Potential Offer Question
Hi Everyone,
I wanted to gather thoughts about potential salary expectations and negotiating should I be offered the role I’ve been interviewing for at GS.
Without getting super specific, this would be for a VP, front office role in Dallas (not private wealth or asset management, but a relatively new team/segment). This would be a very hands on role where I would be expected to help build the team and standard work, as well as have direct responsibility for revenue. This role would focus mostly with equity products for our clients and intro to other desks should the need arise for other asset classes.
The last time I worked at GS I was an associate in operations (Dallas) and made $95k annually with 15% bonus (I think I may have been underpaid vs. my peers, but not sure).
My question is: what is a reasonable ask for a base salary and bonus for this new role? I have no idea what a ballpark range would even be, as most sources have a very wide range of reported salaries.
Based on the most helpful WSO content, when considering a VP role at a firm like Goldman Sachs (GS) in Dallas, it's important to understand that compensation can vary significantly based on the division, the specific role, and the level of responsibility. However, I can provide some insights into general compensation structures for VP roles in the finance industry, which might help you frame your expectations and negotiations.
For a VP in a front office role, compensation typically includes a base salary and a performance-based bonus. The base salary for a VP can range widely, but based on the context provided:
VP Base Salary: In the finance industry, VP base salaries can vary. While specific numbers for GS in Dallas are not provided, it's reasonable to infer that the base salary could be significantly higher than what you earned as an associate in operations. Given the level of responsibility and the expectation to help build the team and directly contribute to revenue, a base salary in the higher range of industry standards for a VP could be expected. For reference, VP base salaries in the finance sector can often range from $150,000 to $250,000, depending on the specific role and location. Dallas might have slightly different standards due to geographical salary adjustments.
Bonus Structure: Bonuses for VP roles can be quite variable and are heavily dependent on individual performance, team performance, and the overall performance of the firm. In a front office role, especially one involving direct revenue generation, bonuses can be a significant portion of the total compensation. It's not uncommon for bonuses to match or even exceed the base salary in good years, though this can vary widely. Given your role's focus on equity products and potential for direct revenue contribution, aiming for a bonus structure that rewards performance generously would be reasonable.
When negotiating, consider the following: - Market Standards: Research the standard compensation for similar roles in the Dallas area and within GS, if possible. This will give you a solid foundation for your negotiations. - Your Value Proposition: Clearly articulate the value you bring to the team, especially your experience and your role in building the team and generating revenue. - Total Compensation Package: Consider other elements of compensation, such as stock options, retirement benefits, and other perks, which can be significant.
Remember, negotiation is a two-way conversation, and it's important to approach it with a clear understanding of your worth and a willingness to find a mutually beneficial agreement. Given the strategic importance of the role you're discussing, it's reasonable to aim for a compensation package that reflects the high level of responsibility and potential impact on the firm's success.
Sources: https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1, Millionaire by 30, 2017 Commercial/Corporate Banking Bonuses, 2021 S&T Bonus, https://www.wallstreetoasis.com/forum/investment-banking/bonus-season-comps?customgpt=1
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