View Full Version : Help! Salary Expectations
VTEC_Junkie
10-24-2006, 11:18 AM
Hi,
I am currently applying for a job at a bank for a 18-month traning level position( New Grad oppurtunity). I am just graduating university and I am looking for a realistic amount to bring up in the interview. I am just wondering what you guys would think would be an appropriate number to suggest.
nos_efx
10-24-2006, 11:23 AM
Originally posted by VTEC_Junkie
Hi,
I am currently applying for a job at a bank for a 18-month traning level position( New Grad oppurtunity). I am just graduating university and I am looking for a realistic amount to bring up in the interview. I am just wondering what you guys would think would be an appropriate number to suggest.
Whats your discipline? And do you have any prior experience direct/indirect?
EnRich
10-24-2006, 11:23 AM
44 - 52 grand... tell em its what you need to be able to live in calgary... if they dont like it, ask em, whoever the interviewer is, if they could live life on whatever they offer, keeping in my anything under 36 is like 15/hour
89coupe
10-24-2006, 11:31 AM
Originally posted by EnRich
44 - 52 grand... tell em its what you need to be able to live in calgary... if they dont like it, ask em, whoever the interviewer is, if they could live life on whatever they offer, keeping in my anything under 36 is like 15/hour
Haha...good luck.:rofl:
nos_efx
10-24-2006, 11:36 AM
Originally posted by EnRich
44 - 52 grand... tell em its what you need to be able to live in calgary... if they dont like it, ask em, whoever the interviewer is, if they could live life on whatever they offer, keeping in my anything under 36 is like 15/hour
Probably not the best thing to be telling a potential employer lol
Orbie
10-24-2006, 11:36 AM
You don't need 44-52 grand to live in Calgary. I know people who make in the 30's who own their own Condo's and are perfectly fine. If you ask the interviewer that, they'll turn around and say "I probably could, but then again I'm not a fresh rookie straight out of school and actually have experience and skills employers will pay decent money for, nice talking to you, goodbye."
Retail or commercial bank?
slickk
10-24-2006, 11:40 AM
30K per year is chump change... How can u really live on that in this inflation ridden economy?
Don't sell yourself short man. ~$45,000 isn't unrealistic at all.
nos_efx
10-24-2006, 11:41 AM
Originally posted by slickk
30K per year is chump change... How can u really live on that in this inflation ridden economy?
Don't sell yourself short man. ~$45,000 isn't unrealistic at all.
That does depend on what he can offer to the table, if he's going up with no experience and fresh outta school.... good luck getting 45k/year....
Aleks
10-24-2006, 11:44 AM
Look at what the peers are making in the same type of jobs. (if you can). you should be within +-10%
VTEC_Junkie
10-24-2006, 11:46 AM
I am economic major, and very little professional experience. It is going to be a residental bank, howver, it is not just a teller position.
You'll be <$40K then. Sorry mang.
VTEC_Junkie
10-24-2006, 11:59 AM
I understand this and I I am looking more for the experience so in the future I can make a larger salary
syeve
10-24-2006, 11:59 AM
Im assuming its inline with some type of personal banking, you will not get more than 40k...I would guess mid to high 30's.
89coupe
10-24-2006, 12:03 PM
I would steer clear of Banks and apply at small Junior Oil & Gas companies. A lot more opportunity.
whodiman
10-24-2006, 12:07 PM
Is this one of those where you train to either be a CSM or a personal banker? Back about 10 years ago RBC paid 25k and TD paid 30. However I heard recently they have upped that pretty good. Up to 40-45 depending on the bank.
If you are going to be in commercial banking or an analyst..that's a whole different story.
sputnik
10-24-2006, 12:19 PM
Originally posted by Orbie
You don't need 44-52 grand to live in Calgary. I know people who make in the 30's who own their own Condo's and are perfectly fine.
