2 job offers!

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c_hayhurst

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Okay, I just got 2 job offers in the last 24 hours. Which do you think I should take if my long-term career goal is investment/portfolio management?

Option 1) Morgan Stanley- Small-balance portfolio Financial Advisor. I would take phone calls from investors who have portfolio balances of <$25k to execute trades and maintain the account. This position will most likely turn into a sales position which will use these small investors as fodder for a marketing effort to increase investing through the company. The office and local operations seem a tad small; about 100 people, maybe less. I'll probably have to relocate to pursue a career-advancing position later on down the road.

Option 2) Nationwide Insurance- Back Office Monkey. I will be transferring investors from one Nationwide representative to another, when a Natiowide rep has investors, but the rep leaves the company or lets his securities licenses lapse to concentrate on selling Nationwide's insurance products. Nationwide is headquartered here in Columbus, so I could probably make a move to another position without having to relocate. This position is a 12-,month contract position, with a 75% chance of being hired permanently after 6-12 months.

Both jobs are located in Columbus, Ohio.
The pay is the same.
The hours are the same: M-F 8-5.
Both positions are entry-level and I'll be on a team of 10-15 people, with no management responsibility.

Again, my long-term goal is portfolio/investment management.

Which position/company, in your opinion, would be better suited for my goals?

Man, when it rains, it pours.
 
Wow, you're not worried about anybody at Nationwide seeing your post call their position BOM?
 
Congrats. Aren't you happy you didn't jump at that recruiter's offer? The one whom you felt mistreated you?

I don't know if either of these positions will translate that well into portfolio management -- it's not that easy with either opportunity. However, you have to make do with what you have, work hard, and see where that brings you. I think the MS offer seems like it'll give you better future opportunities. The MS cachet carries more weight and the knowledge you'll be gaining will probably be a better step in the right direction.



Edited 1 time(s). Last edit at Thursday, August 31, 2006 at 03:32PM by numi.
 
BTW if all you think about the second offer is "BOM" then I think you've already answered your own question. If you can't respect your own job, nobody will respect it for you. Moving on...
 
numi Wrote:
-------------------------------------------------------
> BTW if all you think about the second offer is
> "BOM" then I think you've already answered your
> own question. If you can't respect your own job,
> nobody will respect it for you. Moving on...


For the saake of expediency, I used that term. I'm not really sure what the official title is yet.

Besides, both jobs are something I'm just dying to do; they aren't something I will hate doing, either. I see them both equally: a stepping stone towards a larger goal. There is no more or less respect that I see with either job.

At this point, I'm more concerned about which company will offer better opportunities for the long-term, rathe than what the initial position is right now.
 
c_hayhurst Wrote:
-------------------------------------------------------

>
> At this point, I'm more concerned about which
> company will offer better opportunities for the
> long-term, rathe than what the initial position is
> right now.


I would be more concerned with the job function than the company. I would think that either job will not lead to anything in PM without you excelling in your current position and befriending a manager that is plugged in not only within the company but the industry. Make your manager look good and they will take you with them when they move up. If they move up to a position that you do not want to pursue, chances are they will try and help you find a spot doing what you really want to do. Again, excel at your job and make your manager look good regardless of which position you take.
 
MS all the way. The name alone will open more doors in the future. And possibly more networking ops too. GL.
 
MS by far. At least it's solid securities rather than insurance. Can't you leave Columbus now if you get a better offer?
 
c_hayhurst Wrote:
-------------------------------------------------------
>
> Option 2) Nationwide Insurance- Back Office
> Monkey. I will be transferring investors from one
> Nationwide representative to another, when a
> Natiowide rep has investors, but the rep leaves
> the company or lets his securities licenses lapse
> to concentrate on selling Nationwide's insurance
> products. Nationwide is headquartered here in
> Columbus, so I could probably make a move to
> another position without having to relocate. This
> position is a 12-,month contract position, with a
> 75% chance of being hired permanently after 6-12
> months.
>
> Both jobs are located in Columbus, Ohio.
> The pay is the same.
> The hours are the same: M-F 8-5.
> Both positions are entry-level and I'll be on a
> team of 10-15 people, with no management
> responsibility.

That's funny, I hold a very similar position with NW here in Columbus and I've never considered this position BOM? what makes you think it is?
 
I agree with pytheian. It won't get you into MSIM (not to mention that you need a lot more relevant experience in front office securities roles and professional connections to even be considered for such roles). However, at least you will be dealing with securities there, so it is a step in the right direction...maybe some years from now you will find yourself in a PM or analyst role at a buy-side shop. Make the most of your immediate learning experience, but also see if you can network with some people along the way that might help you find opportunities where you can interface with institutional clients. It won't be easy but at least there's some potential for you to meet those kinds of people.

And yes, Chadstur also makes a good point about making your manager look good -- and if he is a good boss, he'll give you meaningful responsibilities and allow you to feel like you're sharing in the ownership of some of the projects too.
 
Uh oh... Based on the fact that you've just goofed in front of a potential future colleague, I'd go with the MS option. And for the reasons Numi stated above.
 
I would definitely take the MS job. The name on the resume alone makes it more appealing. It will probably lead to other sales-oriented positions down the road and perhaps you can leverage all that sales experience into a buy-side position.
 
braves fan Wrote:
-------------------------------------------------------

> That's funny, I hold a very similar position with
> NW here in Columbus and I've never considered this
> position BOM? what makes you think it is?


Uh-oh! Did you interview me?

I think I just stepped in it...

Again, I am denigrating neither the position, nor its responsilities; I used the term BOM as a generic term to indicate that while, yes, it is in the securities industry, it is a back-office position. And there is nothing wrong with working in a back-office position. Hell, I'll be ecstatic to work there in that capacity.

The position offers a great opportunity to work for a company with a great culture, and wonderful career opportunities, both in securities and insurance. Additionally, the position allows you to interact with some dynamic field reps, which one could use as a networking opportunity!

I am equally excited about both positions and I think they both have potential to satisfy one's career goals.

I just have to choose, and having to choose between 2 jobs I actually *want* has never happened to me before, ever.

I've had the opportunity plenty of times to choose between 2-3 jobs I didn't want. Even though I had all those choices, they all were losers (e.g., selling forzen meat door-to-door vs. selling mortgages on a commission-only basis vs. flipping burgers).

This time, for the first time in my life, I will be happy with either choice!

How cool is that?
 
It's fantastic... take the MS job. You may rethink networking with field reps once you hear about all of the joys of variable annuities and how they're the way to go with an IRA.
 
Well, I got everything finalized:

I took the MS position. The headhunter said he's placed someone else there making $35k starting, but MS offered my $37 starting. I asked my manager-to-be for $39k, he offered $38k.

I said, "great"!

I would have liked more, but I'm not going to negotiate my way out of a job I want, so...

I start in the middle of September.

yay!
 
c_hayhurst Wrote:
-------------------------------------------------------
> Well, I got everything finalized:
>
> I took the MS position. The headhunter said he's
> placed someone else there making $35k starting,
> but MS offered my $37 starting. I asked my
> manager-to-be for $39k, he offered $38k.
>
> I said, "great"!
>
> I would have liked more, but I'm not going to
> negotiate my way out of a job I want, so...
>
> I start in the middle of September.
>
> yay!


Thanks for your input, everyone.

:)
 
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