Associate #'s
I see many posts on analyst figures. I have an offer from a top 5 bank to come in as a first year associate. Can someone give me a sense of what (base and bonus) first year associates got last year? thanks a ton - appreciate the info.
stub or first full year?
that is, are they hiring you as an 06 or an 07?
Both stub and first full year.
they are hiring me as an '07 but depending on performance, told i could bump to '06. curious as to both figures.
does the base salary change by year as well as bonus?
Stub was $45 generally, based on an assumed 4 month tenure with your line unit. Generally, your firm will consider (stub + sign) x 3 plus base as your "calibrated" total comp.
Total comp for first full year ran generally $250-350 give or take a dollar or two.
Back in my days as an associate, there was about a 10k base step up each year, but that's changed and most firms have gone to flat base structures for all associate classes.
thanks. couple of follow up questions. what was the signing bonus (does every associate get one? - not clear for me as offer was quickly conveyed orally) And what is market associate base salary - now that there is a flat rate?
95 last year, I'd have to check whether we've bumped it for this year. I wouldn't be surprised by 105 or 110.
Sign-on is clearly a market ask. Another change since my day is that the sign now incorporates both the sign and relocation money without direct reimbursement. You'll have to pay taxes on "relo" amounts retained on gross funds, or file to reclaim withheld amounts paid for valid relo expenses.
regarding the signing - how much is it typically? i'll wait to see the offer letter before i ask about this. is this a point where it may reflect negatively on me if i were to ask should it absent in my offer letter?
95 was the base that was in my offer - so that appears to be in line with market.
thanks again for answering my many questions.
I'd have to check on that. I believe it's 40, but I could be mistaken.
Wait until you get your letter. If it's not there, politely ask about it. It's material enough to you, I'd think, to be worth asking. They won't pull your offer even if they don't want to give it to you. Personally, I doubt they'll omit it.
We take great pains to make the base comp "non-negotiable", so leaving it out only causes problems in the longer term. If 40k to sign you matters to your firm, they've got bigger problems.
Thanks again. In your experience, is the signing typically provided to the majority of associates? you mentioned that it is a market ask - but from your responses, i gather that it would be out of the ordinary for it not to be there. I'm taking a cut on the base pay from my current position and am just trying to figure out how to budget my year going forward, as I am very likely going to accept and am pretty excited to start.
i'm in the same boat...deciding between a couple of associate offers at two top 6 firms. are you coming from another BB firm or from a regional/2nd tier shop? are you already an associate taking a step-back in class (since you mentioned a cut in base salary)?
coming from top 3 consulting firm (2nd yr associate - corp finance practice). moving from sf to ny.
taking a step back in terms of title/base salary.
what is your situation? any advice?
i'm moving from a middle market shop to a BB (haven't decided which one yet)...so i'm in a little bit of a different situation. pretty relaxed on the comp issue, since i think both firms are offering decent packages. i think 40K signing is standard, as is 95K base. some banks will step up base pay each year, e.g. 95, 105, 110, 115, but you shouldn't really worry about that...the marginal differences are just really rounding errors at the end of the day when you consider total comp. the trick with moving into ib from consulting is to learn how to manage your cash flow, as i'd imagine your base in consulting makes up a significantly higher percentage of your total annual comp.
surprised you're moving from consulting to ib. are you gonna be in a product group or sector?
thanks for the info.
i'm moving to a BB in a sector group. i have the choice between a few different sectors.
base in consulting makes up a much higher portion of my comp (bonuses are not as high).
just curious - why is it surprising about the move from consulting?
a few of my friends who are at top 3 consulting firms look down on bankers...they don't view the work we do as particularly engaging/challenging/etc...and i think they're especially bitter about the comp gap between bankers/consultants. that said, i think consulting and banking appeal to two different types of people, so its not very common to see that many people cross over from one to the other.
have you decided on the bank you're joining (you mention multiple sector options)? also, did you go to school on the west coast?
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