Received an Associate offer in a MO group (Credit Risk) at DB/UBS/CS. Offer was $90K base which seems a little low.
I also did not receive money for relocation expenses. When I asked, the bank said they were not offering relo because NYC is so competitive and that they had so many candidates already in NYC or willing to move to NYC with no relocation expenses for the opportunity to work for a “Tier 1” bank.
Is this normal? I would assume it’s not. I get the feeling that the bank is so pressed to keep comp down. I’m coming from a Top tier BB in another state halfway across the country.
did you accept the offer?
I did not respond yet. Comp seems a little low for an Associate level role even if it’s MO. The fact that the bank refuses to pay relo is not a good sign either but I’d like to get more opinions first.
Makes you wonder what is available for your bonus pool $. If they are cheap obtaining they'll be cheap all the while you are there. My friend/classmate just got promoted at JPM in NYC as Associate and he is on more the typical FO paygrade ($110k I think) although it's like a blend between FO MO on the AM side. He got relo ($5k)/ put up in corporate housing while he made the move (like 1.5 yr ago.) side note - 1st yr Associate in Treasury at JPM made 88k and 15k according to the WSO DB.
I think you're getting lowballed by a shitty European/Swiss Bank.
I would avoid DB too much restructuring and loss of identity around it's true business, UBS is paying so much of bonus in worthless company stock that it would be situation you plan on only your base. CS is focused on PWM and PB mostly so comp is more conservative.
-200 odds Db, +100 UBS, + 300 cs
How many years of exp do you have? And off cycle, right? No relo/signing bonus is normal in that case.
2.5 years total. It is off cycle.
Seeing as this is credit and not IB or S&T, i feel like the pay sounds about right. You'll be working much less than associates in IB.
No relocation for off cycle makes sense as well. Sounds like you're coming from GS SLS.
Thanks. And no, I’m not coming from GS.
90k base for MO Associate coming with only 2.5 years of exp is actually pretty good. Just to clarify -- is it 2.5 years of total experience post undergrad or just with the previous company?
I'll say this and leave.
1) Offer is low, but not insultingly low. 2) It is more than you make now, in a better location 3) Relo for a non FO job is going to be tough, especially when they could either promote someone from within or hire someone else. 4) an offer is only bad if you have a better one.
IMO, negotiating comp at an analyst/associate level is pretty precarious. You aren't at the point where you are really valuable and there are a ton of options to fill the role (train someone, take someone internal, but in a different group, promote from within, lateral someone, etc).
Respectfully ask for another $5k and then decide from there. I'd decide based on the role and job and not your perceived compensation value. A job that will provide more exposure, networking and skills isn't worth turning down over $5-10k.
90k base at first blush seems low, but I'm curious as to whether this is a role 2-3 years out of undergrad. If so, it's a bit on the lower end but still kosher, assuming it's say 90k base + [ ] sign off + [ ]% bonus.
Ideally they should have bumped you to around $100-110k + Sign on + Bonus. DB may very well be lowballing since they are going through the entire restructuring process. If this is your best offer, you can always do this for 6-12 months and leverage it elsewhere. I'm fairly confident that you will probably be able to bump the $90k to the commensurate market level in that period of time.
It is Associate level. 2-3 years post undergrad
Thank you. Yes I think it's probably slightly below market (I would expect 100k based on your information). It's still not something to be particularly concerned about, but like TNA mentioned above I would see if they can ante up another $5k+, though I suspect the odds of the offer improving considerably are marginal.
It's still a BB and a very good role, so I wouldn't fret with respect to your medium term prospects. If you think the experience will be a positive one for you, I think taking the offer and leveraging it in a year or 18 months is prudent
I had a friend who applied to CS Credit Risk MO position in New York and i think the associate position they offered $95K plus a relocation of maybe $5k. This was maybe a year ago so i think they are slightly under offering you.
Thanks for the insight. I’m going to ask for another $5K.
This doesn’t sound too low albeit on the lower end of the range. I have friends working in buyside operations making around the same.
I'm in my third year in a MO role making $90k and frankly I think my bank pays below market. I wouldn't accept that as an associate.
How valuable is the experience you will gain from this?
Would you get a bonus?
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