New Job??? Take it or not!!!

I have a good job at a very reputable firm and was not looking to make a move at all....

then...

My old boss contacts me about coming to work with him at a smaller M&A focused investment bank and offers me a significant increase in salary...

I am not sure what to do!!! In my current job I have:

Good 401K with a good matching plan
Comfortable job with a good salary
Job security
Good Benefits
Name recognition (The Firm's)
A good reputation at my Co.

But the new Job offers:

A great opportunity for a pretty big promo. and a significant raise...but:
Decent Benefits
Basic 401K
Newer Firm with very little name recognition
Longer hours


I don't know how to weigh the pro's and con's here....
I don't want to stay at my current job just to be 'comfortable'....I want to take the risk....But I am scared, quite honestly of losing the security that I have....

Opinions?
Anyone ever have to make a similar decision??

hMM THATS TOUGH. But I look at it this way if you earn $100 k but work 90hrs a week, do the math.

Sometime it doesnt pay. See if they can give you another perk somewhere else, like more vacation time

or stay where you are and be happy

This is what I struggle with all the time! Not that i was offered any good positions recently but my current job is comfortable and while the salary is not the best I get great benefits.

I have been and forth with DH about this and what we come up with is:
- Is the salary increase so much higher that it would make up for longer hours and lesser benefits?
- Are you very unhappy at your present job?
- Would the new job be stable and you don't have to worry about something like lay-offs?

This didn't answer your question but these are just other things I think about. I don't love my present job but would move only if the salary was significantly higher to make up for the other things - esp since i have great hours here too and that's important to me!

Honestly that would be a hard decision for anyone to make. Since you enjoy your job, and the firm you work for, I would say to stay where you are. You have been there for a while and you already have the better 401k, great benefits, and decent salary. Im sure if you keep going with the firm you are with now, you will get the better salary.

With the firm you are at, you know you have Job security, and you know the firm has a good name.

If you go with your ex boss, you are taking a big chance. Who knows if his firm will succeed, who knows if you will be happy there, money isnt everything.
Scott

Jessieeeeeeee

Take the risk!!

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Posted by Ronnie&Theresa

Jessieeeeeeee

Take the risk!!

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Hey T!!!!

I'm so confused.....ahhhhh!!!!!

Hey!!

I am werid you know
I always think change is different

Merf - those are all great points....and definitely something I have thought about....
It's hard b/c I know the guys I would be working with at the new firm (and they are GREAT guys)....
But I also love the people I work with here....
It's a real toss up and I am just so scared to make the wrong decision....

I just keep thinking that 'No great accomplishment comes w/o great risk' right?
(the saying goes something like that right? lol)

As for the salary....it's a matter of a 20K difference...that's a huge deal to DH and I right now while trying to find a house...ya know?

Risky decisions are never easy.......ugh!

You have to sit down and outweight the pros and cons.. I'm all about job security and unless this small investment bank is going to go public (if it isn't already) and you'll be part of the ride and able to reep the benefits than go for it.. but more $$ isn't always better.. make sure that your benefits are good ones.. in the long run, it's those that will make or break you..

Also, like wacky said, if you're going to be working 22340238 hours a week for more pay, then why bother?

Do you REALLY like your old boss? Would you be working directly for him?

Does your husband have a secure job so that if (worst case) you needed to quit or the firm folded, you would not be in a financial pinch.

Would the extra salary bump more than take care of the less than stellar benefits? Like could you save a lot more to make up for having a less desierable retirement plan, etc..

Will you have some other benefits like more vacation or more flexibility in exchange for the committment for longer hours?

Do you know anyone at the new firm? Do you like them? Have you gotten the inside scoop about what its like working there?


Boutique M&A firms can be quite demanding..if the reward didnt far outweigh the reward, I would be leary of leaving a job I enjoyed for an unknown. But Im a pretty risk adverse person.

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Posted by MarcellaBella

I'm all about job security?

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I absolutely agree with this..even though we know there is really no such this anymore, we can still pick the better of the two. In the long run, I think you way the two based moe than salary........

when you say 'longer hours' - how many more hours?? $20k is not that much after taxes, and if it requires you to work like a dog, is it really worth it???

i am also leery of any new company starting up in this economy. i don't know much about your field - but doesn't M&A activity dry up a little in a tough economy??? my firm (a large public accounting firm) just laid off a bunch of people from the specialty groups - including M&A.

i say if you are happy were you are - and you are still learning and growing there, i would stay.

JMO!!

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Posted by Sonicstef

Do you REALLY like your old boss? Would you be working directly for him?

I would be working in his group...and yes, love my old boss (he actually flew all the way to Italy for my wedding!)

Does your husband have a secure job so that if (worst case) you needed to quit or the firm folded, you would not be in a financial pinch.

(Yes, but I make more than him, so it would be a pretty big impact on us...)

Would the extra salary bump more than take care of the less than stellar benefits? Like could you save a lot more to make up for having a less desierable retirement plan, etc..

(The benefits aren't bad - they are just average...It's just that my current benefits are REALLY good)

Will you have some other benefits like more vacation or more flexibility in exchange for the committment for longer hours?

(I am going to explore this question further with them....)

Do you know anyone at the new firm? Do you like them? Have you gotten the inside scoop about what its like working there?

(Yes, I know them and like them....but as far as getting the scoop - the company only consists of CEO, Pres., CAO, and 5 MD's right now...I would be the first person at my junior level so I really have no one to ask...)

Boutique M&A firms can be quite demanding..if the reward didnt far outweigh the reward, I would be leary of leaving a job I enjoyed for an unknown. But Im a pretty risk adverse person.

(I know....And that is exactly why I am scared....)

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Ok, I think I need to talk to them a bit more and explore some options that might compensate for those I am giving up and see what I can come up with....

Thank you all for your input!! It helps more than you know....

I think that a lot of the women have raised good points. One other thing to thing about is that you said this new position would be a promotion. How long in your current company do you think it would take you to advance to that level? And if God forbid, the company didn't do well - do you think that you would have better job opportunites looking for a job at a higher level?

Good Luck with you decision!!!

IMO, job security is worth more than additional salary, esp. when the higher salary comes w. more hours. I recently relocated and took a new job at a young company for more money, basically equal benefits. There were several surprising drawbacks- as the company is newer, its smaller and less well run. There are a lot of organizational issues that came up in my first week, like that they have no training program and seemed to have less of a defined role for me in the company than was discussed during the (extensive) interview process.
Turns out they hired too much staff too soon, and now I am in danger of being laid off after 2 months. Not to say this will happen to you AT ALL. I am lucky in that DH makes a good living, so we are OK there, and I am already actively looking for another job. I have always taken risks in professional life, so I would probably still consider joining a newer company after this. I would just know how to weigh out the options better this time. Good luck!

I think you've gotten great advice. So I just wanted to say GOOD LUCK making your decision

Thank you all very much for some very good points and things to consider....

I will let you all know once the decision is final.

Thanks again!

I am young and I really don't know much so take my advise with a grain of salt.

I think since you are in the process of buying a house you should stay where you are.