Am i underpaid for a tech role in investment banking sector?
Hello folks,
Please help me out with a salary question! I move into investment banking sector from scientific software development background. So I have no idea how the salary in investment bank gets decides. Please help!
I got a job offer from a tier-1 investment bank in London. They offer me almost the same with my current salary, They offer less holiday days than my current role. They require me to work for longer hours/week than my current role does. My agent told me that the salary is fair for a 18-month-experienced individual like me. Howver, taking into account a small increase in salary, longer working hours and less holiday days than my current role does, I worked out that I am worse off financially (aka. I worked out that the rate per hour they offer me is lower than the rate per hour I have in my current role).
My agent was very reluctant to neogiate with the bank on my behalf. He tried to convince me that the banks sometimes offer base salary which is even less than the current salary, and it is normal, since they will pay bonus on the top of that. However the bonus is discretionary, and is not written down.
I heard for junior technical role in investment bank, avaerage bonus is quite low, saying around 10k? If so, even with 10k bonus on the top of their offered base salary, I also earn less (per hour) if taking into account my current bonus on the top of my current salary. Is it a fair offer for me?
Is it the way investment bank do? Can I believe my agent?
Is there any change to negotiate with the bank directly without getting through the agent since he is reluctant to do so?
software engineers have agents in UK?
Hi Cmos, when I said agent, I meant recruitment agent who works for a job agency like monster.co.uk, reed, etc..
agent = recruiter? They'll obviously want you to accept so they get paid. The extra thousand that they get paid for your 10k increase isn't worth it for them to deal with the uncertainty that the deal will fall through. look at glassdoor.com, it should give you an idea of salaries.
ask to see what was the average bonus given to analysts last year
Definitely don't work more hours for less pay. It would be one thing to get big bump in salary and have to put in more hours but more hours for a smaller or equal salary -no deal.
This agent is clearly more interested in his own commission than helping you get a better job and are your nights/weekends/vacation worth only 10k in bonus that you might not get if the company does poorly?
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