Related Posts
Who’s planning on leaving after getting their bonus?
More Posts
Coach
Enthusiast
when Work >>> Life 😅
Conversation Starter
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Friend said there’s only one reason of the four you listed to take one of these roles. And it’s not culture, WLB, or trajectory…
Heard WLB was rough at Platinum from a friend that went there
Rough how at Platinum? Recruiter reached out but I have no idea how they are
Those two are wildly different companies with wildly different sizes.
You listed 2 different roles (in fund vs in portco) at 2 different firms. General consensus is that WLB of these roles isn’t better than consulting but generally more control, comp should be better including LTI, trajectory is fund Ops or into portco leadership
Ex-Platinum VPT here. I did the role for two years. Do not — I repeat “Do Not” — take this role.
They will jerk you around on pay, you will be treated like a third-class citizen relative to the ops team at Platinum, and the work you will do is the same skill set as that of being an Associate at MBB (where I previously had worked six years prior).
There is a chasm of difference between what is told to you during recruiting and what happens in practice while you’re in the seat. They will change the terms of your compensation structure mid-year such that it is far less favorable than what you sign in the offer letter.
Base is 230-250. Bonus is 50% of base. They will never put your bonus amount in writing — even for months after the previous calendar year has been finished.
In my first year, when I attempted to ask for a higher base salary given distinctive performance, Platinum Ops team and the CFO portco labeled me a “flight risk” and, completely contravening my employment contract, turned my annual bonus (for past performance) into a forward retention bonus and moved out my payment date so I would not get paid until July for the work I did on the previous calendar year.
They told me I would get a change of control bonus that follows a grid: Columns are MOIC multiple upon sale; Rows correspond to time spent in the seat. The reward only goes up to 18 months. It is written such that if you do the time, you’ll get the corresponding payout upon sale. That was also untrue.
When I had served nearly two years, I asked if the change of control bonus would continue to increase with tenure. I was told it would not.
Additionally, in my employment contract it doesn’t say that you must be employed at the PortCo (or another Platinum portco) to receive the bonus. I was told that I would be receiving no change of control bonus when I left for another employer, despite having been a distinctive performer in good standing when I took another role.
So, if you want to continue to work as a glorified Associate at a consulting firm for $230-250k total comp (because they won’t pay you, or they’ll try to stiff you on the bonus) then Platinum VPT is the place to be.
The Ops team at Platinum will treat you as a VPT like a third class citizen. You are ‘the help’. The VP on the Ops team that I worked most closely with wouldn’t even bother to turn on his camera when we were having 1:1 weekly discussions.
There is no camaraderie between either the VPT and Platinum nor the VPT and the Portco leadership. To both you are the unwanted stepchild.
There is no double-blind experiment to learn if this is true, but if I can give any credit to this role it is that for having a truly unrewarding and unfulfilling two years of work that maybe — possibly — it enabled me to land a better job elsewhere.
I think it’s highly dependent on the portco for the pay and the culture. Had a few friends who left BCG for them and they were getting more than you mentioned above.