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In my experience, moving companies will give you the most salary bump. You can try to maybe negotiate with your current employer once you have another offer.
Does changing jobs internally get you a decent pay bump at all?
Yes, you should get moved to the given salary for that role. Do research on what people typically start at when entering the position you interview for/lateral to and keep that in mind when discussing comp
With that said, as brassballs mentioned, moving companies will generally give more competitive compensation compared to internal promotions
If you're doing well in your role now and can get put on a good team at Berkadia, that could have great potential though. I would explore that option
Thanks! Is my $64K base okay for first job in CRE in SoCal? and how much longer should I stay before making a move? I’m about 6 months in now.
I'm not sure what market is these days for entry level but am guessing your close considering your description of the position. Back office analyst, would that be loan portfolio management or reporting? I'll let someone else comment about being market comp but if you are doing well and have a 6 mo review coming up, I would ask then, if not at the 12 month review.
If it comes down to it for whatever reason, I would try to wait until a year to leave. You're not leaving that much money on the table and it looks better on the cv
If you enjoy the work, I would try to find a way to move around and take on more responsibility. Berkadia is a great place to start and companies like to see some longevity so if you can stay 2-3 years and get promoted a few times that'll set you up well long term
Moving internally, especially at a bigger “corporate” can generally get you a pay bump for the fact that each division has different pay bands. If you move to lending and the base salary is $80,000, you’ll get a bump when you move, or at the year end / compensation raise time. This isn’t always the case, but usually.
Does Berkadia count as that “bigger corporate” company?
Yes. In my opinion. I can’t confirm they do this. Just that many larger companies do.
Former Berkadia employee here. You will get a pay bump if you jump to a different team with a different job function. From my experience with Berkadia I noticed that the reason the corporate culture is is great is because they generally pay less in unison with giving you a great work life balance and solid benefits. Other top firms (Walker, Greystone, CW) work their employees a bit harder but tend to pay more. As for 64k that’s generally what first year analysts are making at Berkadia within their Servicing Department.
That’s good to know! How much can I expect to target in base if I move from servicing to the mortgage banking department as an analyst after about 1 year? That’s my goal. Otherwise I’ll look at moving companies.
Depends on what group and function you are looking for. Production analysts are probably getting paid the best but only on a top performing team. At Berkadia they are called real estate analysts and they make the most. If you go the underwriting route you can probably get around 75k + 20% on the agency side.
My buddy is a re analyst on a top performing team at Berkadia. All in he is at $90k so I’m guessing his base is around $70k-$75k
Is your friend in west coast?
He’s in Texas (Austin/Houston/Dallas).
Tucker Knight squad? He should be getting close to $200k if he's on a top performing team... $90k is base salary for some analysts at the firm
Try to internally move to a production team on the west coast
I'd guess you could see a pay bump around $10k in base and a way fatter bonus
What are typical bonuses for production? And how many hours a week?
Depends on team/volume, but if you are on a solid to top team, you can expect 70-100%+ of your base
Hours are again dependent on team/volume, but if you are on a good one, expect 60-70 as standard
FYI, I am an analyst at Berkadia on the east coast with a base of $90k and made out an 80% bonus for 2021 (down year)
Loan AM boy spotted again on what's got to be his 7th profile
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