Long story short, ive been applying at this company for like 2 years. Rather not say who they are cuz a crap load of people there take the CFA. Anyways, Theyre a huge bank but for the last couple of months i have been a temp there luckily through an agency. I work in their custodial account services for the investment managers. So that in itself (having a job after not working since April) was awesome enough as it was. Its super entry level. And the agency itself paid me only for the days i worked (it was still 40 hours, but i didint work holidays so that sucked). Which was a crappy 18 dollars an hour. Granted this is what i consider my first REAL job out of college, and i REALLY enjoy it. My title is as a securities technician. I pretty much review investment managers account and make sure their international trades clear in the market on time and correctly (and fix it when they dont). So anyways they offered me a permanent position in the company today. Im supposed to expect a call from HR with their offer. I was getting paid 18hr from the temp agency with no benefits or overtime. Whats a good offer? The economy is not so hot, but i know that the other guy who started last year, and im fairly certain he gets paid slightly more than 50k but i think its because he had connections to the VP and has a masters (in chemistry). Im still waiting on my results for level 1 but i dont think that should be a variable. Thanks in advance if you actually read all of this…
Any offer right now is a good offer. What are you going to do, turn them down?
Take it. No employment is for life and you can (and will) always find another job later on.
There’s no reason to take an offer you think is under market by a lot no questions asked. You CAN try to get more, but keeping in mind that they’re in a stronger position. (So don’t do your negotiating like “i want 5K more or I’m not taking it”)
out of curiosity, what kind of experience did you have before the agency hooked you up with the securities technician gig?
Take it. You said you always wanted to work for this company so now is your chance. Work hard, network and rock the CFA exams and you will be moving up in no time. I wouldnt worry to much about pay. Even if they are paying you the same wage, take into account the benefits that you will now receive (health, life, 401k match, tuition reimbursement, etc).
what city you in? Sounds like tnt
So you got a job in trade settlements. I have friends working in trade settlements in Boston at a big custodian. I think they started at high 20s low 30s so 28-32k + 5-10% bonus back in 2006. Senior makes 35-40k + 5-10% and manager makes 40-45k + 10-15%. This is at a custodian pay so working at an iBank or Investment Manager will pay 10-20% more also If your in NYC expect another 10-20% bump. After 3-5 years of trade settlement experience you can probably work at a local shop (putnam, eaton vance, GMO, wellington, etc) for 50-60k + 10-20% bonus.
if this is nyc, expect about 55k
I live in chicago. I cant say i had TOO much experience with this. I DID work at JPMorgan for a year as a personal banker and Chase Investment Services for the same period. Basically selling mutual funds, managing customers accounts, wiring money out etc. It was a sales gig though. So, i only had sales experience. The positive is that they pay overtime so thats neat. My friend said he made 10k extra alone on overtime. My concern is that they will offer me less than what i make now 18hr (36k on 50 weeks, almost 38k on 52). I definitely NEED a job. My contract was to expire in a few weeks and i had no contingency plan until they offered me the position. Working my way up seems like the best way to go though. Thanks guys.
ALSO in 2002 this company was paying exactly 38k for this position. 7 years have passed so should i expect the same? I think anywhere from 40-42k Should be pretty good for me no?
generally contractors earn more then the base salary for the same position… But you were a temp, so that’s a different situation… Then again, the job market blows and the company may figure you’re desperate. There’s too many variables here to predict what kind of offer you’ll get.
if your in chicago then it must be state street, northern trust or chase. If northern I once worked there.
Congrats you’ll get a job and you’ll actually love what you do, which is very hard to come by now a days; 40k+ sounds realistic. I was a Fund Acct right out of college and made 38k in Philadelphia…
Also consider how much of your salary that the temp agency was taking for themselves, you were getting $18/hour, but the company was paying much more. A while back when I temped for a summer I made $9/hour, but the agency billed the company $18 (crappy job, but still the agency takes a big chunk)
Well $18/hour is about 36K/year, and as JLIE pointed out, the company is paying more than that to the temp agency, although if the company brings you on they’ll have to provide benefits which I assume they’re not doing now. You should still get a premium to 36K, but don’t expect over 50K.
I didn’t even read your post. Job offer… January 2009… take it.
I’d say 40K has to be there floor.