I have an interview for an Associate role at an investment bank and when the recruiter came back to me, there were two provisions that they mentioned in their email that I have never seen before:
As a newly formed entity, you must be willing to work on an independent contractor (1099) basis. We anticipate offering employee status starting in 2015.
Compensation will be highly driven by your direct contribution to the team and the overall success of the business. (Note: you are NOT expected to do cold calling)
What does a 1099 status vs. W-2 mean for me in practical terms? Has anyone seen anything like this before? I have been out of the country for a few years so I am not sure if this is how things are done now or this is some kind of boiler room scheme?