I would like to know which bank will give a mortgage big enough to buy ANY condo in Calgary to someone making $30k/yr.
codetrap
10-24-2006, 12:20 PM
.
codetrap
10-24-2006, 12:25 PM
.
ricefarmer
10-24-2006, 12:26 PM
for your first 18 months expect 32-36k, 38 if you are extremely lucky(entry level banking isn't very glamourus) since you are going into a retail position without experience, and most of the banks are hurting for new ppl and are recruting hard. Just make sure to get a few different interview, and if salary is the determining factor to your employer selection then use the different offers as bargaining power, but don't offend anyone haha
sputnik
10-24-2006, 12:53 PM
Originally posted by codetrap
$30 /12 * 30% = $750/month payment
That'll let you get $150k mortgage @ 4.5% with no down payment, which is not unreasonable if you bought your condo 3+ years ago
I *think* the allowable debt ratio was 30% of your gross before they'd just toss you out the door.
He isnt asking for a salary in line with the cost of living for 2003.
2.2vtec
10-24-2006, 12:56 PM
I think the bank is the worst place to start to jump start a career(retail banking). Oppourtunites to advance are limited and they end up just being a sales job.
nos_efx
10-24-2006, 01:29 PM
Definetly go look elsewhere before you settle in on this one, try some of the oil and gas companies.
Your experiences will be much more diverse there and likely be more rewarding.
I have a few friends that were in the banking business and they did not enjoy it too much, not to mention mobility was often very limited.
I wouldnt worry too much about salary at this point in your life. Search for a position that will offer you the best learning experience and put in a good solid year.
EnRich
10-24-2006, 01:41 PM
Originally posted by slickk
30K per year is chump change... How can u really live on that in this inflation ridden economy?
Don't sell yourself short man. ~$45,000 isn't unrealistic at all.
It really is... You honestly can't live in Calgary on anything less then 36k a year... You guys all know I have strong opinions on things, I honestly believe ppl working for anything less then 42/year are being taken advantage of... I mean c'mon guys, condo's are selling for 300's +++ and your walking into a position, with a student loan to pay off, a morgage, car loans. insurances, and you still need to eat etc.... if a company offered me 36 a year, I'd honestly ask them, if they could live their lives on it. What are they gonna say? end the interview cause I actually have balls to come out and say that? At least I'm straight up with ppl. Sputnik knows what hes talking about... If you want a good employee, fucking pay me for it... Jesus christ the guys coming outta school, so obviously he's already proven that he can commit to something. Cheap is not good, and good is not cheap. You want good workers, you need to pay for em, period.
nos_efx
10-24-2006, 01:48 PM
Originally posted by EnRich
It really is... You honestly can't live in Calgary on anything less then 36k a year... You guys all know I have strong opinions on things, I honestly believe ppl working for anything less then 42/year are being taken advantage of... I mean c'mon guys, condo's are selling for 300's +++ and your walking into a position, with a student loan to pay off, a morgage, car loans. insurances, and you still need to eat etc.... if a company offered me 36 a year, I'd honestly ask them, if they could live their lives on it. What are they gonna say? end the interview cause I actually have balls to come out and say that? At least I'm straight up with ppl. Sputnik knows what hes talking about...
Yes there is some truth to it....
But if as an industry standard this is what is being given then companies are not going to dish out more cash just because its expensive to live here...
Many of the people that I know of that had gotten jobs during the summers and/or did internship are making in the high 40s and low 50s..... Just because it is expensive to live here does not warrant a higher salary, you've got to be able to step up and offer some value to the company......
Many new grads coming out, and not saying that VTEC_Junkie
is this person, have the idea that things are owed to them and they deserve it......
whodiman
10-24-2006, 01:59 PM
Originally posted by 2.2vtec
I think the bank is the worst place to start to jump start a career(retail banking). Oppourtunites to advance are limited and they end up just being a sales job.
:werd:
Also good point just above. Just because it's expensive it doesn't mean they will up your salaries. ie) Houses in Van are WAYY more than here and they make less. I don't know if asking "Can you live on this salary" works very well there.
Godfuader
10-24-2006, 02:19 PM
Originally posted by VTEC_Junkie
I understand this and I I am looking more for the experience so in the future I can make a larger salary
18mths? are going into the HSBC Leadership development program? Any time you can get experience, take it especially with the big banks. When I was applying at the beginning of the year it was around $25-$28 for small banks/investment firms and $36 - $42 for larger banks/firms.
