IBD is standard, 60K+10K, but what about outliers, I know one kid, whose getting 80K+ 80K(assured bonus), with the possibility of more if the HF performes. Damn.. I would hate on him but I know he is smart as hell, and as much as I hate to admit it, prolly deserves it. Anything else top that?
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yeah i know this one kid at goldman who was an absolute rockstar, varsity tennis, extreme skiier, etc. hit it off big with the senior guys who knew he was shopping between lazard, morgan, greenhill and blackstone. The fucker got 70/30. They claimed the added 20 on relo was because his family is from uzbekistan.
bshit.
How was his ballroom dancing though?
I think he interviewed with us, benched 225 for 24 reps, unfreakingbelievable. He was too badass for us.
you sure he isn't in quant...they get 70 starting but their bonus wont top 30ish
Aren't there some gleacher guys who pulled 150k first year?
are a dime a dozen. no way GS gave some kid 70+30 when everyone else gets 60+10
Recently some BBs have increased base when guys presented them with two competing analyst offers.
evercore offered 75k starting. gleacher also supposively offered more than 60k. those are the only two banks i've heard of that offered more than 60k.
hedge funds and prop trading firms are a different story - 75k + 15k sign-on seems pretty standard here. i do know one guy who is getting 85k base at a HF (his bonus will supposively be around 100% of his base).
nice vayner reference
I was waiting for someone to catch on
ppl can't see the sarcasm always
:)
i heard evercore offers 70+15 to start and usually 10 above the street bonus at each level. but is an absolute sweatshop. think greenhill is somethign similar. duno about gleacher
May be way off here, but I heard they offer $80k + bonus. This is from a target school source.
U guys don't know how good you have it, honestly. When I graduated undergrad, my first job paid $38K :-(
Definitely have it good. I started as an unpaid intern and lived with my parents. After 6 mos, they gave me a $5k bonus and promoted me to...wait for it...$23k.
It's worked out very well.
Note: It occurred to me that I live in a very low cost of living city and if I were to compare it with NYC, it would be $51k. But $0 is $0, so you guys are lucky.
what and where was your job? and what do you do now?
didnt some superstar at DE Shaw get a million dollars his second or third year there after developing a model that soon became heavily used by the company? i dunno if i heard about that here or somewhere else, but it's still impressive nonetheless
Sounds like an urban myth.
nah it's definitely possible. similar things can happen at banks.
I knew kid who was put on an Itraxx trading desk the first year the product came out because they thought it would be a quiet place he couldn't screw up.. We know how popular that thing became, the kid made a mill in bonus, age 24.
A well recognized hedge fund offered a "friend" 85k plus a little more than 20k signing. He turned it down.
No bonus is ever for sure.... it's always performance based. Remember that these jobs pay you based on your level of experience. If you're just a normal grad even from a top school, you have little to no actual experience that is valuable to a bank. Instead, you're hired based on your future potential and ability to learn quickly and to eventually be a valuable member of the team.
marco, if you're speaking about analyst and junior ppl then sure. but lots of ppl get hired with guaranteed bonuses once you get a bit more senior.
Heard from someone BS PE pays 220K out of college? Any truth to that?
BS PE paid it's first year analysts $200K in 2003. A good friend of mine from Wharton worked for them back then for a year and then switched to GA.
No clue what FYAnalyst compensation is like now but $220K shouldn't be too far off.
where do you go to school seanc
unless he worked at a prop shop or something i find that highly unlikely for any bank or hedge fund
I know some of you won't believe this, but it's true. A kid at Wharton (who's graduating in 3 years) got an offer from Citadel (not in new york) for $150K, plus tuition reimbursement for a master's degree program, plus bonus.
Of course, he turned them down to pursue a quant degree at Princeton next year.
i go to hell bitch
There are MBAs at shops like some of the ones you mentioned who got pay packages of around $500K, so $200K for an analyst at an absurdly selective shops sounds very possible. Rare, but it happens.
Guys, I've been in the business for four years now. Worked at difference firms. Doing the PE thing now. Have interviewed at a lot of places....
Most of these comments appear to come from college students and half of them are bullsh*t.
"I heard of my sister's boyfriend's uncle's cousin who started at 500k salary. Or was that his bonus?....Or all in comp? I dunno, it was a lot."
gotta love the internet
I knew you wouldn't believe me.
i for a 100% fact know a 1st year analyst who left their gig at a BB and got 95k base and 100k bonus from Evercore.
confirmed by said person himself.
So what? 195k all-in for a second year analyst? Your comp jumps every year if you stay in investment banking.
Did he show his pay slip ? Otherwise I earn 1,000,000 a week.
I know a guy who got an offer from Greenhill for 70+10+10 before bonus. Turned it down for Citi 60+10.
that's a curious move. maybe he liked the culture better?
