Negotiating First Year Analyst Offer at Bank
I received an offer to work for a large bank (GS, MS, JPM) as an analyst once I finish my senior year of college. I want to negotiate as I don't want to leave anything on the table, but everything is standardized across the bank (base salary, sign on bonus, PTO, etc). Where can I negotiate / what can I say, and how much is reasonable. I was originally thinking of asking for $5k relocation but the package already includes $10k for relocation. If anyone has been in this situation, what should I do and is it even likely they accommodate my request? I also don't want to be unreasonable as the offer is pretty nice, but I have always operated under the assumption that you can and should always negotiate
No, no, no
1) things are standardized, what makes you think they’ll give you more? The HR headaches, issues it could bring up with other analysts, etc are not worth it for the firm
2) think of the ROI. You wanted an extra $5k? So you are willing to risk the relationship for $5k? You realize that is nothing right? It’s one thing for a position where pay isn’t standardized, but geez this is absurd.
Got it- that makes sense. I'm coming from a tech background where negotiating was part of the offer process. Didn't realize it was more of an issue at the HR level, and kinda thought that since its only $5k it wouldn't be a relationship destroying ask. I'll take your word for it and accept without negotiating. Just think its a little weird that in business you're actively dissuaded from negotiating which is such a large part of the industry. Thanks for your input, I appreciate it!
Well negotiating can make sense (and does make sense in this industry), but as I’ve said many times on this site, put yourself on the other side and negotiating for negotiation sake isn’t what this industry is about, you need to know how to do this (and this shows a lack of that). There is a ton of structure around this, the firm believes they have the comp right, the benefits right, etc. And you are bringing essentially nothing (at this point in your career) to the table. You are asking what to even negotiate, which means you have no case and no leverage. Negotiating makes sense if you have a reason to, just doing it randomly is going to show a lack of EQ.
Negotiating happens a lot at higher levels but these fresh out of college analyst programs are extremely structured, there is no room for negotiation. I'm not in PE but I assume there's not much wiggle room either for your first buy-side job. As you get more senior you'll have more room to negotiate as you're less of a commodity/pawn/cog in the machine.
Negotiate it and let me know which bank so I can apply after
Bump
Bro you know there’s a recession on the horizon right?
Lol
After you get taxed and break the salary down biweekly, the difference amounts to literally having a few more drinks at the bar lol
Just don't.
There are 100s of interns and no one wants to create a precedent. As soon as one gets it and other people start hearing about it, everyone will try which will create a huge headache for the bank.
They can't pull your offer for trying, but they will want to and won't forget it anytime soon, and it will cost you significantly down the line.
Good idea, and make sure you demand a suite at the four seasons this weekend.
they don’t know your worth so you have to stay firm on these things.
LOL
This guy Jeffrey Chiangs
Great reference…on a funny note, the boss whose Porsche he claimed to be driving was a former client, and I discussed the whole thing with him over drinks.
Add these rules to your list of negotiating tactics:
- be aware of where you stand and what you have to offer. Can I be easily replaceable? Can I find another opportunity as good as this one? What are the repurcussions to negotiating? Is what am asking for really worth the trouble? Self-awareness is really important here.
Others have answered your question, you have very little if no room to negotiate out of college, especially for a standardized role at a bank. Maybe, if you were a really uber talented quant, you could have some room to negotiate.
congrats MS
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