Originally posted by syeve
Im assuming its inline with some type of personal banking, you will not get more than 40k...I would guess mid to high 30's.
sounds about right for zero experience. I would say $40 tops.
adamc
10-24-2006, 02:24 PM
I just had this question posed to me about 5 minutes ago during a phone interview..
tough question, I mentioned wanting to make sure I could meet my monthly committments, and she seemed to like the numbers I gave her..
max_boost
10-24-2006, 02:35 PM
Yes it's possible to live on $36k/year. People make it work. It's a grind. Not everyone can enjoy life to the fullest right out of school. Get your foot in the door, prove yourself, work extra over time, get a part time job, whatever it takes.
I have a buddy that just started as a Financial Service Representative for TD and he's making around $36K+bonuses.
DoubleLP
10-24-2006, 02:38 PM
Originally posted by nos_efx
But if as an industry standard this is what is being given then companies are not going to dish out more cash just because its expensive to live here...
Wow....you must be blind.
It DOES depend on where you are living in regards to the wages. If they are not willing to give a higher salary to help someone live then you will not have any employees.
Look at all the retail stores looking for people to work for them. They can't hire them because they can not afford to pay them to stay around.
Example: In Fort McMurray you can start off at the plant sites making $75,000/year with NO experiece. Find a refinery down here or anywhere else in Canada that will pay you that much. You won't find one.
Currently I work Inside Sales. The average salary in Canada is arond $30,000/year. I make $44,000/year. Why? Because I live in Calgary and the cost of living is much higher here then most places in Canada.
Asking for $40,000/year is not out of reach. I asked for it and got it.
msommers
10-24-2006, 02:39 PM
35K isn't unrealistic and considering your out of university, it is almost expected to be making that at least.
StealthRT
10-24-2006, 02:57 PM
I'm in the construction industry which may be a little different, however if some of these guys are saying ask for a higher number... try it. Of course you have support the reasoning in a higher number, but it is important to be confident in yourself and to present yourself as though you can and will do what you've learned plus more. If you make people believe that you're worth it to the company they will pay.
I was offered a decent salary and I challenged it, I ended up with $8,000 more per year. Not saying it will work for you but it worked for me. Never the less good luck and enjoy your learning (internship basically?)
You guys are kidding yourselves. Banks are not in the position to negotiate with new grads on salary. Its a take it or leave it, especially at the retail/entry level. There are lots of eager hungry new grads who will take it so sure, be a big man and ask for more, you'll get shot down and they'll move to the next candidate. Being a new grad with no experience, you're not exactly in a position to grind out 20% increases in salary day 1. The "cost of living" adjustment at most banks is very modest, we're talking 2-5% depending on where you are. obviously its not reflective of the new reality but that's the deal.
nos_efx
10-24-2006, 03:05 PM
Originally posted by B17a
You guys are kidding yourselves. Banks are not in the position to negotiate with new grads on salary. Its a take it or leave it, especially at the retail/entry level. There are lots of eager hungry new grads who will take it so sure, be a big man and ask for more, you'll get shot down and they'll move to the next candidate. Being a new grad with no experience, you're not exactly in a position to grind out 20% increases in salary day 1. The "cost of living" adjustment at most banks is very modest, we're talking 2-5% depending on where you are. obviously its not reflective of the new reality but that's the deal.
:werd: :thumbsup:
The main argument here is that
1) He is a new grad
2) Little or no prior experience
3) Its a banking position
Im not going to argue that living in certain locations does/does not affect your salary because it does.... Having said that, going into an interview knowing the above 3 things and simply stating that its expensive to live here give me more........ is likely not going to work in your favor.
This is not to say that VTEC should undervalue himself, there are exceptions to the case where people make above the average and below.
adamc
10-24-2006, 03:10 PM
figure out what you can live on (currently, without going out and buying a new car/house/toy) then add 20%
The Cosworth
10-24-2006, 03:11 PM
I just started with an engineering firm down town and I am making $17 Hr Part time with some experience... I would be expecting more upon grad (in 6 months while working for them), but no more than 20 - 24 i would expect
also
Rice Farmer
This is good shit
"The Americans - When NASA first started sending up astronauts, they quickly discovered that ball point pens would not work in zero gravity. To combat this problem, NASA scientists spent a decade and $12 million developing a pen that writes in zero gravity, upside down, on almost any surface ranging from below freezing to over 300C
The Russians - Used a Pencil"
Rav4Guy
10-24-2006, 03:15 PM
Guys guys guys...
he's asking about a TRAINING LEVEL position.. Try looking at 30-35K and most likely you'll start off as a teller... and work your way through that.
