I just accepted an FP&A position at a F100 firm, and I have been in the FP&A role for less than a week. It took almost 2 months to go through the interview process, so I thought I didn’t get the job (there was significant period of no communication despite my efforts of reaching out). During those 2 months, I applied for an IB job and now I’m in my final stages of the interview process. If I accept the IB role, how do I submit my resignation for my new job without burning any bridges?
Just take the IB and run! lol
I guess I’m worried about pissing people off. Right now, I’m transitioning out of my previous role (credit analyst) into the FP&A role full time, so I’m doing 2 roles at the moment. I would screw up 2 departments at once if I took the IB role…
Honestly, nobody gives a shit about you at most places why should you. Sucks for them just be polite and express to them this is an opportunity simply can’t pass up and hope for the best.
If the new job is a lot better, people will understand, and if they make a fuss, they are the dicks. Also, don’t get ahead of yourself. They can replace you easily. It’s not like leaving will cause them to have a huge crisis.
You’re right. It won’t cause them a huge crisis. It’ll cause issues in the credit department for maybe a couple of days and almost no issues in the FP&A department. They’ll just have to get with HR and go through the interview process again.
Ultimately, IB is in line with my career prospects and the experience acquired from doing IB would benefire me for the rest of my career. The IB role will be lower base pay, but the experience will be greater.
My duties in the FP&A role from 30k ft view are currently:
- Enterprise Financial Analysis: Earnings, Cash Flow, and Variance Analysis
- WC analysis
- Researching Business trends, and identifying key drivers
- Preparing earnings call presentations
- Preparing Board of Directors monthly earnings presentation
- Forecasting corporate expenses
- Consolidating the financial plan
You haven’t provided enough info. How much more would you make in the IB role? If it’s a much better offer, you shouldn’t feel bad about leaving, unless you have a contract (which would prevent you from leaving in the first place). Think about it this way - they wouldn’t think twice about firing staff during downsizing. Always follow the money.
I believe this answers your question:
Even if you are paid nothing for a year in IB, it will be worth it, so you can say you have an investment banking background in the future. If you’re doing FPA stuff now, I assume you’re not being paid that much anyway (I’d guess $150k to $200k total at most). The average investment banker type person probably makes $400k eventually.
You’re right, and I’m starting to think I’m going to go with the IB role even if the pay is lower for a year. I appreciate your help. it really helps talking to people who have experience in the finance industry.
We haven’t talked about salary yet, but I suspect it’s coming based on where we are in the process. This IB firm is a boutique firm headquartered in Chicago. I’ve done some searching and saw that the median salary at this firm is lower than my base pay. When I was initially asked about salary, I told them I’d like my base pay now + 15%.
What are the bonuses? I don’t know how it is at this firm, but at big companies, people get like 2x salary as bonuses, or at least 1x. Maybe this won’t be the case at the level where you are being hired, but if you’re a 2nd, 3rd year associate, VP, or higher, compensation is generally skewed towards the variable part.
Boutique is a bit of a different story in my opinion. A shame it can’t be more cut and dry. For a boutique, they may flex on base pay since they’re not beholden to the corporate HR machine and there aren’t hundreds of other analysts with whom you should be on par on comp. Flip side is there may be little room to grow. If you are at F100 now it will be way different, just as a heads up. Benefits, while not the most important thing, do matter and they are driven from economies of scale. GS or BX versus boutique are very different experiences.
Take the job as long as the experience is right. ohai put it well in W.R.T if it’s a better offer, people will understand.
Aside from what the guys are saying; IIRC you are in GA? Cost of Living may be higher in Chicago so make sure to factor that into your decision, your dollar may not go the same distance up there. If you have some financial goals you may find they are somewhat impacted until you eventually make baller money. I am sizing up a move right now and the COL in the new country is eating a lot of the salary bump
I live in Tennessee, so the cost of living here is really cheap. I don’t have to leave the state, I’ll just have to move to Nashville. The only thing that will get me in Nashville is the rental prices.
Update: Everyone I spoke with said they really love me and thought the interviews went really well. However, during the course of the interview process, the group I was to going to be working with became severely understaffed. For that reason, they decided to pursue a candidate with a couple more years of experience. They said they’d love to keep in contact with me and continue networking with me in case there is anything they can do to help me in the future…
This came as a total shock for 2 reasons:
- I was 99.9% certain that I had it in bag
- I’ve never seen a rejection like this one before
- This is usually a “we like you so here is a nicer let down” instead of the standard rejection. Have received a few myself. Move on but don’t expect the networking offer to really hold - keep the connection warm and if you get anything from that it’s bonus.
Sorry to hear it didn’t work out buddy. Crush it at this job and try again soon.
My advice is to reach back out to one or two of the IB people you interviewed with (you probably have their business cards) and bring up something you talked about and ask if you could meet for coffee or a beer sometime to continue learning more about the industry. Come prepared to keep it conversational, good balance between life and work convos with good questions on topics regarding the industry. I.e. Are you guys seeing any impact from x? How are you dealing with y at the firm? Do you follow any sports? So I’m thinking about grad school in a few years, any advice? Where’d you go? Etc. Try to keep it going like once a month or so (possibly every other week if it’s convenient (like you are within walking distance). Very likely that if they sent you a personalized let down there’s room to parlay this into a future opening.