Aldi pays like IB
so after on campus interviews with consulting firms and real estate firms and software etc. I got a call from Aldi yesterday and just had their on campus interview. At this point you will probably stop reading and say "fuck you" to me in your head but I just wanted to share their pay structure because I find it somewhat comparable to IB - because Aldi ='s less hours.
Benefits
* $70K starting salary
* Company car
* Generous vacation time
* 401(k)
* Retirement savings plan
* Medical, vision & dental insurance
* Life & disability insurance
Salary Breakdown:
* 1st year – $70,000
* 2nd year – $80,000
* 3rd year – $87,000
* 4th year – $95,000
5th year exit op - Director of Real Estate, Ops etc Salary - 150K
then VP at 220K and higher
Now I know posting about Aldi on WSO is gonna get me a lot of shit but please keep it to a minimum. I just find this interesting and just wanted to hear your thoughts on this pay structure.
What would you be doing?
That is really great pay. Assuming this is not in NYC, SF, Chicago, etc... you will be able to save a great deal of money.
What position is this for?
Same in the UK, you get and Audi when you join Aldi.
Still an horrific excuse for a store though.
sorry double post
you start as district manager - they hire directly from u grad and promote within. You get a district and can live (obviously) within it where you choose so your cost of living could be very cheap. Thus you could save a lot of money by the time your 26. Very appealing and I had no idea until they contacted me
Maybe at the very Junior levels, adjusted for hours it pays like IB. But you're never going to be pulling down $10M as a director at Aldi.
It's not IB pay, but definitely the next best thing.
You're also not going to be pulling down $10mm in IB so....
We have a couple Aldi's where we live, and they are dumps. I never see too many people shopping in there. Hopefully future employers wouldn't look down on you if they felt the same way about the stores.
Would you be able to choose your district?
Aldi is owned by German billionaire brothers Theo and Karl Albrecht, one of whom owns Trader Joe's, as well. I know Trader Joe's supermarket managers can pull in solid six-figure incomes and their management model is based on Aldi...so connect the dots.
Midas you are correct however the structure is going to change a little with the recent death of Theo.
Jonny - yes you can choose your district within a specific regional area and what is currently available. That is one thing I feel would potentially hurt you for future employment is the Aldi name until they read what you've done. You literally make executive level decisions from the get go. And by mid 20's you've got some solid experience that can be transferable to other F500 companies etc.
Plus I forgot to add: They have a two year program where you can work over seas at an Aldi district of your choice. Thats pretty bad ass if you ask me. Aldi is much more respected and frequented in Europe.
It might be fun working for a real business I think.
Sounds like a tough job since you're down in the trenches. That being said, the pay is pretty serious. If people start seeing Aldi as their neighborghood Walmart (oxymoron?), they could go pretty far in the US.
The overseas thing sounds pretty awesome.
I just looked up the Ireland website. 60K euro and a company car. Big 4 Accounting is 25K. wtf??!!
Aldis pays cashiers like $15 bucks an hour. The place is legit. No frills, simple shopping. Walmarts model to the bone. I would take the offer and run with it. You can do a lot of things with that type of leadership and management skill. A company car is easily a 10K a year perk.
I'm blown away by this. Fuck finance, clean up on aisle 5!
what about the bonuses? will you ever stand a chance of getting 3y bonus? just saying.
I actually have a close friend who took this position few years back. Few comments: - Stores are very lean, meaning you and another cashier or two running the show, requiring you to do a lot of work - Long hours, he worked like 8-12, who knows probably worse - Risk of getting pigeon holed in retail - Being in retail is rough, facing angry customer is no fun - Stuff always went wrong. We'd go out one night, come back to his place, wake up next morning cause someone called from the store cause they don't know to accept a return - Pay is good, benefits are too - Expanding, you can choose where you want to be in most cases - Hire high caliber people - My friend quit almost 2 year into it, in the middle of the recession with no other backup in hand, that's how much he hated it after a while
The OP got a job offer for a district manager. Is this the same position your close friend took?
http://www.aldiuscareers.com/mgrbenefits.aspx
I had a buddy who took the job at Aldi and I interviewed for it myself..
-Hours are terrible. If the fire alarm goes off at 3 am, you have to get out of bed and go to the store to see what's up. Although, this is not unlike the "fire alarms" you have overnight in IB.
-Don't underestimate that you will be sitting in a bare-bones grocery store for 12-15 hours a day, with one or two co-workers. Until recently, all Aldi's in the U.S. opened in sub-par neighborhoods, so if you're one of those people that get "up" on the "rah rahs" of walking into your skyscraper in Lower Manhatten, this is not the job for you...
This isn't much different from corporate banking or pwm where you also get 70k base and very nice hours. PWM has almost 50 hour weeks.
this is mind boggling, honestly. Aldi pays way more then GE. PepsiCo, P&G? My lord.
I dont get why this is here though. Its not even related to finance.
NEVER HEARD OF IT SORRY
yeah surprised me too. I am strongly considering pursuing this
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