Culture? Citi?
they pay 70 plus 10 plus 10 in stock options for 1st year analyst...stock options vest after 2 yrs
I know there are some smaller banks that pay 65k, Sagent, ThinkEquity, etc. Bonuses probably wont be up to par though.
at Citigroup a few years back who pulled a 100% bonus and walked with around $130 k his first year. I am inclined to believe it because I know the kid well, and he never boasts and is so modest, and he's rich to begin with, so has nothing to gain from lying really. Don't think that is exceptional to get a salary like that though.
What is the average base for 2nd year Analyst? I got an interview and was wondering what base should I ask for? And what is the base for first year associate? Thx.
Got hired at a top 5 hedge fund (think SAC, Bridgewater) straight out of Wharton claiming a base near 150k, and apparently the rumor when i was at Wharton was that DE Shaw also had base close to 100k.
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60K+10K INSANE
Hmm interesting. Even indexed for inflation, it seems like IB base pay has increased over the years (85k is over 3% per year for 10 years).
highest total comp? (Originally Posted: 02/24/2007)
Whats the highest total compensation you have heard of for someone just graduating from university? Not including professional atheletes, singers, lottery winners etc.
$200,000 at a hedge fund
BB's in Toronto pay around $90,000 base + bonus.
that 90000 better not be USD. You better make it clear.
yea its 90,000 cdn after conversion....but its def good money.
Buddy of mine is now a 2nd year M & A analyst at a top 5 BB, where he interneed his sophmore and junior summers. He cleared 160K total comp when all was said and done. Needless to say, that's very much the exception rather than the rule, and he's a rockstar to begin with, which is why the M&A group at a top 5 BB picked him up as a sophmore.
Top first years last year got 60+80 -- if you include the signing bonus that's 150k. Second years got another 30k on the top end.
Just to clarify, the buddy I just wrote about made that as a 1st year.
What?? I had no idea BB in Canada paid 90k base...maybe I should stay here in Toronto for my analyst stint.
its 90k including signing bonus.
65-70K Base + Bonus
Nope, some CDN BB legit pay 85-90+ BASE Canadian, including another 12-15k signing and 100%+ bonus. Mind you there's like 10-15 jobs at all these banks combined.
Most lucrative first year job on Wall Street.. (Originally Posted: 12/22/2010)
.. What is it?
Also is an MPA well regarded by employers on Wall St.?
lol
I remember my first wso post.
your SN should be SpencerAsksDumbQuestions
Thanks for all the helpful replies
Silver Banana to El Toro for the Step Brothers reference and making me laugh pretty loud. Luckily my office door was closed.
Stupid questions get stupid answers
And I think El Toro is referencing Beerfest?
El Toro is not alluding to anything. It is a common expression.
Now can someone please post a legitimate response?
Beerfest...
SpencerWantsLegitResponses
Master of Public Administration?
Master of Public Affairs?
Master of Physician's Assistant?
Kenneth Griffin's first job after graduating from Harvard College was President and CEO of Citadel. I think something along those lines is your best bet.
Masters of Professional Accountancy
As opposed to a Masters of Amateur Accountancy? I'm surprised that Texas calls it that. Most schools call it an MS in Accountancy.
Analyst at Citadel: $100K base, $5K moving costs, $25K signing bonus, up to $100K first-year bonus. Tough to beat that.
Bridgewater is probably somewhere close to that too
just be ware that Citadel is a revolving door
Is this guy serious or is he just trolling? I thought Texas people were smarter than this.....smh
Shortstop for the Yankees...just get a place near the Street and you don't even have to get a college education to do it.
I remember my first beer too
If you are intelligent enough to get your MPA at UT (the top school for accounting, apparently) then you should be smart enough to use the career services website and see that every bank on the street recruits MPA's at UT (analyst, not associate).
If Citadel is a "revolving door" would it ruin your banking career if you were fired from there?
I love how these hedge funds, or alternative investment institutions love to call themselves Citadel, Fortress, etc. Someone should hurry up and start a new fund called SuperMaxium Security. Yeah, I had a friend graduate and work at Citadel, the numbers listed above is pretty much what he told me. Not sure what he actually ended up getting in bonuses, but he's pretty ballin out in Chi-Town right now.
He mentions Citadel is notorious for churning and burning their analyst classes, but luckily he's still there and doing well with himself last time I talked. I believe Citadel like laid off a bunch of people in the last two years.
To SpencerMakesWhack, no having Citadel on your resume is a good thing. It's pretty prestigious and difficult to get in. If you make it past the first few years, you're golden. Even if you don't, you have it on your resume. The better question, how in the world do plan in to actually receiving an interview, and actually making it past that to an offer. I believe they hire really smart quant folks from schools like MIT, Cal Tech, CMU, etc.
Dude, the premise and phrasing of your question is whack. Entry level pay should rarely never be the most important factor in deciding your first job.
I'll give him the benefit of the doubt that maybe hes just going into college or high school
Top "wanted" jobs here seem to be
Bulge Bracket Investment Banking (Goldmans, jpmorgan, morgan stanleys etc.) Bulge Bracket Sales & Trading Small Proprietary Trading Shops (Jump trading, drw, getco, optiver, etc.) Hedge Funds (Listed Above) Private Equity Jobs (Toughest to get into along with prop shops)
Thank you Paul, and I am; I am a senior in HS.
