Massive Dilemma – Two great job offers

[Inspired]

Hi All,

I have had two jobs offers for roles that are both almost too good to turn down. Currently I work for an energy company in the UK in a commercial, non-trading environment, but ultimately I would like to get into trading, and maybe one day even become a trader. I do have a maths degree so would not be averse to a more of a quant type trading role too.

One job offer is working for a retail bank in the City of London in a market risk reporting role. The second job offer is working for an energy commodities trading house in Dusseldorf, Germany, but in a part market risk and part VBA programming related role.

So essentially, the benefits and features of each job are:

1st Role

Ok but not great money for London (large increase from my current salary though)
Working in the City of London
Working in a market risk role
Working in the Financial Services sector, potentially more doors opened.

2nd Role

Great salary, paying £17k more than my job offer in London (and paying UK tax rate too)
Working in Dusseldorf, Germany
Part market risk, part VBA programming role
Allows me to stay in energy commodities
Opportunity to become fluent in German

This genuinely is the biggest dilemma I’ve had to face in my life. I would welcome your thoughts/opinions on what you think the best option is.

 

[Charlton]

Hi All,

I have had two jobs offers for roles that are both almost too good to turn down. Currently I work for an energy company in the UK in a commercial, non-trading environment, but ultimately I would like to get into trading, and maybe one day even become a trader. I do have a maths degree so would not be averse to a more of a quant type trading role too.

One job offer is working for a retail bank in the City of London in a market risk reporting role. The second job offer is working for an energy commodities trading house in Dusseldorf, Germany, but in a part market risk and part VBA programming related role.

So essentially, the benefits and features of each job are:

1st Role

Ok but not great money for London (large increase from my current salary though)
Working in the City of London
Working in a market risk role
Working in the Financial Services sector, potentially more doors opened.

2nd Role

Great salary, paying £17k more than my job offer in London (and paying UK tax rate too)
Working in Dusseldorf, Germany
Part market risk, part VBA programming role
Allows me to stay in energy commodities
Opportunity to become fluent in German

This genuinely is the biggest dilemma I’ve had to face in my life. I would welcome your thoughts/opinions on what you think the best option is.

Both have an increase in salary so whichever you choose you can be happy with your choice on that basis alone, so don't beat yourself up about it.

Role 1 clearly has advantages if you want to go into trading and market risk is a hot topic. If it opens up a promising future i.e. continuity of well-paid work doing something you think you will enjoy great - it doesn't matter if the salary right now is not as good as role 2 because a year down the line they may have leap-frogged.

Role 2 has an element of "fun now" - experience of a different country and learning a new language. If you are young that's fine as there is plenty of time to establish a career. In any case the experience is worth a lot on a cv. It has the advantage of still dealing with the hot topic of market risk and the added advantage of some experience in programming which is an alternative direction you might enjoy. THe question is do you actually want to stay in energy commodities or is it because it is an easy option ? It's certainly not a bad option.

Sticking my neck out - I would go for option 2. It provides more breadth on a cv, provides more varied experience in life and still is very relevant to your future plans (as they stand now)

Finally to re-iterate a point made earlier either choice is good, neither is wrong, either will have been made with due diligence and, once made, carry no regrets.

Charlton

 

[timsk]

Hi Inspired,
I don't know anything about either role - or about you - so I couldn't advise on the detail. However, I will offer some general advice I'd give anyone faced with multiple job offers. Remove the salary from the equation. More importantly perhaps, remove the potential salary. Focus on what you think you'll be best at and enjoy the most. Those two things are waaaaaaaaaaaay more important than salary. If, having done that, one job stands out, then you can be 100% confident that that's the one to opt for. The only time to take a job based primarily on salary is when you don't have a job or you have financial pressures (e,g. debt) that will be lifted by taking the best paid role. Follow your heart - not the money.
Tim.

 

[Hotch]

Hi Inspired,
I don't know anything about either role - or about you - so I couldn't advise on the detail. However, I will offer some general advice I'd give anyone faced with multiple job offers. Remove the salary from the equation. More importantly perhaps, remove the potential salary. Focus on what you think you'll be best at and enjoy the most. Those two things are waaaaaaaaaaaay more important than salary. If, having done that, one job stands out, then you can be 100% confident that that's the one to opt for. The only time to take a job based primarily on salary is when you don't have a job or you have financial pressures (e,g. debt) that will be lifted by taking the best paid role. Follow your heart - not the money.
Tim.

Agreed, except follow your brain, screw your heart, it's stupid. Isn't it the heart that wants the money and the brain that wants the better life anyway?

Heart vs Brain - Imgur

 

[Inspired]

Both have an increase in salary so whichever you choose you can be happy with your choice on that basis alone, so don't beat yourself up about it.

Role 1 clearly has advantages if you want to go into trading and market risk is a hot topic. If it opens up a promising future i.e. continuity of well-paid work doing something you think you will enjoy great - it doesn't matter if the salary right now is not as good as role 2 because a year down the line they may have leap-frogged.

Role 2 has an element of "fun now" - experience of a different country and learning a new language. If you are young that's fine as there is plenty of time to establish a career. In any case the experience is worth a lot on a cv. It has the advantage of still dealing with the hot topic of market risk and the added advantage of some experience in programming which is an alternative direction you might enjoy. THe question is do you actually want to stay in energy commodities or is it because it is an easy option ? It's certainly not a bad option.

Sticking my neck out - I would go for option 2. It provides more breadth on a cv, provides more varied experience in life and still is very relevant to your future plans (as they stand now)

Finally to re-iterate a point made earlier either choice is good, neither is wrong, either will have been made with due diligence and, once made, carry no regrets.

Charlton

Hi Charlton, thanks for your answer.

I guess the 3 biggest dilemmas I have are:

1) Working in the financial services sector vs. energy commodities (I'd be working for the Gas & Oil desks). In role 1 at the Retail bank in the City, I would be working in market risk in financial products such as currency swaps and interest rate derivatives etc. Would I be right in assuming there are more opportunities in the financial services sector and the earnings potential is also greater?

2) No matter how much I'd like to work abroad, there is still a certain appeal to working in the City of London. I realise I can always go there after a year etc in Germany, but I'm at an age now where if I leave it much longer, I might not be young enough anymore to really experience and fully live the life style of working in the City. Currently I'm free and single etc. Also, I have some good friends in London and some family down there too.

3) As there really is such a large difference in salary, try as I might, it is still an influence. I think if the salary in London were higher, it would certainly sway me more towards choosing the role there. I realise everyone says salary should not be a factor, but when it's a difference of £17k extra and lower living costs (by choosing Germany), it does come into play no matter how much you tell yourself it shouldn't.

By the way, I have already done a lot of VBA programming, though nothing that quantitative, so unless I could do something more quantitative (which is unlikely in the short term in that role in Germany), it's not something that sways me.

All opinions welcome, and the more the better thanks.

 

[Inspired]

Thanks timsk and Hotch. I don't think either job stands out by a distance, so I guess I should look at the opportunities afforded to me instead.