I'm going to try to make this as unbiased as possible, and if you can give me your opinion on which job offer you would take that would be really helpful.
Some key pointers before I begin are:
- My family currently lives in Miami, and if I worked there as well I could potentially have zero expenses for the first 2-4 years of working there.
- I love my family and get along with them very well, living at home would not be a problem.
Job 1:
corporate finance development role at large cruise ship company (won't say which just for my own sake).
2-year development program (4-5) different rotations within finance
After 2 years become senior financial analyst or possibly manager
68k starting salary with 5k bonus
In Miami, FL
Met with CFO and team, really like them all
Somewhat more friendly/relaxed environment
Opportunity for growth within the company is very big
Job 2:
Asset Management Group Development Program at PNC Financial
3.5 year program with Wealth Management (possible Hawthorne)
In Baltimore, MD
Required to get CFP or CFA within the 3.5 years
60k starting salary 5k bonus but each year salary grows ~10%
Obviously these two paths are completely different and the best answer is to follow whichever path I think I want to take in my career, so don't give me that answer. I want to know which you would choose and why. Keep in mind I do not have any friends or family in MD, and the fact that Baltimore and Miami are very different cities.
I would make (and save) a lot more money in Miami by virtue of living at home, but I feel like the opportunity for development (especially because of the CFA and the size of the bank) are just better at PNC.
Let me know what you think, I have to choose between the two soon.
Given the situation - my $0.02 would be for you to take up option #1. Saving money by living at home for first 2-4 years will give you a headstart, in terms of savings when you need to move somewhere else at the end of the 4 years (and a better opportunity because of those first 4 years of work experience).
Once you get 'settled' in the job (in this case @ Miami), you can take classes part-time (or even get your job to pay for the same) and do / complete CPA (and other relevant certifications).
Life usually throws a wrench in our plans (good and bad), so what you plan to do 4 years down the line is something nobody can answer, including yourself.
Miami. Its not that expensive there so get your own place. You'll be close to family so do that. Don't live with your parents. Its a no go, bro.
My experience is in CF so my answer is obviously biased that way, but the job in Miami seems like a great opportunity. First, you're getting above market pay for a CF analyst, but you have the opportunity to live at home and have a below average COL. Secondly, its Miami. Beaches, babes, coastal living. Beats Baltimore imo. Third, it's a rotational program so your experience will be pretty diverse. Also, it seems like the general consensus on this site is that the CFA is overrated.. So that isn't much of a selling point for PNC.
Lastly, wealth management and CF are two pretty different routes, so it is hard to compare the two apples to apples. I may be wrong on this, but it seems like it is easier to go from CF to wealth management than the other way around.. So if you want to go with a safer pick and you truly don't know which of the two routes you want, I'd go with the CF job and see how you like it.
I don't know of many people who are as biased towards Maryland/Baltimore on this site as i am, but even I would go with Miami. That potential for a no expenses lifestyle is huge, you'll save a shit load of money and still get to live in a great city, and for what it's worth living in downtown Baltimore near Charles Street or really anywhere that is worth being isn't cheap (from personal experience).
At the end of the day, it seems like you kinda already know where you want to go but think that the PNC name may have some value that outstrips option #1, unfortunately i cant speak to that. FWIW if the role locations were switched i would suggest going with the Miami Based role, and if it were the same roles but you were a Baltimore Native, i would say go with the Baltimore role. Plus if you start to hate living with your parents, you'll have a cash cushion to fall back on and be able to move out.
Corporate finance
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