Offer on Table and Unsure if Consistent with Long Term Goals
Hey all,
I'm passionate about investing and would like to work at a fund. I've had my own successful PA for ~2 years (don't worry - in touch with reality, understand I'm not a wunderkund for short-term success) and passed L1 of the CFA in Dec 17. Just graduated Economics from a "target"/well-respected university.
In December/January I found a fraud. Research heavily, produced a report, and entered a short position. Shares fell ~90%. It was an incredibly interesting and formative experience.
Anyway, I saw an investigation was launched into the company and I shared my research with the head of the effort at this securities law firm. He spoke highly of my work to a partner and I interviewed. I believe I may have the job.
Here is the pickle: I'd like to work at a fund. My career aspirations include being a successful/quality analyst and eventually launching my own. This is not a fund - it's a securities litigation firm that finds frauds. I'm very interested in short-selling in general and fraud is a pretty niche portion of that space. I'm seeking advice on if I should secure this opportunity. Do you think it would well-position me for employment within a fund following working there? Do you think it'd give me the accounting base to better develop me as an analyst? It seems mentorship there is somewhat limited as the senior ppl are all legal backgrounds. Evidently, I'd be given free reign to find frauds on the market - highly appealing work, hours seem light too, location is good, no idea on pay.
Please, any thoughts would be highly appreciated.
How do you have an offer on the table, but you don't know the pay? What is their role in securities litigation?
It could be something if you don't have any other offers. But, you went to a target and this is all you have after graduating?
I'm asking if the position could be used to transition into my longer-term career goals and you really want to talk about how I went to a target and "this is all I have after graduating"? Lame, low-quality thought lent to the issue at hand.
It is quite relevant. The first reason being, if this is all you have, you have to make a decision to take the position or start a small gap that depends on you finding a position that you feel is superior. Its not easy and doesn't look good to be looking for a job without a job or after graduation. It means you missed all the normal recruiting and need to interview outside of it based on company and industry demand.
So currently, it doesn't seem like you have many options and most diligent people at targets and non-targets have a couple things lined up to make the best decision. Don't lash out at me for pointing out that you dug yourself into a hole, because you were the one ... that dug yourself into a hole.
But, as far as this position goes, if you take it, I would recommend that you carefully negotiate your salary, responsibilities, path, future salary, and any sort of bonus you may be able to attain. Because, you're stepping into a law firm, which basically consists of three categories: lawyers, paralegals, and admin/support. You don't want to fall in the bucket of being admin and it sounds like you're some sort of quasi-financial-paralegal; you don't want to be grouped with the other paralegals in pay or anything else. It is important from the beginning for you to prove your worth in this role and constantly manage up. You still didn't say the role of the securities litigation, but my question was relevant to the fact that you have to be cognizant of the client and how to bill hours if at all possible.
In law firms and consulting firms, billable hours are king. So, if you're on overhead or something like that, you are literally an expense to the firm. You are bringing down their profit. So find out early their role and your role, try to stay on billable hours and map out your way to success. This role sounds like more of a short term role as the only real upward mobility in a law firm is to move up as a lawyer. You are not a lawyer, so do the best you can and impress them so you can use their networks to move into your next position seamlessly.