So, I applied for this IB analyst position at Nova Capital Parters. Interview went great. They were really impressed with my resume and credentials. Seems like a great opportunity for me, BUT!
They said, "There is no base salary and the compensation is purely deal related"
So I won't be making any money ...unless I close a deal and thats where I would get my "cut".
How legit does this sound?
As soon as I heard this my "fraud alert" sense started tingling. If anyone knows anything about this I would definitely love some feedback. =D
bump
That's not fraud or anything illegal, just cheap as fuck on their part. They're not going to bring in any talent that way-- no offense if you take the opportunity. What sort of financial foundation are they expecting an Analyst to have in order to pursue this? Lol.
"Thank you for your consideration but with my current financial situation I cannot accept a job without any guaranteed compensation."
Hmmm...if they're cool with you working somewhere else regularly for a steady paycheck and doing stuff for them on the side, then that would be the only way I would find this acceptable.
If they want to monopolize your time and effort for a "commission-only" comp package, then I'd say it's not worth it.
Basically, the way it'll probably work is if you directly work on a deal that turns into a success fee, you'll get a small cut.
When you consider how long it takes for a deal to close (a few months to over a year), it might not be the best option if you're paying for rent or have a ton of expenses.
Maybe you can ask for a cut of the work fees on any deals you work on? Just clarify the exact compensation structure and maybe even ask for a small stipend every month to feed yourself.
I had a friend who did something similar for 6 months and he ended up in the red when it was all said and done. They only completed one deal while he was there and had to borrow money from his parents to pay rent because he had no cash flow. Fortunately the experience did help him land something better.
I think if you can afford it, and are viewing it as an unpaid internship with a bonus, it might not be a bad idea. Just remember, like somebody mentioned, it usually takes some time to actually get a deal done. Also realize that you will need quite a bit of change in the bank to be able to live comfortably in Manhattan... more than you think.
I'm just wondering if anyone has heard of Nova Capital Partners...they are an emerging markets investment bank and do they actually have a pay structure like that. I had a hard time believed OP as they look like a legit shop.
Appreciate your comments guys. Thanks.
Oberon does the same thing. Poor analysts :(
What other offers/leads do you have?
Well ...I ended up taking a credit analyst position at a local bank -__-
I hate this fuckin economy!
At least you have a job, that's more than most
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This is a soft scam, but nicely disguised one. I was there for a short time a couple of years back. What I remember is the retention rate at this firm was zero. Every analyst and associate left after a few months. There is a review on Grossdoor not by me but by a consultant. Not a surprise. It's about the salary. There are also a few people on Linked - In. Find previous intern and analyst and skype with them.
They can give you 10% of the "cut" you still won't make enough. I am not suggesting that investment opportunities from Nova are toxic. Models and presentation that come out of Nova are not good. It doesn't take a genius to figure out that they are done by an unappreciated and underpaid analyst and associate (or an inexperienced intern).
I don't know about the life and salary of partners at Nova.
This post is very old. With that being said, I am currently working as a buy side analyst now so I guess everything happens for a reason. Its funny how things work out - 3 years ago I couldn't even find a full time analyst position.
Good luck to everyone trying to break in!
You made the right call. I have no idea why this scam had gone on so long undetected. Hope everything worked out for you. Thanks for creating a post. I should have done that years ago.
If you are currently studying at college and want to get some experience to enhance your resume, Nova might not be a bad option. You come from a relatively wealthy family and can be an intern for 3 months unpaid. Be an intern there not an analyst!
Please don't fall for their recruitment tactic "if you perform well next 3 months, we will make you a full time analyst." As I said, even if you become an analyst, you can't even make enough to pay for the subway fare. Let alone your apartment. Analyst position at Nova is not comparable to an analyst position at a Wall Street firm.
Please don't let them talk into "you can gain some experience working with us (even if you are not getting paid), you can then move to a Wall Street bank for a paid position." Speaking as a person who fell pray, moving from this boutique to an analyst position at a Wall Street bank is nearly impossible. Of course, this depends on what else you have done in the past.
The only way to leverage the experience at Nova is to move as an intern from Nova to a Wall Street firm. The recruitment at a Wall Street firm is less stringent for SA. You cannot move as an analyst from Nova to a Wall Street firm.
Working for free as an analyst at Nova is kind of bullying. They are taking advantage of the fact that you can't get a job elsewhere and they might bully you into thinking that if you don't do well as an unpaid analyst or intern at Nova, you won't get a job elsewhere. So you end up working for them for free for a long time. It is simply not true. Even in their niche space, the statement is not true at all.
In my view, analysts need to be salaried. I left a few years ago. Nova might have started to pay a salary to analysts.
Congrats on your success story @donkeyBusiness730. Do you mind sharing your transition (Did you end up taking Nova or did you find another shop?) Feel free to PM me if you want.
Not something that I'd advise you to do. Maybe later when you have some kind of financial buffer.
Is Nova Capital a chop shop?? (Originally Posted: 03/19/2008)
Fellas,
I am taking a look at Nova Capital Partners and want to see if anyone has any direct or anecdotal info on this firm. They operate in emerging markets with an apparent tilt towards Africa. I am more interested in their Asia operations. Are these guys legit or are they a chop shop? Thanks.
http://www.novacapitalpartners.com/
I know its a little after the event but did you ever get an answer to your question ?
I'm interested in this as well, does anyone know? I'd actually be more interested in their Africa activities
I spoke with them a number of months back. The basic premise as I understood is simply, that "you" originate a deal, they will make an assessment and if they think its doable, will provide the resources to close the deal, or partner with you to close the deal.
What part they-you play, and how its communicated to the client, I guess is open to negotiation.
Once the deal closes you share in the compensation, again a matter of pre-engagement negotiation I suspect.
I was told they have a core of people in NYC, who are employees, but the deal makers around the globe are "freelance" if my understanding is correct.
Regards,
YES IT IS. I WORK FOR THEM- THEY HAVE ME RAZOR LEAF SO MANY THINGS TO SHREDS. IT IS SO SAD.
It's an old thread, but I am interested to find out about this shop as well. I have heard of them, but have not dealt with them in the past. I think their name came up once when we were evaluating if sourcing deals from Africa was doable. Wasn't too bothered to do a brief DD on this firm or look further into the possibility (we decided not to go in outside SA).
Their business is legit, but their compensation package suggests a scam - or chop shop if that's what you want to call them. It's strictly for rich people who do investment banking in their spare time. But this (investment bankers who do what they do for fun) begs a question, doesn't it? See my post in the other thread.
Nova Capital Management (Originally Posted: 02/10/2014)
Has anyone heard of Nova Capital Management? I'd be curious to hear peoples views, especially on culture and, if possible, compensation?
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