Have two offers from two big banks - Goldman Sachs and Bulge bracket bank X both in a back office Controller function
Both are jobs I don’t want to be doing - I want to be moving towards PE, but I need a job and so have to go with one for the time being. Bulge bracket bank X pays $380 a day, GS pays $280 a day.
I’m inclined to think that GS has more value on the cv due to the prestige etc, so much so that it is worth the pay cut based on the fact that when I go for interviews for the job I DO want to be doing I’ll seem higher calibre and more atttractive that employers would be more inclined to give me a ‘punt’ even if I don’t have all the necessary experience - just because I came from e.g. GS or JPM.
Bulge bracket bank X I see as a great swiss bank but not as impressive as to differntiate me from another candidate.
I do realise I’m bigging up GS massively here and I do also realise that relevant experience counts for more than where you come from, but either way I have to make a choice - take the money or accept a cut for the fact I get GS on the cv and what that can do for my future
I assume that at GS you are far more constricted in terms of what you can do and what you cant do versus the suise bank.Bear in mind that having GS or Morgan stanley on your resume is attractive when you were in an M&A role or other departments raising finance,building models etc.
In my very limited opinion being the controller at GS is no different in terms of how others perceive it on your resume than having the same job at Amazon or Google(although the job functions are different).I dont know about your past education but if I were you I would work my ass off at the suise bank(given that there maybe a higher chance of promotion than GS) move up the corporate ladder then:
1)Go for a Top MBA.You know the rest(go and do actual IB stuff)
2)Work my ass off a little more becoming the CFO or a high ranking individual in corporate development section.The grass is greener by then hopefully.
Its run by a fellow AF member,I would also ask him on advice if I were you,he helped me in my decisions alot.He can be contacted via his website(above or you could PM him)
IMO, always go with the money. When you come out of GS, whoever hires you will likely ask what you were paid at your last place and you could risk lying, or if you tell them the truth and they may only pump up your pay to $350. If you go straight to the other BB then you’ll get paid $380 from day 1.
^^ In some countries salaries are expressed on monthly basis… But I’ve never seen a daily rate for banking… $300 per day doesn’t mean much?? USD? GBP? For 22 working days a month… Thats about 80k, I think CFA Charterholders should be a bit beyond that… Also back office controllers can make ok money but career earnings are capped compared to an investment pro
I’d go for Bulge. They pay more and all that matters is having exposure and experience to a field. In addition you say this is not your dream job…go for the money.
I know people that were working at very small banks and managed to get a job at giants like Morgan Stanley or GS…
For GBP100 less, you’d be crazy to take the Goldman role I think. If the pay rates were the same, then I might lean towards GS given its status. However other factors such as location, advancement opportunities, general vibe from interviewers would be at least as important. Given the huge disparity in pay rates, this is a no brainer in my opinion.
Neither if this is not what you want to do long term. Unless these positions are interim roles (looks like they are?), in which case your comitment to a career in IB/PE might be a tad easier to explain if you ever get interviewed at such firms…
What value do u think ur product control skills will be adding to a potential PE/IB (front office) employer?..
Wait, I am confused why you cannot mention bank X, but freely throw out GS. I would think GS would be just as sensitive to people throwing this information around.
Also, I wish you had a middle office job offer instead. So your nickname would be mo2fo.
Finally, I agree that even these days there is a bit of luster attached to the GS name. However, since a controller job at either company is unlikely to place you in PE, you should choose the job which pays 33% more. Perhaps also consider whether either of the two companies has a history of placing Ops workers in FO positions. This was common at say Soc Gen or UBS (Kweku started in Ops, for instance). Nowadays, it’s harder though, since there are many disgruntled FO workers who banks can hire.
In response to some of the comments - I hadn’t mentioned the specific name of the bulge bank in case people I’d interviewed with had been on these forums and put 2 and 2 together, it could have affected the deal. In the end I’ve decided to go with the bulge - Credit Suisse due to the money, the fact that the role at GS was shit despite the prestige of being associated with the company and that in essence, if PC is not where I want to be then really money should be the prevailing factor.
With regards to next moves, if I am to make my way (somehow) into IB/PE then I’m thinking I shall start looking at some Big 4 Transaction Services and Valuations roles to get some deal experience. I have heard of a lot of accountants that have made this glorious move into the front office and coupled with my cfa, hopefully this should add some strength. My financial modelling skills are non-existent so I am also thinking about doing the Breaking Into Wall Street program and banging that on the CV - unless anyone else has better suggestions.
What does everyone think? I know it’s going to be tough but I refuse to be labelled as a bean counter for the rest of my life. I’d like to think I’m more than that
Side point: I do understand that doing an MBA will greatly help me, but there are a number of factors holding me back;
Im already a CA and hopefully CFA at some point soon - is that not enough?
an MBA is very expensive and will take time - possibly even time out from work if I go full time. Not sure that at this point if I have a. the funds b. the chance to take some time out when I am already 31
CA + CFA + Big 4 TS + some exposure to financial modelling via work or BIWS = an interview at a PE firm. I could be wrong
^Thats a very dumb move,going to industry than back to big 4 than PE.If I were you I would clear my mind on my path at least one of the moves you are planing here seems to be extra in your route.Choose between the controller and the Big 4 first.Going from controlling to Big 4 TS is stupid since you are moving horizantally in your path when you should be in fact moving horizantally
If you read the first post you will be reminded that I am not making this move out of choice, I need an immediate job and this controller role has presented itself. The ideal move now would have been straight into Big 4 TS and I will be looking into getting interviews whilst still working in this new role. Your last sentence made no sense and it is spelt ‘horizontally’
Thanks I’m going for the bulge. Next possible routes for me I have outlined as the following;
To Big 4 > IB/PE
Direct to a boutique bank as a IB/PE analyst hoping that the commentary part of my role in product control and BIWS prep will indicate that I know about the markets and financial modelling respectively (this is harder and I am reallly looking for that one boutique to take a punt)
Direct to a buy side hedge fund/PE fund/asset manager firm as some sort of analyst/controller most probably in the back office but with letting the firm know that I have CFA level 3 to pass and that with this in mind, I will be looking to prove myself in whatever role they do offer me for the chance to make it across to their front office side and working directly with an asset manager or as a PE analyst (the hardest, but apparently such buy side firms are willing to allow this transition due to being smaller and less divisional than a huge investment bank)
You don’t want to be associated with accounting at this age if you are trying to move into PE/IB, either network really hard or do a MBA for the on-campus recruitment opportunities.
A lot of people talk of doing an MBA/Msc like its a natural/routine undertaking. I myself would ideally want to do one at a top school in london such as LSE or London Business School - but the one at LBS is 42000 GBP!!
How does one even go about affording such an expense if you’re not already loaded, which is what I presume a lot of candidates are NOT presuming that they are doing such a course to advance their career and earn those big bucks!
Seriously… how do you even afford such a thing without a scholarship?
