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Conversation Starter
Do you have a prenup? What does it involve?
Additional Posts in Jobs in Finance
Rising Star
After submitting my resume for the Global Finance and Business Management full time position at JP Morgan (my dream job!), I got a HireVue invite the next day! However, I completed it 9 days ago and still have no response....
When do we get a response in average, and after how much time does it mean I probably am not getting an offer to continue?
Thanks!
JPMorgan Chase JPMorgan Investment Management
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Take the money. Prestige is just marketing. You can’t pay rent with clout.
Take the pay bump, ultimately at a boutique you’ll be provided more responsibilities and get your foot in the door faster with management and coworkers. If you ever want to leave leverage those relationships. You will also be able to talk about how your roles were beyond those of a typical analyst/associate or whatever level you’ll be at, making you more marketable to other firms in the future. Also a faster track to a management position if the boutique is poised for growth.
Ditto!!
The answer is in the internals, and I would bet the better choice would be with the established firm. The boutique may sound good and be offering more money but unless you know it's a steady and reliable place to work you'll be setting yourself up for a lot of grief. You don't want the boutique's owner to fire you one day because their astrologer suggested it. I'm exaggerating, but you get the idea, make sure you know what you'd be walking into.
Definitely take the higher offer, you are leaving a lot of money on the table if you chose ”prestige”; pay increases are minimal YOY and will not match up your higher offer.
In this age and time where management is more selfish than ever, take the higher pay. In addition, I feel the boutique will give you a higher exposure than the larger form since your job function might overlap more at the boutique.
On a lighter note, you can give me the extra over the big name salary since it seems you don't like the extra pay.
Rising Star
I’d go boutique, you’ll have more exposure to different parts of the business earlier in your career, that you can leverage if/when you decide to transition to one of the majors. In a boutique firm, you’ll get to know everyone across the firm and have easier access to resources versus a big-bracket. You’ll have more opportunity for growth, earlier in your career because the field is smaller, and you have the opportunity to make an impression on the right people; less layers of management and decision making, which can be of benefit.
Just like a bulging bracket, you’ll have to put your head down and grind it out, so might as well take the extra $25k. Bonuses might be better at the boutique too, less hands in the pot.
Look at the total package. While it is easy to say “go for the higher pay”, what do the benefits look like? 401k match or no? Time off (beware of the “unlimited time off” trend as I have heard so many horror stories of when people actually try to take time off. Etc. Get all the details and then put them side-by-side. These can all quickly add up…in my last organization change, I actually took a lower annual salary than I was currently making because the benefits were so good (poor at my previous employer). In this instance, my take home pay increased. That and the opportunities for bonuses and advancement and I quickly soared past what I would be making had I not taken the jump.
I agree with what everyone else has said. I would definitely take the higher offer, especially in this job market. They each have their pros and cons.
Take the pay, remember they don’t care as much about branding as you think.