I know this is a relatively long post, but I have given a lot to this site and would appreciate some meaningful feedback from some historically quality/experienced users. I don't need a sophomore in college giving me advice on this situation... thanks.
So here's the story... I have been working at my current firm (buy-side) for over a year in the start-up phase, earning well below all in market comp (I have worked for nearly a year and a half at an average salary of under 50k, no bonus and no signing bonus... yes pathetic and you can understand why I am a bit frustrated.) but was promised the potential to move up quickly if thing take off (not a lot of equity involved, just accelerated career advancement). The higher-ups also repeatedly told the team that the first thing they would do if they were able to bring in additional capital, would be get the team up to market compensation. I love the people I work with and do enjoy the work, but there is a lot of risk working at a first time fund and working for such low comp for so long is starting to get to me.
Up to this point, all fund expenses have been covered by the Partners, so obviously we run lean. However, we recently got a nice boost in working capital (minority equity investment) and should be having some talks about what is going to happen to compensation in the near future. I am the only junior member of the team and was given an early promotion to associate earlier this year. With this, I have a few questions.
A) What is the best way to put pressure on the Partners to get my compensation to where I think it should be? I am currently shopping around, networking with contacts and seeing what other opportunities I can find. I think the best thing would be to have an offer in hand and literally be ready to walk away if I don't get to what I feel is a reasonable level. Thoughts?
B) The Partners repeatedly sold my "promotion" to me as a real promotion, even though it was accelerated. Personally I thought it was given to me as an ego booster in exchange for the fact that I'm not getting paid what I should be. However, now that there is some money to work with, what do you think about leveraging the promotion and comparing my comp to other pre-MBA Associate comp rather than looking at 3rd year analyst compensation (which would be more in line with my line with my experience).
C) If I am interviewing at other firms, should I bring some hard copies of things like credit research/analysis I have performed, write-ups I have put together on potential investments, models I have built, etc just in case they come up in interviews?
I don't mean to come off as greedy, but I passed on other jobs to take this one with the understanding that if it works out, I would be in a great position, and killing it. The minority investment is the first step in that direction, and my feeling is that if nothing happens now, it could continue happening down the road. I am not working the hours I work, and making sure I am available to the team 24/7 so I can be making the same amount of money as my friend working part-time at an upscale sushi restaurant.
Thanks everyone.
