Hi, I have an opportunity to get into ER (sell-side) starting Jan08. I understand the work hours can be insane. The only thing holding me off is thinking about giving my level 3 exam this June. The employer says i’ll get time to study…but when i talked to some people who work there…they said most people tend to push it off (cfa exams) because they don’t get the time they really need to pass. Could anyone please advise if i should go ahead finish my level 3 exam first and then start looking for ER positions or take up the opportunity i have available now? Problem is…i’m not sure if i’ll be able to find anything else later on. As it is, this took me couple of months to land an interview/offer. Thanks!
you’d be stupid to pass up experience for more education.
you shouldn’t even have to think twice about this. Take the offer.
Position right now is for Junior analyst. Thought maybe i could try for associate positions once i pass L3. But i guess these positions don’t come by easy (associate)?
That is most likely just a title difference. At my firm, and from what I understand of our competitors, junior analyst and associate are interchangeable. Yes, the hours will likely be tough and it could cause you to push level 3 off. But what is more valuable in getting a higher position, a charter or work experience?
Thanks guys! that really helped! One last question: any idea what the base salary range is for this position? i was offered somewhere between 60k-65k. I thought it was too low, considering the fact its in NY and living there is very expensive! [I have a feeling i’m being offered the minumum of their bracket based on my salary history, not based on my experience and what i can do for them :(]
$60-65K base is what someone coming from undergrad would be getting. what’s your background and work experience? you should figure out what the market is paying for people with comparable experience
if you’re good at what you do, money will catch up with you eventually. Take the experience out of undergrad. If you’re as good as you claim to be, your bonus will reflect that. So will your exit opportunities that will open you up to higher future base comps. again, if you’re good at what you do, the money will follow you quickly.
If its a large sell side firm, the pay ranges are likely pretty tightly bound. First year analysts (out of undergrad) get a base of $60k, 2nd years 70k, etc… If they are bringing you in as a first year and you have work experience that relates to what you will be doing, you could push for a higher position. But if the work was not directly related, I wouldn’t expect it to change too much.
numi: “what’s your background and work experience?” I have 2 yrs of experience in the financial sector. I’ve done from competitve research to portfolio analysis (all the good stuff you learn in L3). Not exactly relevant to ER, but i have good hand on fin statement analysis due my previous competitive research gig. “you should figure out what the market is paying for people with comparable experience” - Problem is, i don’t know what the market is paying. Most postings i look online have it as 65k - 80k. Thats why i figured i was at the bottom. strikershank: I completely agree with you. Problem is, i need some $ to survive and for my basic needs. If i take up this offer, i’ll be forgoing my current bonus (btw, i exceeded my target so i’m entitled to full % :)) FIAalyst: It is a large sell side. Maybe i should call back and push for higher. :-/ OR i could just let this one fly by and keep looking. With the current market trend (recession looming ahead of us); you guys who already are in the field; do you guys have the budget to hire more analyst for 08? I have a feeling there will be more job cuts; and if i take up this position as junior, i may just get layed off.
A bird in the hand…If a better opportunity comes up in 6 months, seize it. And remember that $60k is just your base. That is definitely enough to live on in NYC, especially when your firm is paying for your dinner every night.
I wouldn’t fret over that salary mentioned. Big picture, first year they’re paying you to learn a valuable skillset that is marketable, which to me is worth > $000’s.
Incidently, what is the going rate for dinner allowances? My firm pays $25. Is that low, average, or high? FIAnalyst Wrote: ------------------------------------------------------- > A bird in the hand…If a better opportunity comes > up in 6 months, seize it. > > And remember that $60k is just your base. That is > definitely enough to live on in NYC, especially > when your firm is paying for your dinner every > night.
I dont understand why your even thinking about this …Take it man …
Dermot81 Wrote: ------------------------------------------------------- > Incidently, what is the going rate for dinner > allowances? My firm pays $25. Is that low, > average, or high? that’s reasonable. what’s better is that we still have our research jobs (for the time being)
Dermot81 Wrote: ------------------------------------------------------- > Incidently, what is the going rate for dinner > allowances? My firm pays $25. Is that low, > average, or high? > > FIAnalyst Wrote: > -------------------------------------------------- > ----- > > A bird in the hand…If a better opportunity > comes > > up in 6 months, seize it. > > > > And remember that $60k is just your base. That > is > > definitely enough to live on in NYC, especially > > when your firm is paying for your dinner every > > night. i think $25 is standard. and paying for your dinner every night? how often do you guys stay late enough to grab dinner when its not earnings season?
If you will be working under a high-caliber analyst, that experience will be worth more than gold in weight…
It is quite rare being able to get a spot from the outside as an Associate without either a MBA or being a CFA. Take it. Never forget that you’re studying for the charter so that you can get a better job, not the other way around …
numi Wrote: ------------------------------------------------------- > that’s reasonable. what’s better is that we still have our research jobs (for the time being) -------------------------------------------------- That’s exactly my other fear. And i’m truly convinced there will be good amount of layoff within the financial sector. Not only will the fixed income guys get hit (not that they aren’t already), but so will the equity folks :-/. Right now i have somewhat security, but if i take up this new offer, i may lose it down the road. Alayle: its not an Associate position (i wish). Its a jr position supporting them all. Besides, if i take this i wont be able to complete L3 in the near future. Got to think this thru over the weekend. (Who thought it would be this tough when you actually do get an offer…wow).
i am actually facing almost the same thing, for me its a little bit differen though: an internship for summer 08 as an equity research associate + I want to complete LII successfully, I am also an MBA student i am worried that the hours will kill my LII pass