So my trip to London last week turned out to be fruitful and I got a job offer there for when I graduate from my MBA in mid-2008. I have a vague idea of the life in London and considering that there are many on SQTalk living there, I thought I'd get your advice on living there.
The job is an operations rotational program working directly for the COO of a retail and commercial bank based in London, consisting of a 6 month assignment in London, followed by two one-year rotations in other countries where the bank operates (Western Europe, Africa, Middle East, South Asia), after which returning to London for a permanent role there is a strong possibility. The London office is in Canary Wharf and the initial compensation is:
Base £65K
Signon bonus £10K
Year 1 performance bonus of 0-50%
100% private healthcare
30 days of vacation + public and bank holidays
Relocation assistance (£5K + 30 days temporary accomodation for each of the rotations)
That compares favorably with my other job offer in operations strategy consulting in Silicon Valley where the initial compensation is:
Base $130K base,
Signon bonus $25K
Year 1 performance bonus of 10-20%
15 days of vacation + public holidays
100% HMO or PPO healthcare
As far as the nature of the work goes, I would be happy doing either role, though the consulting role is what I would prefer simply for the variety. I have to make a decision on this by the end of this month.
1. How far does a base salary of £65K take you in London? Is it comparable to a base salary of $130K in the Bay Area taking into account taxes and living expenses? I don't want to consider bonuses since they can be so variable. I also have about $100K in student loans to pay back which I can spread over 5-15 years.
2. The consulting job puts me on track to make partner in 6-8 years and I have a good idea how compensation increases during that time. However, I have no idea how compensation increases over time in Banking in London. Anyone?
3. For various reasons, buying property is not what I want to do right now, so I'll be renting wherever I go. In the Bay Area, I'd probably be living in the Palo Alto area and driving. In London, I assume I'd have to live somewhere along the tube/DLR since driving would not make sense. I know what rents are in the Bay Area and I've been pointed to www.gumtree.com for renting/flatsharing in London - is that the best site? As a 29-year old single heterosexual male who enjoys pubbing/nightlife on weekends, what would be the places and budget to look at living in London?
5. Travel would probably be weekly for the consulting role and less frequent for the banking role. Domestic US flying (blech) vs. intra-Europe/intra-Africa? SFO vs LHR? Random thoughts?
6. Does BA status match? They are the preferred airline for the bank and all the members of the board of directors are Premiers.
7. Weather. No contest.
What else do I need to consider? Feel free to share random thoughts in addition to career advice and advice related to living in London. I am getting career advice from elsewhere as well, but I'm asking you guys because I think getting insights from people in all walks of life will probably help me make a better decision. I have no qualms stating salaries on the internet since post-MBA salaries are pretty public anyway.
Fire away...
The job is an operations rotational program working directly for the COO of a retail and commercial bank based in London, consisting of a 6 month assignment in London, followed by two one-year rotations in other countries where the bank operates (Western Europe, Africa, Middle East, South Asia), after which returning to London for a permanent role there is a strong possibility. The London office is in Canary Wharf and the initial compensation is:
Base £65K
Signon bonus £10K
Year 1 performance bonus of 0-50%
100% private healthcare
30 days of vacation + public and bank holidays
Relocation assistance (£5K + 30 days temporary accomodation for each of the rotations)
That compares favorably with my other job offer in operations strategy consulting in Silicon Valley where the initial compensation is:
Base $130K base,
Signon bonus $25K
Year 1 performance bonus of 10-20%
15 days of vacation + public holidays
100% HMO or PPO healthcare
As far as the nature of the work goes, I would be happy doing either role, though the consulting role is what I would prefer simply for the variety. I have to make a decision on this by the end of this month.
1. How far does a base salary of £65K take you in London? Is it comparable to a base salary of $130K in the Bay Area taking into account taxes and living expenses? I don't want to consider bonuses since they can be so variable. I also have about $100K in student loans to pay back which I can spread over 5-15 years.
2. The consulting job puts me on track to make partner in 6-8 years and I have a good idea how compensation increases during that time. However, I have no idea how compensation increases over time in Banking in London. Anyone?
3. For various reasons, buying property is not what I want to do right now, so I'll be renting wherever I go. In the Bay Area, I'd probably be living in the Palo Alto area and driving. In London, I assume I'd have to live somewhere along the tube/DLR since driving would not make sense. I know what rents are in the Bay Area and I've been pointed to www.gumtree.com for renting/flatsharing in London - is that the best site? As a 29-year old single heterosexual male who enjoys pubbing/nightlife on weekends, what would be the places and budget to look at living in London?
5. Travel would probably be weekly for the consulting role and less frequent for the banking role. Domestic US flying (blech) vs. intra-Europe/intra-Africa? SFO vs LHR? Random thoughts?
6. Does BA status match? They are the preferred airline for the bank and all the members of the board of directors are Premiers.
7. Weather. No contest.
What else do I need to consider? Feel free to share random thoughts in addition to career advice and advice related to living in London. I am getting career advice from elsewhere as well, but I'm asking you guys because I think getting insights from people in all walks of life will probably help me make a better decision. I have no qualms stating salaries on the internet since post-MBA salaries are pretty public anyway.
Fire away...
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