Not sure if there was a thread yet for 2021/2022 S&T comp points. I know a few banks got paid out. Few data points for when people put it:
Bank Type: BB/MM/etc
Desk:
Desk Performance:
Individual Bucket:
Base/Bonus for this year:
% upfront/deferred/stock:
New base for next year:
| +39 | Breakdown of Commodity Trading Houses | 7 | 2h | |
| +22 | Best macro desks | 7 | 1d | |
| +17 | Delta One Trading | 8 | 1d | |
| +14 | How Quantitative is Commodity Trading | 5 | 3d | |
| +13 | Lateraling from Trading to IB vs. IB to Trading | 4 | 5d | |
| +12 | Working in Switzerland for Non EU | 1 | 2d | |
| +11 | Loser on the trading floor - help please! | 3 | 6d | |
| +11 | 35% Pay Cut - S&T Exit Opportunity? | 1 | 1d | |
| +10 | Commodities tradehouse vs FX market making | 2 | 1d | |
| +9 | Commodity becoming more mainstream and impact of derrivatives | 2 | 1d |
Career Resources
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.
Also what your title was in 2021 (Analyst 1-3, Associate 1-3, VP 1-?, etc), and what your title will be in 2022!
What are the total comp ranges for each level after the recent raises?
Bump
Bump
Following
Updating with latest numbers!
Bank Type: European BB [CS/Barclays/DB/UBS]
Desk: FICC Financing
2021 Title: VP1
2021 Base: $180K
2021 Bonus / Total: $184.3K Bonus [$156.7K Cash, $27.6K Deferred] / $364.3K Total
2020 Title: Associate
2020 Base: $130K
2020 Bonus / Total: $143K Bonus [$110.3K Cash, $32.7mm Deferred] / $273K Total
Base is remaining at $180K for 2022 as a VP2. From what I heard, VPs at my BB did not get a raise, only Analysts and Associates did.
How many YOE?
7 total, 6 at time of being promoted to VP1
What would you say is the typical comp range for each level?
This is the latest I've seen on this forum, but I have no clue as to how the recent pay raises will impact the below. I believe we will only find that out once we see people posting their comp numbers here for the most recent year as banks start paying their bonuses.
Analyst: $135K-$175K
Associate: $200K-$300K
VP: $300K-$500K
Director: $500K-$750K
MD: $1MM-$3MM
Couple of questions
1. Sales, trading, research?
2. Is your deferred cash or stock? If cash what investment options do you have (we have 20 or so index funds we can invest in)? If stock, are you doing any options trading around it, and what are you doing once it vests? I don't do anything in terms of options, and sell the stock once it vests.
3. What is the vesting schedule on the deferred cash/stock? Ours is 3 years.
I'm a VP 2 on a FICC sales desk at a US BB, and wondering how our deferred situation compares to others.
1. So at my BB, within FICC, we have FICC S&T, FICC Financing, and FICC Structuring. I am within FICC Financing, which is a lending business as opposed to sales or trading. But our interns/analysts still do rotations across all of FICC - S&T, Financing, and Structuring. The other 2 parts of our IB are M&A/ECM/DCM and research.
2. Half cash, half stock. Regarding cash, I believe it is actual cash that would be deposited directly to my checking account, as opposed to cash that is required for me to invest in various invest index funds, etc. And our stock is restricted stock units of the company, instead of options. So I am compensated with $16.35K worth of my company's stock.
3. Our vesting schedule is 4 years.
Hope that helped! My question for you is what was your comp (base + bonus) when you were a VP1, and what is your base as VP2?
Could you clarify what the 2020 deferred bonus of $32.7mm means? sorry, new to this industry
Oh man, how I wish it was $32.7mm! So this $32.7K vests over 4 years, which means in 2022, 2023, 2024, and 2025, I will receive $8.2K each year ($4.1K of which is cash, and $4.1K of which is stock). Hope this clears it up.
Following
Note I am a FO quant with no direct p&l link
2014 / A0 / 70 + 25 stub
2015 / A1 / 90 + 55
2016 / A2 first half, Ao0 second half / 95 => 125 + 65
2017 / Ao1 / 140 + 70
2018 / Ao2 / 150 + 75
2019 / Ao3 / 160 + 85
2020 / VP1 / 175 + 125 (25% deferred)
2021 / VP2 / 200 + ???
I've actually seen you post on this forum before - looks like we are both Class of 2014! Out of curiosity, what's your educational background? I went to a target school (UMich Ross/NYU Stern/UVA McIntire/Berkeley Haas; undergrad only), majored in Finance, and am a CFA Charterholder
Math/comp sci + financial engineering masters. Both non target.
