Poor Salaries at Oppenheimer & Co. in NYC
Have a close friend who is a 1st year analyst at Oppenheimer working in coverage and after hearing out their struggles I had to share the conditions. We're in a tough market, but .....
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1st yr analysts at $90k base (+$10 every yr thereafter - a 3rd year would be at $110???)
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1st yr associates $150k base (+$10 every yr thereafter - other banks $175, $200, $225 - $50k or 30%+ differential for 3rd yr asso. compared to competitors???)
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The firm does not 401K match (???)
At that point, unless the firm is paying 30-40% higher bonuses every year (they're not) someone who joined the firm for three years (for example) would exit significantly financially worse off than their peers at competitors - not to mention the difficulty affording NYC at $90/100k (good luck finding an apartment under $2,600/mo. which is already half of your paycheck). If not the money, why would someone work even 60 hours a week let alone 70-80+ (sure, the experience but...)?
Not worth it IMO - firm is going to struggle with those economics and God only knows what it looks like at the VP level.... Hope this might help some in college deciding where to focus their efforts to not end up like my friend....
Also please refrain from "yOu DoN't hAvE to LiVe iN tHe wEsT viLlaGe" - if you're working in a "leading industry" you shouldn't have to worry so much about where you live.
You don’t have to live in the west village.
Or work at Oppenheimer, sheesh
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The street that pays 110K base no signing bonus
So Opco is 10k below street for base but compensates with a bigger bonus. What's the difference in the end?
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Looking at the salary databases that WSO and Litquidity collected, it does seem like their mid-bucket bonus last year was 85K, which puts them above street in terms of total compensation? I don’t know how that moves the needles for analysts. I’d probably prefer a higher base and lower all-in, but to each his own.
Let's compare to a Mid-Tier BB since the guy above wants to talk about something he does not know.
Mid-Tier BB: Base 110k plus 45k bonus = $155k
Oppenheimer: Base 90k plus 85k bonus = 175k
lol
I can’t tell if you’re arguing against me but most MM banks have a higher TC for their analysts than BBs. My friends at HW and MoCo made much more than me when I was a AN1, so that figure doesn’t really seem that off to me.
Lateral to Barbie instead
What a bizarre post. Considering higher bonus it all nets out in line or slightly below Street, similar to other MM banks. Oppenheimer is not crushing it anyway so not like you would expect them to lead in comp. If you’re an analyst making 90 or 100k base you will be just fine…
OP got rejected from the firm even though his "friend" works there.
What about in public finance?
Why’s the expectation so high for Oppenheimer? They do mostly <$300mm EV deals - often much smaller, typically founder owned.
You could say their salaries are really... bombing
Use me as a cringe button
London is starving man. They got guys in NYC earning above London street comp complaining that IB isn't even worth it at that level.
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