Should I accept a NYC job offer ?!? (employees, debt, consulting)
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I currently have a great job in Washington, DC. The pay is low $100K and an additional 25-40% in bonuses throughout the year. I work from home about 60% of the year and there's some occasional travel. It's a great working environment, the company is a huge IT vendor. I work in the professional services arm of the company.
I saw a job posting for a job in NYC with an annual salary of $165K, full benefits, 401K match, etc. It's a very similar role to my current position, with the exception of managing a small team of engineers. It would be more like mentoring a few junior engineers and assisting the sales team. The company is small in comparison. It has about 500 employees in the tri-state area. I finished my 4th interview and we discussed salary. I gave my desired salary range as $170-190K. They would like me to fly in and meet the team. With that said, it sounds like they'll adhere to my salary requirements and also provide relocation assistance.
From a career standpoint, the NYC offer has more potential for growth and the ability to climb the corporate ladder. They did advise that I would have to be in the office everyday; also suit and tie . If I accept this position I would have to payback a signing bonus at my current company ($7500) as I didn't complete my first year of employment. I would also have to end my apartment lease early (forfeiting a $3400 deposit) and there's also the cost of finding a NYC apartment (estimate $9000 first month, security).
I'm 100% certain, my current job will not match the $170-190K opportunity. Also, the likelihood of getting a similar promotion are pretty slim at my current job.
Besides compensation, obviously you'll need to factor in other factors such as: family needs? social needs? company stability? Company culture/fit?
Just going on COL alone, if you made $145k (best-case scenario) in DC, you'd have to make $165k in NYC so it's a wash from a standard of living perspective.
I really think they'll go up to around $180K. This is based on the interview feedback I got from my recruiter. Also, when I gave the salary range they didn't balk at it. I explained that my impact to the organization would be immediate and based on my experience the $170-190K range was commensurate.
DC resident here. Are you in Finance? I would say go for the NY offer since it is almost double the DC salary, I don't think COL will double in NY as it is already high in DC. Also, you will have more opportunities at the new job ( what field do you work in? ) . If you are in Finance, NYC is a hot market.
OP, you need to answer the following questions (at a minimum):
a) have you ever been to NYC? if yes, did you like the city? can you see yourself living there? living some place is very different than just visiting there. i lived in NYC for 3 yrs and totally love the city, but you need to make sure you like it before you move. given that you're already on the east coast, i doubt this will be an issue but it's an important question nonetheless.
b) will you be moving with family? if yes, how many dependents? will you be living in manhattan or the outer boroughs? $150k in manhattan is considered "average", you'd be a bit above that at $180K but if you have to support a family and send kids to school, it really isn't that much.
c) if you decide to take up the NYC offer, then ask them if they will pay to break your deposit and return your current company's signing bonus. if they want you bad enough, this will be chump change for them.
d) how stable is this company? you have to factor in job stability, so compare the current and future employers accordingly.
e) people in NYC typically work longer hours than ppl elsewhere, keep this in mind. if your current gig is laid back, you might have some adjusting to do especially since you're leading a team now.
it sounds like a great move for you, and if climbing the ladder is what you want, then it seems like you would do well to take up the NYC offer...good luck!
OP, you need to answer the following questions (at a minimum):
a) have you ever been to NYC? if yes, did you like the city? can you see yourself living there? living some place is very different than just visiting there. i lived in NYC for 3 yrs and totally love the city, but you need to make sure you like it before you move. given that you're already on the east coast, i doubt this will be an issue but it's an important question nonetheless.
b) will you be moving with family? if yes, how many dependents? will you be living in manhattan or the outer boroughs? $150k in manhattan is considered "average", you'd be a bit above that at $180K but if you have to support a family and send kids to school, it really isn't that much.
c) if you decide to take up the NYC offer, then ask them if they will pay to break your deposit and return your current company's signing bonus. if they want you bad enough, this will be chump change for them.
d) how stable is this company? you have to factor in job stability, so compare the current and future employers accordingly.
e) people in NYC typically work longer hours than ppl elsewhere, keep this in mind. if your current gig is laid back, you might have some adjusting to do especially since you're leading a team now.
it sounds like a great move for you, and if climbing the ladder is what you want, then it seems like you would do well to take up the NYC offer...good luck!
a) I grew up in NYC, but haven't lived there since I graduated high school. I have friends and family support there.
b) No dependents, just me and the wife. She likes NYC and DC about equally. We have no mortgage, children or debt. My wife doesn't work (long story), but she's had trouble finding work since the economic downturn, we've lived quite comfortably on my salary alone, so this isn't a big deal.
c) I'll put all the cards on the table once the offer is firm. Any help would be great, but after dealing with all the initial costs, moving expenses and COL, the 180K should be good pay bump.
d) Company is pretty stable; I left all my old jobs on good terms and they've also stated I can come back whenever I wanted to. So I have some alternatives should things go left in NYC.
e) I'm familiar with the NYC work culture as even in my current role I travel to NYC to do consulting work. In fact, I've consulted at a few of the clients that the new company currently has contracts with.
I know the move will be tiring, but the possibility to finally get into the more high level leadership roles is significant. I'm approaching mid-30s, so I'm trying to get away from being the "techie" guy and into more of the key business decision making type of positions. Alternatively, I could wait out my year at my current gig and also postpone a move till my lease is month-to-month. However, I feel like I'd be leaving money on the table if I don't act now.
DC resident here. Are you in Finance? I would say go for the NY offer since it is almost double the DC salary, I don't think COL will double in NY as it is already high in DC. Also, you will have more opportunities at the new job ( what field do you work in? ) . If you are in Finance, NYC is a hot market.
my background is in IT. I've held a few positions in network operations, design, engineering and consulting. The industry has been quite good to me in the last 10 years. My pay has constantly increased and I've really grown my skill set over the years.
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. If I accept this position I would have to payback a signing bonus at my current company ($7500) as I didn't complete my first year of employment. I would also have to end my apartment lease early (forfeiting a $3400 deposit) and there's also the cost of finding a NYC apartment (estimate $9000 first month, security).
