S&T Pay From Emolument
There are a lot of threads on S&T pay level, mainly at analyst level, so I thought I would post the data I saw on Emolument. To preface, I have no clue as the whether these numbers are accurate (self-selective underperformers looking to see where they stand?) but I was hoping they could be a basis for discussion and, optimistically, a benchmark. There are, I'm sure, huge variabilities in payouts due to the nature of the job, especially with increasing seniority, but some numbers did seem to catch me a little off guard (e.g. Associate pay). These are, of course, averages across a bunch of inputs.
Structuring:
Analyst - 75k base + 12k bonus
Associate - 118k + 38k bonus
VP - 171k + 78k bonus
Director - 236k + 189k bonus
MD - 408k + 471k
Sales Trading:
Almost exactly the same as above except Director (236k + 100k bonus) and MD (393k + 300k bonus).
Institutional Sales:
Very similar from Analyst to VP, with Director and MD falling in between the total comps for Structuring and Sales Trading.
Trading:
Very similar to Structuring except for MD (350k + 590k bonus).
As a reference to all the S&T vs IBD threads as well, I've broken down 25th quartile and 75th quartile data on total comp across the titles between Trading and M&A IBD based on what they have on the website:
Analyst:
25th quartile - 65k (S&T) vs 62k (M&A)
75th quartile - 103k (S&T) vs 112k (M&A)
Associate:
25th quartile - 110k (S&T) vs 80k (M&A)
75th quartile - 206k (S&T) vs 181k (M&A)
VP:
25th quartile - 185k (S&T) vs 141k (M&A)
75th quartile - 345k (S&T) vs 336k (M&A)
ED:
25th quartile - 300k (S&T) vs 298k (M&A)
75th quartile - 630k (S&T) vs 577k (M&A)
MD:
25th quartile - 540k (S&T) vs 451k (M&A)
75th quartile - 1.25m (S&T) vs 943k (M&A)
Head of... (they didn't say whether group/desk and I put the data in for shits and giggles):
25th quartile - 345k (S&T) vs no data (M&A)
75th quartile - 1.07m (S&T) vs no data (M&A)
Interesting notes, there were quite a few data points it seems as M&A had at least 200 data points in each title with Director having at most 600. The numbers weren't quite as substantial for S&T but still seemingly significant. There did seem to be a bit of skew in the data. To illustrate:
227 entries under MD M&A
115 from London at median total comp of 770k
37 from Paris with median total comp of 430k
9 from NY with median total comp of 1m
The data was much more stable for S&T
79 entries under MD S&T
47 from London at median total comp of 1.05m
8 from Hong Kong at median total comp of 930k
6 from NY at median total comp of 900k
Discuss away.
Any idea how comp for physicals traders v. the rest of the industry might compare? Or in your research did you notice any discrepancies in regards to physical v. financial?
I don't think Emolument broke it down into physical trading specifically.
Still interesting info - thanks for the post
No problem.
These seem quite low....
Anything in particular? I'm sure there are some data points from small MMs that would skew the data given that the 25th percentile for analysts (65k) is lower than the base at BBs.
PM me
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