My firm offers first year analysts (targeting Ivys and other top schools) base salary of high 50s with perf. bonus of up to 20-25% for "top bucket". Not sure if we do a signon, but if we do it's gotta be 5k or less.
We've had some accepts and some declines, and we're trying internally to sort out why folks may have been declining.
I am personally trying to push our 1st yr base to 60k just on the basis that from an optics / psychological standpoint, no one from our target schools wants to see a number starting with a 5 when they're getting all their other offers at 60k, 65k, 70k+.
That being said, say you had an offer of 65k at a place you sorta liked (people, work, culture, office location, etc.) vs. an offer of 58k at place you liked more. Would you take the 65k based on comp alone? How would that differ, if at all, if it was 60k vs 65k with the same aforementioned conditions?
Another scenario: I know that some places like Deloitte will give you a nice base (70K+) but stiff you on bonus until you're manager or something crazy like that. Would you take a 70K with little/no bonus over an offer of high 50s + 20-25% bonus that would potentially match or exceed other offers if you were a hustler? What if you liked the 50s place "better" than the 70K?
Thanks for the insight, folks. Doing some "market research" here.
Why don't you pay street? The better MMs pay $70K + 10K sign on.
Also, don't forget, a lot of kids coming from ivys have debt, 70K vs 55K is a big difference in that case. And to be quite honest, kids at state schools get offers for $50K, if you want ivy kids you're going to have to pay for them.
Your bonus also sucks. 25% of 55 is $14K so even with bonus they're making 69K.
Hey man, I agree with you. I'm trying to get them up there but there is only so much a plebe like me can do. Btw, this is consulting, not banking. I think street for boutiques is anywhere from 60-70.
Also, I think the firm has had relative success in the high 50s so it doesn't perceive such an immediate need Yo budge. But I am afraid were losing the best people (ie with options)
Where are you located? If you're in NY, you cannot live on 50k very easily. 60k min, but I don't think I'd be able to do that. Yes, there's something to be said for working at a place where you like the people, but if the place doesn't allow you to live how you'd like (decent apartment in decent area, dinner/drinks out occasionally), then what's the point of working in the city? Recent grads also talk to each other about what they're making. I was actually quite proud to be making $5k more in base than anyone else I knew. I talked to a big 4 consulting, as an experienced hire. They couldn't/weren't willing to even match my current salary, so maybe that's just the reality of consulting.
Heinous part is that were in NY as well as another major city. And from what I understand there is no pay differential.
Your post sorta reaffirms that if we just bump up 2-3 grand it'll go a long way from an optics POV
http://managementconsulted.com/consulting-jobs/2011-management-consulti…
You're way lower. Money talks at this age. I think when you're 32 and choosing between 250k/y and 300k/y, you definitely look at more things than money. But at 22...people follow the idea of C.R.E.A.M.
Sorry didn't realize it's consulting! The lowest consulting offer that I know of anyone getting was $55K + 5K. So your offer sounds about right.
That said, in relation to your question. Certainly $60K looks nicer than $58K
$60k is like a nice round number, while 55 seems low, 60 seems like an intangible hurdle.
That being said, depending on the structure of the bonus, I may chose the Better name with a lesser bonus (your Deloitte example) but it would all depend on WHY i like the "lesser" place.
Give me room to advance, great bosses, some perks and a 25% bonus and im sure that would sway alot of young minds. However, money talks. Always will.
In terms of psychology, $60K-$58K > $58K-$54K.
Look, most of the Fortune 500 pays more than you guys, even after bonus. Starting salaries Microsoft are $90K/year, for instance,and bonus works out to being more, dollar for dollar. It's got a lot of brilliant managers and is in lower-cost Seattle to boot.You guys have to be offering something really amazing for folks to take that offer over the F500.
You're not going to get anyone smart/hard working for what you're offering. The smart people all have offers for about 15k more base and much bigger bonuses..
^^^ Why do you keep changing your username back and forth? I'm thinking of changing mine to HarvardBanker tomorrow.
What I'm worried about is losing our top picks, not getting people who aren't smart or hard working. Obviously we've done decent in this department if we continue to offer slightly below market and have decent success. That being said, I think 57-58 to 60 is a reasonable cost to surmount a potentially big psychological hurdle.
The 6 does look a lot better than the 5. Really, if you want the talent you have to pay for it and from what I can garner, the better people going into consulting are looking at 60k, not 57-58
50s is horrible, all of my offers were 60 minimum
My question is not is 57-58 low. I know it is. My question is if you'd give up a 57-58 even I'd you liked the position a lot Vs a 65 offer you liked less
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