Is it possible to ask for a raise as analyst / associate?
I am a third year analyst at a BB, I will be soon promoted to ASO (even though I have been doing associate work for almost a year). Since I joined, I have received extremely positive feedback, getting top ratings in every single review. My technical knowledge far exceeds those of my fellow analysts (and honestly most of my seniors too), my attention to detail and ability to grind are also unparalleled.
Since I joined, I have created excel models and templates that are now used by my group in a lot of projects, I have been staffed in all the top projects in my group, as a result I have gained much better exposure than my colleagues and I have worked the longest hours. At this point, every project with substantial fee potential is put on my plate.
My job title says “analyst” because my group still has a 3Y Analyst program and they don’t make exceptions, however for the past 10 months I have been only working with more junior analysts and reporting directly to VPs and MDs. Since I am so much better than the rest of analysts and associates, I do believe that I deserve to be rewarded for this. I know that I am already getting a better bonus than most people since I always get a top performance rating, but I think this is not enough.
I know analyst, associate and VP base salaries are usually standardized for everybody, but given that I contribute so much to the bank, would it be possible to ask for a raise in my base salary? Have you ever seen a case where exceptional individuals had higher base salaries at junior level? How do I frame the discussion with my group head without sounding too arrogant or entitled?
Why waste time chatting with the group head? You should be pitching to top shareholders and board members - clearly an exceptional individual like you should be serving as CEO.
You miss 100% shots you don’t take. If you know you are getting paid less than others, you have achievements that can help your case and it’s been at least 6 months (or start/end of year or even mid-year review) my most successful way of asking is:
“I am excited to continue here and would love to see the growth progression. Whether that be promotions, raises, more responsibilities (huge on this one), where should I see myself this year and in the long term”
I swear everytime I have showed flexibility and wanting to show growth and take on responsibilities with the above statement I have gotten the promotion, raise or at very least stock options one time.
Just do it.
The only check you're gonna get is a reality check
I’d listen. What I could do about it depends on what type of institution. It’s not easy at a BofA or JPM, easier at a GS or JEF and easier still at a MM.
Whatever it is, nothing wrong in having the conversation and ensuring you are getting the support you deserve.
Why easier at GS?
Management is commercial and makes decisions
And to be clear, what you will never get is a higher base salary for the same level.
But I’ve definitely put $$$ in the bonus over the typical scale for good performance and I’ve also in exceptional cases had people skip years on the progression scale which is effectively a large raise
Most humble 3rd year IB analyst
Makes one diligence tracker
What BB still has a three year analyst program?
Citi
Lol go ahead and let us know what happens. I'm invested in the outcome
least overcompensating and most secure THIRD YEAR (count it: 1 and a 2 and a 3) analyst
Why not? You deserve more than a mear $100-120K base salary if the firm is raking in billions. Like someone above me said, you would likely need to visit the board room during a scheduled meeting and demand (not ask) a shareholder meeting where you will be given the opportunity (not occasion) to plead your case of earning more rewards in exchange for grabbing the MD’s morning matcha latté
I think it would be tough to pull off an increase in base, especially given that you are at a BB. I’ve noticed that given larger firms are more structured it’s a bit harder to bend the rules for one person, the risk being that if you change the rules for one person others would expect the same. Best you could do is negotiate a higher bonus if you aren’t happy with what is provided to you at year end, that is fair game wrt negotiations imo. Good luck!
I’ve been there before. It can be nerve wracking, so I’ll offer my 2 cents.
It’s one thing asking to not get paid like a 24 year old when you’re 28. You can justify that. It’s a whole different story when you ask to get moved up to a different pay grade.
You can certainly ask, but you better be prepared to clearly demonstrate and justify your value.
Unfortunately junior employees aren't really going to be in a position that makes them “mission-critical”, that is, you aren’t the one signing off on investments, etc. It’s not that you aren’t “critical” but more it’s just the nature of an analyst role. That is, anyone that is your senior can (and usually will) claim more credit.
Here’s an example of what I mean from my experience:
It was the first deal I truly could claim as “my deal.” I led it end-to-end, taking it from a swag analysis that led me to telling the team “I think there’s something here,” all the way thru investment committee and closing.
But when the annual performance review came around, the #2 in charge pounded his fist on the table (figuratively) and said to me: “Sure, you got it through, we like the deal and we’re earning fees off it now, but you didn’t truly source this yourself, it would’ve come across our desk no matter who was here; and last I checked, you aren’t the one signing off on it, I am.”
Hearing that at the time wasn’t exactly pleasing. But I later came to understand what he really meant.
That is, the real value you give to the firm comes from contributing things that are hard to replace. If you can justify that you’re hard to replace, you can justify a pay bump.
The last thing these guys want to hear is “pay me,” because, let’s be real here for a second…these guys hate paying anyone other than themselves. At the end of the day, an analyst is a business expense, which is a tough pill to swallow when you still are an analyst. But like any other business expense, some things are worth paying up for, and if you can prove it, you’ll get it.
Good luck. Stay honest, stay confident, and if they say no, ask them what you can do to become indispensable, because if you’re indispensable, they’ll pay you like you are.
Feel like I’m your carbon copy at an EB. Third yr analyst with asso promote, with no Associates on my staffings for the last year. I know my firm has zero flexibility on base pay/early promotion, so I’ve never even thought about asking for an increase in pay. Let me us know how it goes and if you’re able to get any increase
As others have mentioned, if you do end up having a conversation regarding raise, be sure to have material support (which sounds like you have good examples of the additional output and efforts.)
My personal experience was lukewarm when I had my own discussion with my managers. I came from a non-banking finance background, spent 15 months as an analyst before being promoted to associate (prior bank), and our team recently transitioned to a new firm. I strongly believe if we were still at the old bank I would have had my VP promotion as well after 2 years as an associate (now it’s looking like it will be 3 and will be beyond miffed is that’s not the case; total compensation has been slightly down YoY as well even with a solid group/department/firm performance.) On a small team and was the only junior for 12 months. Similar list of tangible results, from taking on whole client deliverables, handling data room build outs and initial process launches, to finding a new analyst we recently hired and training up - never hurts to ask but be prepared to understand the decision may be out of your and your teams hands. Feedback was great and was told I’m at the top end of pay compared to peers, but doesn’t feel good when haven’t seen any bump at all (even if I went from A2 to A3.)
From what I know (and was told), pay bandwidths are typically standardized for each level so it likely won’t be up to your group and whether or not you deserve it. Not saying I deserved it either, but I know where you’re coming from - just keep doing good work and hopefully you’ll see positive outcomes (it’s what I’m telling myself now.)
I'm amused at your perception of your value to the firm.
The firm already has ways to make sure your compensation matches your value to the team. They're called bonuses. I've also heard of early promotions for analysts in 3 year programs.
If you have as much leverage as you imagine, perhaps you wouldn't be writing this post? Banks aren't shy about doing what it takes to retain their best people.
Banks aren’t shy about doing what it takes to retain SENIOR bankers. Not junior bankers. There are many banks that will not do early promotes no matter how good you are and will not give you a bonus outside of the range for the title (ie doesn’t matter if I have role and responsibilities of a sr associate as an analyst, my bonus will not be reflective of what a 3rd yr associate gets)
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