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Working on profit share. Is this dodgy?

  • 29-03-2006 5:57pm
    #1
    mikemac
    Closed Accounts Posts: 19,969 ✭✭✭✭


    I went for a job interview with a new Irish start-up today. Basically they trade shares on the New York Stock Exchange. Sounds very interesting and I'd love this type of job.

    Here's the catch. You aren't an employee as you work as an independant contractor. And when you start you don't get paid until you make profits for the company. They were upfront about this and this period can take up to 3 months if you aren't succesful straight away.

    Its a great job but I never heard of a company working this way. Anyone else hear of this.


Comments

  • #2
    damnyanks
    Registered Users, Registered Users 2 Posts: 4,276 ✭✭✭damnyanks


    Sounds like they want you to make high returns and will fire your ass if you don't.

    They will give you a percentage of whatever profit you make for them. Do you know how much money they have to invest ? Is it in the millions or is it small change ?

    Will it only be on the NYSE they invest money ?


  • #3
    Naked Lepper
    Registered Users, Registered Users 2 Posts: 1,530 ✭✭✭Naked Lepper


    So they will provide you with capital to trade on the NYSE but wont pay you a bean until you turn the capital that they give you into more money?

    Sounds interesting, and its probably fair enough, if theyre going to trust you to invest their money in something isnt that payment enough? You should be confident in the shares you buy before investing, confident enough that its going to make money for you and the company.

    Sounds interesting, a bit too insecure for my personal liking though.


  • #4
    mikemac
    Closed Accounts Posts: 19,969 ✭✭✭✭mikemac


    Got an email today offering me the job.
    They just work on New York at the moment so you'd be working 2pm-9pm. Thats not a problem for me. Plans to work on London in a few months.

    You get classroom training for a week and work on a simulator for another week.
    I think they start you off on $5000 a day and you have to hit certain targets. After 3 months if its not working out you get let go. Considering you don't get paid unless you make money,I'd expect an employee to leave before this happened. Thats what I remember from the interview and the figures mightn't be exactly right.

    Not sure about working as an independant contractor. It's not something I've ever done. Sounds a bit insecure

    It'd be great experience and I wouldn't have minded doing just after I left college but I work for a major bank now so very hard to leave safe,secure job

    I won't name the company but it is advertised on www.gradireland.com

    Shockingly bad website also but they're a new start-up so maybe that can be excused


  • #5
    jrey1981
    Closed Accounts Posts: 1,531 ✭✭✭jrey1981


    Perhaps you could look into some sort of sabbatical from your job, so that if the start-up role didnt work out, you would not have burnt your bridges.

    Also depends how confident you are in your abilities.


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