Junior Canadian STIR/FX trader -> Offer from Chicago Corp?
Any advice/comments are appreciated.
I have to be a bit vague to avoid being recognized. Please PM if you'd like any details!
I work in Toronto as in STIR/FX for a Canadian organization, say around 3 years in.
I'm on a pretty solid team with upward potential. While I do get piled with a lot of grunt work, I'm able to take on responsibility that I probably don't deserve. People like me, and I'm at the point where I'm treated fully like a member of the team. The one dicey bit is that while I have the opportunity to make money, there's not a strong correlation to bonus time, even at the senior level. Politics is big, which I'm not great at. From what I hear, this is quite common in Canada.
A former trader I used to work with (did a rotation on his team) reached out to me and wanted to know if I'd work for him. He's now the head trader of a trading desk at a blue chip corporation. The desk hedges fx and short rate risk, but is explicitly a prop desk as well. He's based in Chicago, and offered me a role "equivalent to that of a VP". I know he was a bit salty that I didn't become his full time analyst (a choice made by HR) which is why he's giving me the look now. I like the guy. I know that with the move, he broke the 7 figure pay mark.
The offer is for $150k base, and he's told me the first year comp target is around 250-300k all-in (USD), and there are hard payout ratios if I make $$. To start I'd have slightly smaller risk limits than what I can do now, but I'd be able to trade a much wider range of asset classes & products (will be able to trade just about anything in global FI/FX).
For reference, in the second full year of my current role (ie after the "stub bonus and first full year), I made C$160k.
I feel like I'm too junior to put this back to my boss and ask for more money. At the same time, I'm also a bit too junior to move for the big $$$ (like he did). I know though that if I didn't take it, I'd be regretting it at the next bonus season.
I've only had a few chats with him. He's asked if I am interested, and if so he'll get HR to get the ball rolling.
Any advice is appreciated.
After considering exchange rate and taxes, it's a 75% pay bump.
Explicitly a prop trader w/ own PnL
Much wider range of products to trade
US work experience for MBA if trading doesn't pan out
Slightly better hours (~65 -> 55/wk)
Three year visa
Would be leaving a stable career path
Moving from a big team, to a small team (I'd be more on my own)
Move to a city where I don't know anyone
A few people on my team would be mad at me for leaving