Applying for In House Positions - Salary Forum

[Anonymous User]

I am in the process of applying for in house positions. Every time I get a bite on an application, the first question is always "how much do you make" or "how much do you expect to make." Is this common? I was a financial analyst before law school and the salary thing never came up until the very end of interviews in that world. I do not make NY market right now and feel like this might pigeonhole me into a lower salary once they find out I make less than market. Any tips for getting around this?

[RaceJudicata]

Lie. And if they want an employment verifcation, the firm will tell them your "salary," (i.e. actual wages) at which point you will say that the remainder is your bonus. I doubt they'll ask though. Regardless, in house--at least the vast majority of positions-- arent going to pay anywhere close to NY market rates.

[nealric]

I am in the process of applying for in house positions. Every time I get a bite on an application, the first question is always "how much do you make" or "how much do you expect to make." Is this common? I was a financial analyst before law school and the salary thing never came up until the very end of interviews in that world. I do not make NY market right now and feel like this might pigeonhole me into a lower salary once they find out I make less than market. Any tips for getting around this?

Most corporate HR people probably don't know what market is. Unless you are making well below what you expect the position to pay, I would just tell them. As for "what do you expect?", I would avoid answering directly to the extent you can- just say you are looking for a competitive salary based on the position available.

[Anonymous User]

Lie. And if they want an employment verifcation, the firm will tell them your "salary," (i.e. actual wages) at which point you will say that the remainder is your bonus. I doubt they'll ask though. Regardless, in house--at least the vast majority of positions-- arent going to pay anywhere close to NY market rates.

Do not lie. I hate this question, but it's a question you will experience throughout your career, and you should be prepared with an answer.

There's no benefit in lying about what you made in a non law job, as it's not even directly transferable and they might check. As far as what you expect to make? Think honestly about what you would need to make to accept the position, and then check glass door, this forum, and any other relevant online sources for a reasonable ask, and up that by whatever you feel comfortable with.

The investment bank I work at is under market for in-house at financial institutions and a 1st year makes around 130k all in with bonus (plus 10k in 401k matching, annual 401k bonus, health/dental/vision almost fully covered, etc). Someone coming in as a 5th year makes 200-240k all in. Check the salary thread for other in-house examples.

[kellyfrost]

If you are looking to make In House your long term career, I would try to find a company that has stock options and restricted stock shares as part of the compensation package. Just my two cents.

[kcdc1]

Standard advice is to delay specific numbers until you are adequately informed as to what the position entails and they are adequately informed as to your credentials. Until that point, neither side has a basis to decide what level of pay would be appropriate, so it's not helpful to delve into numbers.

For the same reasons, I don't think you need to give a specific number for you current salary. It's just not relevant to whether you're qualified or what a fair level of pay would be for the current position. If pressed, you could say that you'd rather not discuss numbers at this stage, but that your current salary is competitive for firms in your market.

I do think it's fair game for them to get a sense for whether the range they're willing to pay is something you'd consider before they invest time and money into evaluating you. If they're pushing you for numbers up-front, that's a likely reason. If possible, I'd cite a range from some third party source (glassdoor, recruiter, etc.), and say that you think that range is fair based on what you know of the position. This gives you a fair answer based on a neutral, objective source, and still leaves you room to negotiate based on the specific circumstances after they decide to hire you.

[Anonymous User]

I don't get this "hide the ball" mentality regarding salary negotiations. In both my legal hiring experiences I've been up front about what I made and what I wanted, and both times it went well (exactly what I expected for the first and more than I asked for the second). For the most part (good) employers aren't looking to wildly lowball you, and there's an expected/reasonable range for these positions. Salary negotiations are something you should try to get more comfortable with rather than something you should fear or be evasive towards.

[kcdc1]

I don't get this whole "hide the ball" mentality regarding salary negotiations. In both my legal hiring experiences I've been up front about what I made and what I wanted, and both times it went well (exactly what I expected for the first and more than I asked for the second). For the most part (good) employers aren't looking to cheat you out of a couple grand, and there's an expected/reasonable range for these positions. Salary negotiations are something you should try to get more comfortable with rather than something you should fear and or be evasive towards.

The idea behind deferring salary negotiations is not about hiding the ball or being evasive. It's that you want to negotiate your salary when you have maximum leverage -- i.e., when you have an offer but have not yet accepted.

Additionally, making a salary ask before you have an offer could potentially hurt you by (1) making the employer less inclined to select you if your ask was higher than other applicants, and/or (2) lowering their eventual offer if they do select you for the position. Of course, you might do just fine by being up-front with your ask, and the employer might even view your candor favorably. But that timing typically is not where your bargaining power is greatest.

[Anonymous User]

I don't get this whole "hide the ball" mentality regarding salary negotiations. In both my legal hiring experiences I've been up front about what I made and what I wanted, and both times it went well (exactly what I expected for the first and more than I asked for the second). For the most part (good) employers aren't looking to cheat you out of a couple grand, and there's an expected/reasonable range for these positions. Salary negotiations are something you should try to get more comfortable with rather than something you should fear and or be evasive towards.

The idea behind deferring salary negotiations is not about hiding the ball or being evasive. It's that you want to negotiate your salary when you have maximum leverage -- i.e., when you have an offer but have not yet accepted.

Additionally, making a salary ask before you have an offer could potentially hurt you by (1) making the employer less inclined to select you if your ask was higher than other applicants, and/or (2) lowering their eventual offer if they do select you for the position. Of course, you might do just fine by being up-front with your ask, and the employer might even view your candor favorably. But that timing typically is not where your bargaining power is greatest.

Based on the circumstances, deferring salary negotiations can definitely be warranted and/or advantageous. But there's a difference between deferring negotiations and avoiding the topic entirely.

I do not see ANY reason to be evasive about your current salary by either lying or giving a "competitive range." They aren't asking what others in your field make, they're asking what YOU make. IME employers do appreciate candid responses.

My current employer, for one, would have been very off put if I had deferred all salary discussions. They were prepared to address it and they expected that I also be prepared. We discussed ranges and general salary expectations during my initial interview and then we later negotiated my actual salary (which was higher than those previous ranges).