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Just received offer BUT...

They are trying to low ball me 15k less per year than what the third party recruiter has told me the role paid. She “claims” she’s embarrassed and told them I will probably deny it. 

Question is, do they really not have the money OR they are just being cheap asses and pullin a bait and switch? I’m definitely going to submit a counter offer but just wondering if anyone had been given very clear figures before only to get a low offer

That’s tough. I would speak to the third party recruiter and specifically ask how her comp range was high relative to the actual offer you’ve received. See if she can get them to up the comp. If you have leverage, use it. If you need the job, you may need to just suck it up and take a bit of a hit on comp. 

The offer varies by person. If they knowingly broke the price, they probably evaluated your application and decided that’s your value. I doubt that they’re going to give you back the $15k. So, you can ask, but most likely you have to take that offer or get another job. 

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

^+1

there is a reason they low balled you….

"You want a quote? Haven’t I written enough already???"

RIP

It’s a back office accounting job, albeit for a large international consulting firm. Just something until I can get a job I actually want. 

The recruiter called me today and said a 10k signing bonus is an option to make up the majority of the 15k difference. I was told also that I would be making more than the hiring manager at the initial figure she told me so that’s obviously a problem. I think it comes down to the recruiter being an idiot. I’m declining if they don’t at least either offer 10k sign on OR 7500 more in base salary to make up half the 15k lowball offer. I’ll probably know tomorrow. 

ohai wrote:

The offer varies by person. If they knowingly broke the price, they probably evaluated your application and decided that’s your value. I doubt that they’re going to give you back the $15k. So, you can ask, but most likely you have to take that offer or get another job. 

yeah you are right. I do not have core accounting experience but their client, Massmutual, is pushing them to build out a team so I think they are figuring OK he has finance experience and is a level III CFA candidate, learning curve shouldn’t be too high but we aren’t paying X rather want to pay Y

You know “you’d make more than the manager” is the line from Liar’s Poker, right? In reality, John Meriwether was making like 2x more than what he said. 

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

OP: Aren’t you currently unemployed? If you are, wouldn’t having a job be better than no job?

congrats on the offer!! ask for a bit more and whatever their answer is just take the job

Be yourself. The world worships the original.

Yes, thanks all. I should hear something by EOB on their best and final. I’ve thought more about it and decided that I am going to take it either way. It will probably be easier to get a job I really want once I have one is the line of thinking. It’s the most money I’ve ever made at a job and still paying very well so might as well just do it.

Here is the dilemma though, I just interviewed on Monday for an Equity Research role with my former employer that I worked for 4 years ago and REALLY want that one. The MD said that the next steps would be for me to interview with the lead research analyst and that I would hear something the end of not this week but next. I assume I should just start this job that I have an offer for and if I get the Equity Research offer, then leave with the reason for quitting being “well you guys low balled me when the expectation was clearly set for much higher comp in the beginning”. Anything I am missing here with this plan?

^ ok good.

Bro - its just like with the ladies: when your single you can’t pull a girl; when you got a GF, all the ladies want you, amright6

Mike79 wrote:

^ ok good.

Bro - its just like with the ladies: when your single you can’t pull a girl; when you got a GF, all the ladies want you, amright6

youre not wrong.

Mike79 wrote:

^ ok good.

Bro - its just like with the ladies: when your single you can’t pull a girl; when you got a GF, all the ladies want you, amright6

this is because when you don’t have a GF…you most likely stare at girls’ body like a sexless loser who wants it really really bad and undressed her in your head multiple times and it disgusts them out immediately…..when you have a GF, most likely you are a normal human being and from time to time a girl may actually make an eye contact with you by chance and you mistakenly think that she is into you….either way nahhh.

Be yourself. The world worships the original.

Should I agree? Well, go for the best one. Just don’t accept the other one if you’re just going to leave it asap. It hurts. haha laugh

An ER analyst role is 1000x better than backoffice accounting. Take the accounting role and be prepared to quit if the ER roles comes up. Its an easy move… If you stay in accounting you may never get out.

NewAnalyst wrote:

An ER analyst role is 1000x better than backoffice accounting. Take the accounting role and be prepared to quit if the ER roles comes up. Its an easy move… If you stay in accounting you may never get out.

It’s an associate role not an analyst one, so my competition is going to be significantly weaker. I also have an MD in Investment Banking contact who has been at the company for over 20 years that e-mailed the hiring manager on my behalf so hopefully that will at least get me through to the next round. We will see but yeah either way, I would absolutely quit and I am not treating this accounting role as a long term thing at all. Just need something at this point “finance” related and it pays well so can’t decline it I don’t think. 

They approved the 10k sign on to be paid in a lump sum with a contingency of that I can’t leave the company for 90 days after my start. Not too bad. First day is December 17th! Thanks for the input all.

Congrats! Whats total comp?

Should be a great experience!

congrats man but I would have fought for that remaining 5k. If that was indeed what was discussed, and that was the amount you interviewed for, that should be the amount paid in the signing bonus (paid well over 15k to compensate for loss wages discussed below). 

