Am I being underpaid? $80k base, 40% expected bonus.
Second year analyst at a small REPE shop in NYC with
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I do think you're underpaid for NYC. I have seen this level of comp for similar firms located in much smaller markets. My buddy used to work for a firm in Orlando thats a similar size and made more than that. Also I don't think he worked as hard as you do either (9-10 hr days) plus FL doesnt have state income tax so that probably saved some change there too. Given how much you work and the market that you're in, I think you're underpaid.
Thanks for the insight! I agree and have been feeling like it’s time to make a move.
You can also have a compensation conversation with your superiors, either at an annual review or by scheduling a meeting with them.
I do have an upcoming review which will be the basis for the bonus I receive this year. I want to ask for more given our firm has done exceptionally well this year despite the pandemic, but am unsure whether or not I should.
I think if you go in with specific data points from other people in your market in a similar position, highlight your accomplishments this year, reinforce that you are going to continue to progress, etc. that it is not inappropriate to ask for higher overall compensation for next year as well as your bonus for the current year. One caveat would be COVID, obviously, but if you're in industrial and your firm did "exceptionally well" as you said, it shouldn't be a problem.
As long as you don't approach this with zero social skills, it is wholly appropriate to ask for a raise.
That is a mighty tall order 'round these parts.
I’m sure you can find other posts on this forum that talk about salary negotiations in greater detail, but it really depends on how much leverage you have. Are you valuable enough to your company that your bosses would pay more to prevent you from leaving? Or would they be able to quickly replace you with someone who can do your job just as well? People tend to think they’re more valuable than they really are, so think critically about those questions.
You recall the firm in Orlando?
hah, shoot your shot. I respect it.
By 2nd year analyst do you mean you're in your 2nd year out of school? I'd say in your 2nd year that's not bad. In your 3rd year that's a tad low.
2nd year out of school yes...thanks for the insight
You are underpaid, but not significantly. You could squeeze $10k-$20k more in base salary during normal times but 40% bonus is a solid payout.
I would say if you told me that was your starting offer in NYC, I would... good job!! A few years in and you should see a bump in the base, but the all in isn't as terrible (40% is really good for bonus, not sure how guaranteed vs. contingent that is). Given the job market, how hard you should job hunt, try and get raise at current shop, etc. is a little difficult to say this year. If they up'd your base to 90k-95k (I'd comfortably ask for 100k), and kept same % bonus, you would no longer be able to claim under payment.
This is helpful thank you! I think the biggest contributing factor to feeling underpaid is the taxes...I got a bonus after my first year but with 50% of that going to taxes it just kinda hurt lol. Recently looked into making a move outside of NYC and a place like Miami has 20% lower pay but also 40% lower cost of living...essentially giving me a 20% salary boost. My firm has actually performed exceptionally this year, so it may be time for me to ask for a raise.
LOL... taxes... Yeah, welcome to NYC, move to the suburbs can you can stop paying DeBlasio the 3.whatever% (just higher prop taxes).. Keep in mind that if that was your first bonus, the withholding could be substantially higher than the effective tax you will pay on it. You will be a federal bracket around 22/24 plus state of 6.something and city. Won't be as bad when you file.
Still, hate taxes? Florida and Texas are calling...
He is 24 making 100k....That is not bad by any standard, especially given this market.
*she, actually!
ha, same difference.
You should ask to increase your base at least. Bonus structure seems fair, but there are brokerage analysts who have a slightly higher base with the same level of experience.
You're like slightly underpaid. I would say 10k below the average but its to be expecting based on the size of the firm. Wouldn't really kill yourself over the difference in pay, its less than 10%. Would suggest try lateraling over, you have great experience in the hottest asset class, you could easily get looks at a ton of firms. Other than that if there's room for carry in your current firm if you get the associate promote it might be worth staying. Again wouldn't stress over this difference you're in a good position. I am about to be a second year on the brokerage side and made about 110k first year all in for reference
Thanks this is great!
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I have no idea. You are asking in the Real Estate forum. There is a Trading forum that could better answer your question.
Oh, sorry and thank you
If no previous experience I think you are within some sort of margin of error for average. The big thing about working in this market is that your pay should be going up considerably each year though, so its hard to give judgement at the end of the year without knowing how "the talk" goes in a couple weeks.
Although with those hours they are certainly squeezing what they can out of you. I know very few people in RE (even here in NYC) who consistently put in 60+ hour weeks.
Depends
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