Boutique Offer - Urgent
Currently I work in commercial banking but I recently received an offer to join a boutique IB firm (~10 people). The issue is that the offer seemed extremely low. Base 60k. Bonus of at least 5. No sign on. Deal flow varies but not anything to write home about. The experience seems like it could solid.
Is it ridiculous to even consider this offer? Should I counter? I'm guaranteed to make at least what they are offering at my current position.
Take the offer. You are thinking about this the wrong way. If you want to get into banking and this boutique offers the same as what you are making, this should be a no-brainer.
Look at the Lateral Guide thread that I posted yesterday. Boutiques are not going to pay you anywhere near what MM, BB, or EB firms pay. Their fees are smaller and the MDs know that most of their applicants have no real alternative. $60,000 is pretty good for a boutique. You can always put in a year at this boutique and then lateral.
Ya I figure this is my shot to break in. I just thought it would be a bit higher. Worth negotiating at all? And slightly different question...would the start date be negotiable at all?
Also I read your lateral guide. Great thread.
I would just take it. The only reason that you are even considering negotiating is because you read WSO and know how much larger banks pay. If this was any other job (i.e. one without a forum dedicated to it), you would take it without thinking twice.
I am not sure about the start date. That is definitely something that you can try negotiating without looking bad. When I started at my boutique, they were pretty strict with the start date.
Don't - they likely have a long list of other interested candidates (or could easily get one). You are on a forum full of kids desperate to break in, most of whom would gladly take this offer.
You said bonus was at least 5. Did they five you a range, because if they didnt I would negotiate that. Reason being, if deal flow is awful then you should only expect 5 but if this ends up being a good year for the botique then you should be able to enjoy the upside.
Its guaranteed to be no less than 5. No range provided.
Yeah i would ask what average bonus was last year or for a range , could give you a better idea.
As others have said, do not negotiate. You have no bargaining power, so I'm not sure what led you to think you can negotiate anything besides the start date.
Was just asking to be sure. I appreciate all the replies.
Take the job... Boutiques offer a good starting ground to get in and learn. 65k all in is typical for a smaller shop with no/limiteed branding. Their fee's are probably a lot smaller and the MDs take their cut back end. The economics just aren't there for you to get paid any more (unless the group had a good year).
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