Hey All,
Just received an offer from a small Asset Management shop in the mid-Atlantic region: 500M AUM, ~350 accounts, value based investment philosophy. I am being brought on primarily as a research analyst and don't have any directly relevant experience (spent a few years in the Big4 as an auditor).
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
Need more information... Approximately how much AuM do they have? Is the firm located in a high cost of living city? Are you graduating from undergrad or MBA? Approximately how well ranked is your business program? Top 10? Top 20? etc. Do you have any experience in equity research?
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 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.
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%.
I'd put out a number that is 10-20% higher than what I'd be happy with and go from there, assuming there is some type of bonus/upside beyond the base.
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