Salary Expectation

niks_13

Hi everyone,

Just wanted to see if someone can help me figure out what salary / package to expect based on the following information.

1. 6 Years of work experience in USA as a Sr Analyst / Project Manager, primarily working for Investment Banks (in the IT industry). Currently working for one in US.

2. Masters degree from a top school in Management / Systems from US.

Now, I have been offered the role of a Project Manager for one of the top Investment Banks in Mumbai, India. The role / responsibilities are good, and I will be dealing primarily with front-office cash trading business (traders / business managers). Will be managing a small team as well.

Now, I haven't worked in India ever - what kind of salary should I be expecting them to quote for this job? Any perks that they might offer (housing / car allowance etc)?

Any help would be much appreciated...If you need any other information, I am willing to provide that as well.

arunganpath

From whatever you have given, I understand you have 6 years of experience..

Kindly let me know if you are a US Citizen or an Indian worked / studied in US. There would a difference in package if you are an expat.

Indizen

In these times of recession, just take it or leave it, because the firm may not be too generous.

Raghu.Kumar

Hi Niks,

We can work backwards here. If you can share what the firm has offered you along with the perks, then may be we can tell you if you have got the right deal.

In Mumbai, housing and local transport are major challenges that one could face. The steep rentals and Security deposits and the distance between the residence and the office is what I meant.

In this time of recession most companies are cutting costs and are reducing expat benefits for new expats and you should consider yourself lucky if you get a full blown expat package that includes liberal benefits.

Cheers, Raghu

__________________
S.Raghu Kumar
sahana_kumar@yahoo.com

rvcielbleu

I agree with Raghu.Kumar - why dont you check you what they have to offer and some of the people here will be able to give you inputs on that. In large investment banks, the fixed package for such positions (i.e. non-customer facing positions) are usually in a narrow range and there is not too much room to negotiate. Where you will have some play is on the variable portion (stock, bonus etc.) where the best approach is let the other party make the first move. Also the one thing to push for is to have some housing support included in your fixed comp - as in many other large cities internationally, rents are high and many owners want a combination of a deposit and a monthly rental. Banks are not averse to putting up the deposit on your behalf and costing it in the fixed comp. This is a big help as housing in Bombay can be difficult and expensive.
rvcielbleu

Blueline

I would suggest you to visit www.shine.com, this is job portal of Hindustan Times.Go to salary benchmark/salary tool section,key in the requisite fields and you will get your median salary--which can be a good benchmark for you.


Cheers!!

__________________
Regards,

Blue line-lifeline of Delhi


The World is a book, and those who do not travel read only a page.

- St. Augustine

imemyselfindian

Rough thumb rule is years of experience x 1.5 times in INR. Based on your profile the package offered to you would be in the region of about 10 lakhs. Whether that’s enough in Mumbai is another thread, another discussion as that would depend on a number of factors
Not to put you off, but unless there are some niche skills/ experience that you bring to the table, competition would be quite tough for an analyst/ project manager position as these skill sets are available aplenty in the financial services domain in India and would affect your bargaining position with the company
Most of the companies have done away with perqs but you can work with them to ensure that the composition is such that tax benefits are maximized.
All the best

niks_13

Yes, 6 years of total working experience. I am an Indian citizen who has studied in US, and am now working in US (I have never worked in India before), and *hoping* to come back.

Thanks.

niks_13

Actually, I haven't been offered a deal yet, so I was trying to find out what to expect in the first place so that I know if I am being short changed or if there is a scope of negotiation. Once I do get an offer, I will update this thread with it.

The thing is, I am currently working at a well paid job in US, and while there are a few reason I would want to move to India (closer to family, being in the Asian market, raising a future family etc), I don't want to end up behind, both in terms of career and compensation.

niks_13

Hmm...in that case, someone just out of school would get ... zilch? I don't know the details, but going by your benchmark, someone with an engineering degree and 1 years of experience would need to survive on 1.5 lakh/year? That's Rs 10,000/month, which, forget Mumbai, would be hard to survive anywhere in India. High School graduates working at BPO firms get more than that...

I do bring substantial niche skills, which I am hoping will be my negotiating weapon...oh well, I will update this thread once I get an actual offer

Boston123

Could he be meaning Rs 10 Lakhs per month ??

Brisso

100,000 a month I think.

niks_13

If nothing else, that brought a big grin to my face.
10 Lakh / month = 1.2 crores / year = $250,000 USD / year ... If this is what they offer me (yea , right!), I will leave US tomorrow.

AwayFromHome

I think you know that's not anywhere to being realistic.
Like your sense of humor!

As an ex-pat, though with 20 years experience, a wild stab at what you may expect: Rs. 50- 70,000 per month.
But, that's just a guess based on what I am paying my employees in Gurgaon with similar experience.

daBrat

Hey Niks

I made the same transition last september pretty much for the same reason... closer to family. I did my masters there and worked there for 3 years before i moved back. My total compensation was ~ 13L / year which included all the fixed and the performance based components. I would say you should expect no less than 16L for 6 years of exp there. Oh and one more thing, mine was in supply chain but if you are IT related then it might go down a bit coz you have too much of IT resources already ...

Thanks
B