Desperate situation seeking career advice - should I take huge pay cut for an entry level job post MBA?
Hi guys, I would really appreciate some advice given my struggling situation.
I have been seeking jobs after being laid off several months ago, and as I became more desperate I began applying to a broader range of jobs.
Currently, I have only 2 offer on hand:
1. Financial Institution Relationship Manager under "Corporate & Investment Bank" umbrella based in London.
2. Financial Advisory Role at Big Four, based in Indonesia (my home country).
These two roles aren't the ideal ones, but since I have already left the job market for several months, I feel desperate to start a job ASAP.
I have two questions to seek advice:
1. What would be the exit option of financial institution relationship manager?
The firm has merged both corporate and investment bank as a single unit, and this role sits on the corporate side.
Based on what the interviewer told me, there's a lot of collaboration with investment bank, and the product includes "capital market products".
I'm wondering the role of relationship manager - is this role more like a "contact window", i.e. when clients have capital market or M&A needs, relationship manager brings in investment banker or S&T guys? Is it possible to gain solid knowledge at this role, and transfer to investment bank side in future?
- Although the financial advisory role meets my long term career aspiration in PE/VC, I'm hugely concerned due to the low pay.
As I don't have much-related experience previously, plus Big Four Advisory doesn't have MBA Associate program, I would have to start from a junior role (typically requires at least 2 years of experience).
The salary would be 30% - 40% lower than my last role before doing MBA, and would be only 1/4 compared to the relationship manager role.
I understand that the salary difference is HUGE, but this role is much more interesting and would have much better exit options.
The only concern of the financial advisory role would be salary, which means that I will have to start nearly from scratch to build my career even after spending huge amount of money on MBA.
On the other hand, if I take the relationship manager role mainly due to salary, I fear that I will regret the decision in a few years, since I feel that the relationship manager role would be very sales driven and requires a lot of repetitive and boring paper works.
Please share your thoughts. Really appreciate any feedback.
I would think that if you want to be in London long term, then trying some sort of internal move from the relationship manager role in London could make sense. If you’re ok being in Indonesia, then definitely go with the Big 4 place. I’m just not sure how easy it will be to lateral to Europe once you’re there. I’m sure it’s possible but I’m not sure how many people actually can pull it off. It’s one of the main reasons a lot of people go to do MBAs in London and the US to gain a foothold in the job market where they otherwise could never have been in. have seen lots of people from like Lazard in South America with 5/6yrs banking experience come to the US to do business school and end up as 1st year associates in NYC.
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