Massive Dilemma - Job offer from a top investment bank

[Inspired]

Hi All,

I have a massive dilemma. I’m 31 and currently work for a UK retail bank within market risk in the City of London. I have no previous IB experience. I have received an offer from a top US investment bank for a role (Associate level) that isn’t bad but a little basic in terms of what I ideally want. The problem is that they only offered a £7k uplift compared to my current salary (this was they told me their final offer after initially only offering me a £5k uplift). It was with massive regret but I turned it down.

The hours I currently work are very reasonable and there is not too much stress in my role. However, my current salary is reflective of this and consequently I am underpaid. Therefore, I was hoping for at least a £12k uplift from my current salary, as otherwise I don’t feel the salary would justify the added pressure and (probably much) longer working hours that would definitely be the case at the investment bank.

Some people have had said that the money offered was not good enough to justify the move, whilst others have said that having the name on my CV of this investment bank and the exposure would more than make up for the salary in the long term. Therefore, I really do not know if I should still go for the role.

Any advice would be greatly appreciated.

Thanks.

 

[timsk]

. . . .Therefore, I really do not know if I should still go for the role. . . Any advice would be greatly appreciated.

Hi Inspired,
If you've already turned down their offer, isn't it a bit late to be soliciting advice on here?

Be that as it may, FWIW, as someone who is a lot older than you, I'd advise you to put money at the bottom of your list of priorities when making such decisions. If they're paying you enough to put a roof over your head and food on the table - that's all you need to worry about. Thereafter, all other material considerations that affect your decision about whether or not to take any job offer are much more important, IMO. On that basis, but without knowing your circumstances obviously, I suspect you may end up regretting your decision. Sorry!
Tim.

 

[rsh01]

You have already turned it down so any advice would be moot.

But fwiw you also do not mention whether the salary offered was in line with market rates (please say you did look at market rates before turning it down) and accounting for your experience (lack of in this case). If they are, then what you were asking for was unrealistic, and perhaps an IB job is not for you as long hours seem to be par for the course in most departments. And if they were in the lower range of market rates then all you had to do was 1-1.5 years of quality work there and you may be able to move to another IB with salary in the upper range, leaving all this pontificating behind.......of course only if this met your clear valuation of your own worth too an IB.

 

[ffsear]

Hi All,

I have a massive dilemma. I’m 31 and currently work for a UK retail bank within market risk in the City of London. I have no previous IB experience. I have received an offer from a top US investment bank for a role (Associate level) that isn’t bad but a little basic in terms of what I ideally want. The problem is that they only offered a £7k uplift compared to my current salary (this was they told me their final offer after initially only offering me a £5k uplift). It was with massive regret but I turned it down.

The hours I currently work are very reasonable and there is not too much stress in my role. However, my current salary is reflective of this and consequently I am underpaid. Therefore, I was hoping for at least a £12k uplift from my current salary, as otherwise I don’t feel the salary would justify the added pressure and (probably much) longer working hours that would definitely be the case at the investment bank.

Some people have had said that the money offered was not good enough to justify the move, whilst others have said that having the name on my CV of this investment bank and the exposure would more than make up for the salary in the long term. Therefore, I really do not know if I should still go for the role.

Any advice would be greatly appreciated.

Thanks.

Whats your long term goal?

 

[Inspired]

Whats your long term goal?

Earn reasonably good money, prepared to work longer hours but maintain a semblance of work life balance, and move abroad somewhere like Singapore or Hong Kong in a couple of years.

 

[Inspired]

You have already turned it down so any advice would be moot.

But fwiw you also do not mention whether the salary offered was in line with market rates (please say you did look at market rates before turning it down) and accounting for your experience (lack of in this case). If they are, then what you were asking for was unrealistic, and perhaps an IB job is not for you as long hours seem to be par for the course in most departments. And if they were in the lower range of market rates then all you had to do was 1-1.5 years of quality work there and you may be able to move to another IB with salary in the upper range, leaving all this pontificating behind.......of course only if this met your clear valuation of your own worth too an IB.

Only turned it down on Friday so may be able to go back to them grovelling...

 

[Shakone]

I would probably have accepted it, assuming no other better opportunity. IB is far more interesting than retail, and although initial salary might not be that much more, potential salary is.

If you don't want to do long hours then perhaps you're not suited for it though.

 

[PieterSteidelmayer]

You're a bit long in the tooth to be jumping ship. You'd be backed up behind all the bright young things already at the IB so your prospects would have been limited. Sounds from your comments on your work ethic, hours, and pay band like you're not too much of a mover and shaker in your current role. You probably did the right thing as it wouldn't have taken them too long to realize their mistake.


+++ As others above have said, asking for help and advice after you accidentally made the right decision rather underlines why you are where you are.

 

[postman]

Hi All,

I have a massive dilemma. ..

Forget both options, become a day trader and be you own boss, if your any good you'll make more money that way and have more control over your life.

