Which Job: Bank or Bank
Long time lurker here. I recently took a job at a boutique foreign bank as an AVP(we take pieces of banks syndications with sponsor's like Fosun and Vornado), and I just heard back from a Bulge Bracket that I am the first pick for a role in debt asset management, either an AVP role or VP role, what should I do?
I have good experience, say 7-8 years total with 2-year in brokerage included. My resume most recently had me at one company for 1-year then the next company I was there a little less than 2-years, laid off because i didn't mesh with the team well and covid hit some development projects. I am a career switcher, in his mid 30s with kids making 125k salary(heard bonus's were good and not great), and I know I should be making more. I want to make $200k, feel like my experience is good enough to get there.
My current job is 40-hours a week with 4 weeks of vacation a year, I get to see my kids a lot, I am worried that any other job I wouldn't get to see kids. Family is fine, wife hit the jackpot job wise in the last year.
I worry that at a VP or AVP level at a bank I am not adding much value, where as on the equity side I could come in a role and immediately add value.
IF anyone has any thoughts, it would be great to see my situation with fresh eyes.
If your wife is making good money, why not wait for the right role? Sounds like you’re not excited about debt asset management but really want to get over the $200k mark in comp. Don’t do something you don’t want to do just to make a bit extra. Find the thing you enjoy doing and do it.
If you are genuinely interested in debt asset management and can see yourself having a successful career there, go for it. But you have already hopped around a lot. So make sure this is something you want to do long term
I appreciate the thoughtful response, I am also worried that another 2-years goes by and I'm not making that much more. Maybe I get a promotion, we are growing rapidly, but I don't think comp will ever be that great here. So my thought is if in 2-years I don't get a promotion or raise I will have to/want to jump ship, which is another 2-year blip.
I concur with this. What is your role in Syndications? If you like it, why not look to get promoted at current job or with another bank in same area?
Sometimes these things take a lot of patience and it seems like nothing is happening, but then you look back and you've moved closer to where you want to be. That's been the case with me.
originations and asset management, core/core plus in a few major metro, taking down senior secured bridge loans.
It is important to state while younger guys may think 125 is ok, i'm not banking anything meaningful towards retirement right now. 50k extra would all towards retirement, annually. I'm NYC metro, so clearly expensive city.
Salary matters. I'm just suggesting to put some thought into what role(s) are most appealing to you. A year or two or three of lower salary at is not going to be important to your retirement situation as being on the right path is.
$125k seems super light, but if it's 100% bonus or something that could be ok (not sure what you meant by OK/Not great in your initial post as that's all relative), especially for the work life balance. As a father I'd personally prioritize seeing your kids/lifestyle over the pay bump.
It is not, I'm assuming 15-20% bonus. I report to the head of RE finance who came from a large corporate bank, not quite bulge bracket, we are looking to grow the balance sheet. Hopefully this means a promotion within 2 years.
It is a tough decision
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