Career Advice Please :)

[maginvizIZ]

About me:
25 years old
I live in Salt Lake City, UT
Living in parents basement for free
Getting my masters in finance (graduating spring 2017)
Working in corporate finance for 6 months
Current salary: $60,000
Job Title: Cost Analyst Level 2
Average MSF grad salary: $80,000 (I've talked with counselors, they say this is probably closer to $70,000; they are using statistics to make the illusion that their degree will get you fat salaries)



I've come to a couple opportunities at work... Would love any input!


Options:
#1. Rotational Development Program:  3 year program. I would work in a department for 6 months then switch to another.  6 departments, all finance related (contracts, pricing, cost analyst, accounting, earned value management, something else I can't think of...).  Sounds pretty cool right?  They talk about all the networking I would do, and that I would be wanted at the company after the 3 years....  THE KICKER IS I WOULD NOT BE ABLE TO GET PROMOTIONS DURING THIS TIME! wtf.  They claim I would jump from a level 2 analyst to level 4... But talk is cheap? (I expect level 4 make $90k)

I expect to become a level 3 analyst within 12 months... Which I imagine would be a $10-$15k bump.


#2. Temporary Relocation:  1 year program.  I would go to Melbourne Florida.  They would pay me an extra $21,000 for housing for the year (also 12 round trip flights back to utah, whenever I want.). Quickly looking I could find a studio apartment for $800 a month. I like this plan... Especially how I would spent less than $21,000 to pay for rent and such.. This would allow me to gain promotions during/after the program too.

#3.  Continue my current job.  In my team, we have two level 3 analyst who just left (switched departments).  This creates an opportunity to absorb as many tasks as possible, which could help me provide reasons why I deserve the promotion.


Thoughts?  Any tips/help would be greatly appreciated!

[TaxChick]

Looking back over my own career, I would probably choose the 3 year rotation. The option of getting all that varied experience over a short period of time is well worth any lost salary, in my opinion. It will help you to see a lot of different things in a relatively short period of time.

[maginvizIZ]

Hmmm.... You're probably right... It just hurts to think I'm basically giving up potentially $10-$15k a year to have that flixibility.



I should note that they seem to rotate you anyways within 12-18 months... Just from what I've seen.  They rotated 2 from my team this week.  One was here for just shy of 12 months.

[maginvizIZ]

You're probably right about eating up all of the living expenses... Even then it's like a free 1 year vacation to try living in a different state!


I think I am for sure going to apply for #2... I can't quite decide whether applying for #1 makes sense. I think #3 makes more sense than #1... If I hated what I did right now it would be different.


I think my priorities are...

#2
#3
#1

I can't apply both #2 & #1, and if I only get accepted in #1, say fuck you to it.... Career suicide at that company if I did so...

[FIFoFum]

If you want to stay with this company and see advancement potential, I can't see how option #2 is better than #1. #1 gets you to great exposure to options, lets people know you and see your work, and gives you a sense of where the best opportunities for advancement might be. Option #2 sends you away from this office for a year. If your goal is to be working in SLC and trying to advance in this company, 1 seems way better than 2.

I also think the stipend will be wiped out with all the costs involved in moving, relocation, setting up a place when you've been living at home before, etc.

You sound like you want #2 for the adventure and change in location. If so, by all means, go for it! Just be realistic and honest about your motivations.

[FINate]

What's your goal? Promotion, career growth (not the same), moving away and/or getting your own place, relocating to warmer climes?

It sounds like you're focused on getting promoted, which is fine. If so then #2 is the worst option. A year is a very short amount of time, and presumably you'll be working in a new office with a new management chain and new colleagues. It takes time to get settled into a new place (find apartment, move your stuff, paperwork and administrative things), and a number of months before new colleagues get to know you and vice versa. Then, just when you're firing on all cylinders again you become a lame duck because everyone knows you're not staying much longer. I've done this type of thing before and it's great fun and personally enriching, but not a good choice if promotion is the goal.

If your goal is career growth, and I would argue this is a better goal than promotion at your age and career stage, then #1 is the clear choice. You need experience with and exposure to lots of different roles at this stage in your career. Furthermore, this sounds to me like it might be a program intentionally designed to develop future leaders within the company.

You're young and just getting started in your career. For various reasons, opportunities such as #1 are much more difficult to do later on, so I would take this opportunity now, which will give you a great foundation to build upon.

[maginvizIZ]

Thank you for all the responses! Yes, I'm a little biased towards #2 since I would be living in a different state... It sounds fun!

With #1. My worries is losing the opportunity for a promotion for 3 years. I don't know if I will be here at this company for a long time (I don't like commitment... Work is slightly boring but work/life balance here is great.) but promotions are not guaranteed. I keep telling myself I'll get a $15k bump in pay within in the next 12 months, but that's a guess looking at work experience required to get to level 3.

The deadline to apply is October 31... I believe I can apply and take both...

[ysette9]

If your 3-year rotational development program is anything like the ones that my company offers, there should be a cohort of people in the program now and those who have already graduated. Start contacting these people (reach out for help from the person managing the program if necessary). Take a few out to lunch and ask them about their careers and their experience in the program. You can always design your own rotational program, but in my experience having that special star next to your name in the HR system that gets extra attention, training opportunities, mentoring, etc. I find it rather odd that they prohibit promotions during the rotational program; mine didn't and I got promoted during that time frame. All the same, if you are planning on sticking with this company it likely is worth that sacrifice for what you can get long-term in return.

Do you have any career mentors yet? If not, make that a priority. A mentor can help you put together a career development plan, figure out what job rotations you should be seeking to advance your goals, help you meet other people, and help you with your application and interview to get into the rotational program. I can't say enough good things about how valuable mentors have been to my career growth. We might have some good ideas here online, but nothing will be as good as a an inside advocate for your career.