I am planning on relocating to San Francisco from NY in a little over a month and am in the process of discussing my relocation package.
Can anyone provide some insight into industry norms with regards to what to expect? I have heard that something around $10k and a month in corp housing is fairly common. Also wondering what I can request given that my disposable income will most likely decrease with the move due to higher living (rent/food) expenses.
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friend in a 2nd tier consulting firm think (Deloitte/PwC/Booz/Accenture) was given 4k to move from NYC to SF. That was it.
Some say that part of the relocation bonus is part of your sign in.
4k is terrible for a comp package
Depends on your COL and your level. Entry level is usually around 5k that they state is for relocation.
i don't actually know what the norm is, but if my relocation package was anything less than 10k and housing stipend, i would just refuse or quit
I'm interested to hear whether the relocation package is typically rolled into the sign on or can you get a separate amount? Doesn't seem right to call it a sign on bonus when half or more is spent relocating.
Completely depends. For a large firm figure out what the HR policy is. Most common is a lump sum that may be part of or in addition to your sign-on, if it's part of the sign-on, reassess if you want to ask for a bigger sign-on. Relocation reimbursement (i.e. save your movers and IKEA receipts) is also a possibility. If there is no relocation at all, see if you can get it because you are going cross-country, especially if timing imposes big cost (i.e. breaking a lease).
For a second job at anything but an IB or a fund, $5-10k relocation + $10k signing seems reasonable.
I know this is an old thread, but can you (or anyone else) explain what you mean by "second job at anything but an IB or a fund"? Do IBs and funds pay less or more? It would be pretty awesome to get more than 20k relocation bonus for SF->NY, IMO, but I have no idea what the typical rate is.
I worked at a relocation company and relo bonuses are much less common than detailed policies. Often you get both. Policy is almost always worth more than $20K
It really depends on your company but F500 companies do offer a nice package. I'm at a F100 firm and was offered $14K to move from LA to SF. I woul'dve received close to $18K I believe had I been further away like NY
Relocation reimbursement: definition of "reasonable" (Originally Posted: 11/16/2011)
Ok, so I need to relocate for a new job, and I just spoke with the relocation program manager. She told me that I can just go ahead and pay for airfare, lodging, all other shit on my expense first, then file for a reimbursement. She said to keep everything "reasonable." So...no first class, no luxury car rental, I get that. But what about ticketing direct instead of connects for flights? Staying that the Westin instead of Motel 6? Are these within the range of "reasonable" ? Or will I be screwed and they won't reimburse me, and I have $1k debt on my card?
I am in an FLP program where we move every 6 months. They usually give us around $3500 two weeks before relocation.
They just flat out give you cash? I have to file for reimbursement each time : (
Yeah, basically two cash lump sum deposits a year because we move cities every 6 months.
Remember the random costs that are associated with moving to a new city like: apartment application and deposit...pet deposit, moving company costs, parking, etc.
this is taxable income. i wish they would have told me that for my first job. i would have just dumped or sold all of my shitty furniture instead of shipping it at 5x the cost of replacement and paying taxes on that.
check if it is a lump sum reimb or counted as income.
I don't think staying at a Westin or a direct flight would be unreasonable. Plus even if it's more than they intended on you spending they may just stick you with the difference instead of not paying at all. If your that worried about it you might want to call her back once you know what you plan on booking and see if all of it is "within reason."
yup that's what i did, i sent over the draft itinerary to the manager to run it by her, but no response yet. And her initial response was like "well if those prices are the norm then go ahead and book it!" So I guess I'm all good? Just don't wanna blow $1k on an apartment search trip that I don't even really need if I won't be paid back, namsayin?
In my FLP program we get paid a lump sum reimbursement every time we move, it is definitely not taxed as income.
relocation payment (Originally Posted: 02/23/2011)
I read somewhere that a relocation payment is sort of like a signing bonus.. my offer says "you will be eligible to receive a lump sum cash payment of 2k as a relocation payment to cover moving, transportation, moving expenses, etc." however, I planned to live at home and was just going to take the MTA.....does that mean I just don't get the payment? so in that sense, it's not like signing bonus because i wont get it right..?
They'll probably give it to everyone anyways, just quietly pocket it.
Sign-on and relocation are the same thing. You don't have to move to get the relocation bonus.
you definitely still get it
You will get it. They don't care what you actually use it for.
you'll get it... they're not going to question you about how you use it, etc...
when do we get this? right as we sign on or not until we actually start in the summer?
Whats a relocation bonus? (Originally Posted: 02/29/2012)
Read my offer letter and it said Im eligible for a relocation bonus. However, I wont be relocating for the internship. Do I still get the money or will I have to return it to them?
You'll get it. It's just a signing bonus meant to cover the costs of flight/apartment deposit.
you pay out of pocket and they reimburse you a %, the rest withheld as taxes.
no you won't have to return it. it's a sign on bonus that you keep, regardless of whether you have to relocate or not.
