Would you take this?

Do you have another option?

Congrats on getting an offer in this market, I would take it and see how I like it. But then again I am not as discriminating as other members on WSO.

EDIT: I am only a freshman right now and my view will probably change as the years pass.

yeah a masters degree in econ (school will cover the tuition).....but 40K in NY? thats hard to live off of.

If you have nothing else lined up, take it.

While 40K pretax is not even close for you to enjoy your life in the city, it is more than enough for you to survive in the city.

Take it if you have no other option, anyone know why it isnt at 60k like most BBs?

I doubt ops make 60K especially this year. I heard standard this year was between 45 and 55. Someone correct me if i am wrong for base salary.

Anyone else? I appreciate the response thus far thanks guys.

Really 40k? I didn't know any BB jobs that offered less then 60K. I have a few friends on BO jobs and that have the same base as me.

Oh no what should i do then? should I just keep searching?

congrats on the job offer, but good luck with paying rent. 40k is pittance.

IDK your particular situation but with student loans, rent, utilities, commuting, food, clothes and occasional one time expenditures your going to have a very difficult time in NYC.

Yeah im not sure how im gonna go about this. Should i ask HR why it's so low?

I would call HR. Just be diplomatic about it. Is this particular BB in a strained financial situation?

No, it's one of the top two.

Really? I know for a fact that MS gave 70K for BO FT and GS was 60-65K for BO analysts starting this summer.

I'll be contacting HR. What groups?

MS was risk and GS was OP's.

I sent you a PM

40K?????? That's very surprising.

"I wanna Thank the Good Lord for Making me a Capitalist"

lol pretty sure thats the lowest of the low

40K in NYC is preposterous. Hire an attorney and file for comparable worth pay discrimination.

Assuming you have no other offers you should absolutely accept the offer (after speaking with HR). While $40K isnt much you will still be able to enjoy drinks with friends and enjoy all that the city has to offer (except Scores and Flash Dancers). Sure beats living at home with the rents

they must be fking with you

I don't know the markets horrible i would be an off cycle hire so they have they have a reason to low ball.

haha nice one on the lawsuit...

GS Ops 55k base. GSAM- 60k base. Both have OT and bonuses. I have no idea about MS if that is the BB you are referring to.

Maybe you should sue lol.

oh wow

I would take it while interviewing elsewhere

Even if not if its GS then do it for 1 year and you'll be in good shape with that name on your resume for other jobs (except IBD)

Something sounds fishy here...even midcap accounting firms pay a higher salary than 40k. Ask for the offer in writing. Either we're not getting the whole story or perhaps you misunderstood them. BB banks have VERY consistent compensation packages at the entry level.

Agreed, no way BB's would stiff analysts like that, and especially not GS, they're very much on equality/culture etc. Unless you are doing HR? I know HR clerks sometimes get 40k. Or assistants....

No its operations, Trade support on the institutional side. I surmise that it's due to off cycle recruiting but i'll post here what HR relays back to me. Thanks for the responses everyone!

Frankly this sounds like a secretary / admin assistant job. You will not be doing anything "legit" at a BB for 40k. If this is the case it will not help your reputation regardless of the bank. I would keep looking...

Off cycle recruiting or not, BB's do not pay their analysts different salaries for performing the same job, especially such a large discrepancy.

If I took a job like this and looked to my left and then to my right and saw two other (god forbid less competent) analysts making 60K a year for doing the exact same job, I would simply not be very productive since my morale would hit rock bottom. Banks know this and that is why they pay standardized salaries to everyone.

Look into the job description a little better, trade support could mean anything, and for 40K it could easily mean administrative assistant.

I don't no what bank offered you 40k, but at my BB the 1st year ana in mid office ops told me that starting for them was 55+10(signing)+7k bonus and thats in a bad economy. You sir are being fucked with big time, but on the other hand if you have nothing else lined up.... do what needs to be done

"Look into the job description a little better, trade support could mean anything, and for 40K it could easily mean administrative assistant."

Agreed. You need to call up HR asap. I'm pretty sure there's either a misunderstanding on your part in the role of the job or some HR idiot's mistake. Either way, straighten it out because there is no way your scenario would happen. If things really are what you say, consider a lawsuit.

Trade support = glorified secretary. They are not offering you a lower salary than normal...40k is just the salary for a secretary position. I would call and tell them you're going to keep looking.

^ awful idea. so, in this market, the kid should call up the bank and say I am going to keep looking? Call HR and speak to them about it. Dont come off as a dick either.

Is it IBD operations? There's other types of operations too, and they get paid less. At citi for example, they have ICG operations, GTS operations, cash managament operations, etc. The non-IB ones probably get paid less.

also is it analyst psoition? operations sometimes also has people who do the real bitch work who arent in an analyst programs

It's in their investment management division on the institutional side. I suspect that it is under the IBD umbrella but not 100% sure. The role that I applied to was operations analyst so i would surmise its part of the analyst program? Anyways i think i almost have to take this job because for one its experience and its better than sitting on your ass and looking, and it also lends itself for networking opportunities. Thanks for the input guys!

If you have a better option, take it. Otherwise, you CAN live on 40k working in NYC. Plenty of people do it. It is easier now that rents are cheaper.

What are your hours like? Probably not IBD hours where you're on call 24-7 and likely not getting much sleep. You are likely to have a set schedule and more normal hours. You can commute from further away (think Queens, Brooklyn, Jersey). Get roommates. Bring a lunch to work. More apartment parties vs. models & bottles.

I agree its not an ideal pay, but in this economy, I doubt HR will budge on pay rates.

in addition to this^^ I would add that there is most likely a long list of kids who would HAPPILY take this role for $40k. so, while you feel like you're getting screwed (I completely agree that you are, 40k for a BB is crazy)you really can't do anything about it.

they said hours will most likely be 8-6 sometimes later. I interviewed with 3 vp's and an MD. It's not a "secretarial" role lol. Experience should be good for a year but i will be actively looking.