Interview Assistance, Please Help!

I have an interview for this job. I feel I have a pretty good understanding as to what the job demands, however I’m not familiar with what a fair salary is. I was thinking around $40k, but I don’t want to lowball myself. Also any insight as to what I should be sure to cover (fed funds rate, inflation, spot rate/future rate, etc) would be appreciated too. Financial Analyst – Treasury Services An opportunity exists for a meticulous, analytical individual who will be responsible for the development, implementation, and maintenance of interest rate risk information to be used to measure against internal volatility limits and as input to investment and/or strategic business decisions. Additional responsibilities include: -Maintain and utilize IPS-Sendero financial modeling software to model and analyze interest rate risk. -Analyze the bank’s interest rate risk position and work with the Interest Rate Risk Supervisor and Asset Liability Manager to formulate risk-reduction strategies for presentation to senior management. -Create and automate spreadsheets and relational databases to improve flexibility and expediency of interest rate risk reports. -Analyze and quantify the risk impact of long term debt extensions and MBS purchases. -Analyze and research monthly changes in certificate of deposit portfolio. Research is designed to expose new trends and opportunities/risks in the certificate portfolio. -Attend industry conferences and incorporate “best practices”. Required skills: -Bachelor’s Degree in Business, Accounting, Finance or equivalent experience -Up to four years related work experience -Demonstrated problem solving ability -Effective verbal and written communication skills -Good end user computer skills -Good organization skills -Ability to work under pressure and meet deadlines

You should ask for more than $40K. Unless you’re not in the U.S., in which case all bets are off.

Minneapolis, MN. Bear with me as this is will be my second job out of college. First job is back office at a RIA. I’m taking Level 1 in June so this position should fill the qualifying experience requirement. My current salary is (don’t laugh) $32k.

If the job is asking for somebody with a business undergrad degree and 4+ years of experience, they will be willing to pay more than $40k. I think the average starting salary of a college grad in those majors is probably fairly close to $40k. Take that average starting salary plus at least 5% for each year of experience they’re asking for… I would say a minimum salary expectation of $50k, possibly a bit higher. The salary of this job has little or nothing to do with your personal qualifications and salary history. If your qualifications are inadequate, maybe you won’t get the job. But if they offer you the job, they see you as somebody who can do the job adequately, so you should be lowballed just because of your background.

The position says up to 4 years of experience. I have one year in back office. Something I fear is asking for too much thereby causing the interviewer to think I’m incompetent as to what positions are really worth.

I see what you’re saying KJH. I would still quote a figure in the mid 40’s, if I were you.

I would say 50…though I am in NYC so I am not too familiar with other places. But 50 given your area and the job would be my guess.

Question: Since I make so little right now. Would a pay increase of 25% be a little unreasonable? I’m anticipating them asking this question. However, is it ok to lie? I am 99.9% sure they will not demand prior 1040s or pay stubs for proof of salary. I know this from speaking with aquaintences who have worked there, some of which who were SVPs. I am thinking I can claim I make $36k-38k or so for when I ask for mid 40s it won’t look like such a exponential increase. Again, please bear with me as I’m 23 going on a second real job out of college.

What are you guys thinking? Salary price points on based on what companies are willing to pay in relation to what candidates are asking for–why are any smart FA ask for 40k while having a business degree and 4 years under their belt ??? That is like only $3/hr above the minimun wage congress is looking to pass? KJH: Ask for $60,000-$65,000 yr what are their bonus ranges?

Zforce- The job asks for applicants with up to 4 years of experience. I have one year in back office which is completely unrelated to analysis. This institution is a tradional bank. The main analysis I would be doing is interest rate modeling. I know its not as sexy as some analyst positions, but its a jump from back office for me. I don’t have any doubt that I’ll get an offer, but I do wonder about salary negotiation since I’ve never had to do that.

I’d say 50k sounds about right. or more.

A little fibbing doesnt hurt. That first number is important. THere isnt going to be much of a huge swing from that point on.

A couple of things - definitely ask for at least $45K, if not more - do they think that they’re going to get someone with four year’s experience for $40K? I can’t even fathom… KJH, another important thing to remember is to give a little more room in between the “(don’t laugh)” and when you actually say what your current salary is. Although you did make the effort (which counts), I still ruined a perfectly good monitor and keyboard with my Starbucks upon seeing that number. J/k, good luck on your interview, and get every nickel out of them that you can.

Skillionaire- Thanks for your input. Interview is today. I interned at this institution right after college in marketing. Not that the experience is related, but needless to say I know alot of people there. Everyone will give me glowing references when the hiring manager inquires. I did have trouble finding employment after college and simply accepted the offer in back office. Now I feel I have grounds for negotiation. The fact they’ll be able to brag about a CFA candidate on staff should be cause for mid 40s in my opinion. Being this is the HQ of a traditional bank, I doubt they have any CFA’s on staff. So I’m thinking, if asked, I’ll chirp up my current salary to $38k? or so. I know they will not ask for proof. Lastly, I have reviewed MBS, Interest Rates, Inflation, etc well for this interview. Can anyone offer any other insight? Are spots or currencies relevant here?

KJH, unless they absolutely demand it, no need to tell them your current salary. Let them throw something out there first before you come back…telling them a number that starts with a “3” is not going to work out in your favor…BTW, if you’re going to “fudge” it, might as well fudge the bejesus out of it…no difference between lying and saying you’re making $38 versus lying and saying that you’re making $48…if they check you’re screwed either way, so make it worth your while… [Edit: One caveat about the fudging - make it believable (you’ll have to use your judgment for this). $200K would get you some funny looks.]

true that Sillinaire, KJH, if you are going to fib tell them at least 41 so you are not spitting out #'s with a 3. Let them knoe you worked with the firm before, just do not overplay the hand given that the experience is non-related.

Does anyone have any insight on the interest rate risk analysis? I have done my homework on traditional banks interest rate risk and credit risk being some of the key factors when modeling. Otherwise is there anything else I should say/demonstrate to ensure I get this job? I need it!

If they ask, thell them you would be most comfortable in the low $50’s but will consider any reasonable offer. Some a** holes may push you to define “reasonable offer”. In that case, thell them something like “While I am very interested in the job, I would have to seriously contemplate accepting anything under $45k.” If you approach it this way, you let them know what you want, but give them some wiggle room. Some employers will low ball you and offer $45k. But I had a guy once offer me 10% more than the highest number I said. Good Luck!

KJH-If you are not qualified for the position why are worried about comp?

ZForce- I feel I am qualified. Forgive me for being nervous.