MBB Starting Salary London
Keen to know what base (+bonus) to expect. Currently have an IB Grad offer and wondering how much of a paycut it would be if I recruited for MBB Grad roles.
Sep 21, 2024
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Based on the most helpful WSO content, here's what you need to know about MBB starting salaries in London:
In comparison, an IB Analyst 1 in London at a BB (Bulge Bracket) bank generally receives: - Base Salary: £50k. - Bonus: Approximately £15k.
So, if you transition from an IB Grad role to an MBB Grad role, you might see a slight variation in the base salary, but the overall compensation package (including bonuses) would be somewhat comparable.
Sources: MBA Salary Average - What Job is Best?, No bullshit - London bonuses, https://www.wallstreetoasis.com/forums/compensation-differential-nyclondon?customgpt=1, 20 Most Frequently Asked Questions - London Edition, Management Consulting Salary & Compensation, Average Bonus in Consulting
From the sound of it, you'd be a new grad, I take it?
I'll be honest, it's not going to look stellar vs IB (or ER or Magic Circle for law), but in that case, you'd have:
No room for negotiation, but within ~2-3 years (depending on the firm and your performance), you can double that, which vs. IB isn't insane, but still pretty good
Thanks. Seems crazy starting pay hasn't increased in years for MBB then - any reason why? When I started uni in 2020, I recall starting base being c.£50k for IB and MBB. Since then, IB base pay has increased to c.£75k but MBB pay seems to have stayed the same.
It's true that it has lagged IB for a while. In 2020, it was closer to ~45k, then 2021-2022 there were some increases (of ~5-10% each), but since then it has stayed the same
As for reasons why, there are a lot, which I discussed in another post recently if you're curious. Short answer is: (1) they're different jobs in different sectors, even though they compete for similat talent (like in your case), so they're not perfect substitute, (2) the reasons for pursuing either is different, (3) within our industry we still pay better than the vast majority of competitors, (4) there's an oversupply of talent pushing wages down (more people for fewer jobs = lower equilibrium wage, other things equal), (5) we're less dependent on the business cycle, meaning we don't have to price in risk as much (we still have periods of decline, like the last 18 months, but we're not as volatilve), and so on..
IB is a very sound career, high pay, good exits, but it's very demanding. If pay matters more to you now and the hours don't bother you, I'd go with IB. You can always switch later if you don't like the job too much. It will also be easier to exit to PE (vs coming from MBB) if you're interested in buy-side
Thanks so much - are you please able to link the other post you mentioned?
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