PJT Base now 120. Other EBs to follow ?
Pretty much title. Just saw on litquidity that PJT raised base to 120 and I’m curious if the other EBs that aren’t at 120 will be raising too. Thoughts?
Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
June 30, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
Evercore already had 120k base
Thoughts on Associate 250k base for all years? Can anyone verify?
Why would it be 250k all years?
thats literally above JPM even for an Assc 3 lol who cares if its all years, id imagine they're just trying to incentivize Associates not to dip out to PE.
250 for aso across the board is insane. My EB better follow with something similar or i’ll be looking to lateral
Deleted -- misunderstood
Why EBs pay much? Even like BBs...
Anyone have an idea on when this could trickle down to EMEA? And how much?
Raised it to £80k for AN1
And AN3 should £105k
Just my two cents but it really doesn't matter what the base is at the EBs; the total all-in comp is the figure to look at given the majority of your pay will be in the bonus. E.g. this year, well-performing associate 1s (in NYC) across the street made $450+ at the EBs... Comp will always go up over time, but I don't expect this to change drastically even with the base increase - it just means less of your pay will be in a bonus form
What dude?
1. More guaranteed money
2. More biweekly cash flow
3. Less taxes
1. Trust me if you're a bad analyst at an EB you are not "guaranteed" anything. If anything, with a (marginally) "higher" base, there's more reason to terminate you earlier if you consistently underperform. I understand BBs may treat analysts with more latitude given they're literally cannon fodder
2. I think base for first year analysts were increased from $110 to $120. That's a $10K annual difference, at a 30% (generous) marginal tax withholding rate, spread over 12 months, which is an extra $583 in your pocket every month - if that's life changing while you're working this job then I think there are bigger problems with your budgeting
3. What this point doesn't make any sense. Higher pay = less taxes?
1. Salaries are inherently guaranteed. Bonuses are discretionary.
2. I was talking about associates. 175 to 250 is substantially increased cash flow.
3. Bonuses are less take home pay (i.e. my last bonus take home was ~53% vs ~67% for my biweekly). You save money if it is transferred to regular income vs. supplemental income
FYI - not gonna respond again, but feel free to continue the convo with yourself. Hard to believe you work in the industry.
When you file your taxes, it all just counts as income nothing distinguishing the bonus from salary.
Hubris
Are you fuckin retarded bro? Bonuses aren't taxed at a higher rate than base comp. Its one overall blended tax rate for your gross. The higher tax withheld on your bonus comes back on your tax return. It's astounding how confident you are while being this retarded
Hard to believe you work in any finance role at all considering you don't understand how income taxes work
Bonuses are not taxed higher than salary…… they take more up front but you get it back when you file your tax return.
How much do bonuses differ from EB to BB at the junior levels (Analyst and Aso)?
At the Associate level it can be $100k+. Average ASO1 TC for 2021 was ~450k+ at top EBs vs. 300-350k at BBs ex-GS. MS/ Citi paid lower, high 200s on average
Taxes, etc mentioned elsewhere are semantics.
2 reasons I (slightly) disagree
Completely agree that TC is the metric and that's what everyone should pay attention to, but increased guaranteed comp is always good (just look at NFL contract negotiations).
.
Do interns get a pro-rata salary bump too?
At PJT. I hope you guys do. Evercore got one last time. I think contact HR to get details
Can you confirm Associates are making $250k across all years?
I would think it's better to just wait until they tell you instead of reaching out to them
Gonna guess you'll get 225, which is stub year associate salary
Pjt just catching up with the rest of the EB pack. Pretty much all EB AN1 is at 120k
PWP still lacking
Maybe but they’re the only bank paying associates $250k
I think this is a big takeaway - seems to be shifting focus to associate retention, while just staying on par for analysts. I've heard PJT analysts this past cycle did absolutely incredible in PE recruiting, so perhaps they're hoping to leverage that + paying roughly what other EBs make, while really going above and beyond to get/retain good associates to lead working teams.
In total comp? That seems like the norm
Centerview has been at 130. Evercore has also been at 120 for a while.
What are Lazard and Moelis at?
Moelis 110k
In a different thread, someone posted Lazard bumping up AN1 to 120 this summer.
Lazard is 120
Yep Lazard at 120
Damn only 120?
Anyone think other EBs plan on matching at the associate level?
Anyone have the screenshot from litquidity?
Does anyone know or think that Moelis or PWP will bump it up? My friends there say they get large bonuses so it doesn’t really matter, but would be interesting to see if there is another wave
Agree with the post above - focus is shifting to retaining the best as associates, analyst comp is just in line with EVR and CVP. Assuming a 100% bonus for ASO1s and the typical 100k step between years; 500k, 600k and 700k is within reason for Aso 1, 2s and 3s
Might be a bit premature to think bonuses will stay at 100%. At least this year I'm not expecting more than 400k TC. I think 500k would be the absolute upside.
$400k for ASO 1? Which bank are you at?
I would be very surprised if bonuses are that high.
