Hi all, hope you’re staying safe and healthy.
I’m a summer analyst at a MM bank in NYC this summer, hoping to receive a FT offer at the end of my time at the firm. Things are going well and I hope that I’m on track to come back full time.
Is negotiating a full time offer for an analyst position something that I should do? If so, what are some key terms/things I should ask for? If not, why? Any funny stories about this going bad?
Thanks for your help!
Since you didn't think to use the search feature, here's what you'd gather from the abundance of existing posts already on this topic:
No, don't negotiate. You'd only have leverage if you receive competing offers from BB/EB banks that the MM thinks are a step above them. If they agree, you'd only be adding 5-10k onto your singing bonus or first-year base - a negligible amount that isn't worth the potential ill-will you'd build up w/ the group's seniors/HR. You have to realize that analysts are commodities, and there are hundreds of other qualified candidates that your MM firm could hire within a week to replace you.
Thanks for the info, much appreciated
Agree, especially in this market, they are not likely to want to give you extra comp or anything like that. If it is more of a qualitative thing you are asking for, like a specific start date then you can always just ask about that stuff (but be accepting if the answer is no), but I wouldn't say now is the time to be making money demands.
Kids who ask this are actually so stupid
Hah he/she asked politely but yah don't do this.
It is a bit of "theoretical workforce behavior" that we may have learned from our parents/friends/peers from Wharton/Stern, summer job at the golf course, etc. It sounds like there's no downside- at least on paper.
But in the case of investment banking where you are, as mentioned, a complete commodity (i.e. replaceable and relatively undifferentiated), you have zero leverage and should not start making demands about above market pay until you have a GOOD answer to "but why should we pay you more?" If you feel the offer is below market and have evidence to prove it you can try to push for market but again, tread lightly because the goodwill is so important.
I was guilty of this too- I thought because I went to a target school and did well on my SATs that employers would be lucky to have me. While I like to believe that is true long term, I am now old enough to realize how silly this sounds coming out of college with no experience.
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