How best to negotiate salary?
Recently was given an offer for a boutique bank in the area asking me to intern during the summer with possibility to extend into next semester. This is a great shop that I'm eager to join and think it will position me well for recruiting next semester.
Problem is, they low-balled me on the offer and I jumped on it - any advice on what to do?
Essentially, they offered a stipend to cover my expenses, but were asking me to work a decent number of hours. Nothing is a hard rule that I have to be there - I can be out of the office and work as little or as much as I want, in theory. But if I want to take full advantage and impress the team to get a good LOR, they said it'd be helpful to be in the office as often as the full-time analysts and associates are. If this were the case, I'm looking at making below minimum wage, which makes it hard to live.
I think regardless, I'll be in at least 50 - 60 hours a week, no questions asked. However, I already said I'd sign on. Now that I ran the numbers, it seems I'd be getting below minimum wage. Is it wise to bring this up to the MD who hired me? I was thinking of saying something along the lines of - hey, very eager to join and excited for the opportunity, but I was running the numbers and realized I'd be
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Negotiating Salary on Hourly Basis (Originally Posted: 12/12/2013)
This has obvious advantages if the number of hours per week is very uncertain. Any thoughts?
I can't conceive of any bank ever doing this for FT where you're salaried. At least I've never heard of it.
"Running the numbers" should have been something you did prior to jumping the gun. Lesson learnt. Still, starting off by telling them that you're already counting the number of hours you're going to have to work does not project well. Bite the bullet.
Aye, fellow Ram here also. But I would also definitely try and talk to your MD and see what he can do. You already have the offer so they're not going to kick you out for asking. Good luck man
Dude you're an intern. what experience do you have to leverage?
Hence a gun can be used as leverage from above.
I'm assuming consulting can serve as an example: A friend of mine interned at MBB over the summer and, factoring in the number of hours worked (65/week on average), was making around minimum wage for his region. Since you're poised to work more in IB, then getting below minimum wage does not surprise me. It sucks, but it leads to better paying opportunities later.
EDIT: Doing 50-60 and still being below minimum wage is worse than the above example. Nevertheless, I would argue that the conclusion still stands.
Stfu and kill it. I wouldn't even consider bringing it up considering you're a sophomore.
It'll suck, but you're getting your foot in the door, something you should have been willing to do for free.
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