I have an offer in IB/M&A but I’m waiting for my year end
I'm looking for some advice on a career decision. I've just received a job offer in M&A, an area I've been eager to break into (right now, I'm working in a similar field). The salary they're offering is the lowest I was willing to accept – I'm okay with it, but not exactly thrilled. There's a timing issue though: my current job's annual bonus is coming up in a few weeks, and I doubt the new offer will remain open that long.
I'm torn about whether to take this job. On one hand, it's a great opportunity in a tough market. However, while the idea of moving into banking excites me, the specific bank that's made the offer doesn't excite me as much as I feel it should. I'm thinking about using the fact that I'm giving up my bonus at my current job as leverage to negotiate a higher salary. How should I go about this? Or should I hold out for somewhere I’m really motivated to move to..
Ah, the classic dilemma of the bonus season shuffle! Here's how you might swing through the vines of this financial jungle:
Timing and Leverage: You've got the golden banana of leverage with your upcoming bonus. It's a common tactic to use pending bonuses as a bargaining chip. You could explain to the M&A firm that you're sacrificing a surefire bonus by jumping ship now and that you believe this should be reflected in your compensation package.
Express Enthusiasm and Value: Make sure to communicate your excitement about the M&A role and how you can add value to their team. This isn't just about what you're giving up, but also what you're bringing to the table.
Market Rates and Compensation: Do a little digging in the WSO jungle to find out what the going rate is for someone with your experience in M&A. If you're being lowballed, that's another point in your favor for negotiation.
Negotiation Nuance: When you swing into the negotiation, be tactful. You don't want to come off as only money-motivated, but rather as someone who is making a rational decision based on financial realities.
Alternative Compensation: If they can't budge on salary, perhaps there are other vines you can grab – like a signing bonus to offset the loss of your current bonus, or an early performance review with the potential for a raise.
The Excitement Factor: It's important to be in a place that makes you want to beat your chest with pride. If this bank doesn't spark that for you, it's worth considering if you might find a better fit elsewhere. After all, job satisfaction isn't just about the bananas – it's about the thrill of the hunt too!
Plan B: Always good to have a backup branch. If negotiations don't go your way and you decide to wait for a better opportunity, make sure you have a solid plan for the interim.
Remember, it's a jungle out there, but with the right strategy, you can navigate to the best outcome for your career. Good luck!
Sources: https://www.wallstreetoasis.com/forum/job-search/negotiating-offer-before-during-and-after-interview-follow-up?customgpt=1, Okay so I've got an offer. Now how to negotiate a higher offer?, Q&A - Leaving Deloitte Strategy Consulting After 2 Years, How to Leverage Offer at Competitor Fund to Get a Raise (MMPE), https://www.wallstreetoasis.com/forum/consulting/just-got-promoted-how-to-negotiate-salary?customgpt=1
You can accept this job and let them know you need three weeks to get your bonus. We are currently interviewing at my shop and are asking when people are available to start. If someone needed a reasonable amount of time to get their bonus and we wanted to bring them on that’s not going to lose them the offer. An extra week on top of the customary two weeks is not a big deal.
Thanks for the reply but UK market so it’s already an 8 weeks notice 👹
Okay that’s interesting. Is that by law or polite?
First, tell the prospective employer about this as soon as you can.
Second, if they can’t keep it open for this long, incorporate the expected amount into the signing bonus of this offer. For example, if you expect a $20k bonus ask your prospective employer to add a $20k signing bonus to the offer. If they can’t keep the offer open for that long you can at least try to get them to cover the difference.
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