kkent, can you speak about your experience of what it was like going through the recruitment and negotiating process without a current job and an offer? any personal anecdotes would be informative as there are many people who believe it is easier to search for a job when one doesn’t have any other work commitments, but without realizing that one often has little to leverage with in the absence of existing employment or a competing offer.
numi, great question. For this particular position, I was told up front–within 10 minutes of my first phone conversation with the firm–the EXACT financial numbers we were talking about. They said it was $35k + 55% “performance” bonus guaranteed, prorated across the entire year (so, the “bonus” is essentially salary–uhh, I think they must be gaming the tax system. LOL.). BUT, both of us definitely played some games in the HIRING process and it was an interesting little chess match of leverage when it came to the actual offer itself. After the preliminary phone interview, I was asked to come in-person. When I got there, those dirty SOBs popped a writing, math, and “IQ” test on me. After that I interviewed with all their guys, including the equivalent to the managing director. He asked me what my situation was like with other jobs. I told him the truth–I had 3 interviews up in Boston (we’re in DC, btw) and 1 in DC. He said to contact him in a week if I didn’t have an offer, but beyond that they gave no even emotional indication that they even considered me a viable candidate (I definitely felt like they weren’t interested). During that time, I didn’t get an offer from any firm, but I was contacted by about a half dozen firms (right after Labor Day). I emailed the MD a week later and told him my situation, making it known that a number of investment banks were in contact with me (this, btw, has been a successful strategy twice–if they think the big boys, i.e. investment banks, are after you then it makes 'em think). After I emailed the MD who never responded, there was “radio silence” for a week or so, until one of my friends told me that he was contacted by the firm because they were following up on my references. When they called me today offering me a job, I said I was stoked, but that I needed at least a few hours to think about it (keep in mind that I’ve got literally a half dozen interviews this week with other great companies). They told me they needed to know by no later than tomorrow because if I wasn’t interested they were going to contact other candidates they were interested in. So, in summation, it appears to me that one can partially replace his lack of a job with his credentials and/or his POTENTIAL with other companies. I can only ASSUME that this would be true in salary negotiations.
Congrats kkent. Nicely done
congratulations! Could you add some color about what Low Income Housing real estate means?
Sure, joe. There’s a few hundred billion dollar affordable housing industry that, in all honesty, many of us don’t know much about (nor do I–yet) because: 1.) Almost nobody in our industry requires affordable housing 2.) Few of us personally know anyone who requires affordable housing (presumably because of our economic class) 3.) There aren’t signs up in front of low income apartment complexes that say, “Affordable Housing” or “Low Income Housing: Salary Maximums.” However, this industry services millions of Americans, and often times (so my future boss tells me), there are affordable housing units in the middle of an otherwise wealthy, cosmopolitan, high end urban/suburban area. More often, however, affordable housing units are in rough areas throughout the country and part of my job will be to travel to these areas and pray that I don’t get mugged or killed. But the fact remains that there is a lot of money to be made in this industry for firms and, from what I can tell, there isn’t a whole lot of competition in it right now (hint hint) and firms like mine are raking in the doh (hopefully I’ll eventually get to see a little more of it).
“part of my job will be to travel to these areas and pray that I don’t get mugged or killed” Funny stuff… That is how I feel walking around Baltimore every day, it’s almost a sport at this point…
Sounds like a good time to exercise your second amend. rights
Yeah, Baltimore just might be the crappiest city in America (no offense). But I felt the same way as you when I lived in Philadelphia, so Philly is probably on the short list of garbage cities. CFAdetriot, do you know if it’s possible to travel (via air) with a gun? I mean, is there a way I can have it put on a bag that I check for storage beneath deck? Off topic, but just wondering.
i thought you might be from bodymore murderland. got that WMD?
I am pretty sure you can. Of course it has to be unloaded, locked, and you have to declare it. Probably should double check with some airlines, but I think that you can.
Nice. Thanks, man.
kkent Wrote: ------------------------------------------------------- > Yeah, Baltimore just might be the crappiest city > in America (no offense). But I felt the same way > as you when I lived in Philadelphia, so Philly is > probably on the short list of garbage cities. > > CFAdetriot, do you know if it’s possible to travel > (via air) with a gun? I mean, is there a way I > can have it put on a bag that I check for storage > beneath deck? Off topic, but just wondering. Ha Ha Ha - no offense taken. I am not a Baltimore native, but the people from here LOVE IT! It blows my mind (and makes me laugh).
Bonus and based are taxed the same. Advantages for the company are mainly from a cash flow perspective, since they pay it out late instead of along the way, possibly some 401K match or pension savings depending on how their plan is written, and maybe some sundry fringe beneift savings on items tied to comp. Biggest factor is that they don’t have to pay bonuses if the botom line is not there. Your guarantee is for year one, but after that its up in the air.
Ah, Super, thanks. That makes some sense. (Bad for me)
Philly is way better than Baltimore. I used to live in both. Good luck, dude. I remember I even quit watching TV news 'cause every day a bunch of people were getting whacked in the Charm City.
Yeah, you couldn’t pay me enough to LIVE in Baltimore.
Unfortunately I do live here, but I am thinking about asking for a raise in the form of hazard pay…