BB Analyst Signing Bonuses

Are these typically made available upon signing (as the name would suggest) or after your start date? I recently signed on for a bb ibd analyst gig but the offer letter says the signing bonus is paid within 30 days of the start date which is a bummer since that wont be until July/August 2011. Honestly, I would really like those funds for senior year discretionary spending (AC BABY), apartment hunt come spring, wardrobe makeover (nicer suits needed), and savings (gotta put that cash to work for me man). In short, 10k means a ton more to me now as a poor college student then it will come next year when I have a stable income.

Wanted to hear if this is the case at other BB's and whether they usually have any flexibility on this....I dont see why they would care/do it this way - isnt the purpose to help financially smooth over the transition itself?

 

Some promise to pay within 90 days of signing you.

Just got an email yesterday saying my check is "in the mail," although I'll believe that only when I have it in my hands.

Also, apparently, they are not withholding taxes on the amount. The memo they sent said that they will report the amount of my bonus incrementally on my paycheck once I start working. That way, I'll be paying the taxes over a number of weeks then instead of all at once now. HR is Brilliant.

 
Best Response

This probably isn't going to add any value to this topic, but why do people sign offers and then do research? Unless you are offered a position on the spot and it's a "make the decision now" situation, you guys are only potentially hurting yourselves.

I realize that getting an offer is exciting, trust me, I spent a year unemployed before I found a PE gig that was a perfect fit, but I had them draw up the papers and email me the contract instead of accepting their offer over the beers we were drinking. WSO is a great resource, for those of you that have offers pending, come ask questions. If you need the money upfront then negotiate that. Let HR, or whoever, know that you are not in a position to front the money to make the move and that you would like to see if you can structure the payment for the sign-on bonus prior to your start date.

Maybe some others have differing opinions or more experience and can weigh in.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 
cphbravo96:
This probably isn't going to add any value to this topic, but why do people sign offers and then do research? Unless you are offered a position on the spot and it's a "make the decision now" situation, you guys are only potentially hurting yourselves.

I realize that getting an offer is exciting, trust me, I spent a year unemployed before I found a PE gig that was a perfect fit, but I had them draw up the papers and email me the contract instead of accepting their offer over the beers we were drinking. WSO is a great resource, for those of you that have offers pending, come ask questions. If you need the money upfront then negotiate that. Let HR, or whoever, know that you are not in a position to front the money to make the move and that you would like to see if you can structure the payment for the sign-on bonus prior to your start date.

Maybe some others have differing opinions or more experience and can weigh in.

Regards

LOL HR is not going to make an exception for us. We are 1/50 analysts out our BBs and there's plenty of other kids who will take the sign on after 30 days of joining.

 
bulge4lyf:
cphbravo96:
This probably isn't going to add any value to this topic, but why do people sign offers and then do research? Unless you are offered a position on the spot and it's a "make the decision now" situation, you guys are only potentially hurting yourselves.

I realize that getting an offer is exciting, trust me, I spent a year unemployed before I found a PE gig that was a perfect fit, but I had them draw up the papers and email me the contract instead of accepting their offer over the beers we were drinking. WSO is a great resource, for those of you that have offers pending, come ask questions. If you need the money upfront then negotiate that. Let HR, or whoever, know that you are not in a position to front the money to make the move and that you would like to see if you can structure the payment for the sign-on bonus prior to your start date.

Maybe some others have differing opinions or more experience and can weigh in.

Regards

LOL HR is not going to make an exception for us. We are 1/50 analysts out our BBs and there's plenty of other kids who will take the sign on after 30 days of joining.

Truthfully I haven't been in a similar situation, so I am kind of talking about of my ass, but I doubt that HR would hire someone else so they don't have to pay out a predetermined amount of money 2 months early. You will be bound by the same contract, which likely states that you have to return the bonus if you don't stay for a full year, so it isn't like you are negotiating to get paid $20k vs. accepting the $10k that was offered.

I do see your point however, that you are one of many people willing to take the position but it seems to me, if they spent the time and money to give you an offer (not that you are particularly special) that they would alter a date that really wouldn't impact the contract materially. Good luck, it's always a risk.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 
afalcon10:
yeah - analyst offers are FAR from negotiable. as I have said many times, we are easily - replaceable commodities.

Yeah, I realize that...I just don't think the terms are changing materially, so there is little reason in my mind for HR to blacklist you from WS. But, like I said, it's a risk and one that I probably wouldn't be able to take/make, especially if the motivation was so I could party my senior year.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 
cphbravo96:
afalcon10:
yeah - analyst offers are FAR from negotiable. as I have said many times, we are easily - replaceable commodities.

Yeah, I realize that...I just don't think the terms are changing materially, so there is little reason in my mind for HR to blacklist you from WS. But, like I said, it's a risk and one that I probably wouldn't be able to take/make, especially if the motivation was so I could party my senior year.

Regards

Fair point, but I think you will need to provide a legitimate reason why and because you want to party your ass off is not going to fly.

 

Depends. You're referring to the first year analyst signing bonus, right? Some banks give it to you with your first paycheck. Most banks give it to you around March-April. A few banks give it to you a month or two after signing the offer.

You're better off asking the HR department bank-specific questions...

 

Is part of the signing bonus supposed to be deferred? My signing bonus is supposed to be 10k, but the check I got was for far less. It doesn't make sense for it to be taxed that much...

 

ews09, probably had tax withholdings around 40%, right?

Don't worry, if you're starting in summer 2010, you'll probably have a huge tax refund in April 2011 since you'll pay taxes based on an annual salary, but only earn half of your annnual salary.

I know it's no fun to give the government a interest free loan, but at least you'll see a nice check in 2011.

 

Thanks for the feedback. I was told back in October from someone in HR to expect the signing bonus to be paid out in late November or early December. Well, it's early December and I haven't heard anything yet. Maybe it will be the 15th since that is when bi-monthly payday is?

Regarding Goldman IBD, I think last year they got theirs around this time. I haven't heard what the timing will be for this year.

Does anyone else have additional input on when signing bonus payout will likely be? Or, has anyone received theirs yet?

 

Are signing bonuses equal to the quoted amount, or is it the quoted amount less taxes?

 

Usually it gets cut in the spring, near spring break (think March-ish).

Watch out for the shopping trip. First off, you're only going to walk away with 60% of the thing (so 6k instead of 10k) after taxes. Second, if you're going to move to the city you're going to need to cover your broker's fee. You're also going to have to cover your broke ass living in NYC on money that would be fabulous if it weren't for the taxes. There's no way you need to live it up for 6 grand in one go and screw yourself until your bonus the following year.

 

It's probably gonna cost you about that much to move into a decent place in the city.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
 

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