Biotech ER comp negotiation
Board certified MD/PhD recruiting for biotech ER, hoping to start in Q1 2025 in NYC. What comp (base / bonus) can I realistically negotiate for in this market? In final stages of interviews at a couple of BBs + Evercore/Leerink/Jefferies equivalent. Numbers online are absolutely all over the place.
Was thinking of asking for $200k base - is that possible? And is bonus negotiable? Have seen bonus typically ranging from 25-50% online. Would like to make $250k-$275k TC, would that be realistic? Don't want to be way off and get offers rescinded in this market, but obviously want to maximize pay.
Thanks all.
Based on the most helpful WSO content, here's what you need to know about negotiating compensation for a biotech ER role in NYC:
Base Salary:
Bonus:
Total Compensation (TC):
Negotiation Tips:
In summary, asking for a $200k base with a 25-50% bonus is reasonable and should help you achieve your target total compensation of $250k-$275k. Good luck with your negotiations!
Sources: ER Compensation 2022/2023, What is the Total Comp Range for Vp's In ER?, ER Compensation 2022/2023, 2017 ER Bonuses, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1
Not without any prior exp in consulting or ER. I know a Ivey PhD who started at 110k base at a BB last year. This isn’t 2021. Maybe you’ll be 125 base and 50 bonus but that’s max unless you’re at Leerink or Cowen.
Don’t senior associates (MBA/PhD/etc) start at 150 base these days at BBs / major firms?
You’re probably not going to be able to negotiate a predetermined bonus unless you’re a lateral hire moving close to the end of the year (and giving up a bonus at your old firm), although senior hires (ie VP and above) can negotiate a year of a guaranteed bonus, maybe two if they really want you.
Senior associates are usually fully licensed and have ER experience, almost everyone in biotech has a PhD or MD.
Agreed it’s table stakes typically for biotech
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