So my boss called me in for a meeting to discuss my year end salary and bonus. I didn't initiate the meeting, he did. I've basically crushed my expectations coming out of undergrad and ending the year with two big closings this year.
Any help would be very appreciated.
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If you were in your 2nd year, I'd recommend pushing more for a higher bonus since companies are usually OK with it since it's perceived as a one-time cost. Doesn't necessarily make a lot of sense since obviously 50K in bonus lump-sum is a lot bigger pill to swallow than 20K in salary raise paid over a year, but it is what it is. Since you're in your first year though, I think you need to try to get a reasonable increase in salary, and try to get them to commit to a higher 'target' bonus the following year. The reality is that when he sits you down, given the time of year, the bonus is more or less set in stone at this point. Maybe there's a 5-10% wiggle room from what it would have been originally, but unless they are very generous, probably not much more than this. Just my $0.02. Also important to ask him what he sees for you in the short-mid term with the firm by way of career progression.
Did they give you any indication of bonus figures when you got your offer letter? Usually it's pretty defined at the junior levels.
EDIT: Also forgot - how long have you been there? Was it close to the full year? If you've only been there a few months, sometimes they'll pro-rate it accordingly.
Thank you for the input.
I started January 2nd so I've basically been here for a full year. When I began they didn't give me any indication of bonus figures (I just wanted to job and experience out of school I didn't really care) but now that I have a full year under my belt my productivity and results I believe have proven me to be way more valuable then when I first walked through the door.
I currently make 60k, would a 10K raise seem unreasonable? I don't see him giving me a 20K raise.
what market? If you are in NYC, LA, DC ... you are below market and should expect a bump. If you are Atlanta, Texas, SLC, you are market.
I got a $50K offer out of under grad in SLC at a $2B REIT. ended up in Texas at an $800MM REIT at $52K and 10% bonus with a renegotiation in the contract. Renegotiated to $60K and 25% bonus after 6 months.
Got a new job after 1 year to $65K and 15% bonus with carry.
As an analyst, I would not say $10K is out of the picture, but it depends on your market.
Yeah I agree with all of this. If you are in one of the first three major metros for example, I think a second year all-in reasonable number would be 65/70K base with 10-20% bonus, maybe more if you are really taking on a lot more responsibility and you're doing more 'associate' level work.
Thanks for all the help.
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