Low PWM offer
I'm currently a senior looking to pursue a career in PWM and recently received an offer at a large mutual fund as a client associate. The company would pay for a CFA/CFP and I think this position would give me some great experience in wealth management but I'm worried about the low starting salary ($45,000). The cost of living in the area is relatively low, and I realize the hours are going to be about 40/week but that starting salary number still seems very low.
Should I just accept this offer or keep looking?
http://www.glassdoor.com/Salaries/client-associate-salary-SRCH_KO0,16.h…
45,000 for a client associate position is not bad, unless you are just comparing the 45k salary to your friends salary that is double at a different position...
You can also accept the position... and keep looking.
Normal entry-level jobs pay in the $40,000 to $50,000 range
PWM is a commision/client based business. You have no value at this point, be happy with $45,00. One of the things that has been stressed time and time again and will continue to be said is your starting salary is not any indicator of future earnings. Plus, you are in a low COL, why are you complaining again?
Thanks for the feedback. Didn't mean to come off as ungrateful, just wanted to get some other opinions.
I was comparing this offer to the average starting salary of graduates from my school in the same location but I guess this is an unfair comparison as it's probably comprised mostly of ibanking/consulting offers.
Experience is more important than dollars, in my opinion. Obviously if you can get both that is fantastic but I would trade up front experience in something I'm interested in over more dollars. If you are interested and excited about the prospects of the job they are offering I would say take it and don't look back. Is 45k gonna make you rich? No, but you have to look past the amount you are making and look at the overall value of the position. Without knowing much it seems that there is potential for professional development paid for by the firm and, again, experience in something you are interested in.
Always remember that there is a lot more value in a job than just the salary. Take it and squeeze every ounce of worth you can out of the position. Soak up the experience, get sponsored for the CFA etc and if something else comes along that you think will be more beneficial then consider taking it.
I also just noticed you were comparing salaries and such... be very wary of doing that. I'm a big fan of understanding the amount that will make you fairly compensated for the work that you will be doing and ignore the rest. Look at comparable positions but don't get too hung up on them.
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