Should I take this offer?
So I'm fresh out of college (decent LAC, not a target though) with a 3.9+ GPA, CFA Level 1, back-office internship experience for Wall Street firms, and with a Finance/Computer Science background. I've been applying for analyst positions (ER, trading, quant. analysis) for the past 3 months with nothing to show for it. Recently however I was given an offer to join a very small investment management firm as an equity research associate.
Pros:
- I would be working directly with the boss, who is very experienced in the field, has strong credentials, and would provide solid mentoring
- Since it's a small firm I know I'll be doing a lot of work and learning a lot about ER for various industries
- The position also involves assistance with portfolio management, which is a huge plus in my opinion. I'll get to learn, discuss, and deal with important parts of the portfolio management process, which apparently is very difficult to get exposure to for entry level undergrads.
Cons:
- 30k salary, no guaranteed bonus since this is basically a start-up and a very small firm ("if the company does well, there is room for improvement in your salary").
- working with Macs. Since I want to become an expert in Excel, this is a concern because the consensus is that Excel on Windows is the way to go. Granted I can probably just buy a laptop w/ Windows and use that as my workstation.
- limited networking opportunities. This is a very small buy-side firm, and it'll pretty much just be me and the boss working in a small office.
- strategy is very long equity focused. I'm hoping to one day work as a hedge fund portfolio manager dealing with more than just long/short equities (i.e. credit derivatives, options, swaps, etc.), so I don't want to limit myself to just knowing about equities.
Normally money wouldn't be a concern for me seeing as how this is an entry-level position, but the thing is I plan on going to B-school eventually and I want to have some decent savings built up so I can avoid drowning in more loans. The upside is this position is in a suburb and I'll be living at home, so it's not like I have to worry about any living costs.
So does anyone have any recommendations on if I should take this offer? If the portfolio management exposure truly is a rare commodity, and if you think working at this firm for a year or 2 will provide me with a strong enough resume to get into a top B-school (provided I complete my CFA and get a solid GMAT), maybe it's the right choice?
btw the job market has been brutal to me these past few months - anyone else feel the same way?
- Thanks in advance for your help
Well if ER is what you want to do, and there aren't any other offers, then you have no other choice. It seems like it would be a great learning experience since it is a very small firm. I wouldn't really worry about the money, just don't spend on anything that in unnecessary and you should be good. It's all about the learning experience at this point, especially if the job market is tough and your prospects are dim. You can always use this experience as leverage when looking for a job in 6 months or so when the economy improves, and you actually have relevant experience.
better than unemployment, take it and keep looking
Yeah I see what you mean eyelikecheese, I'm just curious if I would be better off taking the risk of rejecting the offer and looking for a similar job but with higher pay.
GutShot, I feel like there should be some sort of "grace period" where if you accept a job you should stay with it for a certain amount of time. I don't if that's necessarily true, but I feel like if I were to take this job I would stick with it for at least half a year - 1 year in the worst case. In the best case, the company might get some stellar results and I might find that the experience is really rewarding. So the question again is, should I risk rejecting the offer and hope to find a similar but higher-paying job within the next couple of months, or should I take the job and stick with it for the next 6 months - 1 year minimum?
This is the same predicament everyone that started at facebook, yahoo, google, etc had to face. Granted for every name I just listed at least 100 more went under, the rewards can be great. It's all about risk tolerance and what you think you could potentially get out of it.
Well said. Granted I don't see this firm getting facebook-like growth, but I suppose I can tolerate the risk of receiving lower earnings in the short-term if it means I can better increase my earning potential in the long-term.
See if he'll pay you under the table haha not having taxes taken out of the 30k would make life a little better and then if it goes under just call it an internship
I was in the same kind of predicament. Started a job, but kept looking for other jobs after the first week. I would take the risk, maybe ask to negotiate the salary, because it is very low. But in the long term, it's not how much you make at your first job, its the contacts and experience you gain
Just take it... it's better than being unemployed. Also, I think it's always easier to find a job when you have a job.
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