I recently made a career switch to a top-tier i-bank (hint - one out of the following: Morgan Stanley, JPMorgan, Lehman). I had read that the typical Associate salary range was 80-100k, however I was offered only 75k. I feel a bit stupid for accepting, but felt I had no bargaining power at the time, since I have no experience in the industry and my degree is in the humanities. Now I'm working longer hours than anyone in my team and have no time for anything else. Without being greedy, I just want to be making as much as everyone else.
How do these things work? Should my salary eventually be adjusted to be on par? Will I be entitled to a higher bonus to offset the lower salary?
2007-11-11 04:28:15 · 6 answers · asked by hardoon 1 in Business & Finance ➔ Investing
While the average salary for an associate is a LITTLE higher than your salary -- you have to remember that most associates have more experience than you do. Therefore, you are not in a bad position. You have the potential to make a lot more in the future.
Your bonus will depend on three things -- the company's performance, your division's performance and your performance. If you are working hard and doing a good job -- then you will be rewarded at bonus time. You will also get an increase in salary. After a few years you will be making more than the average associate -- and probably won't be compaining that the new associates are underpaid.
As for the hours -- that is part of the job. If you want a job with better hours, work for the government. You will find that as you learn more about the job, you will be able to work more efficiently & can have a life.
2007-11-11 06:37:23 · answer #1 · answered by Ranto 7 · 0⤊ 0⤋
I imagine that your salary will 'catch' up to the others' as you get experience and prove yourself through hard work. It sucks having to work more than others, but that's usually what happens to professionals when they're starting out.
I'm in the engineering field and all the starting people (myself included... right now I'm doing work study but full time is looming) get paid the least, and worked the most. Depending on your performance you'll see some substantial increases to your pay in the next 5 years, and then it'll level out as you settle into a longer-term position within your firm. The raises then will be smaller, and your workload will be more steady, until you receive major promotions.
2007-11-11 04:32:37 · answer #2 · answered by BZR 4 · 1⤊ 0⤋
i think of you're at a loss for words with regards to the definition of investment Banks and severe highway banks. in the beginning, they are generally one and the comparable. Barclays has Barclay's Capital, BoS the previous Nat West Markets... and so on. Even Lloyds, no longer standard for investment banking, has a small and starting to be investment economic business enterprise. "investment economic business enterprise" is basically the yankee call for what was stated as provider provider Banks. Secondly, they do no longer look to be named as such as a results of fact they placed money into your behalf. it relatively is a Hedge Fund or a Unit believe. They make money by employing offering imaginitive economic products generally for company customers. they are helpful for assisting company to administration activity fee and fx danger, and likewise for determining to purchase greater returns for their money. in spite of the undeniable fact that, you're nicely suited to assert that generally they take a punt on something without hedging. Hedging ability to take an offsetting place so as that the possibility of loss is controlled. could the needed banks be helping them? particular, as much as a factor. they are needed for the economic gadget. in the event that they began to fail it can be a disaster previous the dimensions of the Wall highway Crash. i think of that the economic business enterprise of england made a great hash of helping Northern Rock (which by the way would not do investment banking), in spite of the undeniable fact that the Fed did an extremely reliable activity establishing JPMorgan to purchase out undergo Stearns till now it failed. Which different investment banks have been you questioning of? Are you bearing on the lending liquidity that the needed banks are offering on the 2d? ok, it relatively is form of greater advantageous than regularly occurring... yet it relatively is their activity! it relatively is why we've needed banks - to be lender of final restort and to administration liquidity interior the gadget.
2016-10-16 03:23:07 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Make sure to include your bonus and fringe benefits... That ought to bring you in-line with the surveys you are reading. Keep working hard. I-banking is a tough business to stay in for the thin skinned.
2007-11-11 05:53:55 · answer #4 · answered by Michael C 1 · 0⤊ 1⤋
well tbph thats still a fairly substantial wage...however if everyone else is getting more for the same work then so should you...!
2007-11-11 04:31:41 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Salery usually does not catch up unless you are steller.............new folks get smaller bonuses.unless you are steller..............
2007-11-11 05:59:22 · answer #6 · answered by richard t 7 · 0⤊ 1⤋