What is bottom/mid-range bonus?
Hey guys,
So I know that "reported" bonuses were about $80K for first-years last year at BBs. I'm wondering what average and lower-bucket bonuses were, and, if anyone knows, how the breakdown usually works - ie what percentage usually get which bucket. I'm a first-year at a BB and contemplating whether I want to stick it out...I'm not enjoying banking and figure my options are to either stick it out and go through the motions in order to get my bonus, which would probably end up being middle bucket but maybe lower bucket if I don't put a whole lot of effort into it, or resign now and do something else. Any thoughts?





Huh?
If you don't mind me asking what is it that you don't like?
Is it your Associate, your group?
I'm assuming you did all your homework before going into banking so you already knew about the hours and grunt work
Frankly, it's the hours. Of
Frankly, it's the hours. Of course I knew what the hours would be like going in, and I can certainly handle the hours - its just that I don't want to. That sounds like a very weak excuse, but after several months of pretty much giving up my life to the job, I've decided that even if I completely loved the work I'd rather do something that gives me more free time to pursue my other interests, hobbies, girls, etc. Also I'm not nearly as highly motivated by money as my colleagues.
Come on nebanker, stick it
Come on nebanker, stick it out. It sounds like you're 25% of the way through your 2-year stint. You have about 2% of your remaining lifespan left to grind out before you can get on with doing whatever you want - only with many more options and no question mark on your resume. Also, things usually get easier in second year.
Many people get great non-finance exit ops out of banking. People at advertising firms or corps or non-profits etc. don't know the difference between top bucket and mid bucket. But they do know when someone craps out of their 2-year analyst gig. Or when someone put in so little effort that their references are shit. And that could hinder you for years. Even if you've fucked up a lot until now and lost the respect or confidence of people you work with, it may not too late to turn it around and finish in a respectable spot. Consider finishing what you started, then leaving finance after year 2.
Can anyone address the
Can anyone address the original question? I don't want to try to convince a bunch of bankers/banker aspirants that not sticking with it is the right choice for me. For many people a 2-year analyst stint is a great resume builder, sets up great exit opps, et al. I've come to care less and less about these things as I've actually experienced the world of finance. So, can anyone please speak to the original question?
Thanks.
Common set of bands for
Common set of bands for analysts breaks down as such (In my experience)
Top-20%
Middle-70%
Bottom-10%
I got bottom bonus
Hello, I was an analyst at a prestigious bank last year and got bottom bonus. I left after one year with offers at several top PE firms. I am currently finishing up my second year at one of them. Anyway, there were three analysts in my group and I got the lowest bonus and it was $60K. Base was $60k as well. I did get a signing bonus from the new firm, as well as a pretty sweet compensation deal. Bottom line is I make more now than I would have if I had stayed and earned top bonus.
.
Hello, I was an analyst at a prestigious bank last year and got bottom bonus. I left after one year with offers at several top PE firms. I am currently finishing up my second year at one of them. Anyway, there were three analysts in my group and I got the lowest bonus and it was $60K. Base was $60k as well. I did get a signing bonus from the new firm, as well as a pretty sweet compensation deal. Bottom line is I make more now than I would have if I had stayed and earned top bonus.
What was your rationale for doing this, and why don't more analysts follow this path?
It's just about the
It's just about the opportunities you come across. He could be better off than the other 2 analysts now.
quality of life
I was miserable in banking. Hours were obviously tough, but it was the people who made it intolerable. The associates and VPs in my group were horrible people - nasty, petty, rude etc. My quality of life is infinitely better now. I work a LOT less, but the real joy is that I love what I'm doing, and people are genuinely nice and professional in my new firm. Lots of analysts I knew both at my old bank and from school who worked at other banks left after their first years. Contrary to what you may think, practically all of those who left after 1 full year were top top analysts who went on to jobs anyone would be proud to have after 2 years anyway. The ones who left after 2 weeks were the bad ones. My bonus was low because my group sensed I had been interviewing and was leaving.
Wow, 60k sounds very, very
Wow, 60k sounds very, very good for bottom rung bonus. Was this uniform across the firm you were at (if you know)?
I wonder what bonuses will look like this year...
Sounds about right
60k sounds about right for bottom bucket last year. This year is anyone's guess. Personally, I'd bet that the mean bonus for analysts will drop but that the top bucket dollar figure will be close to what it was last year.
How did they know you had
How did they know you had been interviewing?
In IBD across the street
The range at BBs for first years was $60k-$90k, a ton of people got high 70s to low 80s. Some banks had a bottom bucket of $70k (to keep a 20k range like the year before), this includes DB and GS. Total comp for the year would have been $10k signing, $60k salary, and $60-$90k bonus. So, for first years, your all in comp last year would have been $130k - $160k.
Chances are good that the top bucket will either stay the same or decline, especially since the year before it was $60-$80k.
--There are stupid questions, so think first.
Financial Modeling Training
Banking Resume
Not hard
How did they know you had been interviewing?
It's not hard to figure out. If people see your face in the office 90 hours a week and all of a sudden you leave in the middle of the morning or afternoon for 1-4 hours, it's not terribly difficult. Or if you usually come in between 9 and 10 and get in at 11. Or if people in your group catch you in the elevator bank or lobby with a suit jacket and a bag...
Agree with PowerMonkey
Top at MS and GS was 90 and bottom was about 70 unless you really weren't working out. 10K signing and 60K salary for GS and MS for 2007 analyst class. This year fulltime offers to start Summer 2008 are running at 10K signing bonus & 65 Salary.
The Prince of Wall Street
http://www.princeofwallstreet.com
Hmm..so nobody gets totally
im pretty sure no banks are
bump
Generally what people have
If you really are not
Do you know if the bonus
erm
The bonuses are banded the
Interview Guides
WSO Resume Review
why no firing?
Non-performers
To HerSerendipity
Anyone who's trying to
Do you guys really think
I'm still in college as well
I guess you're right. I
I would have agreed a month
I am glad someone finally brought it up
ibanktoo
Prob will be laughed at, but
Banks not handing out
Buck2210, I really hope
First Year Bonuses
Ok, sorry for being