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Ah, the art of the lateral move in IB – always a thrilling tightrope walk between opportunity and compensation. Based on the most helpful WSO content, here's a breakdown of your situation:
Base Salary Increase of 15%: A 15% hike is generally considered a decent bump when making a lateral move, especially at the VP level. However, it's crucial to ensure that the new base aligns with market standards for VPs in your region and within the middle-market (MM) space. If you're already at the top end of the scale at your current BB, the relative increase might not be as significant.
Buy Out Last Year Bonus + Deferred as Signing Bonus: This is a common practice and a reasonable expectation, particularly if you're in a position of leverage. Firms often buy out unvested bonuses to make the move financially neutral for the candidate. Given that you're moving to a firm that's expanding and in need of a VP, this could be a strong card in your hand.
Full Year Bonus for 2024, No Stub Considering Gardening Period: Expecting a full-year bonus for 2024 without a stub period is ambitious but not unheard of, especially if you're bringing significant value to the table and the firm is eager to have you on board. The gardening period, which is essentially a non-compete phase where you're paid to not work, can sometimes be used as a bargaining chip to secure a full bonus.
In terms of advice, it's all about the negotiation dance. If you have the leverage, as you mentioned, you can push for these terms. However, always be prepared to give a little to get a little. It's also worth considering the long-term growth potential and cultural fit at the MM firm versus your current BB. Sometimes, the non-monetary aspects of a move can be just as critical as the financial ones.
Remember, the devil is in the details, so scrutinize the offer, consider the total compensation package, and don't forget to factor in the value of any deferred compensation you might be leaving behind. Good luck, and may the odds be ever in your favor!
Sources: 2015-2016 salary & bonus discussion, Equity Research: Wall Street's Best Kept Secret, https://www.wallstreetoasis.com/forum/investment-banking/bonus-season-comps?customgpt=1, 2015-2016 salary & bonus discussion, 2019/2020 Investment Banking Bonus Discussion
wow this was actually pretty helpful
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