Internal Transfer Back Office to Front Office - No Salary Increase?
Looking for some advice -
I'm in my mid-twenties and an AVP in a BB back office portfolio management support role. I was recently offered a position on one of the product desks as a 'Portfolio Analyst.' To my surprise, HR notified me that base salaries are not adjusted for internal transfers until the next compensation period (which is in February). I realize I was probably hired as a major cost savings to the desk, considering the other candidates were much more qualified with grad degrees/CFA and would command a much higher salary. Do I bite the bullet and take the front office hours/workload on an operations salary and hope I'm given an appropriate raise in 8 months? Do I have any room to negotiate despite HR's policy on internal transfers? Do I pass up on the offer and search for front office placement externally?
Appreciate the help.
I would imagine bonus is higher, no?
How big of a pay difference is it? This sounds shady.
I believe so, but I'm not even sure what my bonus will look like. I know it will be coming from the front office bonus pool, as opposed to the operations pool, but I'm assuming it will be prorated.
i'd suggest you take it for now since it is not something that happens everyday. try to shine in the new role - you will only have bargaining power if you do well on the new role.
if you like to work in the front desk the best way is to take what's in front of you and try to do well, then some time later if you get better offers externally you can start formally to consider making a jump.
Take the job, kick ass, and start immediately leveraging this against a F/O position at another company. Interview + network constantly. If you don't get a raise within one year, jump ship for whoever gives you a better offer.
Salary figures were never discussed with me in any of the 7 interviews I had. I guess it's on me to raise the issue, but I never felt I had a firm grip on the job to risk losing it over a perceived sense of entitlement. Assuming my AVP title is not transferring over, what should I expect in terms of salary & bonus in February so I know I'm not getting shafted? Had one of the other candidates been hired, I imagine they would have been brought in at an Associate level (at least) with 6 figure compensation.
Thanks again for all the feedback.
PM'd you
This is typical at a number of banks.
Take the job, worry about the cash later.
Don't be greedy.
What IP said. They're taking a risk on you as you don't have a traditional background. Think of it as a "probationary" period so they can see how much they like you and how well you fit. Also, you made a jump that 99% of people dream about making. Take it now and stay for at least 1 year (2+ would be better at your level) and network your ass off. Then you can lateral out. You just have to get a track record going so people don't think you sucked at FO work.
Appreciate all the advice. Thank you.
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