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Ridiculous...New car...promotion...condo...money in the bank. good work MBP
Haha, it's been a good year! Any advice about salary negotiations? Am I just supposed to take what they offer? Doesn't seem reasonable.
you go from SA to Manager?
Start high. You already got one offer this year that offered you roughly double what you're making. I have no idea how it works at Deloitte but at my firm there are bands for each position and you can be paid anything within that band. Pretty sure its on you to determine if you're near the top or bottom of that range though.
We have bands too, but the thing is that say I get near the top of the band. I'm not going to be promoted to Senior Manager for at least 3 years. Does that mean I won't be getting raises since I'm already at the top of the range?
SC to Manager...
It goes: BA, C, SC, M, SM, P
I still don't know what the range for that position is. Go watch the TED talk about salary negotiation, pretty good stuff.
To answer your question, its completely dependent on your firm. For me, no that would not be the case but even if it was, would it matter. Would making 120 now with no raise for 3 years be worse than making 110 then 115 then 120? If you're at the top and thats all they're going to pay you then take that amount for 3 years?
Happy, do you have a link? I couldn't find it
Well done sir. I don't know how consulting works, but I'd say highball it a bit - it seems to me that the lower ranks are the ones where you're more of a commodity, though that obviously may be mostly in the non consulting world where making it rain is a criteria for the higher ups. Out of curiosity, do you plan on staying at Deloitte for the long run? Do people normally switch out after making it to manager, or what?
Really? I've seen a manager at a Big 4 go to senior analyst in IBD in Toronto. And conversely VP at a IB go to Senior Manager from bank to Big 4. SM to MD and Mgr to Director seems really optimistic...
Congrats btw. The range 110 to 150 seems higher than the ranges I hear from people in audit and financial advisory. I guess Deloitte's consulting division pays are materially higher.
...was definitely because of the new car.
Congratulations and thanks HPM for that TED video reference.
Thats a good point happy, even if there's no raise it's still a better deal. So The base range is between 110 and 150. I'll be happy if I get at least 125K base. Should I ask for 130 then? 150 just sounds crazy high, considering my current base is 100.
What're they gonna do, fire you for asking?
MBP, congrats on the promo. There's nothing wrong with showing them your time is valuable. Start at the upper end -- you have nothing to lose.
Congrats man, seems like everyone gave solid advice on the salary so good luck
Bargain high and let them haggle you down....once you hit a low number it's going to be hard to press for more.
Ok so for a few more details then, I have a compensation review meeting coming up with my partner, so does anyone have any experience with how these meetings go? Last time I negotiated, it was with the recruiter. This time I'll be talking to the partner directly. Will he just ask me? Or tell me a number and I'm expected to counter back?
Congrats, make Gore proud!
Congrats on the promotion! You are having one hell of a year!
Congrats man. Hope they bump your salary to the high end of the range.
Word up. Congrats on the promotion. Looks like you're killing it this year.
So is VP the equivalent of Manager on WSO?
Congrates!!!
Ask for 150,000 and then be willing to settle for less. You are your own best promotoer. Go for stars.
Good luck with new Audi :). You need money to pay bills. :):)
Deloitte pays that much huh? interesting... the guy who i replaced left this job and went to Deloitte to do consulting in San Fran... mind you he was 29 and had five years in this gig and im only 22 and starting out...
but congrats Mr. Manbearpig! you said you were looking to hit $500K by your mid 30's how old are you now?
tell em less hours
Would also love a link, HPM. Brief searching on their site and on Google yielded me nothing fruitful.
MBP, congrats, you are one of the names on here I have respected from the earliest, good to see success rolling your way in spades. Best of luck in the future.
MBP... you are 24 and a SC that just went to M? Did you start Deloitte at 20? I am completely confused by Deloitte's salary structure because I know they pay post MBA SCs around 120K to 130K whether they hire them into the S&O, HC, or Tech Service Areas. I assume SCs that non-MBAs must get alot less since the average salary listed on GD.com is 101K.
