No signing bonus on the offer— typical?
I’m going in as an associate at an MM IB and the offer seems to have zero signing bonus.
Is this typical? I heard from a friend that typically MBAs get ~60K in signing bonus but laterals do not.
I was told they would offer a $5k relocation which is rather low as well.
Is there a good way to ask them to reconsider on the signing bonus?
Recruiter told me this will be rather challenging...
Very low - should be $10k min at least (or that’s what incoming analysts usually get, not sure if higher for associates typically).
Do you have any other offers?
Waiting on one but from a hedge fund, not IB, so it's possible that the base salary may be different.
I'm of the understanding that some firms don't offer signing bonuses anymore and instead classify them as relocation bonuses. Is the $5k grossed up for taxes? Still low regardless if it is or not, but I'd check to see if that language is written in the contract.
the job market for finance has become more challenging...layoffs = more people looking for jobs...and so firms don't need to pay up...they have plenty of people who want those jobs.
as always...the price is that which the market is willing to bare. in your case, the price is salary + bonus if people are willing to work for less...then firms will pay less. as supply of people looking for jobs goes up...firms can pay less to get the workers they need.
unless you have something unique and profitable that other people don't have...why should the firm pay you more?
Off topic.. what B school did you go to?
Best way to argue for a sign on bonus as a lateral is to tell them that your current employer is clawing back a portion of your bonus from last year and to ask if the new employer can help to bridge the gap / make you whole. Most banks will be willing to do it. They may back it out of your year end in your first year, but it could be worth a shot.
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