Salary Negotiation
Just got dropped after 2nd round interview at a debt fund. Had a strong referral, job aligned very well with my background.
Having trouble identifying the issue and I wonder if I set my salary anchor too high.
Interviewed with 3 team members. They went well; I was prepared and can’t think of anywhere that I fumbled. One question I should’ve answered differently. Can always do better obviously, but outside of minor tweaks, I don’t really regret my overall answers or conduct.
The interviews were mostly behavioral with next step being a modeling test, then a 3rd round interview if I passed that.
They told me that, based on my experience, they expected my main hurdle to be just adjusting to their models (said this would take 1-2 months). They said this would be the case for basically anyone. So, I figured I would at least get weeded out on the modeling test, if anywhere.
I got a rejection email a week later. Kind of confused. I’m not so arrogant to think it was a guaranteed offer, but I feel like it was early in the process to get dropped.
I’m wondering if I anchored too high. Salary range $115-$180k. Asked $165k (5th year associate). I expected to negotiate down but I fear that they may have just rejected me without any effort to counter. How likely is this?
Affinius? If so, was in the same exact boat.
It was not
Your ask doesn’t seem outside of market. Did they say what their target bonus was?
They said that would be shared at the end. Which was a little unique to me but whatever.
I hate when they do that. Salary is irrelevant without talking bonus and it’s just a waste of everyone’s time. I’d be interested who it is if you can pm.
My only guess would be that 5 YOE is a bit more senior than what they want. Normally I feel like it’s easy to get to modeling tests for associate roles.
Very unlikely a salary ask put you out of the running like that, if a candidate is a fit there will always be an attempt to negotiate. But it's also strange to get a rejection before even the technical assessment (there is no downside / cost for them to give you a model test and see how it goes or just keep you in the wings while they assess other candidates). My guess there was a fundamental background mismatch (YOE) or you didn't perform in the interviews like you thought
This is what I was thinking - I don’t know why they wouldn’t just throw me the case study. Job wanted minimum 3 YOE and I have 5. Can speak to every bullet on the JD about experience I have with those skills/responsibilities (and I did)
No way to prove this I guess, but I really feel that I can read a room. Plus I had the referral advocating for me as a culture fit. So thats what left me thinking salary.
Kinda going crazy spinning my wheels on what I could’ve said wrong. I can think of ways I could’ve done better, but overall I’m still surprised I got cut before technicals.
I can live with rejection but it stings not knowing what the gap is so that I can fix it.
Yeah I definitely feel that. Despite the rejection, it might not be a bad idea to reach out to your point of contact there / interviewer(s) and say something to the effect of "thank you for your time, enjoyed meeting the team and learning about the company, while I am disappointed I won't be moving forward to the technical assessment I appreciate the time spent on my application, if the situation changes with this role I'd love the opportunity to connect again". No downside there, and who knows maybe they reach back out.
A more innocuous explanation also is that there is an org issue (hiring freeze, role not needed anymore, or some nepo / relationship hire took the spot). Don't kick yourself for it, chin up!
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(1) The salary ask most likely is not the cause.
(2) Here is how I do it.
I will be pretty open saying "[$x] is how much I make at my current job. I will not take a job that pays me less." I will set the floor. But I continue the conversation by saying something to the effect of the exact salary I am looking for depends on the employer and job. I can't make the determination until after I am through the entire interview process.
Basically, I set the floor and punt on giving a real answer. This has worked pretty well for me. But I also realize there are legitimate risks involved with this if you don't know what their salary range is ahead of time since you may be anchoring to a lower number than they may otherwise pay you.
Closed mouths don’t get fed
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