Should I accept this offer?

I am currently an analyst at a small credit rating agency making $77,000 all-in per year and working 45 hours per week. I got an offer to join a one-year-long investment banking analyst program at one of the top Spanish banks. I am unsure exactly how many hours I will be working in this program, but the hourly rate is $38.46 per hour, with the overtime hourly rate being $57 per hour. I will NOT be eligible for a bonus in this program. No automatic offers will be extended after this program finishes, but I will be considered for permanent positions within the company. For benefits purposes, my annualized base salary is calculated to be $80,000 per year. I should also note that, in my current role at the credit rating agency, I have not been exposed to any financial modeling or deep-dive analysis. So this program will allow me to gain further relevant skills. Should I take the offer?

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Comments (6)

Sep 21, 2021 - 9:17am

First of all, never calculate out your hourly- it's always depressing lol.

The credit agency job will probably be available after a year- that IB offer won't. If you don't like IB after a year or they don't give you an extension, there will be other jobs available to you. But, if you need to move and/or want the stability, 77k in Spain is really good money. In terms of working hours, you can expect 70-80 in southern Europe. 

  • Associate 3 in IB-M&A
Sep 21, 2021 - 9:42am

Does the hourly kick in after 40 hours, and is it unlimited hours? 

If so, this is a pretty good gig. If you average 70 hours a week, you're at ~170k a year. And your lateral opportunities will be better than at a credit rating place. I'd clarify the overtime structure in writing, but otherwise I'd definitely take the offer.

Sep 24, 2021 - 6:20pm

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