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Author Topic: Job Interview Today: update [GOT THE JOB] - QUICK! New Dev.  (Read 3975 times)
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Eco-Logic
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« on: December 02, 2004, 04:06:34 PM »

Many of you know I've been having issues with my Boss.  Well today I have my first interview (tonight after work actually).  It's for a pretty sweet position with a whole lot better money.  I'm not really worried about this interview as I spoke with the President of the company on the phone yesterday and he pretty cool and laid back and he is the one who called me.  So, I'll just be myself and try not to do anything crazy and I'm sure I'll be fine.

There are some negatives to the job though.  On the description of the position it says that it requires travel of up to 2 weeks per month.  I brought this to his (the president) attention yesterday and told him straight up that I wouldn't be able to do that, getting married in April and all.  He told me it's actually more like 2 days, per week, every 3 weeks.  A friend of mine works there and he is going to have her look back at her schedule for this year and figure out how often she was gone.  If it's more like the 2 days per week thing I can handle that, especially since the money is so right.  Also, the traveling would be pretty cool, to cities like NYC, Chicago, Denver etc., so that is appealing in a sense.  I refuse to be away from my wife for 2 weeks though, consistently.  

Now for the other negative.  The position requires that the person have an interest in acquiring the CFA Designation (Chartered Financial Analyst).  The CFA exam is split up into 3 levels, Level 1 has a 34% pass rate (lower than the pass rate for the CPA exam), and with level 2 and 3 the pass rate decreases even more.  A good friend of mine just sat for Level 1 and failed it.  He is bright, great at what he does (Equity Research) and had a similar GPA to me.  The CFA takes so freaking much time to study for.  I can't even imagine.

So, I'm still going to the interview despite these two negatives, thinking that maybe they'll be able to ensure me that I won't have to travel 2 weeks per month and that if I take the CFA and fail I won't be out of a job.

Likely?  Probably not.

If they offer me a lot more than I'm expecting, which is already 50% more than I currently make, I'm sure my fiance and I could make it work.  

Wish me luck...
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Lewpats
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« Reply #1 on: December 02, 2004, 04:19:40 PM »

Good Luck Eco biggrin

You should also ask what kind of help they give for taking the test since it is so hard.
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Eco-Logic
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« Reply #2 on: December 02, 2004, 04:30:53 PM »

Quote from: "Lewpats"
Good Luck Eco biggrin

You should also ask what kind of help they give for taking the test since it is so hard.


You bet I'll ask them that!  I wish they would just tell me to finish my MBA and that would be enough.  Very unlikely though... :cry:
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Spiff
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« Reply #3 on: December 02, 2004, 05:05:08 PM »

Eco,

Definatley go for it if the travel is as light as your friend says.

As far as the CFA goes, do it. I have some friends that have the designation, and say the designation definately helps in the future.

That being said, a 34% pass rate is pretty reasonable. I earned my CPA, and it was a bitch. The 34% is higher than the first time pass rates for the CPA exam though. The actual numbers for first time candidates passing all 4 parts (Auditing, Business Law, Fin Acctg & Reporting & Regulation) of the examon their first try are right at 20% or so. The figures go up as candidates re-take the exam, but first timers fare very poorly in comparison to those sitting for the Bar exam or Medical boards. The main drawback is study time. I spent a boatload of time studying the areas I didn't take in college (Consolidations & Not for profit Hospitals and Universities), and alot more time reviewing what I did take. That, and being up-to-date on the current tax legislation at exam time can be a pain, but well worth it. Don't let the thought of more study hold you back. Do it!

Good luck!
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Eco-Logic
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« Reply #4 on: December 02, 2004, 05:13:01 PM »

Quote from: "Spiff"
Eco,

Definatley go for it if the travel is as light as your friend says.

As far as the CFA goes, do it. I have some friends that have the designation, and say the designation definately helps in the future.

