Just curious what kind of paycut people would be willing to take for a more interesting job. For instance, if you were sell side but really wanted buyside would you take a paycut of 30%? At some point people reach a point of indifference, but I’m not sure where that is. Thoughts?
Im taking a paycut of like 25%. Not because I want to, im moving into exactly the same job just with another big 4 firm. Just that salaries in the countr yim moving to are so much lower. But then again i think tax is a little lower and I get a pension contribution
for me it depends where the starting point is. I don’t have much marginal utility over a certain point. If I were making 40 I wouldn’t take a 10k pay cut, but if it were 200 i probably would- especially if it had better long term opportunities. My happy place is 70ish. If there were perks/ additional time off/ really ‘dream job’ type stuff involved I’s be happy with as low as 50.
what if you make 200, would you take 100k paycut?
i wouldn’t take a paycut also, if you switched, you would have to get politically connected in the company all over again, even though you have your dream position 89
comp_sci_kid Wrote: ------------------------------------------------------- > what if you make 200, would you take 100k paycut? too many missing factors. Do I have kids? How much is hubby making? How do hours compare? How much do I hate current one? Perks… etc. There are situations I would, but it would take a lot.
Pay cut is not part of my vocabulary.
comp_sci_kid Wrote: ------------------------------------------------------- > what if you make 200, would you take 100k paycut? no, but i might ask for more
numi Wrote: ------------------------------------------------------- > comp_sci_kid Wrote: > -------------------------------------------------- > ----- > > what if you make 200, would you take 100k > paycut? > > no, but i might ask for more Thought so
I took a 30% cut from 1st to 2d job to move into a better long-term career fit. No regrets ever. In fact many people still in my 1st career field tell me they wished they had had the courage in their 20’s to do that because in their 40’s they really hate it and the switching cost is much, much higher. Ultimately it comes down to what’s most important to you. I’ve always valued making enough + being fairly paid + really loving the work I do vs. making the most money possible even if I don’t like the work. A career is a long time to wish you were somewhere else.
I would try to avoid taking a paycut because it could have a substantial impact on your salary for years to come. Especially in this environment where many companies have salary freezes. I once took a 20% salary cut and still regret it.
JDCFA Wrote: ------------------------------------------------------- > I took a 30% cut from 1st to 2d job to move into a > better long-term career fit. No regrets ever. In > fact many people still in my 1st career field tell > me they wished they had had the courage in their > 20’s to do that because in their 40’s they really > hate it and the switching cost is much, much > higher. Ultimately it comes down to what’s most > important to you. I’ve always valued making > enough + being fairly paid + really loving the > work I do vs. making the most money possible even > if I don’t like the work. A career is a long time > to wish you were somewhere else. you went from law to finance?
philip.platt Wrote: ------------------------------------------------------- > JDCFA Wrote: > -------------------------------------------------- > ----- > > I took a 30% cut from 1st to 2d job to move into > a > > better long-term career fit. No regrets ever. > In > > fact many people still in my 1st career field > tell > > me they wished they had had the courage in > their > > 20’s to do that because in their 40’s they > really > > hate it and the switching cost is much, much > > higher. Ultimately it comes down to what’s > most > > important to you. I’ve always valued making > > enough + being fairly paid + really loving the > > work I do vs. making the most money possible > even > > if I don’t like the work. A career is a long > time > > to wish you were somewhere else. > > > you went from law to finance? Yes.
JDCFA Wrote: ------------------------------------------------------- > philip.platt Wrote: > -------------------------------------------------- > ----- > > JDCFA Wrote: > > > -------------------------------------------------- > > > ----- > > > I took a 30% cut from 1st to 2d job to move > into > > a > > > better long-term career fit. No regrets ever. > > > In > > > fact many people still in my 1st career field > > tell > > > me they wished they had had the courage in > > their > > > 20’s to do that because in their 40’s they > > really > > > hate it and the switching cost is much, much > > > higher. Ultimately it comes down to what’s > > most > > > important to you. I’ve always valued making > > > enough + being fairly paid + really loving > the > > > work I do vs. making the most money possible > > even > > > if I don’t like the work. A career is a long > > time > > > to wish you were somewhere else. > > > > > > you went from law to finance? > > Yes. How? What sort of firm were you at before? What sort of finance role did you lateral to?
