Total Turn Off
For the last year, I have been working my ass off to get an IB analyst offer. I graduated the summer of 2014 and took a job a consulting shop starting in Fall - it was the best option I had at that time and a few trusted mentors told me it would have great "exit potential". I had my heart set on IB, so even though I go above and beyond at my job, I really hate it. I have kept looking and I FINALLY got an offer at a reputable boutique. Great, right?
Well, they sent me the offer letter today and the base salary is fucking shit. There is no way in hell I can make it month to month on this- I'll also mention that I have a shit ton of student loans and this job would require me to take on additional expenses. There is no way I can live off of this. Middle class parents, maxed out credit cards, no savings, and nothing I can sell - So please don't give me this advice. NO WAY I can take this. Due to additional expenses I will have to incur (cost of living), I would need about 15K more annually to just make it work.
I could negotiate to get to the number I want, and that is what I plan to do. But now I am concerned. Let's say I ask for - and get - a signing bonus and a 15K increase in my salary, surely they will remember this and I feel it could come out of my year end bonus. Thoughts? What if they have super high expectations after wowing them during the interviews and now they are paying me way more, and I turn out to be just above average. They would feel like they got taken for a ride, and they would take it out on me, to get their money's worth.
Considering the possible outcomes, I was offended at first, then concerned, now I am just turned off. Given the way I feel, I don't know if I should even take the job. IB is not for the faint of heart. From what I am told, you have to really want it. I don't want this one anymore. It doesn't feel like the place I would want to spend the next 3 years of my life.
Should I get the fuck over it? I know I truly never will. Pass on it without negotiating to make a point?I can keep looking, I mean, I do have a decent job currently.
If you can't make it work then move on. There will always be another opportunity down the road...
Never be insulted, it's often just a part of the game. Ask for what you want and get bonus expectations in writing, or even better, guaranteed. If they don't give you what you want, just walk. It's all real simple as long as you don't let your feelings or ego get in the way.
Do I over shoot my target salary or be straight forward and tell them the bare bones minimum I would need to take it? I spoke to the VP and made it clear that I would need a solid offer. I was hoping for a little extra to be really happy and walk into work with a smile on my face. I understand the hard work and am more than willing to shut off my personal life, but I need to get mine as well. I really don't know what the fuck to do. Especially given that this is the first IB offer I have received in a year of attempts. It's only going to get harder the longer I am out of school. I feel like everyone transfers out of IB, never into it.
Hey NealMK,
Dont be afraid to negotiate. As DickFuld said, its all part of the game. Firms, no matter the size. My girlfriend was poached by a firm.. initially, they only offered her 20% more than what she gets paid now to convince her to make the switch (of course, w/ slightly higher job title as well). She called their buff, went back forth for about three days via both phone call and email and eventually settled on an amount 40% higher.
Last but not least, try talking to them and appeal to their common sense. If you tell them your story and be upfront about how it will be difficult to live on that salary, I'm sure they will come up from their initial offer.
1) Don't take things personally (in general). If you do you'll give yourself an ulcer by 30 or blow up on someone (or both). And besides - nothing pisses an old dude off more than a young guy who has his shit together and acts professionally regardless the situation.
2) I'm not going to tell you whether or not to negotiate, but don't start the negotiations without being ready to literally walk away. Having a competing offer always helps too.
Thank you all for the useful advice! It is much appreciated.
Go big or go home. I would swing for the fences here. They may just walk away - but who cares? You wouldnt take the current offer anyways.
I've tried this before, and they ended up just telling me to fuck off. So you should really be prepared for that. (I asked for 2x the offer; but they lowballed me in the first place anyways)
If their offer is below your anticipated expenses, it's a no-brainer that you negotiate higher or walk.
@"NealMK" did you counter or pass on the opportunity?
Why is this offer just not in line with what reputable boutiques pay for analysts? It should be $70k plus about $50-70k bonus if this is in NY. Is it more than $10k below this?
@"bennybanker" @"nanotech2" Not in NYC. I countered. They gave me half of what I asked for in a salary increase and the rest in a signing bonus. I would have rather had it all in salary - as salary is what bonuses are based on and raises down the line, however, I was really happy they gave me the CASH MONEY I asked for. Depending on the bonus, I'll be about 86k-120k all in. Is that a normal amount for boutiques?
That's awesome man. Glad it worked out!
Congrats @"NealMK" Is this in a Chicago/SF/Houston/LA or a Atlanta/Charlotte/DC/Minneapolis?
Is this elite boutique like an Evercore/Centerview/Qatalyst/Moelis or more like PWP/Guggenheim/Rothschild?
@"nanotech2" I'll PM you. I didn't know there was a difference between anything outside of NYC. Is there a difference in pay between (for example) Atlanta and Houston?
Well I'm still recruiting so I can't say for sure. But I believe Houston pays pretty much like NYC because it is oil/gas/energy focused and those aren't necessarily smaller deals. Atlanta, on the other hand, you have a few big firms but mostly middle-market and so small fees...smaller pay. But I don't think pay should vary too much city-to-city given the same firm. I would say max difference should be 25% comparing NYC to Atlanta.
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