That being said, a 34% pass rate is pretty reasonable. I earned my CPA, and it was a bitch. The 34% is higher than the first time pass rates for the CPA exam though. The actual numbers for first time candidates passing all 4 parts (Auditing, Business Law, Fin Acctg & Reporting & Regulation) of the examon their first try are right at 20% or so. The figures go up as candidates re-take the exam, but first timers fare very poorly in comparison to those sitting for the Bar exam or Medical boards. The main drawback is study time. I spent a boatload of time studying the areas I didn't take in college (Consolidations & Not for profit Hospitals and Universities), and alot more time reviewing what I did take. That, and being up-to-date on the current tax legislation at exam time can be a pain, but well worth it. Don't let the thought of more study hold you back. Do it!

Good luck!


Thanks Spiff.  I definitely won't let the CFA be a reason not to take the job if it's offered to me.

Would you say studying an 2 hours a day and 8 hours during the weekend (18 hours a week) would be reasonable?  I'm just trying to figure out when I would study and still have time with the wife.  

I could then do an hour before work, an hour after work, and during the weekend it would obviously be a lot easier.  

I studied like heck for the Series 7, which I know is a helluva lot easier.
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Spiff
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« Reply #5 on: December 02, 2004, 07:33:17 PM »

Eco,

I don't know if 18 hours would be enough or not. I would recommend that if you're gonna spend 2 hours a day studying, spend it 2 hours at a time. Like say, from 6:30-8:30 pm. You'd still have time for the wife, dinner, and some other distraction if necessary. That way, if you run into something unfamiliar, you can spend the extra time on it, and not have to worry about getting to work on time.

When I studied for the CPA exam, I did 3 hours a night, and 10 on the weekends for 4 1/2 months prior to the exam. I also had a 2 year old daughter at that time. You know the first thing she said to my wife after I passed? "Does this mean daddy doesn't have to read the books anymore?" I think we were inseparable for 2 weeks after that.

I paced myself to cover all my areas and have about 3 weeks to review the topics. Not sure how this would work for you, but I didn't want to be learning "new" information a week prior to the exam. The nights before, I went to bed at 10:00 knowing that if I didn't know it by now, it wasn't gonna help to cram it in.

You can do it. It may take a little sacrifice at first, but I guarantee you the payoff at the end is worth every minute you spend studying.

To be honest, I value the CPA, CFA, JD, and MCSE designations more than I do the MBA. I'm a little biased, but there's no way around a professional certification exam. You can earn an MBA by going to school, and keeping up with the class. Yes, testing is involved, but it's usually only on the subjects being taught. Professional exams test your overall knowledge of all that you'll be responsible for in the "real world", not just the current topics. I don't mean that to be offensive in any way to the MBA's out there, it's just my own opinion.
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Eco-Logic
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« Reply #6 on: December 03, 2004, 05:33:49 AM »

Thanks for the advice Spiff.

The interview went really well.  The President is going to look at the schedule of one of the other employees over the pas year and figure up how often they had to travel and give me a concrete example of the frequency to expect.  If after reviewing it, I'm comfortable with it, we will "proceed", if I'm not he thanked me for "giving it a thought".  

So, I should receive that information from him this weekend and will probably make a decision by early next week.

Job sounds super sweet though, and the industry is booming (AIMR Compliance Verification).  

I'll update you all next week.
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ericb
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« Reply #7 on: December 03, 2004, 02:49:25 PM »

Can you give an overview of what you do and what might be involved in starting in a job like you have?  Personally I'm getting a little burned out in IT, have no job prospects (even with three degrees) and wouldn't mind being in a job market that is actually growing and paying well.
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Eco-Logic
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« Reply #8 on: December 03, 2004, 03:30:30 PM »

Quote from: "ericb"
Can you give an overview of what you do and what might be involved in starting in a job like you have?  Personally I'm getting a little burned out in IT, have no job prospects (even with three degrees) and wouldn't mind being in a job market that is actually growing and paying well.


Sure thing eric.

What I do currently is a lot different than what I would be doing if I get the job.  Currently I do investment research and trades for a Senior Financial Advisor.  I make 100% of the recommendations and trades for her clients (over 450).  I develop unique portfolios based on the clients risk tolerance and comprehensive financial plan (if they have one).  I run hypothetical illustrations for each portfolio I develop and create an illustration/presentation presenting the recommendations to the client.  On large cases, I may sit in with the advisor during the appointment to go over the portfolio myself.   I also take care of all the technical things for our team, a role I kinda got stuck in.  

