Friend is being offered AVP title and $110k base with up to 20% bonus not guaranteed. Liquidity Management division. They have 5 YoE and a Masters in finance. This to me seems like a hardcore lowball. Can anyone from BoA weigh in?
New grads used to get 104 base in Bofa. Ask for more base. Ask for fixed first year bonus irrespective of performance as joining mid year and less time to make any impact. At end if possible don’t join Bofa try cracking tech companies.
Just to clarify, new grads used to get 104 base in Charlotte, North Carolina!
This is NYC haha
Don't work for BofA. They lowball people versus market by at least 10-15%. I'm only here because I took a contract gig after a bad situation, but at least comp was reasonable.
Seconded. Get ready for territorial politics and dealing with people’s egos out the wazoo. If you can get to tech, do it. BOA is DOA.
They pay in the 80% percentile according to HR. Left after 6yrs for that 20% bump
Everyone In banking is avp or vp
I don’t know anyone who has actually received 20% bonus at AVP or VP level. More like 5-10%
i got 1000 this year. Last year i got over 10000. lol
As Band 4 VP and later SVP, I consistently get 30% target bonus annually.
It’s hard to get increases after taking job @bankofamerica. Negotiate the entry point very well. Unfortunately you basically have to leave the bank to get meaningful increase.
I was AVP, Analyst in programming, they told everybody bonus was usually 20% but you were lucky to get 10%
Consider zero bonus and think if you are ok to join.
I work at BofA and it’s true they low ball you with their offers. Does your friend have any other offers? If he is looking for money, go somewhere else. He’s not going to get it at BofA. But if he only has 5 YOE, then just come to BofA for WLB and just learn and get more experience. They have very good benefits!! I have 15 years of experience, been with BofA for 7 years and my bonus was def more like 2-4% annually. Even when I got promoted it was 5% increase. I stayed for WLB. I literally can do whatever I want. Of course there are deadlines but I don’t kill myself to meet them. I log off at 5 pm daily. Especially for the amount of money they give me, there’s no way I’m going to put in more work than what they’re paying me. I do have 2 offers coming in from a competitor Bank. Both a 20% increase from my current pay. My time at BofA though has been good. Culture is very good if you get in the right team.
Probably worst career decision to join BOFA. Bofa should be your last options before filling unemployment.
work in tech