Job offer negotiating

scanlas

I've been offered a fund accountant position at the other side of Dublin. The salary is only €25k. I've to let them no tomorrow if I want the job, I'm thinking about asking for €28k considering the distance I have to travel and the expenses involved. It's an American bank.

So do companies negotiate at all with salary for positions like this or am I wasting my time asking for more money?

mikemac

Ah a new hire. Fund companies just love their cheap and fresh new hires
As 50% are gone within 12 months!

Ask for 28k, you can do better then 25k. But take the job anyway and if can stick it out for 12 months experience you can leave for something better.

Sounds like an entry level job so there is a set salary scale. Unless you have relevant experience you won't be getting more then everyone else. Ask for the higher amount, no harm. But you will probably be told they have a salary scale and it's true, they do have this.

Your travel expenses are not the companies concern and realy OP, they have others lined up if you don't want the job. Of course it can be difficult for graduates to get graduate jobs but entry level in the funds industry had and still has massive turnover and constant hiring. No so much as the higher levels.

scanlas

mikemac wrote: »

Ah a new hire. Fund companies just love their cheap and fresh new hires
As 50% are gone within 12 months!

Ask for 28k, you can do better then 25k. But take the job anyway and if can stick it out for 12 months experience you can leave for something better.

Sounds like an entry level job so there is a set salary scale. Unless you have relevant experience you won't be getting more then everyone else. Ask for the higher amount, no harm. But you will probably be told they have a salary scale and it's true, they do have this.

Your travel expenses are not the companies concern and realy OP, they have others lined up if you don't want the job. Of course it can be difficult for graduates to get graduate jobs but entry level in the funds industry had and still has massive turnover and constant hiring. No so much as the higher levels.

I have one and a half years experience in financial services. The thing thats annoying me is I'm waiting to hear if I got another position as an investment operations specialist with a different US bank. I'd much rather that position as its much closer and I think I'd prefer it to fund accounting, my second interview was two weeks ago and I'm still waiting to hear back.

mikemac

With one and half years experience you are worth more then 25k. You are worth more then 28k but times have changed unfortunatly. But it was one of the first sectors to contract and it'll be one of the first to expand again
Accept the job, offer to start in mid January and then hope you get the other job.

If you don't then go do fund accountancy and bide your time and keep applying to where you want to go.

scanlas

mikemac wrote: »

With one and half years experience you are worth more then 25k. You are worth more then 28k but times have changed unfortunatly. But it was one of the first sectors to contract and it'll be one of the first to expand again
Accept the job, offer to start in mid January and then hope you get the other job.

If you don't then go do fund accountancy and bide your time and keep applying to where you want to go.

I'll take your advice, thanks, much appreciated.

newestUser

mikemac wrote: »

With one and half years experience you are worth more then 25k. You are worth more then 28k but times have changed unfortunatly. But it was one of the first sectors to contract and it'll be one of the first to expand again
Accept the job, offer to start in mid January and then hope you get the other job.

The OP never mentioned what his 1.5 years experience involved exactly. 'Financial Services' could be anything. His previous experience may not be relevant to this position.

I'm also a bit dubious of the argument that "financial services" (which I've placed in quotes because in the context of the OPs situation it's vague and meaningless) will be first to rebound because it was first to contract. Will we be seeing a rebound in construction soon?

I don't know if American multinationals will haggle on salary. My assumption would be that they don't: it's less likely that at any stage during interview etc. you'll be speaking with someone who sets the salary, unlike a small business. Unless you have something really outstanding going for you (and with all respect, if they're offering 25k, I think that's unlikely) they won't go to the hassle of asking someone further up the chain if you can have more money. Especially in the current economy.

Catmologen

newestUser wrote: »

The OP never mentioned what his 1.5 years experience involved exactly. 'Financial Services' could be anything. His previous experience may not be relevant to this position.

I'm also a bit dubious of the argument that "financial services" (which I've placed in quotes because in the context of the OPs situation it's vague and meaningless) will be first to rebound because it was first to contract. Will we be seeing a rebound in construction soon?

I don't know if American multinationals will haggle on salary. My assumption would be that they don't: it's less likely that at any stage during interview etc. you'll be speaking with someone who sets the salary, unlike a small business. Unless you have something really outstanding going for you (and with all respect, if they're offering 25k, I think that's unlikely) they won't go to the hassle of asking someone further up the chain if you can have more money. Especially in the current economy.

Theres almost always wiggle room for salary during interviews, the interviewer will have a set range they can offer. OP, at any stage in the interview or application process were you asked for your expected salary?

CFC007

Hi,

If you dont mind me asking which American bank is the job with. You can send me a private mail if you wish. I'm looking for an FA entry role myself.

DavidCochrane

My first job when I left college (dropped out really!) was with a recruitment company which specialised in financial services.

Fund Accountants were the firm's speciality - a CV could be in my inbox when I got into work, and they could have an offer (or more) by close of business, this wasn't an exception.

NAVs (Net Asset Valuations) in particular were great - they were in demand, and very valuable.

I hope your negotiations with the firm go well. But what i would say is that the difference between 28k and 25k is €3000 - which is shy of €58 a week - and that doesn't take into account the related benefits package.

I don't want to go on a downer about the economy, but getting a job in this market is great, and a year working in funds will lead to more than a 3k raise, I assure you.

If you can, get some exposure to NAVs, and best of luck!

tatli_lokma

DavidCochrane wrote: »

But what i would say is that the difference between 28k and 25k is €3000 - which is shy of €58 a week - and that doesn't take into account the related benefits package.

its less than €58 actually when you take into accound PRSI and tax levy. For most people, if you earn less than €26k you will be on 4% PRSI with the first €6604 per annum exempt, if you earn more than €26k you will be on 8%.
So on €25k you would pay about €60 per month PRSI. On €28k you would pay about €180 per month. Also on €28k you would pay an extra €5 per month tax levy. so without even deducting tax, on €28k you would get about €2100 per month, on €25 be on €1980 before tax. so rather than about €58 per week less its about €27 per week less.
Mad I know, but that is the way it is!
This will of course depend on some of your circumstances, as you may have a medical card etc which affects your PRSI grade, but this is a general example.
The lower wage may also make you eligible for other benefits, such as a medical card, family income supplement, mortgage assistance - so sometimes a lower wage can actually work in your favour. €3k more in overall salary can cost you more than that in other ways.

Whilst I know it is important to know your worth and be prepared to negotiate for a good salary, at the same time in this climate, IMO losing a job for less than €30 a week isn't really worth it. They may well have other candidates lined up, who would accept the €25k without hesitation.
No harm asking, but I wouldn't push it too far.

kaykay27

scanlas wrote: »

I've been offered a fund accountant position at the other side of Dublin. The salary is only €25k. I've to let them no tomorrow if I want the job, I'm thinking about asking for €28k considering the distance I have to travel and the expenses involved. It's an American bank.

So do companies negotiate at all with salary for positions like this or am I wasting my time asking for more money?

scanlas im mad trying to get back into finacial services- can you tell me where you fond these 2 positions- job site, direct or recruitment agency? thanks