Asking for Signing Bonus Upfront?
I'm a senior in college and I'm starting my FT role this summer. My contract dictates that my signing bonus will be paid along with my first paycheck, but I have a lot of upfront expenses related to moving (and potentially some travel before starting work) that I'll have to pay for before I receive my signing bonus (e.g. two months of rent). I'd prefer not to take a loan but I also want to "live" before I start work.
Would it be fine to ask my employer for an accelerated signing bonus or would that be viewed as improper?
I have some friends that were paid their full signing bonus upon signing for FT, and some in the same situation as me. What's industry standard, and when did signing bonuses NOT get paid upon signing?
Many, many signing bonuses are not paid at signing. Perhaps even most. It would usually be paid before the start but not uncommon for it to be part of the first paycheck. Unless you are truly unable to make ends meet, I would not say anything.
I would absolutely not do this. It’s not a great look- who would you ask? Your hiring manager? Did you really want to disclose this and have this be your first impression before even starting? Unless it’s 100% needed for an emergency- don’t ask. Use a credit card and then pay it back or borrow from family or find another way. Wanting to “live and travel” before you start work is not a reason to ask for an exception to your work’s payroll and hiring bonus. You may be able to ask for some relocation help as an alternative but that’s about it.
Agreed.
I cannot stress this enough: do not do this.
In the grand scheme of your career (considering you’re going into banking), a few thousand dollars is nothing and certainly not worth the potential negatives here. Open a credit card that has a 0% promotional APR and borrow for free until your paychecks start rolling in. Easy and free solution.
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