Return to S&T or switch to lower paying consulting job?
I worked in rates sales for 3 years before leaving to pursue an opportunity in a field I want to eventually switch to (a niche consulting field). Due to COVID, I was laid off after a few months. I've since been asked to return to my old job with an analyst to associate promotion, and have a few more days till I have to give a firm answer. The problem is, I have an interview beforehand with a consulting firm that is more aligned with my interests and offers invaluable experience. This company would pay me about $55k, as it is a less lucrative, but more interesting (to me) type of consulting. Of course, 55k > unemployment, and the position is not guaranteed, but I am wondering if I should turn down the promotion given the large difference in pay. I am questioning if I should return to my old job then go to grad school, and switch to my preferred industry after graduating (when I'd be able to recruit for higher-paying positions in the field and not entry-level).
TL;DR: Take old job in industry i'm not interested in, with promotion and significant pay bump OR potentially switch industries, start over, and take significant pay cut compared to past jobs. Could take old job and use grad school as a way to get a higher paying job in field I like, rather than entry level.
context: salary is important, as I have student debt and do not come from a rich family. I'm also 25.
Hi Associate 1 in S&T - FI, any of these threads helpful:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
I’m in the process of leaving my front office gig at a BB to a consulting job, but am also due for an assoc promo just before I leave, so will be taking a significant pay cut (50%).
I’m constantly thinking if I’m making the wrong decision but ultimately I’m going to do something I’m more interested in and will provide better exit options. Salary is also important to me (load of student debt and not from a rich family) but I think the salary sacrifice is short term downside and the increase in exits are long term upside.
I suggest you take the consulting job you are more interested in. Even if you go back to rates sales, it’s a dead-end job, you’ll be looking to leave in the near future again anyway. Yes you’ll earn a bit more cash but you’ll set your life back a few years in term of progression. Whereas in the consulting role, you’ll be picking up extra skills and progressing to better pay quicker.
hope that helps.
Also wanted to ask, how did your former employer approach you to come back? And why did they? There’s plenty of grads applying to BB S&t roles so not like they can’t someone to replace you. Did you keep in touch with someone senior, who just wanted you back?
i disagree...take the rates sales job/promotion....use that as a platform to talk to people outside the firm (buyside clients) about your other industry interest (after work hours...during the "entertaining" portion of the job)...save up your money so when you goto consulting, you are in a position of financial strength...with a network of big $$.
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