What did you graduate with?
DoubleLP
10-24-2006, 03:15 PM
Originally posted by brendankharris
I just started with an engineering firm down town and I am making $17 Hr Part time with some experience... I would be expecting more upon grad (in 6 months while working for them), but no more than 20 - 24 i would expect
also
Rice Farmer
This is good shit
"The Americans - When NASA first started sending up astronauts, they quickly discovered that ball point pens would not work in zero gravity. To combat this problem, NASA scientists spent a decade and $12 million developing a pen that writes in zero gravity, upside down, on almost any surface ranging from below freezing to over 300C
The Russians - Used a Pencil"
HAHAHA Good stuff. :rofl: :rofl:
The Cosworth
10-24-2006, 03:23 PM
also whoever posted about going into O&G, i would totally suggest it, even if it isnt what you want to do. Having any respectable O&G company on your resume helps you out. I was on a rig for 3.5 weeks and worked for Schlumberger for my last co-op and I have had so many more offers now that I have that "experience" of being on site and seeing everything.
I wouldnt expect to make great money with a bank, but it is probably pretty stable and predictable career so it really depends on what you want.
Also what did you take in school? if its math then I know a few engineering firms looking for just math geeks, and accountants are needed EVERYWHERE. Having said that though, my mother in law worked for CIBC in Fraud for 25 years and she is a happy person and they have a nice place in edgemont.
good luck regardless of what you do.
calgarycoffee
10-24-2006, 04:20 PM
oldest rule in business..... HE WHO TALKS MONEY FIRST - LOOSES. When the topic of salary comes up, talk about your education, experience and what you will bring to the position...... how dedicated your are, integrity you have, and you are looking for a career not a job then ask them what they think the position is worthwhile.....the banks usually pay as per standards setup by human resources....and have a difficult time adjusting the amount. Make a point of telling them you want to negotiate in 6 months, and ensure this is written in your contract. - Best of luck
Sprinter
10-24-2006, 04:38 PM
Originally posted by calgarycoffee
oldest rule in business..... HE WHO TALKS MONEY FIRST - LOOSES. When the topic of salary comes up, talk about your education, experience and what you will bring to the position...... how dedicated your are, integrity you have, and you are looking for a career not a job then ask them what they think the position is worthwhile.....the banks usually pay as per standards setup by human resources....and have a difficult time adjusting the amount. Make a point of telling them you want to negotiate in 6 months, and ensure this is written in your contract. - Best of luck
agreed :thumbsup: :thumbsup:
Originally posted by 89coupe
I would steer clear of Banks and apply at small Junior Oil & Gas companies. A lot more opportunity.
:werd:
Oil & Gas companies = good MONEY + Good EXPERIENCE
E36M3
10-24-2006, 05:30 PM
Your quote of a complete fiction might be humorous, but it is not true.
If you care to think for yourself and check on it, here are a couple places that have the real story:
http://history.nasa.gov/spacepen.html
http://urbanlegends.about.com/library/bl_zero_gravity_pen.htm
http://www.snopes.com/business/genius/spacepen.asp
There are probably some crazy examples of governments spending way too much money on crap, but this one is a fabrication.
Sorry to hijack the thread.. but maybe this type of critical thinking will help you guys make more money in your chosen careers..
Originally posted by brendankharris
This is good shit
"The Americans - When NASA first started sending up astronauts, they quickly discovered that ball point pens would not work in zero gravity. To combat this problem, NASA scientists spent a decade and $12 million developing a pen that writes in zero gravity, upside down, on almost any surface ranging from below freezing to over 300C
The Russians - Used a Pencil"
FiveFreshFish
10-24-2006, 07:15 PM
Banks don't make their record quarterly profits by overpaying frontline employees.
s2k_boi
10-25-2006, 03:52 PM
haha... good luck with the 40 something a year.
to be realistic your probably looking low 30's to mid 30's starting off at a bank. like 36 or 37k would be kinda on the high side!! :thumbsup:
trust me on that one as I currently work for a bank...
salary is *ALWAYS* negotiable.
rule of thumb: employer wants to get you for a little as possible. you want to milk your employer for every cent you can. both of you realize this and there will be a common ground in the middle somewhere.
like calgarycoffee said, when they ask you about what your salary requirements are, you say something savvy like "i'm sure that you'll offer something that is in line with my education level and experience".
