Low balled for promotion raise
I work for a Canadian bank as a Quant Dev. I asked for a promotion at the beginning of last year, and my MD told me I had to work hard so I gave it my all. Come around December, I went from Associate to VP, but he really low balled me on pay (my base salary went up from 110k CAD to 120k CAD) - bonus was the same as last year, and he said that he knows this number is low but “he’ll try to get me closer to the total comp I want with bonus next year” which I found to be BS, because I asked for 150 base + a higher bonus.
Should I be upset about this? Or is this in line? Should I try to get an offer somewhere else and not even give them a heads up to try and match it?
He saw I was upset and told me “I wish I could do something about it, however, please let me know if you do end up getting an offer somewhere else so we can try and counter it”
Wait wtf lol
Is this base salary range normal for Canadian companies or for quant trading? Asso bases in the us is 175k at most places and VP is 250k.
It’s not quant trading - our quant traders make more; I’m a quant dev - responsible for writing code that creates and supports the models we use
How did base salaries only increase by 10k between 1 title to the next? How many YoE does this reflect?
I’ve seen bases increase by 40k, but I’ve also seen bases increase by 15-20K. I have 5 YoE, with 2.5 of them being an associate
Sounds like they just want to take advantage of you. I’d start looking for other jobs if i were in your shoes. Been there.
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