After Final Interview with mid-size firm… they are still interviewing 2 other people after me.
CEO/CIO responds to my thank you email with “regardless of our decision, I’m sure you’ll make a good investment research analyst.”
In my eyes, that’s the sign that they KNOW you aren’t the one and trying to let you down easy ahead of time.
Curses.
Reply:
Same back atcha.
HA! Thanks S2000. In addition to answering everyone’s questions you are somehow able to make me laugh at a time like this. much appreciated.
you are indeed an AF legend.
You’re too kind.
At least I did somebody some good today.
Agreed. When they really want you, they wouldn’t risk losing you to someone else.
Don’t lose hope though. There’s no guarantee that the people ahead of you accept the offer.
I wouldn’t take it that far as to say they will reject you. It’s an employers market, and they can take their time, make sure everyone gets the chance at the final round.
The only thing I can say is you likely didn’t blow them away to the point where they absolutely had to hire you immediately.
I wouldn’t read too much into it. It could easily be a tight race and they guy is actually being genuine.
I agree with bchad but also itera, it is an employer’s market and they might just be trolling you for a lower price. Never underestimate the ability of experienced finance professionals to be lame in any way possible.
If I wanted to be a lame guy, this is what I would do: I would send that type of message precisely so that you think you have little or no bargaining power even if you were my top candidate. If I did want to hire you, I would then call you back to the office for a sit down in which I would explain that, while you *might* be qualified for the role (but who really knows?), we are also considering someone much more experienced (who, in reality, may or may not exist, but you have no way of knowing). I would then proceed to low ball you on the compensation because I’m a dick, and you, thinking you probably have no bargaining power and there is another candidate in the wings, would likely accept because we all know how hard it is to get a front office role these days. If you pushed back, I would awkwardly end the interview and send you on your way, while still maintaing my ability to call you back at a later date (a call that you would take).
Moral of the story? This industry is wicked. Never assume you know what is going on and never put any blood in the water because finance is full of sharks. Anything is possible. You might be their top candidate. Or their top candidate might blow it. Just roll with it, stay positive, and never show your cards until they show theirs. Emotions are not your friend.
nvm
This exact thing happened to me at a hedge fund I’ve worked at – employer wanted to make a “value” investment out of me, and in the end I didn’t have that much negotiating clout (i.e. I tried with competing offers, didn’t get much out of the talk) but ultimately liked the opportunity enough to take it. At times, it was a trying experience at first, but after hitting the ball out of the park with one stock recommendation after another, I got a meaningful bump in comp. It didn’t hurt that I continued to make it known that I had other “friends” in the industry.
This business is all about leverage. You don’t want to telegraph any weaknesses.
Ha ha. It reminds me of a conversation where people asked me if I was an investment banker (my immediate reaction was, “do I LOOK like an investment banker?” which I most certainly do not).
I replied “An investment banker’s job is to be a professional a-hole while sounding presentable; I’m not very good at that.”
Much of the finance industry is like it, but those particular skills get developed fastest in the IB crucible.
Getting initially lowballed in front office positions is the norm nowadays.
Finance people are a**h****.
Well I was forced to tell them the minimum I would work for during my first interview. So they knew the bottom before I was asked back for additional rounds. If they try to go under I’d be pretty pissed and it would paint them in a pretty crappy light. Of course, I’d still probably take the job…
I hope you didn’t tell them the minimum that you’d work for, because sorry no company will offer you more than what you tell them there. My “minimum” would be 10-20% more than my minimum, allowing some room to negotiate. Always include something like “well, it depends on the overall compensation package, but I’d need to see around $x in order to make the move.”
Worked great in my experience.
If the industry is really in a state where we are all under cutting ourselves to get into the door (oh, he said he’d work for $6.50 an hour, I’ll do $6.25! $6.00! $5.50!), then I’m real thankful I’m on the corporate side of things and don’t have to deal with that nonsense.
Doesn’t matter. Got the rejection email this morning. Will follow up to see if I can get some pointers for my future. So 0-1 now.
Going to be a long couple of years trying to break into ER…
This actually was buyside. I’m agnostic though. Just want to get in, you know?
An employee has the most leverage once an employer makes a written offer. It’s an admission from the employer than you are the best person available. You will probably never be in a better bargaining position for the rest of your career with that employer than on that day.
The initial salary is very important going forward. Your bonus and subsequnt salary increases are based on that initial number. Do your homework and take advantage of your leverage without being unreasonable.
Sorry you got denied! Keep at it and good luck!