Hi,
After 3 years of S&T overseas, I did a Master in Finance at a semi target. Got an offer as a Equity Sales Trader in NYC, but got low balled to 115k base with possibility of rediscussing salary after 6 months and obtaining all the licenses.
How bad is it? What type of bonus would be ok-ish?
And most importantly how much do you guys pay on rent if you plan on staying in NJ?
All opinions more than welcome
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Based on the most helpful WSO content, here's the breakdown:
Base Salary of $115k: For an Equity Sales Trader in NYC, $115k base is on the lower end, especially considering your 3 years of S&T experience and a Master in Finance. Entry-level roles in Fixed Income Sales and Trading average around $120k out of undergrad, so with your background, you could have aimed higher. However, the promise of a salary review after 6 months and obtaining licenses could be a silver lining—just ensure this is documented in your offer.
Bonus Expectations: In S&T, bonuses play a significant role in total compensation. For your level, an "ok-ish" bonus could range from 20%-50% of your base salary, depending on performance and firm profitability. At higher levels, bonuses often surpass base salaries, but for now, aim for at least 20%-30% as a reasonable benchmark.
Rent in NJ: If you're planning to live in New Jersey, rent will be significantly cheaper than NYC. For example:
Advice: While the offer isn't stellar, it’s not catastrophic. Use the 6-month review as leverage to prove your value and negotiate a better package. In the meantime, focus on obtaining your licenses and excelling in your role to strengthen your position.
Sources: What is your compensation in Real Estate Finance?, Millionaire by 30, Millionaire by 30, Fixed Income Sales and Trading 101, NYC is Paradise
Pretty bad mate
This sounds very reasonable lol
1) it’s equity sales trading
2) if your “s&t experience” was transferable and worthy of a guaranty you wouldn’t have needed to go back to get a masters
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