Hi, long time reader. First have to say this forum has helped me immensely since the day I started the CFA process to the day I broke into my first wall st. job, which I am moving on from now. I would appreciate your guys’ thoughts on the two offers on the table and how to get the most of the situation.
I’m currently a sell side equity research associate at a mid-tier bank in the US/ globally better known (think BNP, Soc Gen). I have been covering the same sector for 2 years and just received my charter this year. My end goal is to become a PM at a top hedge fund but I am willing to be patient and learn as much as I can before crossing the wall. My current analyst is great to work for and I probably won’t find anyone so laid back and accommodating on Wall St. again, but I’m limited with client exposure as most of his clients are offshore, and although I learned a lot I think I am beginning to be feel a bit complacent. Combine that with a shitty bonus that doesn’t look like it’s getting better any time soon I started my interview process and landed two sell side offers from top 10 BB banks (think UBS, Barcap).
Offer 1: came first, junior associate, 100k base, 15-25k bonus (verbal only, which I know means nothing but insiders tell me is the right range), same sector, analyst has 10+ yrs experience with mostly US clients with a few in my target list of firms that I want to work for, and I will be working with 1 senior associate who looks to be aggressively interviewing for the buy side.
Offer 2: 120k base, junior associate, bonus unknown but last year was not good from what I hear (guessing 0-15k), same sector, analyst also has 10+ yrs but worked outside of US and is coming to the US for the first time so most of his clients are foreign, I.I. ranked and wants to become ranked in the US in the next 2 years (his own words, “next few years won’t be very fun”), will be working with 1 senior and 1 other junior associate.
Both firms tout giving their associates coverage early and putting you on the front line talking to clients, as you would expect. I am convinced that the first offer is the right one for the long-term given his US client base and the other associate’s potential departure which would bump me up in seniority and get me coverage relatively soon. I would really like offer 1 to match or do better than offer 2’s 120k base (offer 1 doesn’t know of the other offer yet), but I’m a terrible negotiator so wanted to see if anyone can offer me some effective ways to execute this. I’m going back to Offer 1 Monday to negotiate so any response before then would be greatly appreciated. Thanks guys and apologies for the lengthy post.