Your base wasn’t revised (increased like they did for IB) last year?
Nope.
Was yours?
Interesting, what type of work do you do as a FO quant? My only experience is with HF “quant”. Mostly asking because on the HF side I see the comp move a fair bit quicker (for 6-7 yrs more like 500+ all in, excluding the crazy outliers like those 400k entry level roles) and I’m wondering how transferable your skill set is and whether you’ve explored going the investment management/HF side.
Are you a quant dev?
quant dev is not FO mate
VP2 200 + 130, despite very good performance ratings. Not thrilled.
Did you get a raise in base salary for 2022 at least?
Associate 2
Base: 125k
Bonus: ~50k? got shit last year due to "COVID"
Gonna bounce anyways
where to?
tech, HF, another bank, etc
How was your performance ?
Be aware of trolls. They come back every year
“NYC, VP2. 50k base. 5k bonus. Company eliminated 401k match and requires us to now pay for our own office materials. They’ve announced they’re slashing the bottom 10% of desks each month from a PnL perspective. Quants blatantly point and laugh at us when we walk on the floor.”
NYC Equities, AN2 95k base 200k and change bonus. Direct PnL link. Promo to associate. Base to 125k
Damn that's pretty high. Mind if you share which desk? an incoming SnT intern here
Assume that massive bonus was because of the PnL link? Are you running your own book as an AN2? Is this crypto
Own book. Not crypto.
Interesting post.
When do banks typically pay bonuses? Is WF the only bank paying out in February?
The Thursday/Friday before MLK weekend break
Really? Thought it was the last Friday of Jan. maybe euro vs US banks?
At a US BB, our bonus was historically anounced within a week after earnings release and paid out the week after. Usually before Feb
Citi has announced on earnings day the last few years, but earnings are early this year. So, if earnings day holds Jan 14 but I am more expecting Jan 18.
Think you find out Friday FYI
No. Earnings come out Friday, numbers are solidified over the weekend and MDs are free to release on the 18th. Payout is usually the last paycheck of January or they'll do a special run on the last day of January - it has varied in recent years.
GS announcing on Jan 24th and will be paid out same week
Updated: Jan 19th not the 24th
That’s quite late for GS. What’s your info source?
I work there
Bank Type: US BB
Desk: Equity derivs
Started in 2014 with same comp to the VP above for analyst years (mid bucket) so copying the format
2014 / A0 / 70 + 25 stub
2015 / A1 / 90 + 55
2016 / A2 first half, Ao0 second half / 95 => 125 + 65
2017 / Ao1 / 140 + 110 = 250
2018 / Ao2 / 150 + 170 = 320
2019 / Ao3 / 160 + 240 = 400
2020 / VP1 / 175 + 400 = 575
2021 / VP2 / 200 + ???
Sales or trading? Are you on the high end or is this a normal progression?
Trading. Slight above average in comp as I know FI traders get paid more at my bank
From prop house perspective:
Bank Type: T1 Prop (DRW/Jane Street/Citadel)
Desk: FICC Options
Desk Performance: Slightly down YoY
Individual Bucket: Middle
Base/Bonus for this year: 150k base / 200k bonus
% upfront/deferred/stock: 100% upfront
New base for next year: 150k
how many years of experience do you have (in total and at this firm)?
5yrs in total 2 at current firm
.
What’s everyone expectation on % increase from last year?
Follow
Boutique
Equities (trade privates and cash s/trading)
MD1
$1.7M - 100% cash
I’m 100% payout so not a direct comp to many of you from a structure perspective.
Are you at prop or more like boutique S&T?
Boutique
What percentage of your revenue do you take home? I know a fair share of commission based guys in the fixed income space but generally ranges from 25-40% depending on the firm/business mix but don't much about the equities.
Privates = 50%
S/trading = 30%
anyone have color on macro strategist comp? either EMFX or G10FX?
Bank Type: US BB
Desk: FICC
Ao1 / 160 + 135 = 295
Partial bonus is deferred
Is that normal or was it an up year? Which bucket?
I guess it’s medium to upper bucket.
What product within FICC? Sales or trading?
Trading
trading
Were you an associate 1 last year or did you just become an associate 1?
I see it asked below, but also curious as to sales or trading?
VP - promoted to director
Tier1 BB
Equity Exotics
Total 800k$ Base ~190k$ Bonus 610k$ (500 cash, rest deferred)
New director Base ~270k$
Wow. Sales or trading? Was this a blowout year or is this a pretty normal number?
