Wage negotiation

Original post by Paulallenschow

So I've been offered a 12 month placement at a top asset manager, I know I'm not in a powerful position to negotiate but am I right in saying £20,000 per annum is low for london. Commuting will be expensive and the oppourtunty cost is waiting another year to complete degree, opinions please ?

You will not be able to negotiate, don't even try. There is almost no upside but huge downside. It will get you starting on bad terms. If you want a higher salary, then you need to find something else. £20,000 is extremely low for London but unfortunately it is the going rate for the majority of placement years. The graduate salary should be significantly higher than that so worth doing it, either for that, or for the experience that will lead to a much higher paying role.

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Reply 5

gr8wizard10

just accept you will have no disposable income

Reply 6

DarkMagic

I doubt there will be much room for negotiations, firms will have a set amount they pay to all their gap year students. It might increase between years but they are unlikely to give more to someone who asks.

Placement years are mostly about gaining experience in your field anyway, but £20,000 is still a really good salary. I've worked in places that don't even give that to graduates (although not in London).

Reply 7

gr8wizard10

Original post by DarkMagic

I doubt there will be much room for negotiations, firms will have a set amount they pay to all their gap year students. It might increase between years but they are unlikely to give more to someone who asks.

Placement years are mostly about gaining experience in your field anyway, but £20,000 is still a really good salary. I've worked in places that don't even give that to graduates (although not in London).

rent = 12k a year
travel = 2k a year
food = remainder

lol 20k in London is asking to use food shelters

Reply 8

Original post by gr8wizard10

rent = 12k a year
travel = 2k a year
food = remainder

lol 20k in London is asking to use food shelters

Really rent where I live in London is £120 a week including all bills
Total £6240

Food can be done for 20-40 a week £1560 a year

So that's 20k-7.8k

leaves £12200
2k for travel (sounds wrong but still)

Leaves 10,200 a year

Reply 9

Original post by gr8wizard10

rent = 12k a year
travel = 2k a year
food = remainder

lol 20k in London is asking to use food shelters

Where do you get 12k for rent from

Reply 10

Also 6k a year is ridiculously high just for food anyway

Reply 11

gr8wizard10

Original post by niteninja1

Also 6k a year is ridiculously high just for food anyway

pretty sure I spend 6k a month, with my accounts rate of depletion xD

Reply 12

verier

Original post by niteninja1

Really rent where I live in London is £120 a week including all bills
Total £6240

Food can be done for 20-40 a week £1560 a year

So that's 20k-7.8k

leaves £12200
2k for travel (sounds wrong but still)

Leaves 10,200 a year

Food £20pw??? What are you fed on? Noodle pots?

And 120pw will be either a horrible room or quite far from centre, that will cost you much more in commuting in time/money.

(edited 6 years ago)

Reply 13

Commercial Paper

Original post by niteninja1

Where do you get 12k for rent from

A quick look on Rightmove reveals a shithole (almost falling apart) one bedroom studio apartment in Zone 1 or 2 will set you back £10-12,000 per year in rent. A room will set you back about 20% less than this.

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Reply 14

Original post by verier

Food £20pw??? What are you fed on? Noodle pots?

And 120pw will be either a horrible room or quite far from centre, that will cost you much more in commuting in time/money.

No according to the uk average a single person spends £120 a month on food

Reply 15

Original post by Commercial Paper

A quick look on Rightmove reveals a shithole (almost falling apart) one bedroom studio apartment in Zone 1 or 2 will set you back £10-12,000 per year in rent. A room will set you back about 20% less than this.

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See nobody said it had to be central.
Also remember this is a student on placement

Reply 16

verier

Original post by niteninja1

No according to the uk average a single person spends £120 a month on food

120pm?? where you got that from?
£4 per day is impossible, even if you buy a sandwich from tesco, it will be £3
and ofcourse average vs london is huge difference

(edited 6 years ago)

Reply 17

Paulallenschow

OP

3

Job is in Canary Wharf, can commute via train about 45 mins journey, plus 20min drive to station. Cost of train works out to be £14-15 a day, car parking space is about £1500 a year, petrol £20 a week, after tax and living costs I will have virtually no disposable income left which kind of disincentives the year even if experience is good, then again would I want to work there after I graduate if the wage is so low? From what I've heard first year graduate is not much higher :frown:

Reply 18

verier