Last week we discussed the last 365 days and how the hiring within the field of public finance has grown exponentially over this last year. A question that continues to be raised is, “When, if any time, should I seriously consider making the move? I am having such a good year that I do not want to disrupt what I have in the pipeline or potential deals that I may get due to successful selection during the RFP process.” These are great thoughts, and at any other time I would completely agree with you – that there would be no reason to disrupt your current business. However, these are not like any other times. The circumstances that we are seeing right now may never be repeated.
Is Now Really The Right Time For Making The Move?
Because of the above statement, I truly believe that if you have ever considered making a move now is the time to really “kick the tires” to see what is out there. As I have addressed last year over many blogs, there is this special person that can get hired during the COVID-19 era. If you are one of them, I would highly recommend making the move now rather than later for the following reasons. As the expression goes, which we are all too tired of hearing, these are unprecedented times. But, with unprecedented times comes opportunity, and that is what lays before us currently. For the public finance banker, municipal financial advisor or bond counsel, (no matter what your area of expertise) who is confident in their ability to move business, now is that time.
The Rule That Has Helped New Hires All Around
Here is a question which can be answered with common sense, “Is it better to make the move when you are top of your game or when you are slowly receding from that apex?” Because of new rules in 2019 which extended in 2020, a firm can no longer ask you what your current salary is. The only thing that they can ask is what your current revenue is. If your current firm is not paying you competitively, it is going to appear quickly when you go down the path with a new firm and are discussing offers. We have been able to get both bond counsel and public finance bankers’ competitive salaries because firms are valuing the individual based on what their production is, not based on what their current salary is at their previous firm. This is allowing both bankers, advisors, and bond counsels to be valued where they should be, not necessarily where they are.
Our Current Climate Can Dictate Your Future With Making The Move
As I have said in numerous blogs, no one should make the move strictly for an increase in compensation. However, they should move if the desk is not performing, or the platform is not right for future business development. If those are concerns in addition to compensation, it only makes sense right now to look at new opportunities as firms are looking to add to their existing footprint with qualified professional finance individuals. Firms are looking to add to existing bases as well as prepare for the eventual retirement of senior personnel. If you fall into this category, it is time to start exploring other opportunities. Most of the candidates that we have the pleasure of moving have been at their current firm for at least 10 to 15 years and are not aware of what the competition may offer – both on a platform and compensation basis. It is apparent that you are the candidates that are in demand presently. Rather than wait till the end of this year when business may not be as strong to entertain any new situations, we recommend you rethinking that strategy. We are here to offer assistance in your career transition dialogue.
If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at [email protected]. He can also be reached on LinkedIn. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs so you never miss one.
About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Health Care Bankers, Municipal Financial Advisors, Compliance Officers, Issuers, and Bond Counsels.