How to Ask for Promote...(Associate)
Hey Monkeys...I had a conversation with an EVP I’m working with on several projects, and to my surprise, he suggested that I should receive (or at least ask for) promote on the deals I’m handling. For context, I work at an institutional development shop based in LA, just a tier below firms like Related, Hines, and Tishman, with a very lean team. I am the sole associate, and the typical deal team includes me, two project managers, the VP who originated the deal, and our head of design.
I feel my role (modeling, budgeting, and assisting with capital raising) is crucial to getting these deals across the finish line, but I didn’t think associates were ever offered promote. I was the first hire on the investment team—prior to my joining, our pipeline was much thinner, and our CIO handled all the modeling. So, this would be unprecedented for my role. I am highly regarded within the firm, and I don’t want to damage my close relationship with our CEO by asking, but I am working on very large and lucrative projects right now and don’t want to miss the opportunity for a potential payday.
In my contract, my pay is structured as salary plus discretionary bonus, and they treat me well compared to other development shops (I’m at a $135k salary with a 50% bonus last year as a senior analyst with 2 years at the firm).
My questions for you guys are: (1) Do any of you at my level receive promote on the deals you work on? If so, what percentage? And (2) what’s the best way to approach asking? Any other thoughts or comments are appreciated as well.
4.5 years coming up on 3 with the company
God I gotta find a new firm. That cash pay alone is great.. and you’re only focused on financial workflows? Arguably the easier part of development. I say go for it they seem like a great group to be a part of.
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