It’s probably not going to be enough at the analyst level tbh. I am hearing 50-70k base with like 80-100% annual bonus which won’t work for me. If they are willing to lay a base close to that all in number and just toss me some holiday spending cash type of a bonus then we might be on to something. Highly doubt it though when they can just find some 25 year old still living in his parents basement whose willing to take the job for the brand name recognition alone. Idk guess we will see.
It’s normal in finance to have a substantial bonus as a proportion of overall compensation. It is unlikely that you will find a desirable job in the field with a high fixed salary. Even people who make say $1 million might have a base salary of $250k or $300k.
Furthermore, although it is called a “bonus”, it is expected that you will be paid near the target amount. If the company promises staff, for instance, $150k base and $300k bonus, and they renege by paying only a $100k bonus, employees will quit in droves. It’s essentially the equivalent of layoffs.
most people fail to understand is that at least in buy side just because you had a fantastic year does not necessarily translate to big bonuses…it has to do with high water mark…
As ohai said above, in finance you don’t bank on base but on bonuses…I have expereice at two hedge funds and currently in PE fund…The previous two HF were sub $1b AUM but the PM/CIO, CFO/COO cracked $1m mark but their salaries were $155k. I was sr analyst…one analyst in my team fresh out of IB had base of 95k and bonus of 200k. The controller made 100k base and 100k bonus…But this is is for good years and when the fund hit high water mark with new investors coming in to reset that mark…I am told and now I start to realize that my timing was impeccable…joined during the beginning of the economic recovery and stock market upshot era…You ain’t getting rich off of base salary even in high finance in NYC because you’re working for someone who works for someone who reports to someone who manages for someone who has fiduciary duty on behalf of its beneficiaries…too many middlemen/women…
OP is more worried about wasting time, and I get it, but if you truly don’t like your job and this new job seems like you’ll really like it and has upward mobility, the interview costs shouldn’t matter.
In that case - hooking the fish is the same advice I’d give - make them want you, then talk about comp.
In my last interview (my current job), they demanded my current comp before I arrived to interview. Had to tell them. I them mentioned I’d be willing to take a pay cut (moving to buyside). At the end of the process my base+bonus ended up being slightly more than my old job anyway. They WANTED me and didn’t want to start off on the wrong foot with me with a lowball offer.
Correct. Guess I should have qualified that I was only moderately interested in the role. In those instances, I jump straight to comp. If it’s my dream job then yeah good advice on waiting and making them want me because at that point they probably do not want to start the interview process all over again for weeks with new candidates or try to extend a backup offer to the next candidate who has probably already moved on or doesn’t like being the back burner option and are probably willing to pay out of their range if they really like me anyway. Good advice from all, thanks!