Stay or leave?
I would like to get your opinion on whether I should hack it out. Most of you seem to be a pretty smart crowd. This is my situation:
- CPA with Big 4 experience for 3.5 years
- Transitioned through a relationship into a PE job
- Turned out to be a sourcing intensive job (ie. hitting the phones a lot, talking to Co's, IBs and advisors)
- I knew it was going to be sourcing intensive, but it turns to be a little different than described (ie. "you are going to close 8 deals a year" when it's more like 3-4)
- Really not learning much on that side, but how to "sell" better a structure
- I saw that there was no way I could learn too much doing this, so I stayed really close to one of the Directors
- By pretty much being in his office 60% of the time, I'm learning how to structure or modify a deal (on a very high level) in order to hit our return window. Lots of conversations with upper management teams and senior IB directors bringing deals.
- After the origination, the deal is passed on to the analysts, underwriters and associates to close
- I'm sick of hitting the phones, but recognize the importance of bringing business
- My boss (the Director) wants to promote me soon (prob. within 6 months). The comp structure now SUCKS and I make less than when I was in accounting.
- Getting promoted would allow me to get a huge chunk of the deal at close in the form of bonus (although base would still be pretty crappy, but with bonus and 2-3 deals closed in a year, I could be making 200ish...)
At this point, I'm not sure if the Director is full of it and is stringing me along. To add to the equation, I made a substantial move to take the job. I still have a house in my old place, paying bills and gf. I could return to the big 4 I used to work at and transition to their Transaction Services side. This would also allow me to return to the place I moved from easily.
I'm a little distraught as the uncertainty of getting promoted, the economic squeeze I'm experiencing and having to deal with what I will do with my gf on the long term. Sorry for the long post. Appreciate the feedback.
i'd stick with it (take with a huge grain of salt). seems to me PE's going to be on fire in 2010, and id want to hit that upswing
Deep breaths... -I would figure out exactly what the opportunity back at home with your original employer entails, perhaps going as far as getting an actual offer, compensation details, relocation package, etc. -also put a little pressure on your current boss. Employers generally pay their people just enough so they don't leave, so in a sense, we're getting strung along.
Set a deadline for yourself to make a decision, know your options, and then make one.
Factors... -if you see something long term with your GF, you'll eventually have to make this decision at some point...perhaps making it now you'll save yourself some time, lonely nights in NYC, crappy cold calls, and time away from the GF. - Accounting or PE- rereading your post now, it sounds like you hate the job anyways and even if you get promoted, you could most-likely make comparable compensation in Accounting, correct? But if you want to stay in PE, one would say it would be distracting on your resume to flip flop industries.
opt8,
Those are great points. I'm really talking and seeing what the opportunity is back home as well (planning to go all the way to getting an actual offer).
As far as putting pressure, I talked to the director about it and he is really pushing to get a couple more deals closed before this happens. Be that we are at the last quarter of the year, and redemptions are coming due for lenders, we might see more pressure in the market to find capital (at least until Q1 when capital will get reinvested); however, truth be told, it's a hard time to invest equity into companies (economic environment doesn't seem too stable to grow a company).
Gf thing is probably going to be long term. She doesn't mind moving, but she's sick of being apart, so either she moves or I come back. I don't mind either way, but she has a good career and I don't want to make her move if there is no upside for me (I don't want to screw up her career)
If I get promoted, it would most likely be an associate/assistant director role. Compensation wise, accounting would not even come close to what I could make with the promotion. It's more of a function of the accounting job being 50% more base, but no/limited bonus. PE will have a huge bonus on each deal if I get promoted, but a lower base.
I see the upside on staying, I'm just a little unsure of whether I'm getting fed a bunch of bull (ie. having an overqualified guy for cheap maintaining the relationships and bringing deals) or if the intention really is to look into developing my career.
As far as the resume, if I go back into accounting, it would be with my last employer, so I would probably omit PE altogether from the resume.
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