Just got PROMOTED - how to negotiate salary?
So, yours truly just got promoted. What is the best way to renegotiate my salary?
So, yours truly just got promoted. What is the best way to renegotiate my salary?
+16 | REPOST, SOMEONE PLS HELP… | 3 | 13h | |
+12 | Big 4/MBB Reality Check - Am I cooked? | 1 | 1d | |
+10 | UCSB vs Super Non-Target | 2 | 2d | |
+9 | consulting out of undergrad or after? | 0 | 11h | |
+9 | Pivoting towards consulting at a semi-target (rising junior) | 1 | 3d | |
+6 | Berkeley or Columbia GS | 8 | 12h | |
+5 | MBB office doesn't matter for exits | 3 | 1d | |
+3 | Brown Econ vs Cornell Dyson vs Dartmouth Econ | 1 | 1d |
Career Resources
Negotiating Promotion and Salary at Current Employer (Originally Posted: 12/06/2013)
I need to negotiate soon for a promotion and salary boost, and I'd appreciate everyone's view on how much to ask for and how (well, round out my ideas on how, I suppose) -- prior to this position I was in a much more structured banking program. (PS - I've read most of Harvardgrad'08s classic thread -- though maybe I've missed something in it)
Rest of the background: 3yrs as an analyst in IBD at a BB in NYC, then moved to the industry I covered in corporate development 6 months ago (new location: VA, just outside of Washington, DC). Like most people, I came in as a Sr. Analyst, and not as a Manager. But since then I've gotten a lot of compliments on the work I've done, busted my ass, and they want me to move with my VP (now CIO) and my Director (also got a promotion to MD), and ~5 other people to start up a new office that will be very capital markets facing. I've been owning the model that is a key reason we are opening shop in NYC.
So, I had a standard third year in banking before the switch: $90k + 60k bonus, I switched over to this job to be in an industry I am passionate about at a really dynamic point in its lifecycle that is driven in large part by financial innovation. Love the job, but I need to get back on track a bit pay wise. For one thing, the hours are far from 9-5; still putting in 55-70 hours a week. I've also come up to speed significantly and am a much more valuable employee than when I started. I'm currently at $90k and expecting a ~$15k bonus (actually pro-rated, so ~$8k).
I think that COL adjustment alone gives me $8k of bargaining ammunition, but where should I anchor the salary discussion asking for the Manager promotion? I'm tempted to start with $125k considering they know hours are going to be rough for all given our goals, the COL change, and of course my performance to date. Too much?
Things I plan to highlight:
-- Promotion to Manager: my role has required me to drive processes with other groups, but I need the title to back up what I'm already doing in many cases. Also working directly with investors. I believe 4yrs out of college with 3yrs of banking is a not uncommon time to move roles, and I'll be sure to have data points to that effect for our company and comps.
-- I've come up to speed rapidly on new financing structures our firm is depending on, I'm important to the mission, and I'm here for the long haul (true: I plan to finish the CFA instead of going back for an MBA, believe my undergrad degree is a strong enough brand in industry, and I don't want to miss the experience given where the industry is)
-- Given I know the models and we will be in NY and hiring former banking analysts in the near future, it makes sense for me to move into a more Associate-like role and be compensated similarly (well, Manager vs Sr Analyst salary at least, I'm not working IBD hours and gladly trade the bonus for that lifestyle benefit)
-- COL adjustment, DC to NYC. And while I live in DC, the current job is actually in a cheaper city in VA
-- Thoughts?
-- Thanks!