Following the summer internship, I signed an offer letter with a NYC bank as an AN1 for 10k below street. I've heard whispers that the bank has raised pay to street which has been semi-confirmed on here. Considering I signed for below street and am not currently working at the bank but have a future start date, will I get that raise? If so, when will I receive notice of it?
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Based on the most helpful WSO content, it's not uncommon for banks to adjust salaries to match or exceed the market rate, especially in competitive markets like NYC. If the bank you're joining has indeed raised pay to street level, there are a few key points to consider:
Timing of Notification: Typically, if there's a pay adjustment for incoming analysts, the bank will notify them closer to the start date or as part of the onboarding process. It's also possible that any adjustments might be communicated during pre-start networking or orientation sessions.
Proactive Communication: While waiting for the bank to reach out is one approach, you could also proactively inquire about it. A polite and professionally worded email to HR or your future manager, expressing excitement about your upcoming start and inquiring about any updates to the compensation package, can provide clarity.
Market Adjustments: Banks often review and adjust compensation to remain competitive. If it's known that your bank has adjusted pay for current employees to street level, it's likely that this policy will extend to incoming hires to ensure equity and competitiveness.
Documentation: Any adjustments to your initial offer will be documented in a revised offer letter or an addendum. Ensure that you receive and review any such adjustments in writing.
Remember, it's important to approach this situation with professionalism and tact. Expressing your inquiry as part of your enthusiasm to start and contribute to the team can frame the conversation positively.
Sources: Can I ask for an unpaid internship?, 2020 Summer Intern Salaries, Internal Lateraling Guide, https://www.wallstreetoasis.com/forum/job-search/negotiating-offer-before-during-and-after-interview-follow-up?customgpt=1, 1st year analyst - how to prepare for 1st year end review this year?
Pretty sure you would
Yes you will. It will either be communicated to you before start or at start, or generally when it’s communicated to everyone else
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