MBP is also a math major last I heard. He should be able to calculate his 20s and 30s in a microsecond, or so they say.
Congratulations! Keep on making us math majors proud.
OP, I was in the same situation not too long ago. For me, it was a jump from an old, shitty, underpaid job to a new, well-paid, possibly shitty job.
Let's say I started at X. My goal was at least 1.2X, not counting salary. I did the dance with the HR, and asked for a range of 1.4X. They said they were more comfortable with 1.1X. I said that's too close to where I am and could be under given my upcoming raise and promo (I was top bracket). They came up to 1.3X eventually. Boom, big ass raise right there.
Moral of the story: highball it. They want to pay you as little as they can and you want to get as much as possible. Easier to get it at the table when you are starting a new job/promo than AFTERWARDS -- come on, you know this already don't you?
^ Gotcha. Still, ask for high. I had the same hesitation. It's easier from my angle to tell you to bargain hard, I know. But everyone I asked (this is only my second job out of grad school) told me to take them to the cleaners, and it didn't reflect badly on me at all. FWIW, the HR was only the conduit to the partner anyways so it's not as if the partner is blind to what I was asking for. You're not angling for to BE a partner or to move up much further, as you say -- the benefit for maxing out here is that you get as much $ out fo them as you can and you set yourself up for higher earnings post this job. Compound growth is just as powerful in earnings history as in your bank account.
Also, I laid out my case in 4 points as to why I deserve the high end -- very polite, very genial -- but I made it a point to hammer on those things. They came up easily 10% more than they were planning on that account. Try to draw up a list of why you are the Man and you won't feel so hesitant in asking for the moon. THEY will be in the awkward position of telling you why they can't pay you the max given your awesome quals.
The negotiations will take place this week so I'll keep you all posted...
GL man let us know how it turns out. Someone said to me that negotiation is the $10,000 a minute job -- literally, a couple of minutes of yakkety yak nets you that much more cheddah. How many other minutes out of your working year to you get that kind of ROI?
Please do.
Let the board know how it goes
In this economy, I say you walk in the door, say "thank you for letting me keep this job and I'll work my ass off in the years to come, you cant count on me" or you could just ask for a raise for howmuchever u want and join the line with troops from BoA
MBP... Good to see you make that jump so quickly. And congrats on the promotion. Post MBA Sr Consultantsdo not get paid 100K. Post MBA usually = 120 to 130. Just letting you know.
congrats
re: salary negotiations - start taking notes:
Congrats, man. I think you should ask for 150k and be happy with 125k. Audit managers start somewhere between 100k-120k. I think you should make 20% more than them.
I have just received my post-internship (MBA) offer as an SA at one of the big4 accounting firms advisory practice (not Deloitte) and it's over 100-120k range for a base. So I would assume a manager should get more....
manbearpig join my group! "Toronto Prospective Monkeys"
ahhh but good sir... will it hurt for you to share your experiences and insight with your fellow Torontonians on the outside looking in?
and thats great news $130K base is wicked money... Congrats
UPDATE: Had a few discussions with the partner last week. Asked for 140K base. Partner told me just now that he and the higher ups feel 130K is more appropriate for now. It's been approved and will kick in next month!!!!!!!!!!!!!!!!!!!!!!!!
Thanks for all the advice people!
Congrats man - sounds like you have earned it.
Ahhh MBP that's excellent, congrats and you deserve it in the fullest.
Negotiating Promotion and Salary at Current Employer (Originally Posted: 12/06/2013)
I need to negotiate soon for a promotion and salary boost, and I'd appreciate everyone's view on how much to ask for and how (well, round out my ideas on how, I suppose) -- prior to this position I was in a much more structured banking program. (PS - I've read most of Harvardgrad'08s classic thread -- though maybe I've missed something in it)
Rest of the background: 3yrs as an analyst in IBD at a BB in NYC, then moved to the industry I covered in corporate development 6 months ago (new location: VA, just outside of Washington, DC). Like most people, I came in as a Sr. Analyst, and not as a Manager. But since then I've gotten a lot of compliments on the work I've done, busted my ass, and they want me to move with my VP (now CIO) and my Director (also got a promotion to MD), and ~5 other people to start up a new office that will be very capital markets facing. I've been owning the model that is a key reason we are opening shop in NYC.