If I’m offered the new job I’ll be an AIMR & GIPS (Global Investment Performance Standards) Verifier.  Investment Management companies report the Returns of their products and until recently it didn’t really matter if the returns were verified by a 3rd party.  Well after all the investment scandals and issues the entire industry has changed and most Investment Management firms have already started seeking 3rd party verification.  It isn’t a requirement right now, however, by 2010 every Investment Management firm (approximately 1,500 in the nation) will have to be verified.  Once the relationship is developed and the contract is signed (annual), your job as a verifier is to ensure that the firm is compliant.  Investment Management firms must have their portfolios put into a composite.  For example, all of their Large Cap Value Portfolios lumped into one composite to generate a Large Cap Value performance number.  Initially you would interview the company and show them a sample of a compliant performance report for one composite.  They would review the sample and tell explain to you how close they are to being compliant.  Then you would tell them how to use their current system to develop a compliant performance report.  After they have implemented the new system, you would travel to their business and review what they have done and make sure their composites were developed correct (ensuring they didn’t cherry pick their best LC Value stocks for example).  You would review the trade tickets and stocks that they bought and interview the managers.  Then give your stamp of approval verifying that the performance numbers are 100% compliant.  The industry for verifiers is booming because their aren’t many companies that do it and the need is being realized more and more by the I Mgt companies and that will only increase between now and 2010.  The fees charged to verify are enormous.  I was blown away.  

To get into the Financial Services industry, like I’m doing right now, you’ll just need to obtain a Series 7, Series 66 (or 63 depending on the firm) and a Life/Health Insurance license.  To obtain those you will have to be sponsored by a firm.  Anyone can become a financial advisor regardless of what their degree is in.  Finding a non-selling job like I’m doing now is a little different.  I would just ask around the planning firms in your city if they need any licensed help.  

To become a verifier one needs a background in Finance or Accounting and needs to be willing to go for the CFA as I said above.  AIMR, the company that administers the CFA is developing a new exam specifically for verifiers that will likely become mandatory.  It will not be 3 levels like the CFA though and shouldn’t be as overwhelming.  Let me know if you have any other questions.
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Eco-Logic
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« Reply #9 on: December 10, 2004, 07:01:37 PM »

So, as an update to this thread.

I went for the first interview with the president of the company.  It actually went really well.  He told me the traveling is more like 1 trip every 3 weeks or so and that if I were to fail the CFA I wouldn't be out of a job.  Good deal!  Then we scheduled a lunch with one of the other employees at the company, which I went to yesterday.  It also went really well.  Today I met the final person from the company for lunch (2nd behind the president) and it went great.  So, things are looking up.  He said I would hear from them in a few days.  I really really really hope I get it now.

He told me the benefits, and they're oustanding.  100% of Insurance is paid, in full and it includes Dental.  The pay is above average for this area and the annual raises are around 10%.  I don't know how much they will offer yet, but I have a great feeling it will be around $20K more per year than I currently make.  

I'll just have to pray and hope everything works out for the best.  Oh, how I would love to receive my Christmas bonus and iPod from my current job, then turn in my 2 week noticed shortly after that and start a new much higher paying job with an awesome boss.  

Wish me luck!
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Aliasbuck
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« Reply #10 on: December 10, 2004, 08:27:13 PM »

10% raises? wow - I wish you double-luck.  Here's to hoping your trouble with your boss is going to end up better in your favor!

 biggrin
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« Reply #11 on: December 10, 2004, 09:38:37 PM »

A good friend of mine who I went to Grad school with for my MBA just took the Level 1 CFA exam last Saturday.  She is planning on taking the LEvel II this Spring/Summer if everything went well.

I will let you know how she does - she is pretty sharp and did all the studying on her own.

I just wish I was motivated today to study for my law school exam finals!  

Oh, well - only 3 left.
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Eco-Logic
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« Reply #12 on: December 10, 2004, 10:14:27 PM »

Thanks you all.  I really hope I hear something next week.  I just turned down my bosses offer to move up to a selling position and the tension between us is pretty high.  

I'll keep ya updated.
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« Reply #13 on: December 10, 2004, 10:27:47 PM »

Quote from: "Eco-Logic"
Thanks you all.  I really hope I hear something next week.  I just turned down my bosses offer to move up to a selling position and the tension between us is pretty high.  

