I finallllllly received an offer at a boutique in nyc. I don't know much about the process, and there's not many data points on this boutique.
I want to make sure the comp. is reasonable - got offered a 50k base (I know this is below the street), but thats it.
Is it customary to have a minimum or guaranteed bonus explicitly stated in the offer letter?
Someone please give me some advice, clock is ticking on the offer.
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In most cases you are given your full bonus unless something did not go as planned.
The guaranteed minimum bonus is $0.
The language in the offer letter will likely say something about a discretionary year-end bonus.
right, but there is no mention of a bonus. Should I bring this up before signing?
I feel there should be some mention of it in there, although it has been verbally promised I would receive one.
If yours letter does not, you should speak with someone. I need to inform you to be as respectful as possible when discussing this. If you sound like you are entitled to a bonus, chances are they will not give you one. The bonus is there to make you work hard during the year, and pay attention. If you got a verbal promise don't say anything! Work hard and so them you are worth the bonus.
well this isn't a dealbreaker for me, but I just assumed I would be offered some sort of minumum bonus because I thought that was standard.
I was told there is a bonus, but you don't think I should ask someone about this? I don't want to come of the wrong way, but I think there should be some sort of language in there regarding a bonus.
Odds are, a shop paying below street in salary, pays below street in bonus as well.
agreed, I expect to be below street in total comp, but should I bring this up? I think there should be some mention of a bonus, not necessarily a guarantee or range.
You best bet is to ask a co-worker who has been there longer than you or at least a year. See what they say about your first year bonus. If your base is below what you expected chances as so will your bonus.
Is this a relatively unknown IB boutique? I'm sure they would pay a half-decent salary, especially in NYC.
I mean, it is relatively unknown. Can't ask any coworkers, there's only five bankers in the new york office. I'm sure I'll get some sort of bonus, but should I make it a point to include it in my offer letter?
My offer letter only included a vague description on the bonus, saying a bonus opportunity existed and it would be based on firm and individual performance. When I followed up with the hiring manager about some important questions I had, I asked him for more color on the bonus. He gave me a bonus range as a percentage of my base salary (70% - 100%). You should try to get a good understanding of how the bonus is determined - though it's probably a fairly subjective process.
If the bonus is zero, could you even LIVE in NYC for $50k? It would take guts to accept a $50k offer with no bonus potential while working 90+ hrs/week in NYC.
I'm sure I'll get some sort of bonus, but should I make it a point to include it in my offer letter?
What do you mean should you make it a point to include it in "your" offer letter? Is that a typo, or are you planning on responding in writing with your own offer letter? Is it called an offer letter, or should it be called an offer-response letter? Sorry, I'm just confused by your terminology. I never formally replied in writing, and they never had me sign anything.
I know they give a bonus, I was told I would get one around the one year mark. I don't know how it is determined, and this is a small i-bank with a very informal interview/hiring process. So from a few of these posts, I should bring it up and try and get a better handle on the number?
I just don't want to get off on the wrong foot, but it seems perfectly reasonable to ask for more details on this right?
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