The downside is you'll spend most of your life reading trading forums, but the access to p0rn sites isn't restricted.

Just my opinion. :whistling

 

[Inspired]

You're a bit long in the tooth to be jumping ship. You'd be backed up behind all the bright young things already at the IB so your prospects would have been limited. Sounds from your comments on your work ethic, hours, and pay band like you're not too much of a mover and shaker in your current role. You probably did the right thing as it wouldn't have taken them too long to realize their mistake.


+++ As others above have said, asking for help and advice after you accidentally made the right decision rather underlines why you are where you are.

I've gone back to them lowering my salary expectations.

FYI, if I didn't care about my membership on these forums I would be replying to you with an even more insluting response than your own

 

[PieterSteidelmayer]

I've gone back to them lowering my salary expectations.

FYI, if I didn't care about my membership on these forums I would be replying to you with an even more insluting response than your own

Insulting? You've made 14 posts in 6 years all of which are about your job. 2 years ago is was switching from an energy firm to (presumably) your current retail bank position.

If I'm direct that's because I value my time and believe a blunt response often works better in getting the message home than pussy footing around.

 

[Inspired]

Insulting? You've made 14 posts in 6 years all of which are about your job. 2 years ago is was switching from an energy firm to (presumably) your current retail bank position.

If I'm direct that's because I value my time and believe a blunt response often works better in getting the message home than pussy footing around.

Thanks for taking the time to go through my posting history as I haven't actually looked at yours.

Yes, you are correct, I used to work at an energy company in my home city. I was too comfortable there in a role that was far too easy, and you could say my life and career was stagnating. Moving to London has kick started my career and life, and now I'm catching up for lost time. To obtain a role at this top IB with the salary I asked for would represent somewhat of a seismic shift in my career and a remarkable change in fortunes from where I was 2 years ago. Moreover, the regret of the past is a major motivation for the future.

 

[PieterSteidelmayer]

Moreover, the regret of the past is a major motivation for the future.

I'm delighted to hear it. Good luck and take the bull by the horns. Always.

 

[rsh01]

To obtain a role at this top IB with the salary I asked for would represent somewhat of a seismic shift in my career and a remarkable change in fortunes from where I was 2 years ago. Moreover, the regret of the past is a major motivation for the future.

Hmmm....yet a fairly inconsequential (at your stage of career) few grand less was not enough?

Ok then.

 

[Jessi_trader]

Hi All,

I have a massive dilemma. I’m 31 and currently work for a UK retail bank within market risk in the City of London. I have no previous IB experience. I have received an offer from a top US investment bank for a role (Associate level) that isn’t bad but a little basic in terms of what I ideally want. The problem is that they only offered a £7k uplift compared to my current salary (this was they told me their final offer after initially only offering me a £5k uplift). It was with massive regret but I turned it down.

The hours I currently work are very reasonable and there is not too much stress in my role. However, my current salary is reflective of this and consequently I am underpaid. Therefore, I was hoping for at least a £12k uplift from my current salary, as otherwise I don’t feel the salary would justify the added pressure and (probably much) longer working hours that would definitely be the case at the investment bank.

Some people have had said that the money offered was not good enough to justify the move, whilst others have said that having the name on my CV of this investment bank and the exposure would more than make up for the salary in the long term. Therefore, I really do not know if I should still go for the role.

Any advice would be greatly appreciated.

Thanks.

If at all you need a job and you have to do a job for living for next 5 years then "In my opinion" you made a wrong decision as many have said.

Being @ IB matters.

 

[asianchamp]

You're a bit long in the tooth to be jumping ship. You'd be backed up behind all the bright young things already at the IB so your prospects would have been limited. Sounds from your comments on your work ethic, hours, and pay band like you're not too much of a mover and shaker in your current role. You probably did the right thing as it wouldn't have taken them too long to realize their mistake.


+++ As others above have said, asking for help and advice after you accidentally made the right decision rather underlines why you are where you are.

She's a bit precious isn't she...........

 

[Lands_end]

Forget both options, become a day trader and be you own boss, if your any good you'll make more money that way and have more control over your life.

The downside is you'll spend most of your life reading trading forums, but the access to p0rn sites isn't restricted.

Just my opinion. :whistling

well trading wouldn't be trading without access to the real world. Not going to post linkys on here as I'm sure the moderators are against such practises even though I'm pretty certain they have a private stash.

 

[VielGeld]

I'm not as experienced as many on this forum, so you may want to take the following with a grain of salt as it's hearsay.

That said, I think you should have taken it regardless of desire for work/life balance. Yes, I hear the hours are brutal in IB and you'll likely have to play the office politics game on top. On the other hand, you do IB for the exit opportunities and the higher pay grade down the line. It may not have paid that much off the bat, but should have quickly climbed in the next couple years.

This is assuming you value these things more than a steady 9-5 job that pays ok. That's my take on it, anyway.