Renogiate Sign on Bonus
Will be starting FT analyst stint in a week at a MM. The signing bonus currently is standard 10k, but I was asked to begin ~3 months earlier than the agreed start date the rest of the 2020 analyst class is on since the specific office I'm with really needed a body. Do I have any leverage to get more than the agreed-upon 10k since I'm basically foregoing my last summer after graduation to help the firm? I want to approach this correctly/if I should at all.
Edit: for context both my MD and Associate said I should receive extra comp but would need to make sure to get it in writing from HR as neither of them have any say over that. And context, I received a call a week and a half ago asking if I would be able to start ASAP, that's why the idea of even having leverage came from. ( again from my superiors not my idea)
wait for them to announce that you'll be the only analyst joining this year and you'll be happy to have a job.
rest of the class is still starting chief, thanks for the comment though.
Jokes aside my bank gives a small bonus to early starters when other people join. So either that will happen or you'll get a bigger bonus next year for your first bonus
I'll preface this by saying be happy you still have a job (and are still getting a sign-on bonus). However, you may have some additional leverage by saying you were taking care of family at home at a time when they needed you. As a result, you'd like to be compensated for their sake in order to help them out throughout the pandemic while you aren't there. Don't phrase it as "I lost my last summer after graduation." They won't care, although I feel you man lol
I'm going to be blunt here. I see quite a bit of downside with respect to a hit to your personal capital at your new employer if you seek an increase to your sign-on bonus. Many will argue that a) you are fortunate to still be employed in this environment and that b) new analysts have very little leverage during initial onboarding.
My comment is not intended to cast judgment. I just want you to be thoughtful in deciding whether a few thousand dollars is worth the potential of ruffling feathers.
Congratulations, and good luck!
Thanks for the response, I never would ask normally, but Both group head MD and Associate told me I should get additional comp but I would need to ask for it in writing from HR. And I truly get how lucky I am to have a job in this environment I'm not trying to be shortsighted or greedy. If this were pre corona I feel like this question would be pretty reasonable, but alas the times are what they are.
Well, if your fact pattern holds, an email to HR phrased as, "In speaking with (insert group head name) and (insert associate name), I was encouraged to reach out to you regarding the potential for additional compensation.." might make sense. Good luck.
As usual, DP above seems to have the most sagacious advice when it comes to the big picture. If you get the additional bonus, that's great... but to go out of your way to ask HR to go out of their way to give you more than was initially agreed upon? Some people might take umbrage (I know, they're asking you to start earlier than was initially agreed... but you are getting paid for your additional time, right? In other words, instead of making 85k your first year in base, you'll probably end up getting 25% more in base... right? (because you'll be working 25% more months in that first year). If you're not getting a bump in your base (or your paychecks aren't starting when you start working early), then it certainly seems like asking for the bonus bump is reasonable.)
Congrats on getting the job. I would say you don't have any leverage.
Just going to be blunt here - you don't have leverage. You are the most junior person at the bank pretty much and a 10K signing bonus is extremely standard. They're not going to climb up the HR ladder for a few extra K to give to you (meanwhile you'll be getting paid a much better average salary than the rest of the folks)
This also gives you time to get a leg up on your competition so that you get rated better = better bonuses later on
As others have mentioned, there is A LOT of downside asking. Frankly in this environment, you're going to sound entitled. First impressions are extremely important, don't be known as the greedy guy.
That being said, my bank use to have analysts start ahead of training fairly regularly (maybe 10-30% of the class, hard to put an exact number) and they would receive a stub bonus along with the other analysts later in the summer to compensate for the work they did. So while I think trying to renegotiate your starting bonus is a non-starter, I think it's absolutely fair to ask about about bonus schedule and any difference you should expect vs. other analysts who will work 2-3 months less than you.
At my firm you don’t get a larger sign on for starting early, but obviously you get a larger stub bonus. I’d be cautious about asking for anything additional upfront. My experience has been you’re expected to start when they need you to start. Year end bonus should reflect you working the extra time.
If you start 3 months earlier, you'll in theory have a higher bonus. It's worth asking HR IMO. Do you come off as a greedy 21 year old? Maybe, but everyone knows we're all in this for the cash at the end of the day...
Also if your superiors are encouraging it, why would you not ask? You'll never know if you don't ask. Worst case is they say no.
You obviously are closer to the situation so trust your gut but why don’t you call your HR contact and clarify it that way?
Separately, you have to remind yourself that you’re only an analyst and are privileged to have a solid IB job. Not worth being greedy and have yet to prove yourself to deserve the extra money.
How much increase do you expect? $5k? After tax that’s roughly $2.5k. The 3 months you spend starting early will make up for it and you’ll have a better shot at asking for a higher yr end bonus since you’ll be ahead of other analysts.
If you do decide to forgo asking, make sure to let your MD know that you decided not to ask and are happy to have been asked to start early.
they should be giving you a lower signing bonus since you'll start making money earlier anyways..
Definitely ask. I think it’s happened before in my group and I was like wtf you got $x more than me? Anyway no one knows about little details like these except for the group heads and HR and Let’s be real they really don’t give a shit about you. Anyway my two cents having worked for several years now
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