Analyst being recruited 6 months in?
As a first year analyst at a lesser known but still reputable shop ($20bn+ AUM but obviously a tier beneath the top guys in prestige) , I never thought I'd be getting looks so early. All else equal in culture, hours (currently ~80+), etc-- should I look for a certain threshold in pay increase to even consider jumping ship if I'm talking to some MFs? Worried about the rep damage of doing it so soon. Currently at $100k all in. I assume most MFs will be doing around $150k+ all in?
No harm talking to the recruiter or the firm (if they so choose). Clearly you should negotiate from a position of strength and def aim for pay bump + sign-on bonus (if you get to that stage).
Frankly, since they contacted you, I don't think you need worry so much about "rep damage", I mean you don't really need to explain anything in these interviews. It's a bigger issue if you were applying and had to explain "why so soon". That said, I would only switch with the mindset that this firm will be the place for several years (unless you get head hunted again!)
Well, a few points based on the addtl info...
- If you like your firm/job/role, don't feel compelled to go just for $$$. Think long-term career success, who will promote you fastest, let you get more responsibility sooner, all the stuff that matters (prestige of firms means near shit of nothing in the real world, that is a WSO concept in all reality). If you are in a "good" spot presently, jumping adds some risk (you can figure out how much relatively), 6 months isn't a ton of time, but getting through first year is big deal. Frankly, I'd want to be sure some "bump" in job duties in a best case scenario.
- The "underpaid" comment is interesting - If this is a known deal with your firm, it could explain why you are getting recruited. I figured they targeted "analyst at XYZ" in the first place, you may have just filled in the blank as to why. This isn't necessarily great from your leverage point of view, but still means getting a bump to "market" will be easy. Personally, negotiate to "market plus" and a sign-on bonus to negate any mid-year bonus loss factors (or a sign-on plus full year bonus potential). It may be hard to get more base, the bigger the firms the more "range bound" they may be. But things like sign-on bonuses, waivers of bonus prorations, or similar "one-time" deals are far far easier to get approved and for HR to sign off on.
Not sure about what to ask for, but I'd be thinking what "market + 10/20% is" you should ask for at least that. Keep in mind, not many "market comps" for a 6 month analyst.
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