A2A - Direct Promote Benefits/Bonus/Etc.

Trying to understand what the standard practice is across the street (BB/MM/EB) regarding the A2A promote in terms of signing bonus, time off, promotion timing (2.5 yrs vs. 3 vs. 3.5), and pay bump timing. Have heard a few conflicting accounts within my own firm and others so trying to get some additional data points.

Found a few older threads on the topic but wanted to try and get some updated info given the changes that have taken place regarding promotions over the past couple of years.

Thanks for the help.

 

Standard at BB's is 2-3 years (some analysts are accelerated after two-years, some are extended the offer after their third year, Barclays is 2.5 years, GS is an exception given their new program).

Bump in base from $90k / $95k (2nd / 3rd year BB base) to $125k. Mandatory time off (2-4 weeks). Believe there is a signing bonus, but don't know the amount -- if helpful, MBA associates receive sign-on bonuses of ~$50-60k.

 

From what I know - at least here in the UK:

JPM/BAML are three year programs on the summer bonus schedule.

MS/CS are three years on a winter schedule - not 100% sure on this.

UBS/Citi/Barc/DB are 2.5 years with a winter bonus schedule; An1 is 6 months and the Associate position is now 4 years (Ass0 is a full year).

GS is now a two year program on the summer bonus schedule, analyst 2 base is the same as the former analyst 3 base.

Summer schedule banks give out sign-ons.. not sure on the others.

As for bases:

street is $85k > $90k > $95k > (promo - Ass0) $125k > $150k (Ass1) at BBs in the US

street is £50k > £55k > £60k > (promo - Ass0) £80k > £90k (Ass1) at BBs in the UK.

 

Hi ILikeCommercialRealEstate, just trying to help:

  • From Private Equity Associate to VP in Private Equity everything you need to know is right here. Private Equity Associate- What Do They Do? PE associates ... to Become a PE Associate Before we tell you anything else, understand that private equity recruiting ... hear about- total compensation. All in, an associate can expect to
  • What to expect from Real Estate PE Hi, I have an upcoming interview with a Real Estate Private Equity company in their operations ... firm. Can anyone tell me what I can expect to do day to day in Private Equity Ops? The description talks ... a really good way to get exposure to the PE business? Any feedback is greatly appreciated. pri
  • Real Estate Private Equity Interview I have an interview with a real estate private equity firm for an analyst position and I would ... like suggestions on how to prepare. I have three years of work experience in the real estate consulting ... transactional experience though. What else might they expect me to know? Coming from a consulting role, what ...
  • Carlyle Real Estate Associate Compensation Thanks in advance! <p class="h4 m-t-none">Real Estate Forum Resources</p><ul ... Questions</a></li><li><a href="https://www.wallstreetoasis.com/forums/private-equity ...
  • Real Estate Private Equity- First Job Hi everyone, I recently accepted a job working for a real estate private equity firm in the south ... coming in as a junior analyst and paid hourly to the equivalent of low to mid 40k per year. Going forward ... "atmosphere". Questions: 1.) The low pay caught me off guard. I didn't expect the pay to be hourly and so ...
  • Real Estate Private Equity- Hiring Hi all- this is just based on observation- but for some reason I am seeing a ton of real estate ... focused analyst / associate positions pop up in various buy side shops. Wondering if anyone has ... varied thoughts. Real Estate ...
  • Investment Banking to Private Equity- 6 Things You Should Know this capacity. They will be an analyst to the associate being groomed to function in this capacity. The ... autonomy I have as a PE associate that I didn't have as a IB analyst. Most people (even the top ... reasons stated above is why most PE shops recruit to hire IB analysts after the 2-3 year IB period. When ...
  • More suggestions...

Any pros willing to rescue this discussion? tomhooper apeon Anthony-Irwin

I hope those threads give you a bit more insight.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I have never heard of direct promote getting a signing bonus (not saying it doesn't happen, but I have never heard of it). As a matter of fact, pretty much every one I know that got a direct promote complained about kind of getting screwed vs. MBA hires as the stub bonus they get is way lower than what the new hire a getting (signing bonus + end of year stub bonus).

I thought non-compete / non-solicit weren't enforceable in California???

 
mtnmmnn:

I have never heard of direct promote getting a signing bonus (not saying it doesn't happen, but I have never heard of it). As a matter of fact, pretty much every one I know that got a direct promote complained about kind of getting screwed vs. MBA hires as the stub bonus they get is way lower than what the new hire a getting (signing bonus + end of year stub bonus).

I thought non-compete / non-solicit weren't enforceable in California???

I'm based in SF, and have heard this word for word.