Really hoping that the other boutiques match the associate base (or move closer to it). Wouldn't be surprised if they don't....
Lose out a couple recruits or laterals to PJT and the pressure will build
Think there will really be that much of a need
How easy is it to move from BB to EB from analyst to associate? The difference in pay is outright crazy for doing the same job and I'm not that interested in buyside.
Honestly pretty easy (even in your first few associate years) - just do a little bit of networking, have group preferences, etc. Hopefully you'd have someone you know at the EB in question that can just get you in the process
Pretty much the same as moving to any bank, it’s easy if you have closed deals under your belt and can crank through a model test. One complication may be if you go from a bank with a 2 year analyst program to one with a 3 year program. I have no idea if an As0 2 years out of undergrad will be treated like an As0 or An3
Does anyone have proof of 250 asso base (screenshot)? Want to pass along to my EB
Posted by Lit a few days ago, confirmed with multiple people at the firm
DM Lit for it or maybe ask Mark Moran
Is mark moran actually liquidity? Guy has a super strange linkedin profile
Any chance too MMS like Blair increase?
Smh people on this forum. Blair ain’t competing with PJT
WB is private, so that might help. Though PJT probably has a markedly higher revenue to headcount ratio.
With Blair marketing themselves at an EB I think this puts pressure on them to raise
I’m not expecting $250k but wonder if banks will bump to $200k. There’s been ~10% inflation since the last $25k bump.
Associate 1 at another EB (EVR/CVP/PWP). I'd be pumped if my bank saw this and even considered 225k for A1.
Does Associate 1 in this context mean 2021 MBA grad or 2022 MBA grad?
2022
is greenhill still at 110k
Curious as well!
HL RX is till at 105k
my guess is that will bump with return offers, the recruiting cycle for next summer is over so little incentive rn
Anyone know how many Associates PJT hires per class? Do they mostly rely on MBA hiring or is it A2As?
0 A2As for RSSG, everyone comes through MBAs. I've heard that strategic advisory has A2As but cant confirm
Can confirm that strategic advisory has A2A
FT Partners base $140k, ~$250k all in though
Has anyone externally been notified yet?
Hyped for a second and realized it's all inflation adjusted numbers
Have any other banks responded to this yet?
Wonder if they even know about it. Is someone at each of EVR, MOE, LAZ, PWP looking for this kind of info? I only saw it on litquidity
I’m sure they do. They probably follow litquidity as well. I know my firm does.
The reality is that PJT is really too small for it to matter much, plus a whole sale increase of that magnitude (average of 50k/associate) would be material to larger firms. Centerview has always overpaid and no one chases them because they only hire under 10 associates per year. PJT is similar.
Business insider posted an article saying LAZ was bumped to 120
Any news or push on PWP?
Sheesh, as someone going into MBB (base=100, bonus=20%) at times I feel like I should've just went with IB for a much higher pay. MBB hours suck anyways so might as well jump from 60 --> 75/week and take the pay bump
You've clearly never worked 75 hours a week over a long period. That incremental 15 hours a week for an entire year is not worth the extra 20k in base + bonus difference. Be happy you're at MBB, grass isn't greener.
I know I never worked a 75-hour week before; I'm not saying I want to do IB, but I'm saying at times I feel like I should have.
I get that, but my friends at EB's are clearing 200k entry level, while MBB entry pay is 100k + 20k performance bonus. I get that the hours are much worse but there gets to a point where the difference in pay gets big enough to somewhat justify.
Any chance other firms give a bump? After todays CPI print our raises from last year are about gone.
GS Aso1 still at 150k for A2As for fucks sake
At ut aut consequatur tenetur eaque ex. Necessitatibus excepturi ut debitis voluptas. Nihil ipsa fuga at ut nostrum et.
Suscipit ut quaerat quasi. Distinctio asperiores aut unde nihil qui dolores autem. Quod animi eos repudiandae cum recusandae libero. In quas sit repellat tempore ut veniam eum vitae. Aut dolor voluptas quis iusto.
Quisquam molestiae deserunt aut necessitatibus odio dolor labore. Ad eum nesciunt voluptates voluptatem officia repellendus nisi. In velit optio ab et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Atque dolores ea iure temporibus ratione. Atque est modi fugit nobis. Est cum est quae iure ex repellendus et. Est quae vitae reiciendis fugit.
Enim est libero sit temporibus. Eaque nisi quis provident soluta dicta asperiores. Aut a assumenda suscipit quam soluta. Aliquam dolorum autem vitae ipsam qui. Unde illo qui quia voluptas aliquam.
Expedita quod animi corrupti odit. Deserunt nemo sequi accusamus magnam. Amet sed ut dicta minus suscipit. Velit est et aliquam suscipit nihil optio.
Provident vero laborum laboriosam inventore et. Voluptatum ut omnis ut minima iste dicta alias iste. Officiis eius architecto recusandae architecto sunt.
Qui doloribus deleniti cumque sunt. Eum ea incidunt pariatur assumenda. Et provident enim doloribus.