I have an interview next week at an investment bank. I have more education than the position requires and I have ~9 months full-time professional work experience (in an unrelated position, but one which has a lot of transferable skills). I have absolutely no idea what type of salary I should ask for should the question come up in the interview. Pay scale and salary websites haven't really been able to give me an accurate picture. I think I would really like this job, but I don't want to lowball myself salary-wise. If the interviewer asks what type of salary I'm looking for, is it appropriate to ask back what type of pay scale is typical for that position for someone with my education and experience? Or is it just better to throw out a number that is a few thousand more than I would be happy with, in expectation that they'll counter with a smaller number?
what is the title and the group you will be working in? or better yet, post the job description or posting. and what is your education background? right out of college?
Research online first, then it's important for you to START the negotiations, aim for something high with the knowledge that you will go down. But you have to start at your upper limit, then work your way down.
Make it ambiguous as possible by asking, "what's competitive in the market?" Keep going until they throw you a number, then leverage your way up (because you've got more education, a bit of experience, etc). Goodluck!
The job is for a Compliance Advisor position. Below are the education/experience requirements and a summary of the position. I have a J.D. degree and ~9 months experience working as an in-house attorney (mainly employment law). Also, my undergraduate degree is in Finance and I received excellent grades from the best school in the state.
Don't talk about salary in your first interview, it could cause you not to get the job. Just tell them you'd be more than happy to discuss salary once they select you as a final candidate for the position. And then, as mentioned earlier, try to get them to give you a number first. Maybe just state the market range, and ask them to describe if they feel what they need is on the low end or high end, kinda making them feel embarrassed if they say low end.
Highlights from a presentation a peer did on this subject: Many Things Can Be Negotiated: Job Description Start Date Vacations Decision-making Authority Budget, resources, support Relocation Expenses Employment Contracts Professional Memberships Stock Options Bonus – include sign-on Severance Scheduled time off Salary Negotiation Mistakes You Don’t Want to Make Overstating accomplishments. Seeming arrogant Not being assertive enough Ignoring other aspects of an offer. Laying your cards on the table too soon Drawing a line in the sand Gather critical information http://www.vault.com/wps/portal/na/salaries www.Payscale.com www.Salary.com Ask for the formal offer in writing Ask when they want a decision and ask for time to consider the offer Negotiation Tactics Determine if salary is open for discussion Negotiate cash compensation first: bonuses, profit sharing, and tangible non-cash compensation Then focus on the future: a six month review, incentive, increase after 12 months Be enthusiastic about everything: the job, the boss, and the opportunity Do not ignore your Total Compensation Avoid the phrase “I want” Negotiate in good faith and control your emotions * Negotiate Your Offer Request a meeting to clarify concerns; propose counter terms. Point out areas of agreement. Explore options for compromise with the Hiring Manager. Is there room for movement on the salary? Hiring Manager deliberates a counter proposal, prepares a “final offer” Ask that they put the “Final Offer” terms in writing Receive a written offer and take time to decide
Tell em you're willing to consider a competitive offer since you really like the opp. Find out what the ballpark is. If they want you they'll work with you, they won't go with someone else simply because they are more of a bargain.
Additional advice: Ask the law school's career office. What's your BATNA? If you don't have an alternative to taking the salary they offer, you (1) have no measuring stick for what you're worth and (2) have no leverage.
Compliance Advisor - Raymond James Financial Salaries Average = $40,417 $37K on the low end $45 on the high
Dude, it's banking. Your base salary doesn't mean a damn thing, and it's typically tied to your classification. In your case, you'd be brought in as a 1st year Analyst. It's all about end of year bonus. The only thing you might be able to negotiate is your signing bonus and/or relocation package.
I'm not sure I would even ask about salary. If it's really a corp finance/m&a investment bank, they probably have a superiority complex and don't feel like dealing with people who think they "have the job." You probably want to think more about answering "pennies to fill a room" questions or being a good social fit. "Best school in the state," that's pure pitchbook right there.
I'm a little confused because it seems like this position is entry level and if that is indeed the case, you aren't going to be able to negotiate your salary. However, if that is not the case, then you need to do what heypartner said - don't bring it up unless they ask you. You need to do a little research and find out what the average salary is for someone with the years of experience and education that you have for that certain job and in that market. That is what I did when I interviewed for what I am doing now back this past May. I had my ducks lined up in a row and wasn't caught off-guard when asked that question.
Sometimes it is good to have a firm understanding. If you expect at least 100k and then they are like 70k then the company wasted your time and their employees time and money flying you out etc.
First, is it bulge bracket, middle market, or boutique? Second, what is the position - Corporate finance or S&T? Typical analyst salary for bulge bracket is: 1 70k 2 80k 3 95k Associate: 125k You can typically assume bonus to be ~ 100% of base salary. Middle market and boutiques will pay lower I would absolutely NOT talk about pay during interviews. That is for only after you receive offer. Hope this helps
