What do I do? Accept or decline

sashafierce

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kippy

No one here can really give you an answer as there are a tonne of variables involved that are outside of what you've told us.
What is your gut feeling about the job?
If it were me I would take the job. Get settled, then look to improve jobs abit down the line etc but thats just a rough idea

LegacyUser

ask for a higher salary. State your resaons, you might be surprised as statestreet find it hard to keep their staff for one reason or another.

strandroad

If it can't sustain you then it can't sustain you, no point in taking it. But are you sure that it's not acceptable, even though you'll be splitting some costs with your partner?

I'd recommend negotiating your salary much earlier in the process, otherwise you'll keep wasting your time...

LegacyUser

Hi there,

could you not accept the position and continue looking for other higher-paid roles internally or externally? I say go for it if it's the place you want to be but I've heard negative things about SS that you might have heard as well (huge grad intake on low wages). it could be great for a year while you build up your CV and foot in the door.

Also, and not trying to be too much of a big bro, but you should consider toning down the details in your messages. If an employee or employer comes across your boards profile and sees a message like that it might not reflect the best?

R

Personally, I'd take the job that you really want to do, for less money, as opposed to a job you're not as interested in for extra. It's just the way I've always been - money isn't a factor for me in decisions, what is is where it potentially takes me, how much I'd enjoy it more, and the company themselves.

It's your decision though. If you live with your boyfriend, could you split living expenses between you? I mean, surely that's the rational thing to do, low-paid job or not.

sashafierce

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Is that 380/week before or after rent is paid, do you think?

EDIT:

I'm going to make a load of assumptions here, to try and figure it out a little.

So, say if you and your boyfriend get a place together, just a one bedroomed apartment, this could cost between €700 - €1000, at the high scale, and depending on where you want to live. So, if you split 50/50, you're looking at you paying between €350 - €500 a month for rent. Bills, I'm going to guess, could come in at around.. €60 a month each (assuming TV, ESB, and if you get internet separate for some reason), so you'd be looking at around €560 a month (at the higher end).

Assuming 4.4 calendar weeks, then €380 weekly is €1672 monthly, so even assuming higher everything, you should have a thousand a month remaining for foods, other expenses that you might have and I haven't calculated for.

You could easily survive on that - if you shop smart (stick to the likes of Lidl and Aldi) and just cut back on a few pointless luxuries.

ted1

sashafierce wrote: »

Oh yeah we plan to split the costs 50/50. I obviously haven't been offered the other job but if I was its 5000 extra a year that's difficult to turn down. But the office is so so tense I don't know if I would enjoy it. But then I don't know how much I would enjoy the other either. You are talking living on approx 380 a week if I take the lower paid job. Is that even possible in Dublin?

5k isn't much, it's really only 2.5k which is 50euro a week. Is there a bonus scheme? You could be better off than the other job, whst are career progression possibilities?
When you say 380 is that inclusuve of rent? If so its very doable

Lux23

I'm living on that at the moment, it's not great but doable.

Buona Fortuna

Hi Sasha

Nothing much to add to Boney's posts other than:

- from friends that work there, how likely is a rise in your salary in the near future?

- again from friends. Do they like it because its fun and wacky (like I imagine Google) or are the firm "good payers"?

- if you took the job and it was a struggle tto begin with, how would you see things in a year.

I don't mean for you to answer these, its just the way I think things through .

All the best

sashafierce

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LegacyUser

Hi,

I have worked in fund admin for 3 years, started as a grad. It is widely known state street is not one of the better employers regarding pay, working hours and career progression. Huge staff turnover to other companies.

If your qualifications are good, keep looking. Fund accountants are in high demand, good admin companies are expanding and finding it difficult to find good staff. There are good grad positions out there in the newer companies, grads seem to gravitate to SS because they know the name. I'd hold off a week or two accepting SS and get interviews elsewhere.

whatawaster81

I'd echo the above, worked there for 5 months although it's 10 years ago now, wouldn't touch it with a barge pole, don't even put it on my cv.

Have heard it from a recruiter recently it's a bad name.

