Hi,
I just got an offer from RBC in their New York office for an analyst position and was wondering if there's negotiating leverage for first years or should I not even bother. Also, does RBC provide relocation assistance or is this something I can bring up as well. Thanks.
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I think base salary is fixed at any of the big banks for A1s. Probably worth trying to negotiate a little relocation assistance but I don't think it's par for the course to provide that to new Analysts. I think they tend to give guys straight out of undergrad a small sign on bonus, which is kinda the same thing anyway.
They did give a range of the salary at the bottom of the job description, but I did ask if they do offer relocation assistance. I've worked in tech and consulting, but never banking, so I do not have much experience. Even with the job description and feels like it's on the lower side, is there a risk in asking?
NY offices have to post range of salary. That has nothing to do with signing/relocation. Most banks will give you ~2k relocation.
If you can get HR on the phone to just talk through some of the pieces of the offer letter, I think you'd be fine inquiring "is the Salary of $X standard across Analyst 1s or is there any room to improve that?"
What would be risky is to straight up not sign the offer & email HR back asking for more money. If you do that it's considered a counter-offer. But play at your own risk, I'm trying to be helpful but can't say I have direct experience in this position so don't wanna put you in a position to fail via my advice.
Not really possible to negotiate your base as an analyst, most banks have a set band for all new analyst hires. The job description range was probably just their range of A1 - A3 they're required to post in NY. If you're worried you're being lowballed you're just making the same as everyone else in your class.
The only area where you might be able to negotiate a bit is relocation / signing bonus. If you can make the case that you have a long distance to move they might throw and extra couple grand there for expenses but would expect you'll probably just get the standard sign on (was $10k at my bank when I joined in '19, don't know if that's changed).
I did not get a signing bonus, but a bonus that's eligible later on. I was wondering if that is normal.
Depends on the bank, WF provided me with 7k after tax for relocation. Didn’t negotiate it either.
They do not provide relocation assistance.
This is not true. Had a summer analyst switch offices for FT and they asked for and received a relocation bonus.
Interesting. I asked about it, but they said they couldn’t provide it.
Hi,
I was wondering if you could DM me as I cannot DM you, but had a couple of questions regarding my department and team if you could help answer. That'd be great. Thank you!
Congrats on the offer - what’s the position? er or ib
if you decide to dip earlier than a year - gotta pay that relo tho
HR is ultra strict on analyst pay. Like everyone already shared zero flexibility for base but totally negotiate relocation or vacation days or just be happy to be hired given conditions
Accepted the offer, but to sum it up, they did not give relocation, but was able to negotiate my base.
Wow didn't see that coming
Does anyone know if it’s normal to not get a signing bonus, but a bonus at the end of the year for 1st yr analysts?
Normal to get YE bonus. Guessing you're pretty new to finance but your YE bonus becomes a huge part of your total comp as you move up. Usually get a signing/relocation but since you didn't that's probably why they let you negotiate your base a bit.
Yeah, I am very new as I come from tech, but comparing the bonuses for 1st analysts to mine, it seems very low compared to it.
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