So, I had a standard third year in banking before the switch: $90k + 60k bonus, I switched over to this job to be in an industry I am passionate about at a really dynamic point in its lifecycle that is driven in large part by financial innovation. Love the job, but I need to get back on track a bit pay wise. For one thing, the hours are far from 9-5; still putting in 55-70 hours a week. I've also come up to speed significantly and am a much more valuable employee than when I started. I'm currently at $90k and expecting a ~$15k bonus (actually pro-rated, so ~$8k).
I think that COL adjustment alone gives me $8k of bargaining ammunition, but where should I anchor the salary discussion asking for the Manager promotion? I'm tempted to start with $125k considering they know hours are going to be rough for all given our goals, the COL change, and of course my performance to date. Too much?
Things I plan to highlight:
-- Promotion to Manager: my role has required me to drive processes with other groups, but I need the title to back up what I'm already doing in many cases. Also working directly with investors. I believe 4yrs out of college with 3yrs of banking is a not uncommon time to move roles, and I'll be sure to have data points to that effect for our company and comps.
-- I've come up to speed rapidly on new financing structures our firm is depending on, I'm important to the mission, and I'm here for the long haul (true: I plan to finish the CFA instead of going back for an MBA, believe my undergrad degree is a strong enough brand in industry, and I don't want to miss the experience given where the industry is)
-- Given I know the models and we will be in NY and hiring former banking analysts in the near future, it makes sense for me to move into a more Associate-like role and be compensated similarly (well, Manager vs Sr Analyst salary at least, I'm not working IBD hours and gladly trade the bonus for that lifestyle benefit)
-- COL adjustment, DC to NYC. And while I live in DC, the current job is actually in a cheaper city in VA
-- Thoughts?
-- Thanks!
Do the cost of living calculator, that should be a decent jump by itself. I think you're thinking about the right things, but gather as much data as you can to bolster your points. Also, try to consider what their alternatives are and what ramifications they have by caving to your demands. The ideal demands should have no other ramifications for them with other employees (may not be possible) and then think of ways to restructure the exact terms while still getting what you want. As a refresher, might I humbly suggest reading this?:
http://www.wallstreetoasis.com/blog/how-to-negotiate-for-more-money-dur…
Thanks, I've read that before but could use the reread. Smart author!
-- NY is such a different animal that I can't ask for the full COL differential, but I can throw it out as a data point and note hey, I'm a reasonable guy, I know companies don't pay this kind of salary bump for their NY employees. The change from DC to NY would be from 90k to 140k ! Like you said, good data to have at least.
-- Another good point on ramifications...this isn't fully clear yet given I don't know what other analysts/sr analysts would be coming, but I think I may be fine here as well. We may not be moving any current analysts other than myself, and if we do, only one is senior and would clearly feel slighted if they didn't get a promotion as well. I think he would likely stay in the Houston office as well, though. He has a serious girlfriend and would have the opportunity to go in a slightly different direction within the company. Also, they may be willing to give him the title too, and where salary shakes out is between us and our boss.
-- Do you work in the NY area, and do you have a view on asking $125k (up from $90k)?
Do they not care that you're discussing particulars in an open forum? I mean, if I'm a partner in your office (or any office in your practice, really), and I happen to check this forum once in a while, it's not hard for me to identify who you are with the details you've provided about location, age, type of work, timing of promotion, dollar amount, etc.
congrats man :)
Hmm, I never even thought about it tbh. I haven't met anyone at work that follows this site, and the partners certainly aren't on it. But yeah, I guess I should be more careful with the details.
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