I still wake up at night in sweats at the mention of the place.

sashafierce

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LegacyUser

sashafierce wrote: »

Do you mind me asking why it was so bad? The benefits seem quiet good, not that it compensates. I had another interview today for a better position but the office was a bit uncomfortable. I feel like I am being paid a graduates salary with SS even thought I have 5 years experience

I haven't worked there myself, but shared a house with someone who worked in fund admin, and it was a 'no way' place to move to for her. This was about 7 years ago, but from what I remember from her and her friends, they get lots of grads in, salary pretty poor, work them incredibly hard - and not too much gain in terms of broadening experience / chance of promotion. So there is (or was from what I heard a few years ago) quite a high turnover, which meant that the people left behind were constantly fire fighting, and just plugged the gaps (not much chance of traning or moving up).

You seem to have different experience from friends working there though. Maybe it has improved in recent years?

Also, is your experience (5 years, I think?) in fund admin? That seems like pretty low salary for that much fund admin experience.

ibarelycare

Deleted User wrote: »

Is that 380/week before or after rent is paid, do you think?

EDIT:

I'm going to make a load of assumptions here, to try and figure it out a little.

So, say if you and your boyfriend get a place together, just a one bedroomed apartment, this could cost between €700 - €1000, at the high scale, and depending on where you want to live. So, if you split 50/50, you're looking at you paying between €350 - €500 a month for rent. Bills, I'm going to guess, could come in at around.. €60 a month each (assuming TV, ESB, and if you get internet separate for some reason), so you'd be looking at around €560 a month (at the higher end).

Assuming 4.4 calendar weeks, then €380 weekly is €1672 monthly, so even assuming higher everything, you should have a thousand a month remaining for foods, other expenses that you might have and I haven't calculated for.

You could easily survive on that - if you shop smart (stick to the likes of Lidl and Aldi) and just cut back on a few pointless luxuries.

It's unlikely you'd get a 1-bed apartment in Dublin for under €1,000 in the current market, and even at €1,000 you're looking at undesirable areas.

It is definitely doable though. I work in a training firm and the trainee accountants here start on €18k gross (so a good bit less than what you'd be on) and they all rent in Dublin, most of them near the city so they'd be paying €600+ for a room. They all still manage to have social lives, go on holidays, etc. You just have to be very careful with your budget.

FWIW I've also heard a lot of negative stuff about State Street. Why do you say the other office you interviewed in was "uncomfortable"?

Edit: Agree with above poster, it does seem like a very low salary, even for entry level. My friend started in Capita recently as a fund accountant on 30k.

beks101

Depends where you are in your career I guess and where you want to go. Age probably comes into it too. Is there room for promotion in line with your goals and your qualifications? Can you push them on the salary front?

Personally, no way in hell would I accept the job. I've been working too long in my industry and have too much experience to do something "to have it on my CV" or to sit around waiting to be noticed. I find after a certain point it's vital to put a price on yourself, to know your market value and not dip below it.

Sunflower 27

I wouldn't take the job either. They sound like a horrendous bunch to work for, and that is just going on the fact they pay so low.

Things are improving. I'd be holding out till you get something that actually makes you feel good. It sounds like you would be going into this job with bucket loads of stress. It isn't worth it in my opinion.

I'd be letting some poor other sucker be worked to the bone for a low salary.

Call me Al

I'd agree re the reputation of ssb ,(been there and bought the t-shirt), and at the stage of 5+ years into my career I'd expect to have realistic minimum requirements vis-a-vis salary and benefits on any job I'd take.

What salary level does the market pitch you at right now? That should give you a more accurate idea.

LegacyUser

beks101 wrote: »

Depends where you are in your career I guess and where you want to go. Age probably comes into it too. Is there room for promotion in line with your goals and your qualifications? Can you push them on the salary front?

Personally, no way in hell would I accept the job. I've been working too long in my industry and have too much experience to do something "to have it on my CV" or to sit around waiting to be noticed. I find after a certain point it's vital to put a price on yourself, to know your market value and not dip below it.

Can I just add something to this good point: if you are trying to renegotiate a salary offer, do not even hint at how you can't live a decent life on the amount they're offering. To be blunt - your expenses aren't their problem.

