Hi everyone. Got an offer for 140k, 35-100% bonus range at a debt fund. My current company can’t counter but pretty much said I will make 200k all in if I stay by February, base is 100k. Culture at my current company is much better but a 40% increase in comp looks really appealing for future raises.
What would you guys do here?
Thanks,
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Any chance of promotion at either place?
I just got promoted so am going in as an associate, promotion to senior associate within 1-2 years
Follow your gut
What's your personal life like? I'd say if you're single and ready to work more hours (I'm assuming the higher pay at the other firm = more hours) then I'd say to go for it and stick it out for a bit and collect the $$$. Then when WLB matters more to you I'd try to focus on that. Just my 2 cents. Good luck!
Take the pay out of it for a second (it's hard, I know). Which one do you feel like is going to put you in a better position 5 years from now.
This is a really easy thing for me to say, but in the long-run, the extra $15-20K after tax isn't going to be a needle mover for you. If it's a better job, or if they are comparable, then definitely have that be the decider.
A 35%-100% bonus range is a pretty big range.
This, and I'd get an inside scoop on the WLB and culture at the new place. 40% more in base isn't worth it if your going from 50-60 hours to 80 with a bunch of jag offs. You're also starting at square 1 in the new role even if you're being hired as an associate.
Why are you sure the culture at your current place is better? I’d definitely be willing to give up some amount of money for a better culture where you know the people already, but I’ve also found that it is extremely hard to have a read on the culture from the outside looking in. I agree with the person who said you should dig in on the culture. Get as much info as you can and try to spend some time with the people at the new fund. Really grill them on the negatives of working there: you have the offer already, so the downside is limited, and you want to make sure you have good intel
That's a large range and if you could firm that up, it could help your decision. While I agree only chasing money can prove silly if the culture is absolute garbage, it also starts setting your base line for comp, assuming you stay on the same career path.
Several years ago, I took a new job with the chance to work with a well known, high yield debt fund. It came at an almost 60% bump in all in comp from the prior role which was significant at the time. While the bump was great, the awful culture, lack of vision, and shitty management made me look elsewhere. Last year I landed a new role at another debt fund (with incredible people/culture) with more responsibility and a 65% bump to the previous debt fund role. Because of that prior baseline, and chatting with fellow monkeys on WSO, I had enough knowledge to negotiate a significant jump. The money will come if you're talented for sure but having that minimum set each time you jump, should let you multiple your comp.
My comment weights my decision towards money because we're trading time for money and all else being equal, I'd like to get paid.
You're losing a $100k bonus by jumping ship. New place will likely pro-rate your bonus for the year, so depending on bonus % it make take a couple years before changing firms even pays off financially.
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