Promotions… Is there a significant increase going from a L (vp) to M (Dir). Is the bonus structure any different? I hear it’s a difficult process to be promoted between these levels.
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Does your bonus only increase after a full year of being a M - anyone have that experience?
I can’t worry about the fight to get into the 1%. Perhaps If we were all permitted to work on politics for most of the day we could be in the hunt for the 1% as well.
It all depends on where you are on the scale as an L. That being said, you wont' get a huge bump, but you may get 10+% raise. As to the bonus, it's all one pool, but your bonus as an M is ~ 50-80%. Anything over 50k gets a portion as RSU that vest over 4 years. I forget the first band %(maybe 15%?) but over 100k it's 35% as RSUs. If you quit or retire before 60, you lose the RSUs. If you're 60 or are laid off, you keep them, but they still have to vest.
Don't need M to get equity, just over 50k for B.
I was promoted from L to M a couple years ago. 5k raise.
Wow. Some people come to work. Other come in as politicians angling for the big bucks.
Really eye opening.
Much easier to come in from the outside into an M role than to be promoted to M.
I think M puts you into the equity pool. The problem with BNY comp at the higher bands are:
- BNY salary is lower than peers
- L puts you only two levels below the max. Many people never even get to MD.
- Getting from L to M takes a long time
- Once you're at M and getting equity, it'll take time to vest and so you haven't "made it" until the first wave vests.
- By this point in your career you could've gone anywhere else and "made it" much sooner
L to M is difficult as the approval process is much more extensive.
Keep in mind it can take about a year for the new pay associated with the M to set in. A friend of mine had to wait longer, he got it for 5 months, but then was let go because he got a new a manager that brought in their own people. For what it is worth, I had to wait 9 months to go from K to L and only got another 10k. You are better off going somewhere else unless you really love the job.
That’s actually good. Sounds like you’re being taken care of.
I’ve had many promotions but never once had a pay increase with the promotion and the new title.
I hope so- my promotion from K to L was only 8% during a year that inflation was 9%. I had been told the entire time I’ve worked here that this promotion would be the one that made it worth it.
Following. Very interested