Can I Negotiate Salary for Probationary Period?
I got accepted as a new grad by a long-only fund the other day but I'm not sure if it's possible to negotiate for better salary terms during the "probationary period."
Even though it's supposed to be a post-grad full-time role, the first three to six months is more of like an internship, or probation, and after that they would decide if they want to sign the formal full-time contract with me.
As for the salary during that probation/internship, I was expecting an amount to not be too off from my previous internship salary at a BB (let's say it was $X per month). However, the monthly salary I will be receiving from this long-only fund's probationary period is said to be $0.7X.
Actually, during the interview, a junior PM said the probationary salary would probably be around $0.6X and asked if I think it's too low while emphasizing that if I pass the probationary period, the base salary can definitely be higher. I responded by saying that $0.6X was a bit lower than what I used to get from the BB internship. After that call, a senior PM wrote to me saying that they would like to extend an offer to me at $0.7X.
I am going to have another call with both the junior and senior PM, which is a chance for them to address any of my concerns. I'm just wondering if I can negotiate for the probationary salary to increase from $0.7X to $0.8X or $0.9X. If yes, what would be a nice way of saying this?
1 - I've also got a prob period but at a more senior level. Could negotiate.
2 - I don't think you should because the current hiring market is tough. You don't want to mess up with optics and add a red flag at this moment.
I wouldn't unless you absolutely need the money to survive. You'll lose 0.9 months of pay and negotiating for an additional 0.3-0.6 months seems pointless. If anything, negotiate for a higher base.
That said, is this a common practice to pay a discounted base? My firm - does not (Large LO).
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