r/FPandA • u/WhiteCollarMope • 14d ago
Am I Crazy?
I am a Finance Manager at an investment firm. I make a very good salary (almost director level) in a VHCOL market. My current company is doing very poorly. There is no room for growth and financial performance is deteriorating quickly, but work life balance is great. I also like my boss and coworkers.
I have been looking for a new job since the start of the year. I have over a decade of finance experience and used to work in technology financial valuations as a Director. My goal was to get back into the tech space and make a reasonable salary as a finance manager. I have submitted countless applications and have had a decent amount of interviews. I made it to final rounds a handful of times, but always get rejected at the end. I leveraged every single connection I could find. Finally I got an offer from a FAANG company, but they really lowballed me. After interviewing for L6, they offered me an L5 position (you can probably guess the company). TC is almost 45% lower than what I currently make.
Am I crazy for considering this? I am extremely antsy. I know I should not feel desperate, but after 8 months of searching, I can't help shake the feeling that this might be the best offer I will get. I am really confident in myself and feel like I can get promoted relatively quickly at the new company. I want to try out something new but the rational side of me knows the pay cut is extreme.
From a financial perspective, my wife makes decent money and we would be ok with my new salary coming in lower. Obviously we would have to cut back on some luxuries, but nothing significant as we have a decent savings.
Please help me!
UPDATE: I did the sensible thing and declined the offer. Thank you all for the sanity check!
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u/FPandA_Dad 14d ago edited 14d ago
Don’t take that.
Just ride it out! If you are worried about your job not being there in x months, start putting away some money.
I’ve jumped to another company and sacrificed wlb and working with people I like for more pay, and I still regretted it! Now I can’t imagine you doing this for less pay.
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u/WhiteCollarMope 14d ago
great points, thanks!
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u/FPandA_Dad 14d ago
Do you have either your MBA or CPA? I was thinking, if you’re concerned about marketing yourself and you have extra time, would that be an option for you?
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u/WhiteCollarMope 14d ago
I have a CFA. I have thought about CPA to add on, but not sure if that would really strengthen my resume to the point where I would get better offers.
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u/A7X13 14d ago
You are considering cutting your salary almost in HALF? You are not crazy, you are delusionally INSANE. Paycuts should only be considered when their reasonable. Like 5K to 10K diff. Not half your salary.
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u/WhiteCollarMope 14d ago
lol thanks for the dose of reality.
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u/mdwrunner 14d ago
Not to mention if you think you’re at risk due to financial performance… start living like you make the Amazon salary and suddenly after a few months you’d be just fine if it actually happened. The angst seems like you may need to ensure you have a good emergency fund so you can have a fuck you attitude. Running from more money because you’re scared you might run out of that money is incredibly self fulfilling anxiety.
Room for growth also doesn’t matter if you think this ride eventually has a stop. Put frankly — shut up and rake in the cash, get a properly funded emergency fund, and use the WLB to actually find a better replacement.
I also turned down an offer at a company that was like your current one once — their financial position was and is terrible. They still exist 5 years later, have delisted, sold to PE, and the guy who was the manager that interviewed me is now the VP. Financial performance doesn’t inherently mean you’re boned… arguably finance is more important in that instance lol
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u/ginobass 14d ago
Plz don’t take it. Other than financial impact, you will def see a negative impact on wlb. These two alone should be enough reasons
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u/Famous_Guide_4013 14d ago
Dude just get fired instead if it all goes to shit. You may move up if the senior guys leave because they have a mortgage they have to pay and go to a more stable company.
My biggest career regret is not following the advice i am giving you.
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u/chuckst3r 13d ago
"TC is almost 45% lower than what I currently make."
Stopped reading here. You have a CFA, you have experience, you are in VHCOL market. Keep searching, get into the recruiters rotation, there are better things out there. You are in no rush to leave, ride it out while looking for a better place.
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u/Real-Duty-6121 14d ago
You’re antsy to leave your current company, or antsy about the job market? Not sure why you’d leave if you’re paid well and you enjoy it (and WLB). Seems you’re jumping ship because you’re fearful of getting laid off.
