Recently saw the pay stub of a coworker due to a tax question and learned that he is making 20k more than me (85k vs 65k). This is for a boutique/MM firm in NYC. We both are two years out of UG and lateraled to this firm at the same time with equal experience. When I joined, I was told that 65k was the firm salary for someone with my experience and that it was non negotiable. Since the firm has frozen salaries since this time, I now know that to be a complete fallacy. Question is, what do I do? I could go to HR but I view them as fairly incompetent and it would ultimately go back to my manager anyhow, who has made it clear that salaries are frozen for the time being. I've spoken to my analyst and he has no leverage due to the freeze. As a last resort, could I sue and win for some type of discrimination? I feel completely wronged here. As an aside, I work for the more highly regarded analyst both within the firm and the street at large.
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Talk to HR
Bonus taken into account?
What other factors could impact your starting base pay? II analyst? Better UG? Could shit like that matter?
Awkward situation for sure...good luck.
Don't sue, those things have a way of getting around. You want to avoid that type of reputation, it makes you a walking liability.
Higheck123 is absolutely right man. Suck it up, you'll get far. Just keep showing you the shit at what you do.
What sectors do you and the other guy cover?
Maybe they know you chief the dank nugs
sue if you never want to work again.
hey the moral of the story is that salaries are never frozen. If you have a talent or experience that they want and you know it, you can negotiate for more. Even if its straight out of undergrad you can negotiate, especially at a smaller shop. You need to know what your skills and experience are worth, and be prepared to explain why you are worth X amount.
And don't sue... the analyst community is a small world, especially within the same sector. They check references. They'll know if you aren't worth the trouble.
Not actually serious about suing. Just curious whether it's discrimination in the legal sense (ie could I sue and win?). Not sure that I want to switch firms but that may be my only option, if not solely for negotiating purposes.
It's not discrimination unless you think one of your protected classes is specifically being targeted (ie- if you're black, if you're female, etc, so you'd be saying they're racist or sexist). Just because you're getting paid less does not mean you're getting discriminated against, it probably just means the other guy did a lot better job of negotiating his bonus or he knows someone higher up at the firm that went to bat for him.
I was referring to base salary. Bonuses were surprisingly equal, and bad. Our backgrounds are also equal. Only difference I can think of is that I sourced the job while my colleague was placed by a headhunter.I want to approach HR but I get the feeling that they'll be of little use and like I said, will have to go through my manager to get ultimate approval which will make things awkward. For anyone reading this thread who's interested in ER, this is one of the biggest dangers of working at a boutique or MM shop. There's often a lot of inconsistency and politics involved which creates precarious situations such as mine. It pains me to think that the 20k difference, practically a rounding error for an Ibank, exists solely to fund my analyst's travel budget, but that's the reality of non-BB life.
WTF? Are you whining about $20K? Dude, you're in finance, and perhaps one day you'll make it to the big league as a PM, then we will take you seriously when you whine about $2 million or more.
What happened to you is actually not uncommon. Some people just get paid X% more doing the same job, with similar (or even worse) credentials. I'd suggest you suck it up for now (given current market conditions) and look for ways to strengthen your bargaining power. It takes time. $20K is not a expensive lesson but can be very valuable later on if you have learned it positively.
Start looking for another job and when you have an offer tell them you are quitting and this is why. Never stay somewhere that doesn't appreciate you. Also, never buy that frozen pay BS.
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