Hey everyone!
I am currently full time interning at a middle market bank. Have been for about 3 months. My boss approached me saying in the next week or so we negotiate opportunity as a full time Associate. I am the only associate for the bank in this country. Other associates are in other countries so I am not sure what to expect going into negotiations. Was hoping i could get some advise on my thoughts and approach:
I have glass doors Investment banking associate average across the US (roughly 125k). As having no prior experience i am hoping to use that to negotiate to at least 80-90k base salary.
I also want to ask for company laptop and company phone. I feel like I shouldn't have to work on my personal computer and phone. I could sound greedy but I don't think i should have to make company calls on a phone i pay for.
Does this sound reasonable? Has anyone had luck negotiating for these, or have any good strong points to advocate for them?
1) Continue to research salary comparisons as best you can. What do US associates at middle-market banks typically earn? What do other non-US associates make at your company? What do associates at other companies make in your country? Knowledge is power.
2) To whatever extent possible, have him say the first number.
3) Have a number in mind higher than you expect to get, but somehow supportable with comparable data. Once you have the initial offer, you can at least make an attempt to negotiate anything less than your high number. "I did quite a bit of research and I know that associates in the US typically make $125k. I understand that there's a cost of living adjustment for our area, and that makes sense. Still, I was hoping to be a little bit closer to that average than what you've offered. Is there any way we can meet in the middle?" The more data you get in step one, the more effective this may be.
4) Remember that you probably don't have a ton of leverage. Without knowing the specifics of how your country recruits, I imagine you're not in position to immediately line up a bunch of interviews and jump ship to a different full-time position any time soon. If you get a below-market offer, you're probably better off accepting and looking to lateral after ~1 year. Your boss probably knows this better than you do.
5) Keep the phone/laptop in perspective. Is it really better than an extra 1 or 2% salary? Don't waste your goodwill on that. The time to ask for those things is once your boss won't go up any further in salary. "Ok. I understand that's as much salary you're willing to offer and it's less than what I hoped for. Is there an opportunity to set me up with a company laptop or phone?"
The idea that the Company wouldn't supply you these is crazy to me. You may have to buy your phone, but the IB would pay for your monthly bill.
Having confidential information on these devices, as you will, it seems like a terrible risk for the firm not to supply you with these devices or have access to erase/control/eliminate certain things. If they have that type of control, they should be paying. I don't think it is unreasonable in the least.
I couldnt agree more! Glad to know I'm not sounding greedy.
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