Salary negotiation
Just received FT offer with disappointing base. It hasn’t gone up since last year’s analyst class and there is the same pay in HCOL and MCOL cities. How can I negotiate a standardized base?
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To negotiate a standardized base effectively, here’s what you can do based on the most helpful WSO content:
Research Market Standards: Gather data on base salaries for similar roles in your industry and location. For example, recent threads indicate that analyst bases have risen in some firms to $95K-$110K, with some even hitting $120K in high-cost-of-living (HCOL) cities. Use this as leverage to highlight discrepancies.
Highlight Cost of Living (COL) Differences: Emphasize that offering the same base in HCOL and medium-cost-of-living (MCOL) cities is inequitable. Factor in COL adjustments to show how your net income is impacted.
Frame Your Value: Use a professional tone to outline your value to the firm. For example, you could say:
"While the experience gained from this role is invaluable, I believe a base salary adjustment to reflect market standards and cost-of-living differences would be more appropriate. This would ensure alignment with industry trends and support my ability to contribute effectively to the team."
Be Ready for Counteroffers: Firms may not immediately meet your request but could offer alternatives like performance-based bonuses or a timeline for a raise. Be prepared to negotiate these terms.
Leverage Other Offers (If Applicable): If you have competing offers with higher bases, tactfully mention them to strengthen your case.
Remember, the worst they can say is no, but presenting a well-researched and professional case increases your chances of success.
Sources: Analyst pay increase: 95k base yr1, US cities Ranking (compensation based), Okay so I've got an offer. Now how to negotiate a higher offer?, I Don't Want to be Underpaid, When the **** are Moelis / PJT / PWP / Evercore going to increase base pay?
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