As asked in title. A friend of mine (non-tech background, Finance degree) got an offer for analyst position from Blackrock. He’s fresh out of college and has one intern experience. The offer he told me sounds super low-ball to me: the base is $65k which sounds resoundingly low from my perspective. No sign-on, no relocation, no guaranteed bonus (perf-based). And there’s also no base adjustment for different location. His preferred location is in West coast. I’m probably spoiled by tech companies these days and also I am not familiar with the non-tech world, but does this offer sound reasonable? To me this is such a rip-off, what do you think?
Black rock is having a tough time, ETFs are a race to the bottom. It’s a bad area to be in the financial sector, but within finance, blackrock is a prestigious firm that’s at the top of its game. Probably better places to work
Thanks for the info, my friend has another offer from Geico which to me sounds equally bad if not worse, but I guess Blackrock sounds like a better brand?
Blackrock has some good big data, real time streaming, large Cassandra cluster etc. The Aladdin group is good to work in there. No idea about geico, blackrock is definitely better. But could be team dependent
Pretty standard in finance, and his hours will be long. SWEs are on another level TC wise.
Just curious: What’s the range that counts as long hour in Finance? I feel in tech 40-50 is standard but more than sounds long to me.
In finance 50-70 is normal but more than that is often demanded.
Go with black rock for the prestige. Also $65k is not low starting non tech. Aren’t they in Texas too where cost of living is low
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Fresh grad out of college for tech in BlackRock is 100k base plus ~10% bonus. For finance positions, unless it is for investment teams (teams directly manage portfolios etc. Given the 65k number i don't think your friend is in one of those), bonus is like 20 - 50% and that's it. Obviously that is for junior level positions, if anyone made it to MD, total income could be several millions. But I guess you will be at your 40s or 50s at that time.
Thanks for the info, that’s pretty insightful! I’m not sure about the team specification but I’ll ask him. Mind if I ask what would be the expected salary for analyst in investment team? Even the tech role sounds low-ish to me, baseline offer in major tech companies can easily beat that.
Bonus in investment teams could be as high as 150% in good years (or 20% in bad years...), just the same as any other quant hedge funds. So the risk is high