I'll keep ya updated.

You ever figure out what got your boss all uptight?  Was she really that upset by that memo you sent?

s
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Eco-Logic
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« Reply #14 on: December 10, 2004, 10:51:38 PM »

Quote from: "Sepiche"
Quote from: "Eco-Logic"
Thanks you all.  I really hope I hear something next week.  I just turned down my bosses offer to move up to a selling position and the tension between us is pretty high.  

I'll keep ya updated.

You ever figure out what got your boss all uptight?  Was she really that upset by that memo you sent?

s


I think it's because of the memo and the fact that I haven't put forth the effort to bring in clients for her.  I did what was asked in regard to client aquisition help (seminars, promotions etc.), but I didn't target my own contacts.

Why would I though?  Before all this happened my intent was to move up to a selling position in Jan.  At that time I would have a requirement to bring in x amount of clients by x date and would obviously be compensated based on the assets they bring.  If I went out now and brought in all my contacts/friends/family I wouldn't be compensated for it at all and would utilize a majority of the contacts to get me through the first months of selling.  It would be stupid for me to do.  

Anyway, hopefully I'll be out of here soon.  

When I declined I tried to make the reason clear without going to far:

Quote
I have thought a lot about it since we discussed it last.  I was kind of under the impression, based on our last meeting, that I would be able to sit in with you on some appointments in order to get a feel for things so when it came time to decide I would be in a position to make the decision.  I also thought that I would have a concrete idea what the compensation package and client requirements would look like.  There are too many uncertainties for me to make this decision in a few days.   At this time, with my wedding coming up in April and everything involved with it, as long as it will not jeopardize my current position, I am content staying in my current position and continuing to increase my expertise and allow you to go deeper into client portfolios.  I truly hope this isn't a huge inconvenience.  I appreciate the offer and your understanding.  Please let me know if this is a problem.  Thanks.


She then responded and said ok, she understands the wedding is a lot on me etc.

I responded that the uncertainties had more to do with my decision than the wedding...

This could get interesting.  If I get the offer next week, I'll probably let loose and burn a few bridges.
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Eco-Logic
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« Reply #15 on: December 13, 2004, 08:19:00 PM »

So, I received a formal job offer today!   I'm in!  

I am turning in my 2 week notice tomorrow (I can't wait!).  

Just wanted to update you all.  smilesmilesmilesmilesmilesmile
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Spiff
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« Reply #16 on: December 13, 2004, 08:44:48 PM »

CONGRATS!

Damn nice going man. Have a great time in your new job, and best of luck to ya!
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Eco-Logic
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« Reply #17 on: December 13, 2004, 09:40:04 PM »

Quote from: "Spiff"
CONGRATS!

Damn nice going man. Have a great time in your new job, and best of luck to ya!


Thanks a lot Spiff.  I start on Jan. 3rd! smile  

Still time to get the Christmas bonus from my current job and the ipod smile!!
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« Reply #18 on: December 13, 2004, 09:46:55 PM »

Make sure they give you your bonus (put that check right in the bank!) before you give notice.  They might try to pull some HR BS on you otherwise!
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« Reply #19 on: December 14, 2004, 01:43:02 AM »

That's great news. With wish you the best of luck with the new job. It can be a nerve-wracking experience (as I'm learning), but it'll be worth it.
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Eco-Logic
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« Reply #20 on: December 14, 2004, 02:46:17 PM »

Thanks guys!

I just turned in my notice and boy did it feel great!!!!!!!!!!
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Aliasbuck
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« Reply #21 on: December 14, 2004, 04:25:55 PM »

What was the reaction?  I'm betting we're all chomping at the bit to find out.
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Eco-Logic
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« Reply #22 on: December 14, 2004, 05:07:34 PM »

Quote from: "Aliasbuck"
What was the reaction?  I'm betting we're all chomping at the bit to find out.


Honestly, and I'm not exagerating at all, she kinda started to shake and her eyes watered and she said "OK, do you have another job".  I told her and then she said "OK" and turne away from me.  I left her office and a few minutes later she told the Business Mgr to cancel all of her appointments for the day and left and went home.  

I don't think she is taking it very well.  I plan on training the new person as much as possible within these 2 weeks.  

