I got an offer from Millennium Management (140 + 45) but my current manager offered (160+50). I’m confused about what should I take? Should I consider counter offer?#interview #finance
Why did you apply outside in first place, was it just for money? Was there anything else you were looking for ?
Both Money and hedge fund
Always wanted to go to hedge fund
MM has much more upside. Let’s assume you take the counter and stay at BofA. How much do you think they will increase your salary after this time? In contrast , if you are in MM you can expect higher numbers from MM after this year, or worst case scenario, you have one year of working at MM which will open many more doors. Also I think MM is lowballing you, because they know you not getting much from BofA, but next time around, when the next firm wants to send you and offer, they have no idea how much you are getting paid, so they won’t dare to lowball you
This is correct. And to add another perspective, I made the jump from UBS to MLP and your scope (and learning opportunities) in a hedge fund is just much larger. BUT, that also means more pressure and stress. And to be completely transparent, MLP 5 years ago is very different to what it is now. There are still lots of smart people, you still get a lot of freedom, you get the chance to work on newer technologies (I.e ML, SageMaker, etc.). However, they are introducing additional layers and more PMs and sadly a number of those PMs are not up to the level. And hence I am leaving MLP soon.
Where are you going?
Depends how much you’ve negotiated with MM already. If you just got the offer from them, share that you’re ready to join the team and it’s exactly what you have been looking for (HF) but you’re walking away from 160+50 at ML and you’d really like compensation not to be a distraction as you take this opportunity. If 140+45 is their best, I’d probably take the counter from ML since its significantly more money and would then just keep interviewing in the meantime because you’ll probably be max of band at ML and will never get another dollar (or at least that’s the excuse they’ll give at ML).
dang that's such good wording, you are a master. "...you’d really like compensation not to be a distraction as you take this opportunity." I'm trying to get better at this, the way corporate-speak when used to your advantage allows you to abstract the negativity away from a meaning and allow you to communicate difficult things while remaining positive Above The Board
YoE?
What are the positions at each?
Sr Quant Analyst Merrill portfolio analytics vs. Portfolio Researcher Global Risk Management department
Your new base is still low! I’m VP Sr Quant Analyst at Merrill portfolio analytics with base of 180
Stay. Don’t leave for at least 20% more. It’s a pain to learn all the little things and inner workings, only worth it if comp goes up! IMO at least
don’t ever take a counter offer from your employer… never
100%
Why is that?
What's your current title/level If you don't mind me asking
Counter MM to match and quit
This is the right answer
How is your relationship with current manager? Do you think you’ll be a target because of this negotiation? Usually it’s better to jump once you get an offer …. Unless the manager is really nice.
Manager is a good person and the relationship is stable for now
Looking at the salary numbers makes sense to stay as long as other aspects work out okay for you. (Current manager, org culture, WLB, career trajectory and tc.)