If you are going to try renegotiating salary, check out the many market surveys online, talk to friends in SS - and more importantly elsewhere - try to find out how SS benchmark salaries, and only then tell SS why you believe you are worth more.

Just one other point, and I'm not sure that it would be relevant in an IFSC type company - be careful that if you do negotiate your desired salary, that you aren't going to be 'stuck' at that level for a couple of years because you've reached the top of a salary level for the grade and years experience you have.

littelady

I worked for SS for five years. At the end I can only say I had a breakdown, very stressful, high demands, not enough staff, back stabbing team mates. Thou you will go in on low pay you will get allot of overtime. I am not alone on my views of this place as I have seen the majority of my team in the toilet at some stage crying.

sashafierce

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LegacyUser

sashafierce wrote: »

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I have one good thing to say....I made some great friends there. I didn't work in Dublin office. But promotions are tough to get and there'll be plenty of "entry level" staff in there trying to get them.

I would advise to try work out what your market worth is as per salarynegotiations advice. I never had the balls to do this. They do pay bonuses but nothing huge. Staff turnover is a problem, I know of staff with 10+yrs service leaving for competitors.

Some people are happy there for sure. I was lucky in that I had a great, understanding manager.

Take it if you like and look for something else while there. You could call them and say you are still thinking about it saying the only thing stopping you is the low salary and ask is there any wriggle room on it. Whatever the response, say you are still thinking about it and will let them know.

TimeToShine

If you only have a bachelors and no experience then 20-23k or roughly 380-400 a week is the norm for that industry. You said you have 5 years experience so run for the hills.

LegacyUser

What are your qualifications and experience in? I know my company can't find enough fund accountants to hire, I'm sure other's are the same so if you are suitable to the job you should be able to negotiate a competitive salary.

How many have you applied for? My grad salary was 26k and gone up ever 6 months since I started, along with benefits and bonuses.

You haven't heard back from one other position, follow up on it or apply for more. You just seem content with settling for a poor job from reading your posts. Not my style but if it will make you happy ......

LegacyUser

sashafierce wrote: »

Has anyone got anything positive to say about SS. I have two friends in SS and even though they agree the money isn't great they seem happy enough. I have not heard back from the other position so it looks like I will have to accept the SS job.

Maybe you've done all of this already, but I felt it was important to say again, before you accept a job where you know you'll be underpaid and suspect that you will be treated badly:

- do your friends just 'seem' happy to you, or have you asked them outright if they're happy?
- have you asked them about any of the concerns raised in this thread by people who worked in SS?
- have you checked salary surveys online, to see by how much SS are trying to underpay you?
- did you check the usual websites to see who else is recruiting?
- have you called agencies to see what else might be around?
- do you have a LinkedIn profile?
- have you talked to friends in other similar companies to see how they feel about their salary and workplace?
- would friends who work in other fund admin companies work in SS?
- you've said early in this thread that you've wanted for ages to work for SS - why was this? What attracted you to working for them? And can you go about proving or disproving any of those reasons by doing some nosing around?

I just think you're jumping way too soon OP. Especially if you have 5 years experience in fund admin. And maybe you have done your research, so apols if the above sounds patronising. But there's nothing coming across in your thread about having done any research at all - you just sound like you're going to take the first job offer you get.

sashafierce

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power pants

What experience do you have?

I find it almost impossible for SS to offer 380 a week to someone with 5 years experience. Just doesnt make sense at all

Did you apply direct or through an agency? Im surprised SS or an agency would offer and expect anyone with 5 years experience in financial services to take the offers

With 5 years experience you would be a senior, supervisor or higher.

Personally, I wouldnt take the job, 380 pw with 5 years experience. I would be insulted and Id also tell them not a chance and that it was insulting

SS have a pay structure, just find this all very odd

LegacyUser

The reason they have a 2 month notice period is to make it difficult for staff to leave. They probably need this due to the massive turnover, due to their bad employment practices.....

You didn't give much details here about your background, experience or how you've been going about job hunting, but from my own experience in fund admin I am very surprised this is the best offer you received.

sashafierce

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power pants

oh right, I see. apologies I thought it was 5 years experience in the funds industry

id take it, everyone needs to start somewhere and your salary will go up after each review

Will get good experience and next job will be a lot higher paid

best of luck!

sashafierce

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power pants

If you take BOA, it will be just a 6 month contract.They will say has the possibility of being longer but in reality it wont. If it was it would be permanent from the outset.

