Is the offer just that bad, or does saying “I’ll make 50% less than last year” include the lower bonus resulting from a bad business environment. Hell, do a DCF analysis of possible future salary numbers. Guesstimate what this awesome name will do for your future salary, and figure out NPVs. Its math that’s based on a lot of guesswork, but so are 3-5 year forecast models.
To the OP: why the heck do you need a so-called “brand-name firm”, if you won’t have funds to maintain the status embedded in this name?
Ok just got in. Don’t do it. You cannot cover your expenses. That is the bottom line. What’s your guarantee five years down the line? Precisely. Charles Dickens sums it up nicely: Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. You want years of misery?
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > The other issue I have with low compensation > is that when I look for the next job after that, > my future compensation is most likely going to be > based off of what I would be making at this place, > which would probably still be lower than industry > average several years from now. My ultimate > concern is that accepting such a low compensation > now would have a permanent ripple effect on my > career. I think almost everyone else would have that same issue with the low compensation. Accordingly, your “ultimate concern” is not unique to your situation; in fact, I think it’s unambiguously justified for the reasons I stated earlier, and I do think the paycut would likely have a “permanent ripple effect” on your career. Based on what you’ve said, I don’t see much upside with the lower-paying position unless job security is that important to you. I’m with Neud and Muddahudda in that I don’t see what the holdup is, unless your current employment situation is truly terminal.
I agree with what everyone has to say. I decided not to pursue the position. If anyone has a million dollar job for me I am now free to speak to you, thanks.
JohnThainsLimoDriver , you’ve just made a right decision.
Neud Wrote: ------------------------------------------------------- > JohnThainsLimoDriver , you’ve just made a right > decision. I dunno man, I think driving Obama’s limo, might have been worth the haircut.
Nothing is worth the haircut (unless you want to make a complete shift of your career). If the firm you regard as a “prestigeous” firm doesn’t offer you good money, why should you want to work there? The problem with many people is that they underestimate their worth and are shy/unable to negotiate.
Just look at your salary slip next month and consider the amount you didnt give up as your own bonus. Probably worth celebrating that. The round is on you.
The only way I’d take a pay cut is to work for a small company or start-up where there is potentially a lot of upside or equity opportunities. I took a chance on a small asset manager, but got neither the upside nor equity. It didn’t work out, but I learned a lot from the situation.