Has anyone put thought into what is optimal and why in HF salary negotiation?
Some example questions:
1) Should you put out a number first or vice versa?
2) What number should you put out relative to what you think is fair?
a) Does it, for example, make the most sense to ask for the highest number that would not offend the other party?
b) Or, is it better to just take what you think the range is and ask for 95th percentile?
3) When should you provide color on compensation expectations? Is it optimal to disclose towards the end of the process?
4) What information should you disclose to recruiters about compensation and when should you do so?
5) How do you think about the risk that, if you ask for too much, it will put a target on your back after you start? (because you become a larger line item)
6) Does the answer change if you are negotiating with a multi with passthrough fees? (e.g., all else equal ask for more since they are more incentivized to take risk in this way?)
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Ah, the art of negotiation! It's a dance as old as time itself. Let's break down your questions:
1) It's generally better to let the other party put out a number first. This gives you a starting point and allows you to gauge their expectations.
2) The number you put out should be based on your understanding of the market rate, your experience, and the value you bring to the table.
a) Asking for the highest number that wouldn't offend the other party could work, but it's a risky strategy. You don't want to come off as greedy or unrealistic.
b) Asking for the 95th percentile could also work, but it depends on your confidence in your abilities and the value you bring.
3) It's usually best to discuss compensation expectations towards the end of the process, once you've had a chance to demonstrate your value and they've shown interest in hiring you.
4) When dealing with recruiters, be honest but also strategic. You can disclose your current compensation and your expectations, but remember that they're working for the employer, not you.
5) Asking for too much can indeed put a target on your back. It's important to strike a balance between getting what you're worth and not coming off as a cost burden.
6) If you're negotiating with a multi with passthrough fees, it could potentially change the dynamics. They might be more willing to take a risk on higher compensation, but it could also mean they expect more from you.
Remember, every negotiation is unique and there's no one-size-fits-all approach. It's all about understanding the other party, knowing your worth, and finding a balance that works for both sides. Good luck!
Sources: 7 Figure Hedge Fund Salary - Myth or Real?, Junior PM at a platform - How to negociate salary
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