Thoughts on taking a better-looking job opportunity in this market?
I'm an associate in asset management at a small sub $1b aum REPE firm. We're lean so I get my fingers wet in a few different aspects of the business, and I'm being trusted with more and more responsibilities which will position me well for a VP title after a few years (I'm less than a year in). Pay is okay, WLB is good at 45 hrs a week.
However, I've received an offer for a senior associate AM position at a big name, top 20 firm by aum ($10b+). It pays about 50% more than my current salary and would relocate me from a secondary city to a major gateway city. Not sure about WLB but 60 hours would be manageable.
For additional context, nothing in particular I don't like about my compant, but I just don't see myself with here for anything longer than 5 years (but my view of this absolutely could change). I'd like to do my own CRE deals eventually and be a sole or joint partner owner, but I'm not too interested in acting as a syndicator or investment manager. Maximizing my W2 right now sounds most appealing.
I'm wondering what the general sentiment is around jumping ship at a time like this... I know the job market is rough right now, but how bad is it for people in REPE (and more specifically, an AM role)? What do you recommend I do given my specific situation? Thanks.
Do you want to relocate? Does relocating change the value of that 50% raise (increased taxes, COL, etc?).
Does the portfolio at the new job interest you/help you get closer to your career goals outside of money (are you learning a new asset class or taking on new responsibilities)?
I don't think moving right now is intrinsically bad, but if you do move, it should be for an opportunity you want that gets you closer to your goals or provides something specific that you are missing in your current job.
People may disagree but I think if you are at a good shop/team right now that is doing deal flow then this is your market right now. Who are you competing against? Other people with similar jobs are scared right now and aren't willing to risk changing roles. I know there is an army of people going into B school now but in reality its the Georgetown effect where they take anyone with a pulse. I feel better competing for a role against a guy who just got out of grad school with no experiance.
Just my 2 cents
Echoing the above comments - you mention that you want to eventually do your own deals - does this new role align you more closely with that end goal?
Working with a smaller team you can quickly get exposure to the entire life cycle of the deal - would you have this same opportunity in a larger shop where roles are more delineated? What asset classes are you interested in and what would be the difference between the two shops? If you want to eventually run your own deal, you need to be highly specialized and know your asset class (and deal process) inside and out.
As for the comp, I am of the opinion that early on in your career your knowledge capital is more important than your actual capital. Learning as much as you can early sets you up for success later. Consider the learning and mentorship opportunities - which role would offer the most to position you for where you eventually want to be?
Sounds like you're in a great spot with a difficult choice - either way you are on the right track.
You need to compare that 50% base bump with the new costs you will be absorbing.
Does the new city have its own tax? How much will rent increase by? Groceries?
Since you said maximizing W2 income is your most important goal, how much of that 50% increase will actually go in your pocket vs just going towards higher cost of living.
Good advice here already, but I was in your shoes a few months back and just took a new role. Ultimately everything is a bit of leap so it's just understanding the firm and then comparing pros and cons with what your ultimate goal is. Can't time the stock market nor the job market. Take it if you think it furthers your goals.
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