I'm going to be starting my first job this summer at a major exchange as an analyst. I've already accepted the offer.
My question is are annual pay raises usually a standard part of employment? I understand that in banking 2nd year analysts get a base salary increase and I was curious if this is typical behavior elsewhere in finance.
Thank you.
I don't know about that role specifically, but it's standard most places in the industry. You're not going to get epic increases unless you jump a level, but it should go up consistently. Sometimes it will go up mid-year as well -- I got two base bumps last year, one small last January, then one big mid-year.
That said, we are in one shit ass market for finance jobs right now, so I wouldn't expect much.
Thanks. Are you notified of the base bump through HR or does your supervisor/boss let you know?
Boss, it's a small firm. Large firm would be HR with a separate sit down with your boss.
My first non-IB corp fin job I got a raise of $1k after my initial stub period
I'm assuming it depends on the firm...hard question to generalize
3% Annually 12 - 15% for promotions plus going into a larger bonus pool
This. Also if you do well in your annual review, you may not get a promo but you will get a larger annual raise than the typical 2-3%. My company, and others I know also give you stock every year which vests after a certain time period.
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