apartments, condos, mixed-use, etc. This is basically my dream job and exactly what I want to do with my life. Mid-sized firm (about 500 employees nationally). Little job security, no exact career progression. More cyclical. Lose your job, you're f*cked because there are few real estate jobs in the region.
2) A huge company's multifamily arm (think BB&T/Wells Fargo/Bank of America). Exact career progression, specific and specialized training, and once I earn the credential (MAP underwriter) and have 5+ years experience I could work from home for 6 figures. Huge job security. Not really exactly what I want to do with my life. $150,000 in KC would be like $400,000 in NYC. I know exactly what I'd be doing and am experienced doing it.
Any thoughts? I ask because I'm literally 50-50 and have a very good chance at both these jobs. Looking for some independent advice.
The real question is "what's my risk profile?" In other words, "am I the type of guy who suffers more from failure or regret?". I don't need to tell you there's no guarantees with real estate going forward and you could crash and burn with option #1. On the other hand, if you're the type of guy who has a tendency to get caught up in the "woulda, coulda, shoulda" train of thought, job security in a field you're not passionate about may lead to suffering later.
What I have found on my way, is that people who follow their dreams generally have that shit eating grin approach to life and enjoy the ride a lot more. $150K from home in KC is probably even better than $400K in NYC, but if your heart's not in it, how's it going to be ten years down the line when chasing the dream no longer an option?
Hmm, interesting thoughts there. I hadn't considered the personality side of things. Hmm. Interesting indeed.
Just bumping the thread because I'm headed home in 48 hours. Thought I'd take a last chance to get some thoughts. Thanks.
VT, I think at this point, particularly after reading option number 2, you just have to decide how you value lifestyle. Working from home and making 6 figures is a dream to most. If lifestyle and 'balance' are important to you, I really don't see a better opportunity for that ever coming along. I think Midas really covered the main point though. Risk Reward. Always a major consideration and I don't really see the 'reward' side here.
Plus when working at home, I would be willing to bet you could find other ways to stimulate yourself and supplement your income if you're worried about feeling unfulfilled.
I'd go do the interviews before you decide, never worry about the decisions that may come tomorrow... Not to be rude, but they might make the decision for you.
happypants, I feel you. I keep going back and forth between ridiculous lifestyle and pursuing my dream of being a major real estate developer. It's such a tough decision. Never thought I'd have such good/bad luck in deciding between 2 great opportunities.
Logger, I agree, although option #2 has given me a preliminary offer pending final interview with the direct supervisor.
I think that line pretty much sums it up for me VT, I'd go for it if I were you but then again I'm one of those guys who'd gamble to chase a dream. Sure, option 2 offers a lot but as Midas pointed out, down the line you might end up a cranky old man full of regret. I would, but that's just me though.
My $.02 would be that while you're young (just assuming you're 24 or 25 from your graduation date of '07) you should take on as much risk as you can afford, and pursue your dream career. You're (most likely) at a place in your life where you can afford to take a risk, and now is the time to do it. If you don't have a mortgage/wife/children, why not go for option #1 and assume a bit more risk.?
You have the rest of your life ahead of you to "work from home for 6 figures," and in all reality, you probably won't end up sticking with whichever job you choose for the rest of your career anyways.
Either way, best of luck to you.
Take the RE IB job.
No offense man u sound like a retard.
Hey, thanks, prospective monkey. Hit me up when you get a job.
Owned, lol. +1 VT.
Short answer, RE IB. My feelings are similar to MMM...which one would you most likely regret taking?
Long answer: I feel like I would go for the RE IB position because you probably wouldn't get an interview 3+ years from now if you took option #2, where as, it seems like you would be just as qualified for #2 if you spent the next couple years at #1. I'm not a huge fan of working from home so I don't know if that appeals to me like it might for some other folks...especially in KC. I would have a bad ass car that I would want everyone to see me drive on my way to the office, lol. I just don't feel like I accomplish much if I don't get up, get dressed and go out of the house...which isn't likely to happen too often if you are working at home in your PJs, plus I'm probably less productive at home and you will be too down the road when you have kids running around and a wife bitching at you because you don't even have a real job because you never 'go' to work, lol. It also seems to me that #1 would likely be an easier transition to RE development...or at least to side investments in RE developments that can eventually put you in a position to do it full time.
Good luck with you decision.
Regards
Got an offer at MS so suck it. good luck at B&T and wells fargo
Good to know MS hires people who can't write.
I think he meant working from home as in he's from KC, not literally out of his house. Correct me if I'm wrong.
Haha, whatever. I'm sure finalfantasy is a decent guy if I got to know him. No biggee, bro.
Anyway, yeah, I actually mean out of my house, but yeah, it's also correct that I could stay in KC even if I had to find a job at some other firm out of the area. So it's kind of both.
Looks like the consensus sort of is this is not the time to hedge, it's time to gamble. I can see that at my age and position in life. Like logger said earlier, now let's see if that RE IB gig comes in. May be a moot point.
Thanks for the words, everyone. I guess I'm now 60-40 toward making the comeback, but I do see the advantage in job security in 2011 America. No easy decision.
Thanks again.
No hard feelings, finalfantasy. I'm just dickin' around with you.
Some things to keep in mind are (a) you need an offer first, so maybe there is no choice to make because only one comes through...so easy answer, lol. (b) Is there REALLY job security with either one? I mean, if option 2 is still a bank and they potentially have unknown toxic assets or they have continued exposure going forward, with a down turn (double dip) you could still be out on your ass...so while seeming MORE secure, it is still mostly perceived. (c) you may end up loving the idea of working in RE IB, but end up hating the people you meet during your interview at the firm...so that may make your mind up. I would probably rather work doing something I'm not thrilled about (at home) then be stuck in an office doing something I enjoyed but with people I can't stand...especially given the potentially long hours you might have to put in.
Regards
Hey Vtech, so what did you decide to do?
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