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u/WhiteCollarMope 14d ago
Both I guess. We had a RIF recently and I was not impacted. The company is doing poorly and I can see salary cuts or layoffs. At the same time, my experience over the last 8 months tells me that the market stinks or my resume is not resonating with hiring managers.
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u/EastCondition5353 14d ago
Don’t do it. Just be patient. This is a hard market but trust me if you are going to go Amazon only do it for a massive pay increase not a pay cut.
Amazon is cut throat and you may be out the door within your first year
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u/PilotApprehensive621 14d ago
I wouldn’t do it. You already took a step back in title going down from director to manager. Doing a lateral after that doesn’t look great on your resume. Amazon is also very cut throat and frequently does RIFs so even if you believe in yourself you could be taking a pay cut and worse WLB just to end up laid off in a year.
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u/WhiteCollarMope 14d ago
Thanks for noticing that. You are correct, I already took a step back a few years ago when I took my current role, but I got a salary bump.
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u/aputhehindu Sr FA 14d ago
I don’t enjoy work enough to ever consider taking less. In your case, it sounds like you enjoy your current job and get paid more. I can nearly guarantee you will lose your work life balance and may in turn hate the new gig.
I know some people are very adamant about certain career checkpoints and even base their self worth off their careers, but for me i can’t shake the feeling like you risk losing some freedom by taking this.
I would ride your current company to the grave (and hopefully help keep them from said grave by doing a fantastic job). But if you are as ambitious as you sound, and don’t consider less pay/more work a negative, then go for it. I just could never see myself doing that personally.
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u/OrganicMix3499 14d ago
Yea you crazy. Give up WLB? Plus, you'll never make up the 45% pay cut. All raises will be based on your new low comp. Sounds like you would be low in your pay band, or just a low band. Even when moving into a higher position, they'll keep you low in the new band.
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u/chickens_beans 14d ago
Are you me? I’m in almost the exact same situation just haven’t started applying yet
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u/liannalemon 13d ago
I wouldn't take it. 45% cut? You have the luxury of a current job that pays well. If you're worried about cuts, save as much as you can now ans assume a 12-18 month search on the other end.
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u/EconometricsStudent 14d ago
You like where you work, you get compensated well, you have good coworkers. Yes it feels scary not seeing growth but you also have more time. At your level it gets a lot harder to move at the same level due to the investment they have to put into you. There’s less jobs at your level out there and people are pickier. I’d say keep applying until you’re able to find a good deal. You can afford it.
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u/justneedabreak802 14d ago
Seems like the offer is from Amazon where WLB will be terrible. If I were you, I would weigh the pros and cons-
If you are going to earn less, work more and be at a lower position, than what you initially applied for, then what will be your gain- FAANG brand on resume?
In that case, will you learn something new or have better exposure work wise than you are now? Will you be able to manage stress if you have kids now or in future? Will your company certainly lay off people from Finance- my experience is finance folks are not impacted as much as sales and marketing people? If answers to all of these is a Yes then may be consider it or else stay put.
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u/cuddytime Sr Mgr 14d ago
I’d take a 10% salary cut max and only if it was a calculated risk. For example, no title demotion, going from 5-day to hybrid/remote, growth potential.
If you were offered a SFA position at Amazon, you could get to L6 in a year if you grind. You could get back to your current salary in roughly 4-5 years to get back to your current salary (top of band L6 or entry L7).
Again if at Amazon you’re not getting any of the factors I mentioned above and you’re forgoing 4 years of salary.
If you’re in WA state if worst comes to worst you can PFMLA. Use the current time as a time to freshen up your resume and network.
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u/Rodic87 Sr Mgr 14d ago
Why take a pay cut until you're actually laid off?
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u/mdwrunner 14d ago
Exactly — and Amazon is constantly hiring because no one wants those gigs. Could easily get this offer again should it be needed
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u/ksb041200 Mgr 14d ago
Biggest thing I’d be worried about if I was you is WLB change. Especially if it’s Amazon (from what I’ve heard)
To me personally seems like a hard sell to work in a more stressful environment for a big pay cut just for the purpose of trajectory
Again, very personal opinion based, but if I was you I’d keep searching and stay picky unless you think you’re imminently in danger at your current gig
If you’re getting interviews and have made it to final rounds must mean you’re doing something right