riverripper wrote:
Never going to make VP in 5-8 years...more along the lines of 20 years for most people. There are some super rare exceptions who make vp 10-15 but those are small groups, sometimes smaller than a manager in terms of responsibility and even pay. Titles mean nothing, a global manager with 20 years in could out earn a VP at most companies by a lot. The pay is rather high and there are advancement opportunities, but its far from a sure bet. Lots of people will reach a level and never move beyond, but even so they will earn a very comforable living. Not going to make IB money but then again nothing outside of finance fields will pay that on average but then again you will be working 40-50hrs a week...though if you make SVP at an oil company you could earn 8 figures.
Culture leaves a lot to be desired at a lot of oil companies, the work wasn't exactly what I wanted to do and honestly Houston was not a place I would want to live for 30 years. Flexibility is huge for them, if you aren't willing to do what the company wants it will really limit your career. That could mean 3 years working in Nigeria, taking jobs you have no interest in. I wanted a more straight up GM/ops management role and that was not something really offered in oil. In the end it was definitely the right decision not to go through with it...the function I will be doing is much more exciting for me and after a lot of discussion with my wife, friends, and family it was clear that what you do for work should trump working in an industry you find interesting. The work you do is much more important I think than the underlying interest you may have...I loved the industry I used to work in but that passion didnt translate the job.
Thanks for your reply River; it's much appreciated. I am seriously considering the oil & gas industry but almost everyone I have spoken to so far has given me the glossy rah-rah-rah overview. I have a few more questions if you don't mind:
In terms of pay, what kind of numbers are we talking about here? Of course, no industry can match Finance in terms of pay but with the large loans most MBA grads incurr, there is a lower limit to acceptable pay. What's the typical package like for fresh MBAs and what's the typical pay profile over 20yrs?
Is it advisable for MBAs without engineering backgrounds to recruit for oil & gas companies? From some of your previous posts on the subject, I understand that career options for those with pure finance backgrounds are limited (if they can get the jobs in the first place). Does this still hold true? Does a finance-type MBA have the same career options within the Majors as his/her colleagues with engineering undergrad backgrounds?
I don't really mind the travel but I am absolutely terrified of signing-up for a dead-end job with less-than stellar exit options.
Again, thanks for your insight.