Relocation Stipend/Packages when Moving Jobs
Hi all - I’m close to an offer & planning on moving cities for a job (countries actually - NYC to London) and I’m wondering if it’s standard for firms (this would be a U.S. based HF shop with around ~60 investment professionals, around 20 total folks in the UK to give a size of the office) to offer a relocation stipend or fee for moving expenses during the contract offer? For buyside recruiting out of banking, do the folks in NYC that go to SF to work for Farallon, Sixth Street, Thoma Bravo, Vista etc. get a relocation stipend? I’ve never actually known anyone who has done this unfortunately so I don’t know what to expect or how to negotiate this without sounding like a fool if it’s not a thing.
My last fund offered 100% reimbursement for all moving expenses up to $25,000. Current fund gave me $30,000 post-tax in my first paycheck as a relocation "bonus". Both were coast-to-coast moves.
Last fund was a sub $1B HF, current fund significantly larger (>$100B AUM).
So I was offered $10,000 in comp. Seems pretty crap for a $20bn+ U.S. based fund for a US to UK/EU relocation move.
I’m pleasantly surprised even a sub $1bn HF was so considerate, but makes sense given I’m sure they wanted to source talent from NYC. I’m assuming for both of these moves this wasn’t something you had to negotiate - they just gave you this offer in the terms essentially.
FWIW, I recently had an offer from a London-based ~$1B HF and they offered me 15K GBP for relocation. They were very upfront in telling me this was very much not market. In their experience, relocation and signing bonuses are rare in Europe. Don't know enough about Europe to know if this is true or not.
So they offered it but made a point to say it was very non-standard basically? Sounds like the U.S. funds can cough up the dough but Europe is more stingy from these two replies. Just curious was this fund a UK based fund or a US based fund with a London Branch? Maybe that could make a difference
Thanks.
Exactly. "FYI this isn't market in Europe". This was a London-based fund, not the London arm/branch of a US fund.
£15k GBP is pretty good for a continental Europe to London move on by the looks of it now that I’ve gotten offered $10k USD for US to London
For US based funds (international or coast to coast moves) they will generally cover the moving costs. Usually it is just cash or they hire movers.
Common benefits:
1) moving expenses: usually in the form of a bonus or actually paying of the movers. I’ve seen paying of movers to be more common.
2) help with finding new apt/house: usually agreements with realtors that help you find a place
Less common, these are usually for more senior positions (MD equivalent type roles):
1) temporary housing: usually a few weeks to months to live in the area and find a place. Some firms do this pre moving (I.e. pay for you to be in the area for a week), while others offer it when you move
2) service for new docs: I’ve seen firms pay for services that will handle your car registration, license, etc.
3) covering expense on your existing home: cover fees for selling your existing property.
My US to EU move was paid because my employer wanted me there, it was NOT paid from the EU to the US later in my career.
I didn't have much stuff, so I only needed flight tickets, some small storage location in the US and I had a sign-on bonus when I started in Europe.
Was your second move (EU to US) with that same employer or a new job?
It was a different employer, they also wanted me to move but they didn't reimburse anything. I didn't ask either, figured the salary bump was all I needed. Maybe I should have pushed. Honestly, they didn't even pay for the flight. It didn't bother me because I found a deal online and it wasn't that expensive.
FWIW they offered me $10,000 onto my first paycheck for relocation (no reimbursements or submitting expenses). A bit on the low end it seems. Especially for a $20bn+ fund.
At a $20bn fund, you presumably have a shot at making a 7-digit bonus. And you're sweating being paid $10k in reloc instead of $20k?
Forest for the trees, son.
That sort of payday won't happen for at least several years for sure given the circumstances, but I understand that - my concern just comes in around why it's all being nickel and dimed and what that says about future comp in general. At the end of the day another 5k-10k is not a massive issue to me so why is it a big deal for them. That's how I'm thinking about it and scratching my head.
Given it’s technically part of salary and not a moving relo stipend it’s only ~$5k post tax. My move will cost more so I’ll see about reimbursement instead to get post-tax remuneration essentially.
I find it very odd they are asking you to move to another country and are only offering you 10k pretax. That's less than 1 a 1st year analyst sign on bonus.
Even in other industries outside of finance I have heard of bigger relocation help.
The only thing that makes sense to me is that they are paying you a very healthy base and bonus or something.
What's your comp going to be this first year?
I know that in the hedge fund world comp can vary widely, as I have friends making mid 7 figures and others making 400k. If they are paying you over 600k a year, maybe they figure relocation reimbursement is not needed.
Aliquam eum magni ut quis. Corporis voluptatem sequi in ex soluta. Earum ut et fuga et consequatur at magni et. Quos maiores fuga quaerat delectus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...