Anyway, thanks for all the encouragement the past few months everyone.  I appreciate it smile
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« Reply #23 on: December 14, 2004, 06:28:23 PM »

Sounds like she is secretly in love with you. smile
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« Reply #24 on: December 14, 2004, 09:30:58 PM »

Her reaction to your notice is interesting.   I bet she realized the whole memo issue, etc., had gone to far and worried that she had alienated you to the degree that you might try to find another job.  That might explain the recent promotion offer.  

At any rate, congratulations on what looks like a better situation.
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« Reply #25 on: December 14, 2004, 10:15:54 PM »

I think Sarkus hit the nail on the head.  

My bet is that she probably feels guilty about trying to hang you out to dry after the email incident.

Congrats and enjoy the new digs biggrin
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Eco-Logic
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« Reply #26 on: December 14, 2004, 10:55:17 PM »

Thank you guys.  I'm sooo excited about starting a new career!
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« Reply #27 on: December 17, 2004, 03:26:14 PM »

You all won’t believe what just happened.  The highest producer in the office requested a meeting with me.  This guy is in the top 4% of all Advisors in the country for my company.  He basically offered me a job, paying a little more than the new offer.  I wouldn’t have to travel at all and the bonus potential would be pretty substantial.  He generates 3 times the business of my current boss and I would be doing analysis for he and 2 other advisors.  It would be a lot more challenging than my current job, but I wouldn’t have to take the CFA right away either.  He makes 7 figures a year so he can afford to compensate extremely well.  I wouldn’t have to travel and my hours would be 8 – 5.  He will pay for other designations, CFP, CFA, or anything else I want.  

Decisions Decisions Decisions.  Any insight?
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« Reply #28 on: December 17, 2004, 03:43:08 PM »

Those are good decisions to have to make.
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« Reply #29 on: December 17, 2004, 03:51:10 PM »

Quote from: "Eco-Logic"
You all won’t believe what just happened.  The highest producer in the office requested a meeting with me.  This guy is in the top 4% of all Advisors in the country for my company.  He basically offered me a job, paying a little more than the new offer.  I wouldn’t have to travel at all and the bonus potential would be pretty substantial.  He generates 3 times the business of my current boss and I would be doing analysis for he and 2 other advisors.  It would be a lot more challenging than my current job, but I wouldn’t have to take the CFA right away either.  He makes 7 figures a year so he can afford to compensate extremely well.  I wouldn’t have to travel and my hours would be 8 – 5.  He will pay for other designations, CFP, CFA, or anything else I want.  

Decisions Decisions Decisions.  Any insight?


Not really much of a decision. I don't see many downsides to taking the offer  from what you have listed.  Are there some?
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« Reply #30 on: December 17, 2004, 04:05:11 PM »

Eco, I agree with Farley.  Unless you have a substantial downside to present, I'd say take the offer.  Sometimes stuff just works out in the end.

I guess the only question I would have is if you've ever worked with the guy before and whether you know what type of boss he is.  I don't want you going into a situation where you have an asshole boss, you know?
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Eco-Logic
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« Reply #31 on: December 17, 2004, 04:27:40 PM »

I can't really think of any downsides to be honest with you, other than having to call back the other company and tell them I won't be taking the offer after all.  I haven't worked directly with this guy, but I have dealth with him on many occasions.  Somethings I know about him.

He is the most respected Advisor in the South East.

He is also a Branch Manager and actually trained my boss along with 2 or 3 others in the office.

He is extremely knowledgeable of investments, moreso than myself.  This is good though, because I feel my knowledge is greater than my current boss.  I want to learn.  

He told me he would have a contract for me on day one if I chose to accept the offer.   This is  nice because my current boss never gave me one.  

The Bonus structure he outlined is outstanding & I think he may be willing to pay 100% of the insurance as well.  I told him that was one of the most appealing things on the new offer.  

A lot to think about and something I didn't really think would happen.  You're right though, it is a good decision to have to make.  Thanks for the thoughts.
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« Reply #32 on: December 17, 2004, 04:46:41 PM »

Eco,

I'd have to think really hard about it. Honestly. If they really valued you as an employee, they'd have rewarded/compensated you prior to you giving notice. I'm a little harsh that way. It wouldn't hurt to ask. You haven't burned a bridge, and it sounds like you don't want to (good call there too).