5k means a lot more to an individual vs a rounding error for a company, i call absolute bs they cant find this funding. Secondly, you didn’t just miss out on 5k, you missed out on end of year bonus (if it is a percentage of your salary), inflation increases yoy as a percent of salary, and 15k+ every year thereon out. You can do a simple calc to realize the TV you are being screwed. I’m very skeptical when it comes to outside recruiters, or recruiters in general, but I’d venture to say that head hunter just pocketed the difference (likely a nice bonus too given the aforementioned). 

If i were in your seat, I would thank the recruiter for moving in the right direction but make it known she let you down and still owes you and that the issue is bigger than just a remaining 5k. Gl man

whatsyourgovt wrote:

congrats man but I would have fought for that remaining 5k. If that was indeed what was discussed, and that was the amount you interviewed for, that should be the amount paid in the signing bonus (paid well over 15k to compensate for loss wages discussed below). 

5k means a lot more to an individual vs a rounding error for a company, i call absolute bs they cant find this funding. Secondly, you didn’t just miss out on 5k, you missed out on end of year bonus (if it is a percentage of your salary), inflation increases yoy as a percent of salary, and 15k+ every year thereon out. You can do a simple calc to realize the TV you are being screwed. I’m very skeptical when it comes to outside recruiters, or recruiters in general, but I’d venture to say that head hunter just pocketed the difference (likely a nice bonus too given the aforementioned). 

If i were in your seat, I would thank the recruiter for moving in the right direction but make it known she let you down and still owes you and that the issue is bigger than just a remaining 5k. Gl man

she definitely pulled a fast one but my level of loyalty is low at this point, just doing it because the pay is still good and they are gonna pay me the bonus in a lump sum. I’ll hopefully be somewhere more legit and not as sketchy when hiring picks back up after the holidays 

NewAnalyst wrote:

Congrats! Whats total comp?

Should be a great experience!

It’s 85 base plus 10k sign on. I mean I hope so, but I am not too optimistic. I really just hope to get Level III knocked out, send for and hopefully receive approval for the CFA charter and start looking again in a year. 

Not sure if that is a good strategy or just keep progressively looking right now since the difference between being a LIII candidate and having “CFA” after my name may not make that much of a difference when it comes to getting interviews….

I don’t know what your experience level is but from what I have seen on this site there is a BIG disconnect between what pay is FOR MOST in Finance and what peoples’ perception of pay is.  You should spend at least two years in that role and gain experience. There are too many entry level job candidates with MBAs plus working towards CFA designation that don’t have to worry about what they make. Their parents are paying their bills and are willing to take entry level finance jobs in the 60-70K range. I recently saw an entry level analyst role offering 50K??? as a starting salary. I work in the Tri-state area where you expect pay to be higher than most areas of the country.  

I said before in a different thread…experience is the key to higher pay in the future. I know people with 20 years experience taking base pay of less than 120K with the hope of doing a great job and the hope of higher pay in the future. 

^ $120k in NYC? Ouch. They livin in central park or what?

If you are under 30 living with roommates or having your parents paying part of your rent, 120K in New York is not bad.  I think some people on Analyst Forum that reside in other countries think that they can get a CFA, FRM, etc., work for a few years and then expect to get a job in the US for 250k+.  Nothing could be further from the truth.  I have a buddy of mine working as an analyst for ten years but has job security (unless the firm blows up), not a whole lot of stress, works less than 10 hours a day and does minimal work on weekends…140K all in.  Oh!  And I might add he got the job through a personal relationship of his.  

errr to the dude saying someone with 20yrs exp with base pay 125k as if that is pity….My two former hedge funds were sub billion.  No one except for the C level guys made base over 125k. my boss made 150k base and 950k bonus. 

it’s all about the bonus.

Be yourself. The world worships the original.

infinitybenzo wrote:

errr to the dude saying someone with 20yrs exp with base pay 125k as if that is pity….My two former hedge funds were sub billion.  No one except for the C level guys made base over 125k. my boss made 150k base and 950k bonus. 

it’s all about the bonus.

Thanks for your comment Infinitybenzo!  When I made the comment about 120k I meant to say that is reality.  Too many people on this site have unrealistic pay expectations and think most hedge funds are swimming in money. I am just hoping a few of us that know better can set the record straight.   

If you’re a non junior investment staff in an expensive city (i.e. New York), your base pay should be $200k or higher. I don’t know about cheaper places. 

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

^^ yeah it should be. agree. but that is not the case. 

Look at investment bankers’ pay….specifically look at IB Associate levels, which is 3 or 4th year IB or post MBA. The base at firms like JPM, CS, Goldman in NYC is between 120-150k with bonus around 100k…

Be yourself. The world worships the original.

The issue that I have in general is that in these big cities (think NYC, Toronto - I’m “north” of Toronto) is that the cost of living there is just so dam high its ridiculous. Housing prices have increased significantly over the past 5-10 years at a rate much much higher than wages. I wouldn’t want to live in Toronto on a $120k salary - that’s for sure (but for me that’s more a lifestyle decision). 

Here’s a $1 million dollar house for you in Toronto.

So what happens to the bonus in a bad year then? You expect a $100k bonus, but its been a bad year so what $25k?