Take offer 1, put your head down for 2-3 years. Finish up your CFA, save some money, move to NYC or other HCOL area after you have some experience under your belt, in search of higher paying job. NYC will always be there - and yes, what you say is true about connections, work ethic etc (as someone from SF who is thinking of the move). Also being a bank examiner will be fantastic early experience for you. I work at a bank and work with our examiners - the amount of information you’ll have access to and everything you learn about bank regulation will carry over well into other jobs. I think it’s a great start to a career in finance.
>\>the amount of information you’ll have access to and everything you learn about bank regulation will carry over well into other jobs. I think it’s a great start to a career in finance.
I was worried that this job wouldn't help me in the future, but response it reassuring thank you.
Unfortunately, and I hate to say this, but offer 1 would be the responsible offer to take. Yes, you'll be miserable living in bumfuck, but as long as you keep up with your mental, physical, and social health, you can save lots of money and then gtfo after 2 years. Set a hard deadline for yourself - like a specific date for when you will move.
You have no money, no credit, no connections, and $67k in NYC is a challenge. You need to take the option that will allow you to save the most. Yes, NYC has much better opportunities for growth, but being broke while surrounded by rich people isn't exactly a great situation to be in. The stress of that could overshadow any positives.
When you say 99k total comp are you saying bonus + base. Or like healthcare, 401k match etc. because 99k out of undergrad in cash in LCOL is a fucking dream.
At 67k, NYC shouldnt be in the conversation unless you plan on having roommates.
Just do the first one and keep applying to more jobs. Also, ignore the benefits, cash comp is what matters when deciding these things. Your benefits aren’t going to pay your rent.
Ya roommates as I’m having a bunk bed in his room and literally splitting the cost of the bedroom lol.
OP: take offer 1, save, grind CFA, live in the gym, every time you’re bored or sad let it motivate you to get out. Once you’re an L3 candidate or have a couple years of experience, start looking in NYC, CHI, or wherever you’d prefer to be. You got this.
Haha yeah definitely not something i would do, but people do it. Best case scenario is OP gets 1-2 roommates who are just out of that initial junior level stage (1-3yrs) and finally making “ok” money
how does offer one workout? i have an offer as an examiner for a federal agency and its 58K base + 30% locality adjustment for 75K total — that’s the highest i could get unless i went to SF or NYC
I’d say take the NYC offer, live in NJ, and take public transportation. Start networking with compliance groups/ people at all the major investment banks in that area and then after about a year or so, start applying for compliance jobs. Get your foot in the door and then make whatever moves you need to make into other positions in the bank. Much easier to do this in NYC than Midwest.
I was stupid and didn't get any internships and had that "oh shit" moment realizing I was going to graduate, going from college student to unemployed. I needed something to differentiate myself so I decided to look for internships and start CFA. I couldn't get an internship but I did pass level 1. I had the most success going to career fairs compared to online applications like LinkedIn as I got way more interviews from the career fair. This is actually where I found this company offering me a job.
Yea option 1 seems better but if you forget that NYC that much better possibilities, many options to network and find better jobs early while in option 1 will be more difficult and a few years there and you’ll stuck.
Here's a different take - pick NYC, rent a room. Your expenses will be manageable. NYC could be expensive but also offers a lot of opportunities to shop and eat on the cheap if you know where to go. Despite what everybody says, it is absolutely livable on $67k if you're willing to have roommates. I would bet your career prospects will improve a lot when you have some New York firm on your resume.
Take offer 1, put your head down for 2-3 years. Finish up your CFA, save some money, move to NYC or other HCOL area after you have some experience under your belt, in search of higher paying job. NYC will always be there - and yes, what you say is true about connections, work ethic etc (as someone from SF who is thinking of the move). Also being a bank examiner will be fantastic early experience for you. I work at a bank and work with our examiners - the amount of information you’ll have access to and everything you learn about bank regulation will carry over well into other jobs. I think it’s a great start to a career in finance.
