Considering a VP offer - JPM Planning & Analysis - 150K base, 20K average bonus; consolidates forecast, reporting, budget planning for Corp & Investment Bank; fields ad hoc exec requests. Coming from GSE FP&A in DC as a lead associate (level just below manager); 4 years' corporate finance experience, 3 years' IT project management; B.S. Finance/Econ from a target school (non-Ivy) where most of my peers went into IB/consulting.
- Is 170K a good offer - if not, how much $/leverage do I have to negotiate? Was told this was upper end of salary range for a "light" VP (position does not manage people). I don't have prior people management experience; have led projects/project teams. Current all-in salary is 120-130K.
- NYC leads all U.S. cities in rent increase since '21 at ~40% (where I live now is expected to grow 14%). According to nerdwallet's cost of living adjustment, to maintain my standard of living I'd need 160K; so 170K only adds 10K of net benefit. Plan to live in Brooklyn; I'm seeing 600-800 ft2 Williamsburg 1BD apartments for $2K/month but not sure if those prices are real/will skyrocket. Heard about the recent subway shooting. Your take on NYC's livability? Guess I could live in NJ but not loving the commute.
- What's the culture/pace/work life balance like at JPM P&A? Was told workday runs 8am-6pm (longer when working from home) with early/late meetings, in office 2-4 days/wk, work at least one weekend a month, "high pace/pressure" - yet VPs wear hoodies on calls? Was told it's a collegial culture, lots of skip level contact, not managed hierarchically. I'm 100% remote now and will remain so for foreseeable future; awesome boss; work 35-40 hours/wk. Not sure if this opportunity is worth giving up what I've got.
- I've read that JPM is stingy with bonuses. What kind of bonus should I expect? Recruiter said all of the candidates they placed earned at least their offer letter's quoted bonus
- Was told this is a prime opportunity to jump from government to commercial FP&A; VPs usually have 10+ years' experience and ordinarily this sort of move and salary increase would be hard to get. If I wait a few years to build my relationships and skills in my current space, will that help a future move to a role like this / grad programs? Or should I take advantage of the historic great resignation to get something I usually "wouldn't be able to"?
- Exit opportunities from JPM P&A VP? I may come back to DC in a couple years. Not sure if VP sets me up to be a Corp Fin manager in govt, or if my "New York" salary would just deflate to match local cost of living.
blueguitar, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
I hope those threads give you a bit more insight.
The offer doesn't seem that great to me for NYC. I have a few friends there and the city is expensive. It sounds like you have a great situation right now so you should keep looking for a better offer. The job market is still hot so you can easily get 20-30% bump at same COL city for a lateral move these days.
Unless this is THE opportunity for you to pivot your career, I wouldn't take it. I'd go back and ask for 60k more just to see what they come back with...but only do it if you're fine with letting this offer go!
I don’t work in CF, so I don’t have much of a view on the comp, it does seem low (as an outsider).
I wanted to address the rent and living in NYC. The first thing to note is that NYC saw massive percent rent increases because they also had massive rent declines during COVID. Many other areas (suburbs specifically, but some other cities) saw stable rents (or even increases). That isn’t to say nyc is cheap, but too often I see this analysis (rent percent increase vs last year) and it is a bad and incomplete metric. Generally rents rise at a more gradual pace.
As far as livable, I find nyc to be a great place. Yes, I am cautious when I’m out late and alone, but I find the city extremely safe. I enjoy all the conveniences, restaurants, broadway shows, and access to entertainment, travel, etc. I would highly recommend (if you like cities).
Definitely low for CF. I work at a F500 (non-bank) and I know our VPs are over 200k
Ignore any comment comparing to VP in F500 cuz VP in banks means fucking nothing unless IBD and hence not comparable. Your number is not great but JPM is a great name obviously and job market is hot but isn't as hot for everyone as some ppl make it sound like it is, especially for those who seek to pivot/jump industry. Unless you have something better which it seems like you dont, you should take JPM, grind it out for a couple years, and take that name and hop to corp fin functions at buyside companies for some great $$$. Or even different banks or even tech industry. You will be able to get yourself a significant comp boost after 2 years, trust me.
New account for anonymity, but the comp here seems low, especially for today's market. Here is comp for what I'm seeing in Corp Dev (I know, slightly different)
Director:
Base comp: 170k
Bonus: 20%
Equity: discretionary
If I were to bump to VP (skipping senior director level) it would be closer to ~$240k base, 35% bonus, and $100K equity/year
I know my counterparts in FP&A are making about the same (at least internally) so do with that as you want.
Wouldn’t a VP title at a bank like JPM be more akin to a Manager title in a typical corporate/F500 type company? Where as VP at a non-bank is a true senior leadership position, usually the head of whatever vertical they work in (corp dev, fp&a, marketing, etc.). Doesn’t really seem like you can compare those positions.
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