Offer: Counteroffer

Hey All,

Just received an offer from a small Asset Management shop in the mid-Atlantic region:

The shop runs quite lean--2 PMs, 2 client managers, and a compliance officer. I'd be working primarily with the PMs to develop portfolios, identify and quantify portfolio risk, complete some ad-hoc reporting, and generate / monitor trade ideas.

The PM told me to propose a number for salary... any thoughts on where to begin? It is hard to find numbers of boutique shops--most of the numbers I have seen are sell-side ER, or commissioned-based client management roles. This is truly a research type role where I will have limited client interaction.

Thanks

 

I wouldn't put the first number out there. Also, I have seen numbers that vary from 80-200k all in for 1 man bands.

My favorite line, "I trust that you'll offer something that's market competitive."

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
 
Best Response
I wouldn't put the first number out there.

I would actually take the initiative and make the first offer. The anchoring effect can be quite powerful.

In my experience, small shops will always try to low ball you and promise "we'll take care of you down the road when we grow." A lot of these shops also genuinely have no idea how much to pay an entry level person. If you let them throw out the first number you are very likely to be disappointed and they are unlikely to go significantly higher.

Also, I have seen numbers that vary from 80-200k all in for 1 man bands.

The range is only that wide because it varies with candidates' qualifications. This is one of the reasons that MBA comp stats look ridiculously wide. If you looked at a homogeneous group of candidates the range would be +/- 15%.

 

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