If you REALLY have no clue on what to expect for a salary go to monster or workopolis and check their salary guides. They also have great resources for how to negotiate your salary.
mekeni
10-27-2006, 11:23 AM
30K - 35K is pretty reasonable to start...:thumbsup:
canadian_hustla
10-29-2006, 02:26 PM
when I was looking for a personal banking role (approx 1/2 year ago), atb offered 34.5k and td offered 33.6k for a training role.. + bonuses of course
so who knows..
tentacles
10-29-2006, 05:52 PM
If you're just starting out, you REALLY should look at the potential for useful work experience before anything else. People who want to be investment bankers would intern for free at a major I-bank, and prolly give good head too. Whether you make an extra $3K a year when you're 21 isn't that important. You need to think about what kind of experience and skills the job will give you further down the road. I'm making $40k right now with bonuses, working in a pretty technical and demanding field where I learn a lot and make a lot of contacts. I could make a little bit more if I went up to Ft Mac to do construction or some shit but what happens if some big projects get cancelled? or in a few years when they finally get their infrastructure together and wages come down a bit? A lot of GOOD, RELEVANT experience in a stable industry will be a lot more useful than that new spoiler on your car that you bought with your extra cash. Thinking that the world never changes and not preparing for it is how people end up on welfare - Just look at GM or Ford.
biggie_82
10-31-2006, 04:09 AM
I would say mid $30K max to start off. If it's a full time position look at what other perks may be involved as they do add up (employee profit sharing plan, insurance plans, etc.)
Pay won't be the greatest but you need to see what perks they are offering with the job as well.
If it's retail banking, opportunities will be limited but will be a good stepping stone and experience builder. If you want to stay in the bank and make a higher salary look into banking on the business side or get your CFA and move towards an analytical side.
Originally posted by tentacles
If you're just starting out, you REALLY should look at the potential for useful work experience before anything else. People who want to be investment bankers would intern for free at a major I-bank, and prolly give good head too. Whether you make an extra $3K a year when you're 21 isn't that important. You need to think about what kind of experience and skills the job will give you further down the road. I'm making $40k right now with bonuses, working in a pretty technical and demanding field where I learn a lot and make a lot of contacts. I could make a little bit more if I went up to Ft Mac to do construction or some shit but what happens if some big projects get cancelled? or in a few years when they finally get their infrastructure together and wages come down a bit? A lot of GOOD, RELEVANT experience in a stable industry will be a lot more useful than that new spoiler on your car that you bought with your extra cash. Thinking that the world never changes and not preparing for it is how people end up on welfare - Just look at GM or Ford.
while i agree with most of what you said, i do think that getting the highest possible starting salary WILL make a difference. not in the next 5 years, but if you look at y our career in 15 or 20 years after you factor in raises and bonuses that extra 3k that you negotiated for winds up being a LOT more money in your pocket.
pinoyhero
11-02-2006, 11:09 AM
I would personally use the bank as a last resport if you're already done school. During school its not a bad gig, pays OK. Branch level banking will not make you a lot of money but it will provide you with an OK, paycheck, job security and no overtime..if that's what your after.
M.alex
11-02-2006, 12:18 PM
Originally posted by TimG
salary is *ALWAYS* negotiable.
Not always; if you're fresh out of school with a limited toolset at best, it's pretty hard to convince somebody to pay you a lot of $$$$ - they're a 10001 other graduates out there probably plying for the same position. I mean, you could negotiate, but you'd basically be shooting yourself in the foot
I'm not saying that if they offer you 20k to counter with 35k. that's just plain stupid. but you can always try to negotiate a few % higher or try to negotiate some other benefits. Keep in mind that if they've made you a job offer, they've deemed you to be the best out of the lot.
When the offer was made for my current job, i managed to get the salary increased about 5% and got them to pay for all of my moving expenses from Vancouver to Calgary.
It's just like buying a car... nobody ever pays the sticker price (and if they do, they deserve it :poosie: )
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