Submitted by throwaway62959 t3_11pg1wi in personalfinance
I currently work as an engineer in a public sector job for the past 3.5 years ever since graduating college.
However, I decided to look into the private sector due to their higher salaries. I got a job offer and am mulling it over.
Their offer is $106k/year, versus my current salary of $78k/year. Both jobs in high COL area.
Both positions have paid OT and reimburse for mileage. Commute to each main office is nearly the same.
Finance-wise, I still live at home with my parents, but have $90k in private student loan debt with $50k in savings/investments.
Here are the pros and cons of the offer I’m weighing out:
Pros:
- Money ($30k salary increase plus $2k signing bonus)
- I wouldn’t be dependent on a pension. My current state is expensive to live in, don’t know if I see myself living here forever. (Currently live at home with parents). And who knows what the pension would be like anyway when I’d retire in 40 years (65 y/o). Pension doesn’t partially vest til 10 years in, doesn’t fully vest until 42 years in.
- 401k match (4.5% match on 6% salary max). So a bit more money in my pocket.
- I’ll gain private sector experience and perhaps learn more than I’m learning now. This’ll help for applying for future jobs.
Cons:
- Career lateral move. Will be doing similar stuff in new job as in current job.
- Harder and Higher stress. This being the private sector, higher is much more pressure in dealing with deadlines and performance. The nature of the work is similar, but being at a faster pace will create some challenges. Plus more of a expectation that I know what I’m doing (imposter syndrome).
- I could be sent to locations an hour + away sometimes. However, being reimbursed for mileage helps negate this a bit.
- Theoretical risk in an economic downturn, but this doesn’t seem likely given how much they’re expanding the team.
- Restart in accruing benefit time.
- Can’t take off in a whim at this new job like I can now.
- PTO is unlimited, instead of having a set amount of days off. I don’t want to be at the mercy of my manager approving my PTO or feeling guilty about taking time off. Although in the phone screen he said he’s very accommodating fwiw.
Obviously I won’t be making my final decision based on strangers’ opinions online, but let me know your perspectives!