Difficult Career Decisions
I am in a dilemma and in need of assistance. I have an exploding offer that is set to explode tomorrow. The offer is for back/middle office finance/controlling. I have ultimate careers goals of being in banking. What are the prospects of going from the finance position to banking in a few years down the road?
I also have a few interviews set up with companies where the work will be more like a banker, in regards to transferable skills, but obviously no positions are guaranteed from said interviews. Also, if I accept the offer, set to expire tomorrow, I am no longer allowed to participate in on-campus recruiting, which is where these interviews are set up.
What are the opinions of the members here as to what would be the best for my future? Accept a position in one of the stronger banks, who just acquired a part of a bankrupt bank (hint), or drop the offer and hope for the best in a position with better transferable skills? Etc. Etc.
I guess u need to look into it to see if these bo/mo office positions will come up again often, that way you can always try for it later and go for the jobs you prefer. But having said that its a tough market and there may not be that much out there iven for BO/MO so you really have to look into it
It is extremely hard to go from "back office - operations" to banking. Basically, it doesnt really happen. You'll hear people saying "but i have a friend that.... blah blah bah.." Those are rare cases - it doesnt really happen. When bankers look at resumes and see "finance-related" jobs - they dont care unless they've done "banking-related" work. The "finance-related" is just as good as marketing or flipping burgers at Mcdonalds.
Having said that, this market is really tough!! - really tough!! No one is hiring because the interns are accepting their offers at almost a 100% rate or the bank is bought out and no one knows whats going on.
Best shot are boutiques. But if you are really set on investment banking - make sure you are confident in being able to obtain something else - may take you a while longer - may have to move oversees but if it what you want to do - i say reject the operations and go for it (risky but maybe get you what you want so that equals high return).
I would reject only if you have your heart set on banking. If not, if it looks like something you maybe want to do down the road - just accept the operations and passively look outside of your school's career fair - by networking in sites like these. Do it quietly though and maybe you will find something.
take the offer. if its a big name and healthy bank (barcap), i would just accept. If you're an intern, they give you an extra 20K on top of the 55 or 60 if it is indeed Barclays. thats basically what an average first year in banking is going to be making next year.
with that said, you might want to opt out and interview with the corporates because ur offer is more likely to be there with a corporate than with the bank. you never know what will happen in the next six-seven months. if you pursue the corporate, go after industries ur interested in because ive seen plenty of people go from industry with strong operational expertise lateral to boutiques.
either way, if its a big name firm and you can spend a couple of years there, there always is the possibility of moving to front office especially if you network and show some progress toward modeling or advanced education (high score on the GMATs, getting your CFA, series 6 & 73).
Take ur offer.
take the offer. you can always back out if you find something better.
So I have decided to accept and relieve some but not all pressure and enjoy the rest of my senior year. However, where could I find out what kind of exit options are out there in 2-3 years time? I was thinking of obtaining my CFA during those years since I will be working considerably less hours then a banker. Would I have to go to b-school in order to proceed with a better job afterwards, considering I do not think a life in bo/mo will be for me?
Thanks again for everything it really helped me to make my choice. I look forward to more advice.
Bump!
If you got the job through on-campus recruiting, most career centers have a firm policy against exploding offers before a certain date. I know its late now, but you made sure to look into that, right?
For example, my school's policy is that any company participating in FT OCR (on-campus recruiting) must give students until 11/15 or at least 3 weeks after the offer, whichever is later. And anyone with an offer for FT employment from a company he/she interned with has until 11/1 (if that company is participating in FT OCR).
Maybe that isn't standard?
Dolorum rerum harum quas asperiores quae reprehenderit rerum. Ipsum minus odit enim distinctio sed. Dolorem inventore debitis velit qui.
Pariatur corporis quis ipsam aperiam. Id et exercitationem nobis hic commodi consequatur. Dolorem et facere suscipit quam cumque modi. Iste modi laudantium corporis ut sunt. Ea consequatur totam qui.
Ipsam hic doloremque sit excepturi molestiae molestiae possimus eos. Ab quibusdam sit dolore rerum eos omnis.
Et quia numquam doloribus dolores unde. Quia at ratione molestias deserunt reiciendis dolores. At quo porro quia eius consectetur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...