1st year analyst - how to prepare for 1st year end review this year?
1st Year Analyst (started in June) after UG
How should I prepare for the year end review that will happen in December?
It goes without saying, obviously I’ll keep doing what I’m doing, working hard, learning, and improving my skill set.
I understand it’s several weeks out, but on that day I don’t want to be caught off guard.
Is there any preparation you’d suggest? I think it’s a great time to have one on one time with the boss and the door will be open to conversation.
Is that when I should expect my raise? I’ve only been on the job a few months now. Originally, I had assumed my raise would come one month after hire but given the nature of the firm - there isn’t a recruiting class, I am starting to think that the raise will come this December. Originally I had in mind at least $10,000 next summer. Is that something that’s reasonable this December?
You're going to want to get as much dirt on your manager as possible between now and then.
If your raise comes this December, as some sort of company-wide event, $10k is a bit much to ask for after 6-7 months. For your first year almost, you're probably costing the company money - doing things slowly or inefficiently, learning, etc. They take that hit because once you're trained up and comfortable, you'll be making them money. It's doubtful that in 6-7 months you've cleared that hurdle. That said, feel free to ask for it - no way to know if you don't.
Go in with intelligent questions and ask for specifics. "Keep doing what you're doing, work hard, learn, and improve your skill set" is worthless feedback.
etc.
Hi CRE, I also have the same question/concern as the poster, RERobert. Please see my other related post at: https://www.wallstreetoasis.com/forums/commercial-real-estate-capital-m…
I will be at the company for exactly 1 year in January 2019, when the comp calls happen. I came out of Ivy League (UG), and worked in corporate real estate ops for 1.5 year and then this current job for about 1 year. What do you think in my case to expect my bonus, my base raise for next year? If you could give ranges for the base raise, bonus, as well as how to negotiate/argue realistically/reasonably, that would be great!
And thank you in advance.
What does you going to an Ivy have anything to do with your question?
Lol, it's a boutique firm. Firm wide, we have 50 folks across all functions. In Capital Markets, I'm the only Analyst, and then an Associate, he's here for 4 years. Not comparable to those Analyst in underwriting/Investor Relations.
I mentioned Ivy UG only to throw in more info in the hope of getting more precise data point or range of compensation for a position like mine (more details see my other post - see the link above). Thanks bd.charlus and anyone else who may throw in your two cents here.
Here's a helpful data point and some advice - your UG degree is not a statistic used in valuing your 'worth' or performance by employers.
...maybe if you went to HBS and were 20 years into a PE career you could say, "Well I have brought in X amount of deals generating Y amount of revenue by leveraging my business school network'
My biggest advice would be to prepare mentally. Especially in my first few reviews, it was difficult hearing constructive feedback sometimes (I'm very type A). Even if it was 90% positive and then 10% about a few weaknesses, I would get a little defensive. Realize that when people say you need to work on (big picture thinking, modeling, formatting, etc.) it doesn't mean you suck at it, it just means you are stronger in other categories.
Stay humble accept the feedback and really try to gauge how you are perceived. To be honest it'll be another 1-3 years before you can really start making demands in terms of pay raises, promotions, etc.
I started as an analyst at a development shop in July and had my first review 6 months later as our company does them every December. I did not ask for a raise in my first annual as I felt it was too soon and I did not get one. Turns out I was correct not to ask that early. Another analyst made that mistake and has been ridiculed ever since. One year later, after 1.5 years with the firm, I received a promotion (Sr. Analyst) and a $20k raise in base salary as well as a VERY generous bonus. That was two years ago. I have since been given a promotion and minimum $20k raise every year all accompanied by constructive criticism and generous bonuses, far exceeding the standard firm bonus percentage. I'm now in my mid 20's, a VP with a team of my own, making great money, and have carry in our development portfolio.
My recommendation: wait a year before asking for a raise, continue to work your ass off, come prepared with several specific questions about how you can improve and work with your manager to set specific goals for improvement over the next year and far exceed those benchmarks. If you get a raise or promotion, all the better and even more reason to continue to kick ass. If not, patience and hard work will typically pay off, especially in this job market. And if it doesn't next year, and you've been honest with yourself in assessing that you are a top performer, then it's probably time to start looking elsewhere.
Best of luck!