Quick Question - Relocation Expenses (Originally Posted: 04/04/2008)
Should a first year analyst at a top bank relocating to NYC expect to be compensated by their bank for relocation expenses such as shipping furniture?
Generally, you get a relocation 'bonus' that's like 10k. tha'ts pretty much it.
I know if you get sent overseas or somewhere else once you get to the bank (my friend at Morgan Stanley got sent to australia after her first year), they pay for everything.
Definitely not. The "Signing Bonus" is always stipulated as the relocation payment, so you have to pay for everything you need out of your own (slightly fatter) pocket. If you want to save some cash, find a roommate who'll be working for BCG - they pay broker's fees.
Relocation benefit (Originally Posted: 04/12/2015)
I recently received a job offer at a reputable MM bank as an experienced hire (I'm hired out of grad school). The offer states that the firm would cover "up to $5k" relocation expenses. No signing bonus is mentioned. So here are my questions: 1) is relocation benefit typically paid in a lump-sum or as reimbursement; 2) does $5k seem low. I thought I would ask for $10k lump sum (which turns out to be $5-6k after-tax. My concern with reimbursement is that it's not clear what expenses are considered reimbursable); 3) is relocation negotiable; 4) should I try to get a signing bonus as well, or you usually get one or the other not both. Thoughts/advice are appreciated!
bump
At first glance it seems that they will be giving you 5K for relocation, which means you will pay for everything and then they will reimburse you. I would imagine you could make a case why they should pay up to 10k, but you will have to have 10k of moving expenses, as in they will not be giving you 10K so it wont be taxed. I would ask first if it is lump-sum or reimbursement but it sounds more like reimbursement.
Relocation Bonus? (Originally Posted: 02/04/2013)
If a firm offers you a position and knows you're in a different state and that you would have quit your current role, get out of an apartment lease, move your stuff to the new location, and find a new apartment prior to starting, how likely are they to be willing to provide some sort of relocation/sign-on bonus?
They are looking to start the role rather quickly, which would provide very little time to get things in order, so I am just wondering how I should go about trying to negotiate them to cover some/all of my moving costs. Are they likely to do this, seeing as how they know it would cost money to have me start so quickly?
Thanks for the help, I've never been in this situation before.
If its a big firm, they already have a set amount in place. They typically give you enough to cover one months rent and basic moving expenses.
Your.
Provided it is a reputable firm and they want you to come work form them, they are very likely to do so.
Some firms just set up the relo through their HR department. Will move all your belongings, whip and give you some cash. Others give you the necessary amount to do so.
Thanks for the responses. How likely is it to negotiate for some relocation assistance if they don't plan on providing any in the offer?
I don't think there is any distinction between this and your original question. If it's a reputable firm that wants you to work there, it shouldn't be an issue.
Most firms will give you $5-10k relocation bonus. Ask HR.
relocation bonus (Originally Posted: 08/13/2007)
just wondering, is 10k standard for a signing bonus? some banks may call it relocation bonuses.
i have read on this forum that 25k has been given out, but i am highly skeptical of that number.
10 is standard, though I think JPM is 10+2.5 for returning SAs
10 is standard for BBs but I think 5 is a common number for MMs
10 is typical for analysts, 25-30k for associates.
^^ Wasn't the associates number around 40k?? I am not sure though, might be just making that up.
I'm pretty sure all banks do some sort of kicker for returning summers. At least, I hope so =)
It wouldn't make sense not to, actually, because it's not ridiculously hard to take an offer in hand, go out and build out for another one or two, and then try to leverage one bank off another for a tiny bit higher pay. Granted, they don't need to pander to you much, but you can usually squeeze an extra few basis points out of the model that way.
Relocation Options - YOU choose (Originally Posted: 10/01/2013)
Monkeys, Pretty curious to see your thoughts on relocation. Think in terms of: a) Career: Job opportunities, companies, indusry b) Family: Settling down, buying a house c) School: Proximity to MBA programs (part-time or EMBA) d) Intangibles: Weather, fun, family, whatever...
In no particular order, of course, and both domestic and abroad. Where do you see yourself moving to and why?
I'm thinking: San Francisco, Atlanta, Los Angeles, Washington, DC, London, Dublin, Tokyo, and Seoul
Charlotte, NC: up-and-coming city (but already big with major corporations around), decent housing prices, decent weather, low CoL. UNC-Chapel Hill and Duke are both a 2 hr drive, so probably wouldn't make sense for a PT MBA, but an EMBA might make it worthwhile.
Austin, TX: same as above, but replace UNC-Chapel Hill with UT-Austin and 2-hour drive with right the fuck there.
Shot ya a PM
I agree with both of these. If you haven't lived in Texas during the summer though you may want to rethink Austin.
I hope your post was inquiring where we are relocating to and not where you should relocate to.
