I recently interviewed for a role at JPMorgan in Charlotte. The recruiter mentioned that the salary cap for this role is just $3K more than what I’m currently making at Bank of America. While I’m genuinely excited about the opportunity and the team seems like a great fit, I’m torn on whether it makes sense financially to make a move for such a small increase, especially considering the required 5-days-a-week in-office policy. 🫠

Has anyone been able to negotiate past the stated salary “cap”?

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Don’t make the move for just $3k more with full 5 days on-site. The extra $3k will be eaten up in commuting costs. Ask for the benefits package and the medical premiums that you’ll be paying to determine how much you’ll actually take home. A VP level role should be able to have a sign on bonus.

I’m currently interviewing for an Executive Director role at JPM which would come with a $40k increase. I’m in a fully remote role at $180k and I can’t fathom going into the office 5 days a week, even with that kind of raise. I rather have more time than more money.

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Go for it then!! Good luck!

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Beware - negotiate now because once you are in its minimal raises & bonuses each year & don't expect to be promoted any time soon. The big-brother culture we have now with the 5-day/week RTO is not great.

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I’m pretty honest when it comes to salary caps. I don’t want to waste my time if the cap is not where I want it. And by telling them so, I give them important information about the job market so maybe they stop lowballing salaries

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I told them that I couldn’t accept that salary, but would be interested in keeping my candidacy if they were interested in my profile… and they schedule the panel interview (completed this past Friday) with the hiring manager and another leader. So I guess that is a good sign (?)

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What’s your current in-office schedule? Is it the same exact role that you’re currently in, just at another bank, or a different/better role?

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I am not certain, but I would definitely try. I don’t think I would move for only 3k tho… they would have to bump it up.

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If there’s more opportunity long-term then it may be worth it. Could also negotiate other things like bonus as mentioned above, or more PTO, etc.

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They don’t negotiate that stuff, it’s more of a manager by manager thing

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Worked at B of A a long time ago. Salary caps were broken depending on the need for filling the opening. There are almost always people over the salary cap somewhere. The hard part isn’t going to be getting a few more bucks. It will be if you don’t move to a new role you’re looking at that salary until you do get promoted or move to another role. I had a good benefits package and vacation time. I would also ask about incentives. Most positions have some type of performance based income outside of salary.

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Agreed, but since this is JPM I wasn’t sure how different they would be. Also, moving from 3x to 5x must come with a bigger incentive to make it worth it ($$$)

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Always negotiate. Also look at the long-term promotion opportunities.

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I would definitely run some cost-benefit analysis on your personal situation if that cap is genuinely an actual 'cap'.

3k bump probably looks even thinner once you account for the additional 2 days in office in your current situation...

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Is there anything else they offer that helps that? Benefits that add on some money? I’ve never had success when they say it’s the maximum, but honestly never tried that much either. If you tell me that’s all we can do, I’m not going above and beyond to sway you.

That is the easiest way to increase salaries, but 3K ain’t it. Typically jumping to another bank will get you a 20% increase or more, my last jump across banks got me an 80% increase to base.

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Update?

I decided not to take it. The offer wasn’t good enough to move from 3x to 5x in office

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