 

Analysts at my bank collectively talked management into signing bonuses for A2A promotes, but it took a while, many people, and did not exist for a while. Be careful how you approach it, but essentially their case was "you're taking someone who has proven over 2 or 3 years that they produce high caliber work, and are choosing to pay people who have not really proven that they can cut it much more."

RunFromIt:

Signing bonus is typically a "relocation bonus" to help you manage your expenses and moving. You're not moving.

I would not consider an IB Associate signing bonus to be a "relocation bonus"... Way bigger than any relocation bonus I've heard of.

MM IB -> Corporate Development -> Strategic Finance
 

It happens yes, in London at least. I have heard of several people who were promoted after only 2 years, at different banks, BB and MM. The promotion has more to do with you than the bank I would say, it depends on how you perform and if they judge you ready.

 
monkeyspells:

I'm not a 100% on this, but I think Citi's S&T program is Analyst to Associate in 2 years (and if you don't get the promotion then that's their way of asking you to pursue other opportunities).

Citi have 2 years of four six month rotations, then you join a final desk of your/ their choice for another six months and get promoted (typically).

 

Some firms have a reputation for doing it more than others, however I don't know how much truth there is to that.

It's definitely doable. I know people who have done it in 1 year, and 2 years is pretty common. It is not very desk dependent, as long as it is a trading desk. I think in sales doing super-fast promotions is less common.

The way it goes is candidates are proposed and there's a group that decides who gets promoted and who doesn't. It's more about having someone senior in the desk who will go bat for you, than the actual desk you are in, so if you have a senior MD who is Head of something relevant saying you should be promoted you probably will. It probably helps if there are no associates on the desk as well.

 
HarryMaxwell:
monkeyspells:

I'm not a 100% on this, but I think Citi's S&T program is Analyst to Associate in 2 years (and if you don't get the promotion then that's their way of asking you to pursue other opportunities).

Citi have 2 years of four six month rotations, then you join a final desk of your/ their choice for another six months and get promoted (typically).

This is incorrect for S&T at Citi. It's a 2 year program with 2 one year rotations. If you work hard and are smart and perform well, you should be in a good place to get an associate offer. Usually it's not a case of whether you are smart or not, it's more about getting "comfortable". Do NOT take your foot of the gas.... Ever.

Citi promotes roughly 60 percent.

 

Honestly, I think the biggest step is knowing what needs to be done with less hand holding. I assume an associate is capable of putting together and potentially running a deal while an analyst still needs a lot of direction. In general, I find titles in RE to be pretty meaningless though and I'm sure there are analyst out there who can take a deal through closing on their own.

If you can put together and articulate an investment memo, accurately model a deal, understand structure, and understand how a deal is documented I would say you have progressed beyond the analyst level. I'm sure others will have a different opinion.

 

Makes sense. Thanks, that helps a lot. I have exposure to just about every facet of our business but it will take more time to fully grasp and understand each. Most of the structure and financial modeling I do only needs minor tweaks by my director, but the unforeseen AM issues and transaction process will take more experiences before I'm fully comfortable.

 

Eum asperiores aut et nostrum eaque alias. Quae aut culpa magnam qui porro. Ab deserunt culpa magni provident et.

Impedit quas amet ut ex. Beatae ut nihil accusamus sunt est id. Architecto delectus laudantium nisi voluptatibus.

Repellendus animi quisquam veritatis sit similique impedit est. Porro maiores porro impedit maiores consequatur illum. Ipsam odit qui possimus ex rem rerum.

 

Omnis aut fugit quidem nesciunt magnam. Aut vitae autem consequatur repudiandae id natus. Corrupti nulla quia nobis veniam qui aliquid et.

Quas consequuntur quasi iusto eveniet. Nisi rerum nulla dolores ab expedita consequatur et. Animi voluptas qui harum consequuntur.

Fugiat sunt eos ea perspiciatis exercitationem aut sed. Ut eum consequatur qui rerum et non ullam. Hic dolores officia error quisquam. Est veniam ea velit consequuntur eum explicabo. Impedit qui debitis consequatur possimus corrupti nostrum.

 

Nobis temporibus nesciunt tempora necessitatibus similique atque reprehenderit. Distinctio vitae inventore consequatur excepturi dolores dolorum temporibus. Et cupiditate eaque ut voluptates eos nobis inventore. Esse aut et illo delectus dolores. Nisi amet totam adipisci temporibus placeat est. Eaque earum magni quis.

Qui doloremque dolores sed iure ipsum corporis. Autem corrupti officiis enim et aut qui omnis.

Saepe alias consequatur earum. Incidunt quo voluptatem distinctio adipisci. Molestias aliquid cum harum ducimus. Esse ad quia aut. Sit dolorem doloremque ipsam et autem tempore.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”