Hey all. I’m leaving Citi to go to Goldman Sachs. VP investment banking. Making around $100k now in Tampa. What are some recommendations for what I should be looking for in the new role in NYC? Never lived anywhere other than Tampa so kinda going in blind here. Figure I could at least get $175k.

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Is this base? My guy. Goldman Sachs?

Am I out of touch or should this person be making at least twice that?

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VP doesn't equat to an executive level VP in banking/fin svcs. Thos would be an individual contributor or a lower level management job.

From what I’m seeing here I could be asking for $200k or more as a VP in investment banking w GS. Start negotiating Monday

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Recruiters kick around the bush most of the time. It’s your responsibility to find out and I think 175K in New York City may be a pay-cut for you. What is the total comp? Are there sign in bonus, performance based bonus? Etc

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If you have friends that work HR even locally, ask them for the favor of looking up the metrics for similar positions in New York. 🤷

All my (limited) understanding says you should be taking 3-400 TC as a VP for a major investment bank… for base you should be looking at 175-200. Most the balance comes from performance bonus, but some from equity grants.

Here’s a screen grab from a quick Google search.

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Executive vp and vp are very different in finance compared to other industries. (Just makes it confusing for the rest of us) This role is most likely a individual contributor with several years of experience or a manager.

Be ready for a shell shock. The cost of living in NYC is terribly high and as a VP a certain standards are expected. 175 is like making 100 plus you will have income tax as well.

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300k minimum. And you’re making a big move

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I would reference glassdoor but thinking you should be closer to 250k - 300k as that is what small banks pay for their VP investment. GS should be willing to pay more than small banks.

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VP at Goldman Sachs in NYC should be pulling closer to $350k with a TC of $600k.

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Idk you tell me that’s why I’m asking what I should be asking for going in as a VP investment banking at GS. Fear is I ask too much then they pull they offer

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So I would think in finance in particular you want hard negotiators and money motivated people working for you but what do I know?

Have you looked at ZipRecruiter and Glassdoor data for reference points/ranges?

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I don’t work in banking, but I know in banking, the roles are all whacked. A VP in banking isn’t as high as it sounds…

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Ok negotiated. $250k base, up to 100% bonus plus any stock grants etc so TC is close to $500k or over.

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I agree with the previous posts. After NY state and NYC income taxes coming out of your check, this might be a paycut considering FL doesn't have state income tax and the cost of living is higher in NYC. Hopefully the full compensation package makes this deal sweeter.

Awesome thanks very much

No worries. Now when you make MD, make sure to remember who helped you max out that salary and bring me in as your “Senior Advisor” or something.

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OP bear in mind the breakout of base and TC as you read these responses

NYC has a higher geographical differential than Tampa. So now what does this mean? Well NYC falls at pay rate 7.8% above the national average. Tampa falls below the national average by 8%. So you're looking at a 16% difference in where pay should be at. You'd want to make up for that 16% by equating your salary to be 16% higher in NYC.

Is it an executive VP level or a individual contributor level or more of a manager level? Are you looking for total comp at 175 or just base? Are they paying relocation? What else are you walking away from?

I would ask for no less than 175k.

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