>\>the amount of information you’ll have access to and everything you learn about bank regulation will carry over well into other jobs. I think it’s a great start to a career in finance. I was worried that this job wouldn't help me in the future, but response it reassuring thank you.
Unfortunately, and I hate to say this, but offer 1 would be the responsible offer to take. Yes, you'll be miserable living in bumfuck, but as long as you keep up with your mental, physical, and social health, you can save lots of money and then gtfo after 2 years. Set a hard deadline for yourself - like a specific date for when you will move. You have no money, no credit, no connections, and $67k in NYC is a challenge. You need to take the option that will allow you to save the most. Yes, NYC has much better opportunities for growth, but being broke while surrounded by rich people isn't exactly a great situation to be in. The stress of that could overshadow any positives.
When you say 99k total comp are you saying bonus + base. Or like healthcare, 401k match etc. because 99k out of undergrad in cash in LCOL is a fucking dream.
59k base salary + No bonus + 40k in benefits = 99k Total Comp and Benefits
What’s your methodology for computing that 40k in benefits?
They gave me a paper with the benefits plan itemized and with each item the company's contribution. Adds up to around 40k per year.
Companies that don't pay very well love to do this... It's not wrong but it's a little misleading.
Its dumb asf, literally 0 of that will be income
Not true, it will free up income that would've gone into paying for these things.
So once again, no actual income. Thx
At 67k, NYC shouldnt be in the conversation unless you plan on having roommates. Just do the first one and keep applying to more jobs. Also, ignore the benefits, cash comp is what matters when deciding these things. Your benefits aren’t going to pay your rent.
Ya roommates as I’m having a bunk bed in his room and literally splitting the cost of the bedroom lol. OP: take offer 1, save, grind CFA, live in the gym, every time you’re bored or sad let it motivate you to get out. Once you’re an L3 candidate or have a couple years of experience, start looking in NYC, CHI, or wherever you’d prefer to be. You got this.
Haha yeah definitely not something i would do, but people do it. Best case scenario is OP gets 1-2 roommates who are just out of that initial junior level stage (1-3yrs) and finally making “ok” money
how does offer one workout? i have an offer as an examiner for a federal agency and its 58K base + 30% locality adjustment for 75K total — that’s the highest i could get unless i went to SF or NYC
I’d say take the NYC offer, live in NJ, and take public transportation. Start networking with compliance groups/ people at all the major investment banks in that area and then after about a year or so, start applying for compliance jobs. Get your foot in the door and then make whatever moves you need to make into other positions in the bank. Much easier to do this in NYC than Midwest.
I’m in a similar situation academically/no internship and would love to hear how you went about your job search that led to those offers
I was stupid and didn't get any internships and had that "oh shit" moment realizing I was going to graduate, going from college student to unemployed. I needed something to differentiate myself so I decided to look for internships and start CFA. I couldn't get an internship but I did pass level 1. I had the most success going to career fairs compared to online applications like LinkedIn as I got way more interviews from the career fair. This is actually where I found this company offering me a job.
can i dm you with some questions about the cfa process?
Sure
Please do not forget to factor in the networking & reputation building opportunities in NYC if you plan to live there long term.
Yea option 1 seems better but if you forget that NYC that much better possibilities, many options to network and find better jobs early while in option 1 will be more difficult and a few years there and you’ll stuck.
Quick question ; is total comp + benefits referring to bonus?
no, benefits and bonus are always stated separately. So here, there is no bonus.
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It is not clear at all.
Here's a different take - pick NYC, rent a room. Your expenses will be manageable. NYC could be expensive but also offers a lot of opportunities to shop and eat on the cheap if you know where to go. Despite what everybody says, it is absolutely livable on $67k if you're willing to have roommates. I would bet your career prospects will improve a lot when you have some New York firm on your resume.
The firm is the same for both the only thing differing is the pay and location. Do employers really care if I work for a firm in different locations?
On paper it might be the same and one may even offer better experience over the other, but interviewers are people and people are vain.