Salary expection question

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Isura

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Hey guys. I’m applying for the below position in Toronto, and they are asking for salary expectations. I am a Level 2 candidate with no prior job experience in the financial sector, masters level education. Essentially an out of college resume. Position is Client Service Associate at investment management company managing 20 Billion in assets.
Responsibilities will include:
* Coordinate regular client service requirements
* Prepare account opening documents
* Answer client queries
* Complete requests for proposals
* Prepare client and new business presentations
* Manage correspondence and client files
* Validate client data
Requirements:
* Organized, resourceful, energetic and prompt
* Ability to work independently in a small team environment
* Honest and ethical to a fault
* Strong client service skills
* Excellent oral and written presentation skills
* Committed to a career in the investment management industry
* Expert in Microsoft Office tools
 
Ditch digger is certainly closer. Although I’d say that if they manage $20,000,000,000 it would be in the $50Ks.
Willy
 
Thems is right, 60-70K base + 45K signing + 40K performance bonus minimum. If you’re making less than that you got screwed.
 
35-45K all in (Pretty sure there is no signing bonus and you’ll probably only get a symbolic bonus for this position) . Level 1,2 or 3 is irrelavant for this kind of work.
 
Am I mistaken or is this not an administrative position? 50K and maybe a 5K bonus. I have trouble seeing how a firm could justify 70K for those responsibilities. The only responsibility that may provide some exposure is preparing new business presentations but who knows what that really means given the nature of the job.
Masters level education…you must really be looking for a change and have a strong desire to get your foot in the door. Sounds like a decent size firm anyway.
 
These jobs paid a bit over 50K at JPM, so I would say 50K CAD, especially since your dollar is worth less.
I would ask them what they would think would be reasonable to offer though. Maybe you may be lowballing yourself (I almost was about to do this in one salary negotiation before I asked this question, when the offer was higher than the salary I was expecting, I just accepted).
 
20 billion AUM, there isn’t too many firms in Toronto..
Let me take a stab..
McLean Budden
Jarislowky Fraser
Russell Investments
Fidelity Investment
Putnam
Manulife Investment Managers
Those would be my guesses, obviously there are more, if I list it all them it won’t be a guess.
I can tell you exaclty how much they make. The Salary range should be 55k- 70k with a small amount of bonus.
This is for sure cause I work in the industry and have gotten offers as CSAs in different IM firms.
The guy who wrote 140k is obviously dreaming and don’t belong in the industry, the guy who wrote 35-40k is obviously working at a backoffice job and don’t belong in the industry either.
Lastly, the guy who wrote that CFA Level 1 2 or 3 is irrelevant is so wrong that he should just get his CA/CPA and do accounting. The fact is CFA matters, especially after Level 3 where you will learn about Performance Measure and also GIPS. Majority of the investment management firms if not all in Toronto are now GIPS compliance and as a CSA you will have to know what that is and how to relay that between clients and also Investment consulting firms which accounts for most of the new business. As listed above in your job description (Complete requests for proposals ).. I will be the person sending you those proposals!!! So I know what they ask for and you better have your CFA.
 
whystudy Wrote:
——————————————————-
> 20 billion AUM, there isn’t too many firms in
> Toronto..
>
> Let me take a stab..
>
> McLean Budden
> Jarislowky Fraser
> Russell Investments
> Fidelity Investment
> Putnam
> Manulife Investment Managers
>
> Those would be my guesses, obviously there are
> more, if I list it all them it won’t be a guess.
>
> I can tell you exaclty how much they make. The
> Salary range should be 55k- 70k with a small
> amount of bonus.
>
> This is for sure cause I work in the industry and
> have gotten offers as CSAs in different IM firms.
>
> The guy who wrote 140k is obviously dreaming and
> don’t belong in the industry, the guy who wrote
> 35-40k is obviously working at a backoffice job
> and don’t belong in the industry either.
>
> Lastly, the guy who wrote that CFA Level 1 2 or 3
> is irrelevant is so wrong that he should just get
> his CA/CPA and do accounting. The fact is CFA
> matters, especially after Level 3 where you will
> learn about Performance Measure and also GIPS.
> Majority of the investment management firms if not
> all in Toronto are now GIPS compliance and as a
> CSA you will have to know what that is and how to
> relay that between clients and also Investment
> consulting firms which accounts for most of the
> new business. As listed above in your job
> description (Complete requests for proposals )..
> I will be the person sending you those
> proposals!!! So I know what they ask for and you
> better have your CFA.
So he needs to study 3 levels to learn GIPS for this job ? Is this some kind of joke ?
 
whystudy - i don’t think the job is quite as glorious as you make it out to be. In fact, a CA designation may lead to better things. Not a bad suggestion. I’m pretty sure my dog could learn GIPS and he is not a CFA charterholder.
 
Thanks for the info. The listing mentioned preference to CFA candidates, but the charter isn’t a requirement as far I can see.
They are asking for salary expectations in the cover letter, which makes it more awkward. Should I just state like 50k minimum or a range?
 
bhill020 Wrote:
——————————————————-
> whystudy - i don’t think the job is quite as
> glorious as you make it out to be. In fact, a CA
> designation may lead to better things. Not a bad
> suggestion. I’m pretty sure my dog could learn
> GIPS and he is not a CFA charterholder.
I actually never said the job was glamourous, however you do deal with a lot of people from the institutional industry, including Investment Consulting Consultants and Pensions clients. So the CFA would definitely be an advantage. Second, a CA won’t be better unforunately if you are taking about investment and finance. CA won’t even learn about GIPS and what seg funds, different asset classes etc. and those are basic things.
i guess if your thought of leading to something better is auditing work, which a snail can even do and learn, it certainly doesn’t beat your dog in learning GIPS.
 
bhill020 Wrote:
——————————————————-
> whystudy - i don’t think the job is quite as
> glorious as you make it out to be. In fact, a CA
> designation may lead to better things. Not a bad
> suggestion. I’m pretty sure my dog could learn
> GIPS and he is not a CFA charterholder.
I bet US$1M that you can’t teach your dog to learn GIPS. Put your money where your mouth is man.
 
Isura Wrote:
——————————————————-
> Thanks for the info. The listing mentioned
> preference to CFA candidates, but the charter
> isn’t a requirement as far I can see.
>
> They are asking for salary expectations in the
> cover letter, which makes it more awkward. Should
> I just state like 50k minimum or a range?
Just state 55k to 65 to be safe, remember first year staff accountants at an auditing firms already make like 50k, and they haven’t even written any exams yet; not to mention all they do is tick and tie with out understanding anything (contrary to what bhill020 has stated).
what kind of experience do you have and which level are you doing right now?
the usually want someone with atleast a level 1.
 
I passed level 1. I have undergrad in Engineering and Master level courses in math. Only work experience is teaching assistant and summer internships (scholarships). I can PM you my resume if you need more info.
 
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