Lateral for comp?
Coming up to one year at a MM firm. People are nice and hours are 60-80 per week depending on workload and stage of a deal. Comp is 110k base and 100% in bonus but can’t help but think this is low for NYC. Should I try to ask for a higher base and less in bonus for the second year? Or should I just lateral entirely?
Maybe I’m out of touch but rent in NYC keeps going up and 110k doesn’t go as far as it used to when I was a first year in IB….
That’s differentially low comp but also differentially low hours. Market is also bad right now. If you were making 280 all in and there’s a path up I would say it’s a no brainer to stay.
How much of a comp differential do you think is reasonable to make a jump? Got approached for roles that are advertised in the 250k range but that also seem not enough to make a jump
More about upward mobility and fund performance than comp, would stay at current shop if top quartile and/or line of sight to VP and beyond
The fund I’m at is relatively new so there is some upward mobility, though they haven’t exited anything yet so performance is very TBD. I’m also interested in moving subverticals beyond what my current firm focuses on
High level: comp has two dimensions. How it makes you feel about how your employer values you, and then if it is a material difference in money. If you have a good path up and good internal situation, relatively speaking, then I think it makes sense to jump for comp if it is a material difference in money. Like 30%. That’s just me. 30% is where 500 goes to 650 and you’re like alright I’ll rebuild these relationships and trust at this new firm because this is more money. At like 15%, then it’s 575 and part of you will be like this is much harder on me now for no reason. That’s assuming your current situation is a good one and you like it and see path there.
Not scientific, I know. Just how I think about it.
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