I'm moving to the metro detroit area. b is 90% of the reason. Mine and my fiance's family is there. d is 10% of the reason. Michigan is awesome for outdoor stuff and it's way cheaper to do everything there vs nyc. I'll be able to race cars again.
A and C are reasons I don't want to move as there isn't much in the job market and schools aren't that great other than Ross.
I'm hoping that I'll either have an internship or full time job when I make the move through some networking I'm doing now.
I mean, UMich is a pretty damn good reason to move there... if you're looking for top programs, Ross is a damn good place to be.
Also, the weather sucks in the winter.
1.) Where do you see as home?
2.) Is home where you want to go right now?
All else equal, and with my biases excluding the effects of home (Chicago) I'd give ATL and SF a long hard look. SF is a chiller version of NYC; ATL is a southern version of Chicago (low cost).
How is Zurich/Geneva not on this list. As banged up as the swiss banks are right now, there is substantial institutional money run there and lifestyle is incredible. Expensive though and you'll probably need to pick up a bit of French/German, but that's not necessarily a bad thing.
Also Hong Kong.
Being an expat in Seoul is hard. Like worse than 70s Japan.
If you are looking at places hypothetically to compare them, Sydney should be on that list.
Relocation (Originally Posted: 01/04/2011)
Hello WSO Community,
Please excuse my ignorance because I have a background in Clinical Psychology. I been having great concern about a question that I just cant seem to find the answer for. This has to do with the fact about relocating for a job.
I'm currently about 1h30m from Philadelphia, 2h15m from New York, and 11h40m from Chicago (HAHA). Since my background is heavy in Clinical Psychology this allows me to continue school and live at the school without worrying where I will be housed. Also I already work in the local area (Clinical Psychology position) which also allows me to maybe rent a small apartment to continue working where I am at now or seek employment at a different venue.
I am more concern about seeking employment in Philadelphia, New York, or Chicago but can not understand how to accomplish this goal efficiently. If I apply for employment opportunities outside of my area, how does the employer handle this situation when it comes to interviews and or if I get the position. How does relocation work in a situation like this? Is ALL I can do is save save save for an expensive apartment IF I get a position outside of my area?
I can see the solution only IF I lived in the area where I am seeking employment...
Thank you for your time!!
-Ucoa
Random question, but are you trying to break into finance?
Econ,
In a way I am trying to "break" into the finance, to be more specific a trader (specialize in FOREX). Right now I am hedging my future, I have a bright and promising future in the Clinical Psychology industry and I am turning out to be a very successful FOREX trader (which is a lot of fun).
As I told someone recently "Its one thing to trade from home (your own account) buts its another thing to be in a structure environment trading for a bigger entity then yourself". This is something that I am very interested in, which I have been making small progress each day. Everyone I talk to about this subject matter only laugh and tell me that I need to get "serious". This is why other people's opinions don't matter nor why should they?
I am not worried about finding a job or acing an interview, this is where my knowledge/experience in Clinical Psychology helps me tremendously. My only worry is finding a place to live. Before you mention to "save" money by trading, that option is not available to me at this moment in time.
-Ucoa
PS - Your question was not that random, at all!
Where can I get me one of these "clinical psychologists"? Sounds like an interesting specimen.
So wonderful, it's spectacular. You, the 'psychologist' just stares at these three cities and the answer does not yet come, or even better, present itself at said moment ?
...trolls don't major in psychology. They don't trade the FOREX either, they are on the sell side for commodities. Get your act straight.
sounds like you need to change your username to Tobias Funke
LOL nice AD reference.
WSO Community,
karypto,
Your response is quite humorous and brought a smile to my face in the delight that USD/JPY battling out over the 82.00 support level. I assure you that I do not know the EFFICIENT way to handle this situation in which you make the assumption I do nor do I trade commodities (not yet). I always find it fascinating people claiming they are strong Bull or Strong Bears all their lives... but what can I say, they are living their own life?
Thank you for your response!
-Ucoa
Maybe I'm stupid (probably true), but I still have no idea what exactly you're asking... maybe you can clarify with some direct questions...
WSO Community,
downtown22,
If I had to rephrase the question it might sound something like this: "How do you relocate to a job that is not in your area (far away, maybe another state)?"
Is this something you tell the employer? "Excuse me, I live in CA but your based out in TX"
What about the interview? "Hello Ucoa, we would like to invite you to a interview" "Thanks, oh by the way, I live in Main and the interview is in Virgina" (In reality they would see your address on your resume/application)
Do you save up money then move then look for a job?
so much you can do...
-Ucoa
I've only really had experience with the bigger banks, so I don't know if this is how it's done everywhere: The firm will most likely pay for your interview expenses, so they will pay for your flight, hotel, cabs, food, etc... (they will either book your hotel/flight directly, or will reimburse you after your interview). As far as relocating to another city, they should give you some sort of relocation or signing bonus that will help you move (e.g. 1st year analysts typically get a $10k signing bonus). Again, I only know how it's done at the larger banks... it may be different at other places.
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