banking to fintech
I have an offer from a mature fintech company with 40% increase in comp. there is a lot of upside in the growing industry but the drawback is i wouldn't be able to come back to banking if I decide to go. any thoughts?
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I would say depends on what you are looking for & where you are in your career. If you are earlier on your career, I would recommend to stay in banking & only move to better name banks. But if you do want to move to fintech - couple thoughts: - you’re right, 95% of the time, once you moved to fintech you are unlikely to move back to banking except if you have very good relationship with your supervisors. So really make sure you want to brave the move. - depending on where you are, 40% increment still feels pretty low. Wouldnt hurt to try fintech’s competitor to see market value & negotiate - make sure the fintech you are going to are in it for the long term: look into fundings & leadership
Thanks for this reply. I have a family to support so the money part matters somewhat, thought all else being equal I'd rather stay in banking. do you think it's worth it to show this offer to my current bank and see if they can match? the downside is that my boss would know that I have been looking elsewhere and my loyalty is questionable going fwd.
and obviously if my current employer doesn't match (call my bluff), i pretty much have to take the fintech offer.
I take it that you’re considering fintech for the compensation? Tbh I doubt banks would match your current offer... So I agree with you, if you ask your employer to match the offer and they cant match, you have to leave. That means that if you want to do that move you have to be absolutely sure about moving... If you want to move to fintech, better find other comparable fintech that would pay more, and compare & negotiate the offers. Otherwise, I think you better find other jobs in banking and re-negotiate your benefits in your current company. It’s totally fine to look at your market value every two-three years or so. I have seen people do this in my previous company in banking and ultimately stayed. Their supervisors didnt really think twice, didnt really question their loyalty, especially if they are star performers. That again, I would recommend you really think through the benefits that you will get in long term if you stay in banking or switch to fintech. Sometimes lower pay now does not necessarily mean lower pay forever right?
Thanks again for this. If 40% increase does not sound good enough to move to fintech, how much would?
Think it depends on where you are situated, in my country I can see up to 100% but typically 50-60% on average
Why can't you go back to banking?
Why are you so sure you wouldn't be welcome back into banking? I left and came back (before leaving again). As I posted a minute ago in another thread, there was some skepticism when I tried to come back. But at the end of the day, especially at VP+ level, all that matters is whether you're qualified to help win business. If you pick up good fintech industry knowledge and wanted to return to IB in that area, I think you'd be well-positioned.
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