Hi Gang,
So, overview I am a jack of all trades, done debt, equity placement, construction loans, asset management, budgets, acquisitions.
My company is expanding a new debt platform, and I will be working on it. I was hired at salary x with small bonus. Good hours, been there about a year, after taking the offer I have come to realize that I have better experience than most of the team, or at least the broadest. I would love the exposure to be on the debt platform, but I haven't been offered more money yet. I was hired as acquisition/finance guy but my financing experience is better than c-suite and the principal(VHNW). I'm not sure how to approach getting a raise, although I am VERY good at what I do, I see my 2 bosses 3 times a week with no check ins. I'm expected to be pro-active but i've had initiatives I've spent extra time on, not even had attention brought into them. I've set up some good meetings, but I honestly feel my skill set is way above my title(not that title means much), but I didn't know until I got here that I should be a VP with an analyst under me. I already switched jobs a year ago for like 25k more because I have a family.
I'm just not sure, how to go about asking for more money. I don't work crazy hours because I am very efficient at what I do given my experience.
You're talking about how good you are more than why you deserve it. Also, I'm not buying "I don't work long hours because I'm efficient". regardless of efficiency, there's going to be endless work, especially when building out a completely new platform. focus on the job, prove yourself, then ask for money.
Just ask...It shouldn't be hard for someone with deal experience.Worst thing they can do is say no...
If you are confident you are underpaid then you should be confident you can leave and make more elsewhere as a worst case scenario.
People don't get raises for "being good". They get raises because they bring in >x revenue, where x = your post raise salary. even then, you need to prove it and convince C suite they'd lose the revenue if you left. being good isn't good enough.
That isn't necessarily the case
I am faster in excel than almost everyone. I know every useful shortcut, because I've been doing it for 6 years at a high level. Where my boss takes 5 minutes to "play" with a model, I do in 20 seconds.
WallStreetOasis.com AndyLouis I have had a couple of comments now that just disappear into the ether. They don't give the error notice like they used to and they aren't found when I try to add a comment again. They simply aren't posted.
An abridged version of my response is below:
I agree with SHB in that you should ask, especially given you've been there a year and are changing responsibilities. You need to decide if you're asking for a raise or a promotion though, because there are different strategies for each.
I realize it could sound like I'm entitled.
To be frank, I have 6 years of solid experience and I'm a Senior Analyst. I should be an associate anywhere and a VP here, and I am making peanuts for my experience. I get/got some traction, but because I'm over the 5-year mark I'm out of the HR box when all experience for associates is 3-5 years.
My two bosses are swamped, but I'm given the work without the ownership.I honestly never had any idea that you could have a good size company and literally not know what you are doing or have anyone with experience running it.
If you wouldn't mind sharing both strategies for raises and promotions, it would be helpful.
Youre not being entitled. You value your time and know how much youre worth. Go out there and get that bread. I am an associate level (MSF / 2-3 YOE) and I recently negotiated with the mindset that there will always be a company that'll pay me better and be firm with what you're contributing and you should be compensated accordingly. I was taken advantage of out of school because I was hungry and I know that money talks. If they really want to keep you on they need to pay you what you're worth. Please check out Haseeb Qureshi and his blog on negotiation. Helped me get 15k+ on my recent offer.
OP -- is this NYC-based? I'm actively looking to join a debt platform team at a RE-centric firm. Are you hiring any analysts / entry-level roles for the new team? Also, good luck with the raise, seems like you deserve it. Feel free to PM me if you have any info on new hires etc. Thanks!
way too early, but keep in touch.
What is range of your base pay and bonus? Looks like you should be a VP but curious to see if you are paid like one without the title.
Definitely not. I'm about a low associate comp in Rhode survey(but I'm not at a fund). I should be 175-225 all in, depending on the company.
Have a sitdown with at least one (ideally both) of your bosses and explain your situation. You have looked at comparable salaries for what you do, with the experience you have, + the new roles, and you feel you should be making in the range of X to Y, with a bonus structure of Z.
I doubt they'll outright reject you if you are as useful as you've stated, but they will definitely negotiate so be ready for that. Do your homework and don't ask for the moon. What strategies are you looking for?
Only way to do it is to sit down and tell them you have done x y z and ask what it will take to make an extra xxx. Be direct but point to accomplishments. What really helps is to have backup for what market comp should be. Getting calls from recruiters for the title you want is one way to get data. I think you just need to be direct. Always the way to go. Good luck.
Off topic but interested to hear more about your role / day to day. I work at top 20 REPE but our roles are sectioned by group so we can’t have exposure like you mentioned. How did you find a gig that gives so much exposure?
I think you hit the nail on the head. I'm way too busy to give each so much attention, but we are in contract on 2 properties and I am underwriting more. I am afraid to say I'm too busy for fear of bringing someone in more specialized ahead of me. I have an associate-VP level in most things so I am not learning from anyone, I would love to be head of all of the above or at least VP, with reports in am, acq, lending, dev.
It's FO, with lots o bucks(not billions), and frankly I have no idea how i landed in the role. I help on everything because i have the most experience and the only person who has modeling experience. It's crazy to have more broad experience, but the people above you have more specific experience that are more silo'd in their groups, which are just Legal and Finance, and Asset Management.
Day to day is do pitch books, models, budgets(haven't got around too much work but I could improve our procees, but it is a function of our property managers which are not top notch). I don't help out on debt as much, even though I have the most experience by 10x in closed loans. BUT, the people I work with are smart(legal mostly, and finance). At my level, I honestly don't know what the next step is, I want to learn more, but a paycheck would be helpful, like breaking 200k.
I value efficiency more than hard work, but have put in my fair share of 11pm nights. Not at this company.
Makes a lot of sense. Being at an FO, albeit
Serious question - How coked out are you right now?
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