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I actually received an offer from one of those two shops you mentioned in NYC. Where are you located? That could probably help.
Is this for an analyst role or broker? My analyst offer is about $35k more than yours, plus the potential of 50-80% commission.
Hey, this role would be housed in the LA area. By 50-80% commission do you mean from the fees collected? Or is that just bonus?
Wow that seems like such a substantial difference too, am I being screwed?
Yes, by 50-80% I mean a bonus of my base that I would collect.
Are you a broker or are you an analyst? If you are an analyst working in LA, then yes you are getting screwed completely. Those firms you mention do well in their respective space and should have no problem paying up.
Seems low for sure. I had a friend who took a job like this with a similar firm as the ones you list, out of UG in secondary city, he got $55k base and got at least 10% bonus guaranteed, but it was set up that he could get part of commission if producers were willing to award. He told me he made $120k his first year (the team had a very good year). So, if it's really 50K + 20% (60 all in in) max, that is low, if there is a legit upside above (i.e. 60k is the effective min), then it may be a fair deal.
How would you go about discussing the commission award with the MD you’d be working for. Is it something you discuss with HR or with the MD?
I mean, the case I described above was a discretionary bonus awarded at end of the year based on the performance of my friend. So, it wasn't something pre-negotiable, just a reward for good work and the success of the team (which the MD and team thought was very valuable).
You can ask about progression, and how raises/bonuses work, but you probably won't get a much of a promise. The idea is that you prove yourself and then get paid for it, if they don't, you will be easily stolen away. I think you should really ask/focus on timelime/progression, and what you need to do to earn more.
A 1-3% of total commission bonus is market for this type of role, commensurate with experience and level of base salary.
What city are you in? I think there is a mindset when you are working in LCOL area where pay for junior level should be subject to low pay regardless of what the firm is bringing in. I lived in the Midwest where people who worked IB would be making $80-90k working 80-90 hour weeks. RE capital markets are the same in certain offices, don't ask me why.
Makes sense this would be in a LA/Boston type market in terms of cost of living. But with the variable performance bonus I’m sure it should be okay when it comes to overall comp cause I plan on working my nuts off
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