On the other other hand 6 months experience would result in you getting a job in the industry easier in the future with a slightly higher salary.

Statestreet is permanent which is always good. Job security, pension, benefits

Its up to you, if BOA pays more and you are happy to accept it will more than likely be only for 6 months and its more convenient to travel to then go for it

All these big banks are largely the same to work for, you are just a number at the end of the day so they are much the same to work for in general

sashafierce

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power pants

Well I cant say for definite one way or another about being kept on but Ive heard that line used every single time a contract is mentioned.

Its really only a choice you can make, based on the hard facts you have, the pay, the logistics to work and the length of employment

sashafierce

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power pants

Oh I know where you are coming from, im the exact same.

LegacyUser

power pants wrote: »

If you take BOA, it will be just a 6 month contract.They will say has the possibility of being longer but in reality it wont. If it was it would be permanent from the outset

I wouldn't think this is necessarily true, at least not from my experience. If the poster has specific experience of BOA, then I'd obviously take their PoV rather than mine.

In my experience, it's such a pain for companies that need budgets approved overseas, that they tend to offer longer rolling contracts - so they put a lot more effort into picking someone who is a good fit.

Now that might not translate into a permie role, again due to parent overseas company approval being required - but you could have a chance of getting a rolling contract, where the location seems to suit you better.

Make sure you do up a spreadsheet though, comparing the daily split of SSB with a daily contract rate from BOA.

LegacyUser

Is it a six month contract you're on, or a six month probation period? I know probation periods are the norm anyway. Everyone up to supervisor gets it in my company and are made permanent following a successful evaluation.

Galadriel

sashafierce wrote: »

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A lot of companies only give 6 month contracts initially, it's so after the 6 months are up they can easily get rid of you if they don't think you are a fit, if you are getting on well in the job they will more than likely keep you!

sashafierce

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Backstreet Moyes

Must be 6 or 7 years since i spent a few months in State Street. I think it's fine if you live nearby and are young. Their is plenty of overtime which means you will earn decent money. Unfortunately the overtime is not voluntary you could be stuck back an hour or two most days of the week.

The reasons i noticed for this was the lack of training. For example you take notes of somebody working for a week then next week you are doing the work. You run all your reports think lovely out on time then a supervisor calls you over giving out how did you miss something in the report. This is something you never seen before so how are you supposed to know it's an issue, so you are given out to and have to redo the report and your supervisor has to stay back to sign off on your work also.

I remember a girl crying one day because she had to cancel three dates set with a man that week because she was delayed at work. She quit soon after which in fairness i don't blame her.

The reality is you will not get proper training, due to staff turnover you will soon have people reporting to you when you still don't know what your doing. You will start work everyday and have no idea what time your going to get home.

The sad thing is due to lack of job opportunities i am thinking of applying to go back.

sashafierce

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LegacyUser

sashafierce wrote: »

Unfortunately I did not get the other position. So SS Monday morning it is, however I intend to keep looking and BOA said they may have something coming up in a few weeks they would like me to apply for. I'm nervous about SS to be honest as I will be commuting working extra hours isn't really an option for me right now

As others said, from what I've heard working extra hours in SS isn't optional. I know people have said that the o/t bumps up your net salary - but that's only because they don't seem to employ enough staff. If, as I suspect, you will have to do extra hours - is it at least 1.5 hours the normal rate, or is it 'days in lieu' which they won't approve you to take.

Are you sure you want this? From what you've said, it's **** money, and an unreasonable notice period. From what others have said, you'll be highly stressed, pretty much obliged to do extra hours, and won't get any training or meaningful advancement (other than more responsibility for stuff that you don't know, because everyone else has left).

Can you afford to hold out & keep looking? Beware though, SS notice period makes it v difficult to move job, unless you're senior and the company you're moving to is prepared to wait for you.

strandroad

sashafierce wrote: »

....snipped.....

You are giving a lot of detail here to your future employer...

sashafierce

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