Asking for a friend: "Employer trying to low ball my salary because I'm from a non-target?"
We go to a non-target school (ranked 90-170), and he got job offers from a BB Investment bank and a MM investment bank (local one that is covered with Ivy League alumni).
However, discussions with respective employers shows that his pay will be lower than other people in the industry (1st year analyst). One of them cited it's because "usually we don't offer a lot of opportunities to those coming from schools like XYZ but you're somebody we would like to have at our firm. We're willing to pay you a base of x with a potential bonus of x to x. There will be chances for growth in your salary and our firm but we'll have to evaluate your performance on a basis."
That's ridiculous. How can you just low ball a guy like that just because he doesn't come from a top school. He's doing the same work, same hours, and all of that just like every analyst.
There's a couple of ways to look at this...
First... It takes money to make money. Pay more money to go to a target and make more money.
Second... If target means higher ranked school then those students in theory should be coming out school with better skills/knowledge so they should be able to do a better job. (we all know this is crap because you don't actually learn anything useful in school)
Third... They think they're helping your friend out by at least even offering him a job instead of just looking at the schools section and throwing it in the trash because he didn't go to a target.
Lol, I almost called you out on your second point because I didn't read the parentheses. So true.
I'm surprised this is the case because I was under the impression most job titles are standardized.
But if you ask anyone that is in school or a fresh grad they will tell you all the stuff they learned! ha
I'm coming from a semi target, and I want to break in after MBA graduation and you can bet your bottom dollar I'll take a pay cut vs. someone coming from HBS if it means I'll get a shot.
I think you are looking at it a bit too emotionally. That bank has plenty of options to go and hire someone with more pedigree, credentials etc but they are looking at your friend as someone who is just as capable but is undervalued currently due to circumstance. Thus, they can get a bargain initially because your friend has less options to be hired into a position such as that. Best thing to possibly do would be to get a competing offer to push back at them with.
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