MBB experienced hire offer negotiation
Hi,
I'm seeking suggestions on how to go about negotiate a MBB offer from a US office.
I've been offered an associate level experienced hire position which I'm really interested in. But the compensation is a little lower than what I'm making now and by accepting I will be giving up a considerable year-end bonus.
I work in the relevant industry and have > 4 years of experience and a PhD. So I would like to be offered a little more than the standard associate package.
Suggestions? Thanks!
You'll probably have to eat the bonus part of the negotiation but starting by mentioning your previous salary sets the initial bar.
There are experienced hires in other consulting firms and from industry who take a step down from Manager to join MBB. In addition, salaries are transparent yet standardized. I don’t think this would be an exception so you won’t have much, if any leeway in those respects.
I have heard of experienced hires negotiating signing bonus, though, so I would try that.
Do you know how much MBB pay their associates?
That's information you can generally find online. I don't know what this year's exact benchmarks are for offerees, but they definitely increased ~10% across the board. BCG increased its base to 165k for post-MBA/PhD and the other firms will probably follow suit.
Typically in the ibanks (on the trading side anyway), people wait until after their bonus checks clear, and then they quit for new positions elsewhere. Is there a reason you can't do this also?
Yes I think that would be a reasonable move.
I could. But my company doesn't pay bonus until Feb of the following year. So I would have to wait til then to quit. I don't know if the current offer will allow waiting for 6 months.
You have essentially no negotiating power on the salary and bonus. It's very standard for top firms, even through the "pre-partner" level. Relo and sign on might be the only best bet.
They frankly don't care if you make more now. They know if you want to work for them, that you know the value of MBB on your resume.
Anyway, chances are it'll open more doors and more money in the long run. How much we talking here? $20k less? $50k less?
It's definitely not 50k less, I'm not that crazy. It's around 10-15% , so you get the idea.
What do you have a PhD in? And why did you get one?
As always nowhere near relevant.
As always, you're just making it worse by responding to me. Lol.
I don't see how it's relevant here. But I'll say that it's in the physically sciences and I did it because I was interested in the subject out of collage. It's also a degree which my industry recruit heavily in, which is part of the reason I'm making more than starting associates at MBB.
probably something actuarial, physics, mathematics, chemical engineering or rocket propulsion, (i worked for PhDs in all these subjects...and the banks heavily recruit them for quant roles)
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