Okay, so I just received an offer from a small hedge fund (10 - 20 people) in Chicago. I will be a trading assistant until I can prove my worth and become an actual trader (6-12 months).
The hedge fund manages around $60 - 120 million dollars and primarily does volatility arbitrage on equity options. I hope I'm not giving away too much info...
Anyway, I graduated last year from a target school and have a job in a completely different industry where I'm earning around $50k but pretty much hate my job because it is so fucking boring and un-challenging.
So, the firm has told me that everyone starts with a $35k base + a discretionary bonus. If I would take this offer, I'd pretty much be living in poverty until a bonus materializes. Is this firm just trying to get cheap labor and fuck me over when it comes around to (discretionary) bonus-time, or will I be able to earn enough bonus to at least meet (preferably exceed) my current compensation?
Can I expect (assuming I am a top-performer) to make up for this shitty comp in a year or two when I'm an actual trader?
It sucks having to take such a significant pay cut just to get my foot in the door. Should I keep applying to other places and decline the offer since my job right now is pretty secure, albeit boring as fuck?
Thanks for any insight you guys can offer me.