Asking for a raise
So I am currently a VP2 in FICC Financing at a European BB (my BB has FICC Financing, FICC Structuring, and FICC S&T, all of which fall under the Investment Bank). My base is currently $180K (remained unchanged from my VP1 base), and once I have my mid-year performance review, I am planning to ask for a raise for next year as a VP3.
Based on your knowledge of market rates, would my BB freak out if I asked for a base of $250K, and would asking for $225K be a safer move? Without going into specific details to preserve anonymity, my team is one of the top PnL contributors at my BB (I’d say top 3) and I consistently receive very positive performance reviews, so I really do think they have room to pay me more than $180K base, especially considering market rates have gone up. Thanks in advance!
What does your all-in comp look like? Base salaries may be more "standardized" across VP's, so you may have more luck pushing for higher bonus / all-in.
If you're all-in is good, then sure ask for higher base, let them know other top bb's base are 225-250 area. It may not move your all-in comp though, they may just hit your bonus at the end of the year.
My all-in as a VP1 was $364.3K, so I got a $184.3K bonus (~100% of base). How it works at my BB is that our comp statements will include our base salary, as well as our target total comp (which of course is no guarantee of what total comp will be - just a reference point). So when I ask for my raise, I would also ask them to revise my target total comp to reflect getting a 100% bonus (i.e. - if I ask for $225K, I would also ask them to revise the target total comp to $450K).
My question is, given my current base of $180K and VP1 total of $364.3K, would it be more reasonable to ask for $225K base/$450K target total or $250K base/$500K target total?
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