Steely Dan Wrote: > > > you went from law to finance? > > > > Yes. > > How? What sort of firm were you at before? What > sort of finance role did you lateral to? Big Law, securities litigation. Enjoyed the analytical work, but didn’t like fighting with people all day over stupid things, nor the bill-by-the-hour culture, which penalizes efficiency. Didn’t want to give up getting paid in order to do MBA. Found CFA program, but wasn’t sure how to get the work experience. Took paycut to go to SEC. Got Charter, then started proactive campaign for a job in inv mgmt. Went to PE firm. Now managing multi-asset class endowment. Advice to those wrestling with these issues: 1. Never feel locked into a rigid career path in your 20’s, maybe even 30’s. 2.Take some time to figure out what you really like - it will make you more motivated and successful in the end, as well as happier. 3. Sometimes it takes your first real job or two to figure out what you really want. 4. If you can’t get what you want right away just look for things that will take you closer vs. farther away. 5. People who are afraid of change and/or miserable will tell you it can’t be done - don’t listen. 6. If you’re in college and know you want to go into inv mgmt, DON’T go to law school; do MBA or CFA. The direct route is always easiest. Just don’t be afraid to change your destination.
JDCFA: If you had it to do over, would you do the CFA again or would you take the path of least resistance? (ie FRM). Also, did the CFA immediately open some additional doors? How much of a haircut did you take when you went from Big law to SEC? What position did you have at the SEC, attorney or examiner? Thanks for any assistance given. I am presently wrestling with these questions. Rounder
JDCFA: If you had it to do over, would you do the CFA again or would you take the path of least resistance? (ie FRM). Also, did the CFA immediately open some additional doors? How much of a haircut did you take when you went from Big law to SEC? What position did you have at the SEC, attorney or examiner? Thanks for any assistance given. I am presently wrestling with these questions. Rounder
JDCFA Wrote: ------------------------------------------------------- > Steely Dan Wrote: > > > > > you went from law to finance? > > > > > > Yes. > > > > How? What sort of firm were you at before? > What > > sort of finance role did you lateral to? > > Big Law, securities litigation. Enjoyed the > analytical work, but didn’t like fighting with > people all day over stupid things, nor the > bill-by-the-hour culture, which penalizes > efficiency. Didn’t want to give up getting paid in > order to do MBA. Found CFA program, but wasn’t > sure how to get the work experience. Took paycut > to go to SEC. Got Charter, then started proactive > campaign for a job in inv mgmt. Went to PE firm. > Now managing multi-asset class endowment. > > > Advice to those wrestling with these issues: 1. > Never feel locked into a rigid career path in your > 20’s, maybe even 30’s. 2.Take some time to figure > out what you really like - it will make you more > motivated and successful in the end, as well as > happier. 3. Sometimes it takes your first real job > or two to figure out what you really want. 4. If > you can’t get what you want right away just look > for things that will take you closer vs. farther > away. 5. People who are afraid of change and/or > miserable will tell you it can’t be done - don’t > listen. 6. If you’re in college and know you want > to go into inv mgmt, DON’T go to law school; do > MBA or CFA. The direct route is always easiest. > Just don’t be afraid to change your destination. This is a good post.
Rounder Wrote: ------------------------------------------------------- > JDCFA: > > If you had it to do over, would you do the CFA > again or would you take the path of least > resistance? (ie FRM). Also, did the CFA > immediately open some additional doors? How much > of a haircut did you take when you went from Big > law to SEC? What position did you have at the > SEC, attorney or examiner? I would not have done FRM b/c I was not targeting risk mgmt. Wdn’t say CFA opened doors, though do think it kept many doors from being closed to me – CFA demonstrates a threshold level of knowledge and that you can learn and apply material relevant to IM. Otherwise some might have dismissed me as yet another lawyer who’s good with words but can’t do numbers. Re haircut see earlier in thread. At SEC was attorney/financial analyst in Corp Finance reviewing IPOs. Toward the end also worked with mutual fund/investment adviser reg group.