I just went through the interview process and they offered me 2k a month for the first few month trial. This seems like a scam.
What is the expected pay now and later for an analyst at a real estate firm. couldn't find any data anywhere!
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I think there is a lot of context that needs to be considered as to whether or not this is a fair offer.
Educational Background Work Experience Location Years out of undergrad Etc.
Given that they offered you a trial period makes me think that they believe in you but don't necessarily have the proven track record. Base for an assoc can range depending on many factors. Obviously 2k is low, but it is a trial period. Maybe ask about shortening from 3 months.
Experience: I am a college study from a small college in NYC.
It sounds like it's basically a paid internship given your lack of experience. They're really not going to care about small business experience unless you have had succesful PE exits. If they are a real fund with committed capital and a track record it could be very good experience for you. Then if you could afford it, I'd take it. Associate base is typically ~$100k but that's for guys with 2 years of IBD experience. Vastly different profiles.
OK so you have negative experience. One could argue that $2k/m is almost too much for you.
You mention graduating this December at age 20 (nice work, by the way!), and you would be joining this firm (full-time?) as an associate - I would assume they are just covering their bases because that is not the usual story they hire by, you know?
Of course, that doesn't mean it's fun working for cheap those first three months, but it does indicate they are willing to take the chance on three months of time and work product and $6K that you're worth it!
Its actually an 8 month trial lol
I would personally run far away. 2k per month is 24k per year, jesus, and it's not even for a FT position.
Knowledge
Dude, I’m pretty sure that would work out to less than minimum wage - that’s exploitative and sketchy as fuck.
Willingly signing up for slavery does not seem to be a good deal by any standards
What’s the experience worth to you? With rev under a million they clearly don’t have enough to pay, which you as a business owner should know.
This is basically an internship
Yes, I second this. My first internship in IB was unpaid at a tiny shop, but it was during the school year and they definitely did not expect me to work those hours.
Think of it as a stipend for living expenses and not as wages. If this thing was unpaid, would you do it? How much do you value the experience, and do you think that this shop can get you the experience you want?
Sounds like an amazing offer. Given what people will do these days to walk around saying they work in PE, I think you should be paying them. Grab it before they wise up.
What does revenue under $1M even mean in the context of a PE firm? Less than $1M in management fees? So a sub $50M AUM fund?
I would counter and say that you'll do a 6 month - 1 year stint at a pro-rated base salary rate. Just like all the traditional banking internships go. Given that you're new to PE and finance in general, I'd establish some targets of what they want you to do, learn, and accomplish by the end of the period and what it will take to convert the role into a full-time position.
If you're really new to PE/Finance, jumping into an Associate level role is going to have a pretty big learning curve. If it's growth equity that will be a little easier, but will still require a lot of learning. Realistically it might take ~3-6 months to fully ramp. Keep that in mind.
With all the being said, if it's a well known fund(doesn't sound like it is) being able to put the brand on your resume would be worth working for free for a few months. It sounds to me like they're a startup fund, which means I'd ask for a little more if possible.
This. There is no way that this is a legit fund if they are offering that, even for an intern. I have NEVER heard of a PE fund quote that their “revenue” is less than a million. Management fees, maybe? But, PE is not a revenue business.
Coming out of college, you're basically worthless to the firm. WTF is small business experience? I hear a lot of college kids reaching out to me on LinkedIn and tell me that they are a semi-successful entrepreneur. Out of the 10 self-proclaimed entrepreneur, one guy might really be doing something meaningful. The other 9 just wasted 30 minute of my time and I won't be forwarding their resume to no body. If you think you can be successful small business owner, then why bother taking the 2 year IB - PE route, might as well delicate all of your time running the "small business". There's a lot of job that will pay more, but the OP need figure out what he wants to do. I took a lower pay credit role over a + $20 - 50k S&T role because I want to know how companies are run rather than just analyzing charts / graphs or speculate the market. Neither do I see myself going into HF, even tho you can also make a lot of money. There's never the "right" path, you just need to figure out what's your Why for doing certain things. The OP has 0 experience doing anything in IB or PE meaning you're worth 0 to the firm. They are teaching you and giving you a small stipend. Putting myself in the OP's shoes I would look at the track record of the founder and decide whether this is a culture and experience that I will appreciate and learn from. The 2k stipend isn't even up for debate. As long as this is not a TOBINCO I will take it.
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