So, pretty much what they're saying is if you want a (take with a grain of salt):
Hedge fund job: HS -> MIT quant god
Private Equity job: HS -> Wharton Finance god
BB IB: HS -> Target school (or Networking god)
Private Equity comment is not true unless you are talking about a mega fund. Rarely do PE funds do OC recruiting so landing a PE job is completely about networking. Being from a target or non target is irrelevant unless you are talking about the big boys. If you are willing to intern for free you can definetly make some connections at local PE shops that can still offer great experience.
My buddy had a PE offer from a non-mega fund out of UG because they recruited on campus at UVA. Obviously the exception but it can happen.
Forgive my noobishness, but what do y'all mean by networking? Talking to alumni? Interning? Making friends w/ bankers? lol
Oh and to Ari_Gold: I know, but it seems the typical path of Wall St.-ers is grind out a couple of years to get some work experience then get your MBA. So I might as well make the most money while getting that experience right?
Just enjoy college, you have another 2 years before you have to even begin thinking about anything relating to finance. Just get good grades and pound vag.
And read WSO. All of your questions will be answered if you just read everything posted on here for ~1 month and read some old posts.
Yes you're a noob because you can't read old forum posts and websites people tell you to read.
I am just saying, most MM PE funds don't have an analyst position. Usually the bottom tier is associate, so if you are in the right place in the right time and can impress the right people, they can easily create an analyst position for you. Each experience is completely different and not like banking where you know exactly what to expect. I got extremely lucky than an X BB banker took over the fund and liked the IB structure and wanted an analyst so the VP could focus more time on closely monitoring our PF companies. That being said, outside of BB IB, each experience (hours, pay, type of work) will be unique but typically the best way in is through networking and pure luck...
Even if you go to lower BB, elite boutique, or MM i-banking, you should be looking at $130-$140K in your first year, ~$160K-$180K in your second, and close to $200K in your third, plus or minus $20K on all of these depending on the firm and its propensity to pay nice bonuses.
And no, you don't need to go to Goldman to get paid like this (though BB and elite boutiques pay the most generally). This is normal for even MMs as they have to keep on attracting decent talent.
On a per-hour basis, though, this isn't much, especially in your first year where you have to work 90 hours / week consistently. But as a total comp it's not easy to beat.
Look at HFs like Citadel if you're math oriented (hence the focus on places like MIT). If you're not math oriented, corporate finance i-banking will do.
To answer the original question, I'd say BA (Banker's Assistant).
What is the largest base salary? (Originally Posted: 12/05/2014)
I've been contemplating this recently. What is the largest base salary? Is it in finance or something like engineering? Would it be a CEO of a giant company? Inevitably, i want to exclude pro-athletes because that's a contract with a final expiration date.
About three fifty.
dummy
Most entry level jobs I've heard of are $25,000 to $100,000 base.More with bonus.
The largest base salary would probably be that of someone with significant equity in a business who can reap the dividends of worker bees. I can think of some old money folks who have stakes in mines and conglomerates.
Bank of America account got 6 figgas
you'd be surprised, most of the highest compensated people do not get comped via base salary mostly. it's equity, it's dividends from shares they own, or it's carry. for example, David Cote (CEO Honeywell) has a base of 1.8mm but his 2013 comp was north of 25mm. here's a good starting point, comb through the 14-A's of the dow 30 companies, you'll get a sense of what executive comp looks like.
but this question was kinda stupid, why do you care? you sound like you're in college, worry about getting good grades, getting internships, and working your way up. the rest will come.
A high base salary is something only poor people think about.
@heister
$436,995.12
These type of questions make me want to chew my eyeballs out.
@"Flake" put this one on the list
I can't even.
You seriously spend time contemplating this?
Sorry.
all your base are belong to us
I'm trying to think why you're worrying about this....at all...
And like was said above...it's not about the base. It's about everything else.
Unless you're in sell side research. Then you're all about that base, bout that base, no bonus.
My base don't want none unless you got bonus hun.
If we're talking about professional white-collar jobs, some of the big F500 companies offer base salaries of low 7 figures to their C-level executives. In finance, Goldman Sachs offers a $600K base to their senior managing directors, but the real money is of course in the bonus.
My six year old son told me the President of the US makes the most money because he's the most powerful person so I'm going with that.
I have done work with physicians who sell their stake in a facility and as part of the transaction enter into employment agreements with the buyer (hospital) with a base north of $700k ...
I aplied to a job once and it listed 401k so i think 401k is the hi-est,
Highest comp out of undergrad (Originally Posted: 06/20/2008)
So what is the highest total comp for someone straight out of college that you have heard of?
I will begin: someone I know started at a global macro HF out of Duke U. He got 100k base and 100k bonus, so total of 200k USD (the money was paid in EUR but it was 200k USD at the then-prevailing exchange rate).
An acquaintance started his own internet gaming company. He is a millionaire now.
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