I'd ask your "prospective" boss what "exactly" he expects of you, have it in writing, and have the offer done in writing also. Do not accept the job without all the details you discussed in written form, and make sure it is signed by someone with the authority to grant the details given. The last thing you should really find out: How much interaction will you have with your former boss? If you're working closely with her in the future, you may have problems if she resents your decision to leave or get another boss.

If you're really worried about the travel with the new job, maybe you'd be better off staying where you are. It sounds like they made you a great offer, I'd just really be careful. I'd be a little leery of how your former boss may impact your future career.
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Eco-Logic
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« Reply #33 on: December 17, 2004, 04:56:16 PM »

Spiff,

The only relationship between the new guy and my current boss is that he is the Branch Manager and she pays him a fee to mentor her.  I would have 0 interaction with her.  

In all honesty, if my current boss offered me what the other two have offered, I still wouldn't want to stay.  

I wouldn't say I'm actually worried about the travel with the new job since my fiance and I both agree it would be ok, but I would accept a good offer without the travel over the one with.
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« Reply #34 on: December 17, 2004, 05:00:48 PM »

Everything I've read (and experienced) when it comes to counteroffers says not to take them.  There are reasons why you're leaving and they don't all have to do with money.

  But if you think you can deal working with/by your old boss I guess you'll have to weigh the rest.
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Eco-Logic
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« Reply #35 on: December 17, 2004, 05:20:33 PM »

Quote from: "mb737"
Everything I've read (and experienced) when it comes to counteroffers says not to take them.  There are reasons why you're leaving and they don't all have to do with money.

  But if you think you can deal working with/by your old boss I guess you'll have to weigh the rest.


Understood.  

This isn't actually a counter offer, it's an entirely different offer with another practice.  The fact that it is with the same company really isn't an issue in that each practice is it's own entity with it's own structure.  He doesn't even know what I currently make.  I will not be working with my old boss if I accept the position.  I wouldn't even consider it if that were the case.  He has 3 advisors under him, all which are not my boss (thankfully).  In fact, my boss will likely leave the office if this happens, something the new guy is aware of (he is the land lord).  

I will pray about it this weekend and go over it with my fiance.  Hopefully I will make the right decision.
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« Reply #36 on: December 17, 2004, 07:42:55 PM »

Yeah...there are a couple of thoughts here.  One is they are offering you this job so you'll take it, lose the other offer and then make your life miserable again so you're screwed out of both.  This is only likely if you really pissed off someone much higher up than your current boss.

Two is the new guy realizes your old boss sucks.  He's looked at your past performance, what you've said in the past and now realizes they're about to lose a good employee because of the dimwit manager.  It's also cheaper to promote within (depending on the person and job).

Three is they don't really care but don't want to lose the investment they have in you and don't want you going to work for a "competitor" with your current knowledge.  This is also likely if they realize that your current manager is a dimwit who likes playing favorites and they may use this as a way to get rid of her or at least knock her down a few pegs.

Either way it sounds like you're going to come out ahead.  I know quite a few of us here wish we had your current dilemma smile
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« Reply #37 on: December 17, 2004, 07:52:21 PM »

Based on what you wrote, I would personally take the latest offer.  The prospect of more money, great benefits, *and* hours hopefully limited to 8-5 would all be major factors for any job I would be interested in.  This is all assuming that you actually enjoy the work itself, which is the most important factor.
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Eco-Logic
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« Reply #38 on: December 17, 2004, 07:55:31 PM »

Quote from: "Kevin Grey"
Based on what you wrote, I would personally take the latest offer.  The prospect of more money, great benefits, *and* hours hopefully limited to 8-5 would all be major factors for any job I would be interested in.  This is all assuming that you actually enjoy the work itself, which is the most important factor.


I love the work and the latest offer would is my current job times 10, so it would be challenging and allow me to actually learn new things and gain further cert's, even the CFA if I choose.  

I'll let you all know what happens on Monday.  Thanks!
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Aliasbuck
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« Reply #39 on: December 18, 2004, 01:30:14 AM »

Sounds like a terrific deal Eco - I'd say take it smile
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