Trading. Good year and my book is one of the best performing. "Random okey VP" pay is 400-550k would say.
For equity derivs, are you single stock or index?
Nice, I guess they get to keep you for another year :)
With that comp, I'm assuming you are a material risk taker. Did MRT remove the 2x bonus cap, or have you never had any cap? (thought only MDs could get "unlimited" bonus)
Also, are you in NYC? If not, did you use spot FX to convert?
BB
VP1 FICC Trading
Desk solid year, but not as good as last year. Personally very good year
Base: 175k -> 250k
Bonus: 250k
Just to confirm, your base was 175K as VP1 in 2021? And banks have now bumped up VP base to 250K for S&T in 2022?
Was promoted last year to VP, so this was first year as VP. But yes my base got raised from 175 to 250.
did assoc/VP BB base comp increase in S&T?
Traditional base was:
A1, A2, A3, VP1
125, 140, 160, 175
2021 numbers, was promoted to associate about 6 months ago, summer 2021.
Bank type: MM
Desk:Corporate fx sales
Desk performance: middle
Individual bucket: middle
Base for 2021: 95k > 125k (A3 > Ao0)
Bonus for 2021: 65k (A3)
New base for next year aka 2022: first full year as associate (Ao1) looks to be around 140-150k
Looks to be around 140-150k? Did they make you solve a puzzle or something to figure out your salary? Usually they will tell you in the meeting.
Meeting is next week, thats why im posting last yrs numbers
delete
Generally what desks would have the highest comp or comp potential?
In general- less liquidity=more comp. FICC will most likely pay more than equities
What about exotics within equities
ficc trading, An1 base 90k, bonus 90k. Top bucket, good desk performance.
BB
Assoc 2->3
100k bonus
Base raises across banks it seems
What’s typical % share of desk revenue that MDs to VPs get?
FICC at a BB - sales
A3 promoted to VP this year
160k base (increased to 200k for the coming yr), 110k bonus / 25% stock
Never been given a “bucket” but reviews were very positive all yr
Equities
Ao1 -> Ao2
Base previous year: 140K
New base: 160K
Bonus: 60k
Additional stock deferred: ~8k ish (over 3 years)
Like above, never given a bucket but reviews were very positive all year. Eh...
Sales or trading?
Neither, more on tech/product/data side. I am not tied to direct PnL.
It looks like in europe we're still far behind those salaries in the US.
Bank Type: Large EU bank former BB
Desk: Structured Credit
Desk Performance: good
Base/Bonus for this year: was analyst 2 got 60k base + 40pc bonus
New base for next year: 75
FICC - Trading
Middle Tier Bank
AN2 -> AN3
Previous year base: 90
New base: 110
Bonus: 70, all cash
positive reviews at year end review, so I'm assuming I got top bucket pay
Analyst, got third year offer at BB. $90k base, bumped to $110 starting in July. Bonus $75k cash.
Facilis a fugit placeat nulla fugit mollitia. Culpa eaque pariatur et rerum ut.
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...
Ut sed unde ut eos. Adipisci dolorem fuga omnis. Officiis facilis minima ad ut corrupti aut eos. At et repellendus quam tempore nihil sunt recusandae consectetur.
Ut atque consequatur necessitatibus occaecati et rerum voluptatibus. Consectetur sit fuga repellat sint id rerum. Nobis soluta maiores omnis. Velit ut eum praesentium.
Sit mollitia itaque et sed pariatur. Molestiae consequatur sed eaque est ea minima. Qui consequatur nihil ut magni modi quidem voluptatem.
Quod quia maxime neque quas nesciunt. Aliquam corrupti ducimus error aut sequi quam unde. Ut ullam praesentium quod suscipit temporibus aut corrupti. Qui ab mollitia voluptas natus sunt temporibus deserunt. Rerum ea aliquam temporibus quo eveniet esse placeat. A velit fuga quia distinctio. Consectetur quisquam perspiciatis at et aut velit.
Excepturi cumque molestias quasi non eveniet iusto. Suscipit rerum velit ex.
Vel impedit commodi alias. Dolores culpa consequatur quod facere ut rerum. Modi omnis explicabo rerum consequuntur. Qui vero similique earum amet et laboriosam et.
Fugiat sunt perferendis et tenetur odit qui. Est fugit fugit quae ipsum ea officiis non. Quia et facilis esse ipsa. Perferendis rerum est omnis reiciendis officiis.