My gf tells me to ask for more, she doesn't get it
Hi everyone,
I'm making a move to a larger HF ~1b. Quickly, location better. Base up by 15%. AUM and pedigree say is double of my current boutique. Let's say I'm four years into the HF space, straight out of Ivy League school.
For me, the move is natural and while I could wish for more, I'll take what I got. I'm still learning and don't exactly think I have any bargaining power. Heck, I'm an analyst and have yet to managed a single amount of risk. Being a avid reader of WSO, I know I'm correctly priced. Am I?
My gf, in banking for 7 years thinks that I'm some trader guru because I got in HF right after school. She tells me to ask for housing allowance and higher rank. Should I just her to the HF forum at WSO?
Nijikon
Honestly, I have absolutely no comprehension of what you just asked.
whats your current salary kid, down to the penny, all in (serious)
dgaf about base, do you project your bonus is going to be higher?
Basically, my gf expects too much out of me and think I'm some top 1% trader. Yes, I'm very grateful that I'm not in some mundane finance role. Then again, I know I'm not the Princeton Math PhD who could write his ticket to Bridgewater. I don't know, or maybe don't want to be. I'm just above average and slowly inching my way to the top of the curve. I hope she one day understands.
I'll spill the beans a bit. I'm moving from x HF in x city to NY, global macro, 1b. And yes, I know there're tons of 1b funds in NY.
At x HF in x city, last year was US$60k base and US$25k bonus. I don't have my own book and this is my first job. My new place they gave me a 15% increase in the base. All I know is that their bonus is pretty much HF standard, which my guess is, your group does well, you get at least 50% base.
Basically, my gf expects too much out of me and think I'm some top 1% trader. Yes, I'm very grateful that I'm not in some mundane finance role. Then again, I know I'm not the Princeton Math PhD who could write his ticket to Bridgewater. I don't know, or maybe don't want to be. I'm just above average and slowly inching my way to the top of the curve. I hope she one day understands.
I'll spill the beans a bit. I'm moving from x HF in x city to NY, global macro, 1b. And yes, I know there're tons of 1b funds in NY. I have family at NY, hence accommodation.
At x HF in x city, last year was US$60k base and US$25k bonus. I don't have my own book and this is my first job. My new place they gave me a 15% increase in the base. All I know is that their bonus is pretty much HF standard, which my guess is, your group does well, you get at least 50% base.
My mom used to tell me I was special, doesn't mean I am.
Your girlfriend is wrong.
And my thoughts exactly. Though I phrase it more optimistically. I tell her exactly. "Everyone special. But I'm at the 85 percentile of the population." (The gauge comes from reading this forum. Hehe.)
You sound like a decent guy.
You will have 5 years of experience as a hedge fund analyst and are barely going to crack $100k? I can see how someone in banking for 7 years would think you are underpaid. If they aren't working you like a dog and you enjoy the work, keep doing what you're doing.
So am I underpaid or does it really seem I'm underpaid? This is my 4th year. I admit that I may be lagging behind a bit. My slow and steady target is 8 years to be PM. Given that not everyone makes PM, and I'm still surviving after my fund's cycle of AUM ups and downs, I think I'm above average and getting paid just about right.
Yes, lifestyle is good. US$85k for a 45 hour week and time to develop my own strategy, I'm not complaining. I'm paper trading. My personal goal is once I have a strat that pulls in 4% per year, 1.0 Sharpe, with an allocation of 10mil, then I'll be asking for more than US$100k.
Sounds like a Lady MacBeth Asian Tiger girlfriend to me.
Also, what's with all the broken English? Maybe that's holding you back.
I got 70 percentile for my GMAT Verbal.
I think it's just the difference how the IBs and the HFs see progression. For her, progression is Analyst, Associate, AVP, VP, Director. For me, it's correctly calling where Cable and Euro is heading 60% of the time and knowing how to size a high Sharpe trade.
You sounded like a pussy but that GMAT comment confirms it
That 'feels' light to me, but i've never worked at a small HF in a early career role so can't really tell you for sure. I would think you should be getting at least in-line with bankers of similar tenure, no?
I'm an analyst and no risk taking. What AUM range would be considered small to you?
Who knows... I work at a long-only where my team runs $160 B's out of >$800 firmwide, so most HF AUMs seem small to me. But I guess anything less than $2-3B probably on the smallish side for the long/short guys.
Just out of curiosity, is your title actually "analyst". Typically that is a more senior role.
Why wouldn't you ask for more? In 99.9% of situations, the worst case scenario is they will simply say "No" and you'll still have the original offer. Best case scenario is you make more money.
I don't work in the HF/IB space, but I've had 4 promotions throughout my career and I've asked for more money than what was originally offered to me every time. The offer was increased in 3 out of the 4 promotions, and I'm making significantly more money today because I simply asked for more.
What do you have to lose by asking? It might rub the employer the wrong way, but I doubt they'd retract your offer because you tried to negotiate the pay. In fact, they probably expect it, and likely will respect you more for asking.
Damn, that's great. I aspire to be you. May I ask how many years of working experience did you have when you first asked for more money and got it?
thanks for sharing... could you also please quantify the additional increase from the negotiation, e.g. 15% higher than the new offered salary?
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