# Associate in Investment Banking - is package offered reasonable??



## gfan (Aug 20, 2008)

Hi there,
Good day everyone. This site is just fabulous and so informative. Anyways, I'm in the midst of negotiation for a package for a job of an associate in investment banking in Dubai - the initial offer is as such 

- housing abt AED140k p.a.
- salary abt AED250k p.a.
- and all the other standards - medical insurance, air flights, 30 days leave and some very minimal transportation allowance (AED900 per month)

Would appreciate it if someone in this field can let me know if this is reasonable for an associate with about 3-5 years experience or is it way too little for me to consider a relocation? It's a huge step for me and i want to make sure that if i do decide to relocate, that i'm not short-changed. appreciate urgent response on this as i'm meant to revert very soon on my decision/renegotiation.

Thanks so much all..Appreciate it

Cheers,
Gary


----------



## sgilli3 (Mar 23, 2008)

Hi Gary and welcome to the forum
Cant help you in regards to whether the amount is suitable for your profession, as the banking industry is not my forte.

How ever...a few things- is the amount offered, for you alone, or do you have to support a family on that amount.
Do you have debts etc back home that need to be paid for?
etc, etc

140,000 may get you a nice 1 bed, possibly a small 2 bed apartment (depending on where you choose to reside...and will depend a lot upon where you are working)
The salary equates to just over 20,000 dhs a month, which is great if you are single.

The transport allowance is low, but that will depend on whether you catch taxis everyday, and how far you trael in taxis, or it would need to go towards a car (approx 1500 - 2,000 + dhs a month)...then insurance + fuel.

Hope this helps a little


----------



## Mac (Jul 6, 2008)

Hi, I'm not an investment banker - I'm a financial planner but I have a couple clients who are investment bankers. I'd ask for more!

It's down to you though. For most people their salary isn't much different to what it is back home.... just here you dont pay tax, get your housing thrown in & the rest. The no tax thing has got to be a biggy!

As far as big step.... I know exactly what you mean. I was crapping myself. Thought it was the biggest deal in the world moving here. Kept coming up with (****e) reasons to stay at home. In the end I just deccided not to think about it & just do it. 

Once you're hear though it's just not such a big deal. You cant figure out why you were so worried. Dubai is pretty much full of people who went thorugh the same... and you'll meet loads of people & make friends quickly. 

Anyway, get your arse over here & join the fun!


----------



## gfan (Aug 20, 2008)

sgilli3 said:


> Hi Gary and welcome to the forum
> Cant help you in regards to whether the amount is suitable for your profession, as the banking industry is not my forte.
> 
> How ever...a few things- is the amount offered, for you alone, or do you have to support a family on that amount.
> ...


Hi sgilli3 (sorry don't quite know your name),
First of all, thanks a lot for your swift response! Appreciate it and the info certainly helps..the amount would be for me alone (i.e. still single - of course would have to help with family support back home but yeah other than that i'm still a lone ranger) 

In terms of accommodation - i'm actually going to be working in commercial tower (next to Crowne Plaza hotel on Sheikh Zayed Road). Any good recommendations? someplace not too far and it'd be great if i'm traveling against traffic in the morning - definitely do hope to get a car in the longer run once i get my licence but may have to rely on taxis for the shorter term - definitely appreciate some guidance on good locations for accommodation.

on cost of living - any tips on how much a bachelor would be requiring there?
Thanks again and speak soon
cheers,
gary


----------



## gfan (Aug 20, 2008)

Mac said:


> Hi, I'm not an investment banker - I'm a financial planner but I have a couple clients who are investment bankers. I'd ask for more!
> 
> It's down to you though. For most people their salary isn't much different to what it is back home.... just here you dont pay tax, get your housing thrown in & the rest. The no tax thing has got to be a biggy!
> 
> ...


Hi there Mac, 
Thanks a lot for your response. I certainly appreciate you asking some of your clients on the package - whether it is reasonable - thanking you in advance! - haha of course i'd very much want to negotiate for higher...just that i don't have much of a benchmark to go with (but at least if i hear of this amount being absolutely peanuts, then i can tell them that's what i gather rather than giving in without a fight) 

Yes i guess we are only human, always in fear of the unknown..so where are you from Mac? settled in Dubai long? I was actually there last month for my interview...was only there for less than a day...it does seem like a nice place but of course can be quite lonely if u can't make friends....but you certainly gave me some assurance that it won't be all that bad! look forward to gettting to know you...of course all depends on how great my negotiation skills are haha

cheers,
gary


----------



## bbg_cat (Aug 20, 2008)

i think maybe u can negotiate ur offer a little bit?


----------



## gfan (Aug 20, 2008)

bbg_cat said:


> i think maybe u can negotiate ur offer a little bit?


Thanks bbg_cat. But do you have an average ballpark figure that I should be looking at?


----------



## Maz25 (Jul 6, 2008)

gfan said:


> Thanks bbg_cat. But do you have an average ballpark figure that I should be looking at?


I am not an investment banker but before you do go back to the table to start negotiations, I would advise that you do your research and substantiate your demand for more money with hard facts. There is nothing that annoys an employer more than someone claiming that they deserve extra money but then cannot explain why. Focus on your experience - what have you got that no one else has, what will you bring to this company, etc.

Good luck!


----------



## gfan (Aug 20, 2008)

Maz25 said:


> I am not an investment banker but before you do go back to the table to start negotiations, I would advise that you do your research and substantiate your demand for more money with hard facts. There is nothing that annoys an employer more than someone claiming that they deserve extra money but then cannot explain why. Focus on your experience - what have you got that no one else has, what will you bring to this company, etc.
> 
> Good luck!


Hey Maz25,
Thanks a lot for the tip. Yup will definitely make sure i have hard facts to back me up when i speak to them.
Cheers...


----------



## Brad (Sep 24, 2008)

Gary,
I work in IB as an Associate, and our pay structure is slightly different from how youve presented here. 
A base of around 120k USD (including housing, which is around 35% of it) and a bonus range of 50-100% of base). 

If i understood you correctly, youre getting a base of around 32.5k Dhs or 9k USD a month, which is definitely on the high end for a First Year Associate.

Let me know how your negotiations go with your future employer.


----------

