Should I leave Goldman Sachs PWM for this?
My background is FP&A/strategy roles at fortune 500 companies. I have an MBA from no name school. I took the role at Goldman PWM to get experience/name but quickly realized how I would never want to purse my career there. I have been here for a total of just under a year I recieved an offer from a boutique investment firm that invests in restaurant groups. Role is Manager for FP&A and development. This is more in like with my strategy and finance background and ill make the move to NYC. Comp details below. YOE - 5 Current TC @ Goldman 90k Offer TC 135k Want to make sure im not making a mistake to going to a smaller boutique PE style firm.
Are you at the analyst or associate level in PWM? And what is the pay progression in Goldman PWM?
I came in as an experienced hire so it was a little different. I’m at the analyst level but I get paid closer to an associate. Pay progression is minimal and there’s not a lot of room to grow unless you’re bringing in revenue
Ohh. I see. My advice is, if you enjoyed what you were doing in fp&a before making the switch go ahead and switch back. Esp if you cant see yourself building a career at GS. Plus youre getting a good pay bump by making the switch as well. Also, would you mind if I sent you a personal msg? I am <1 yr into an fp&a role and want to make the switch to somewhere like GS PWM and could use some advice. Thanks!
What’s the culture like at GS PWM?
I don’t work in HQ. In the regional office I work in it is very relaxed but also bad because management is just watching everything and taking notes. You think it’s relaxed but really it feels like you’re being watched the whole day
This sounds like a no brainer. Will need to consider cost of living adjustments but if you’re not in NYC and moving there, it will give you more access to other jobs, off the back of a larger TC bracket.
I would take it
I’d take it. You’d not make this money at GS even after you make VP in the regional office.
That’s a big jump in salary. I would take it. Although I learned more at a small company before joining JPMorgan and my salary increased $80K when I joined JPM from the small company
What did you start as in JPMorgan's? And YOE?
I mean, sounds like you already sold yourself into taking it and you just want some confirmation. Like mentioned above, make sure you’re comfortable w the cost of living increase and make sure budget wise it’s a smart move financially, because it seems like position wise you want to take it
Sounds like a good move. Only concern is potential COL differences between where you are now and NY. Have you calculated that? What's the TC difference adjusted for COL change?
Dude! You already have the brand name in your CV now squeeeeeze it! If TC(1) > 1.2 × TC (0). Your is more like 1.5! Additionally you will be doing investing and prob GS will re call you in the future!
Comp over company, always. If a small boutique pays you more take that. You will probably learn more there.