Hi guys,
Just recently got an offer for investment banking at a regional boutique. While it certainly isn't what I had in mind when I first started networking, after everything I've gone through in my job search, I'm certainly happy to have an offer. :)
Question though, I know this isn't a BB or even a reputable boutique where end of the year bonuses equal to 60-100% of your salary is expected. However, in my offer letter, it mentions nothing about possible end of the year bonus at all. Thus, should I not expect even a 5% bonus or anything like that? Would they have mentioned it if they were planning on giving end of the year bonuses? I only ask because the base salary is relatively low, but in either case still happy to have something in this environment!
there's no harm in asking. Just word it correctly...just ask if "the position is eligible for a bonus"
Just Ask
No worries, all bonuses are fully discretionary, therefore, there is no need to be included in the offer letter (employment contract) as they could be zero.
You have to start somewhere, do the best you possibly can, get that on your resume and find another place to work.
Yeah, hopefully I get good experience, I just curious if anyone else who works at a boutique could shed some light on this. Thanks
How would you phrase this if you just wanted to inquire whether they even had an end of the year bonus? This is a no name boutique, just outside NYC, I have no clue whether they pay bonuses. Is it even appropriate to ask?
The impression I have gotten at my boutique is that bonuses will be paid out whenever deals are closed (as soon as I am fully licensed).
I think it is fine to ask, as long as you don't come off like a douche.
I guess the reason I am worried is that there is no mention of a "potential", "yet-to-be-determined", "performance" bonus in the offer letter at all. And I'm not sure how to bring it up....
Yes, just ask, but hope you ask before you accept the offer.
It is, however, generally understood that in this industry, you are not working for base salary.
How should I phrase so I didn't piss them off? Obviously during the interview process the whole time they emphasized fit, and I don't want to come off as greedy. ...
Call, ask if they have any info on likely or average bonuses for analysts. That's what I did several times when It wasn't mentioned in my offer letters.
And they didn't angry at all? were those for boutiques ?
Not boutiques. But bro, you are entering the job market. These types of questions are normal and should be asked. You need to know what they are offering you in terms of salary/benefits/relocation/likely bonuses/etc. No one is going to get mad that you want to know what you are likely to make. You're in the job market now, this is how things are done, it's not a big deal. Really, its not, stop psyching yourself up about it.
Would it better to ask the person in charge of recruiting or an analyst who emailed me after I got the offer asking to answer any questions. Baring in mind, I have no personal connection this analyst besides the fact that I interviewed with him and he seemed like a nice guy and no sure if this type of question would be appropriate. Anyone have advice on how to phrase it?Although, again I am wary as coming across as ungrateful or disinterested in the offer.....
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