Taking a lower salary
Hello all,
So long story short i work in the NJ area in mortgage lending operations right from graduating college I wanted to get my feet wet in financial services .Couldn't find any IB's that would take me so I opted for this mortgage lending company. After a year of applying to bigger banks in nyc area while working in mortgage lending i finally landed a new role in operations but for a bigger IB in the FiDi area. Well known company etc only downside is the pay is almost a joke since it's a junior level. Since i'm in my early 20's live at home with family I opted to take it as my previous job is going thru extensive layoffs. Though it is a pay cut (slap in the face salary) from what i'm making I feel like it is a great step in moving toward my IB operational career. I also note that I had no previous IB experience .Do you feel this is the right idea and the pay will jump significantly after a year or two if i play my cards right and work my ass off? Anyone agree or disagree?
It's not a horrible move. Taking less money is usually is only bad if it doesn't lead to more money down the line. Don't look at it as making less money now, think about how/will it make you more money five/ten years from now. Focus on the skills, that opens you up more than anything else. Also, think about if there is room to grow. Most operations firms are slow to promote or bump salary just because they need people at different levels.
Didn't understand this from your post, are you trying to get outright into IB or do you want to do oeprations? Ether is fine, just realize that if you're trying to get into IB taking an operations role at a BB/IB firm doesn't give you a huge leg up; its different skill sets.
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