BofA Enterprise Credit
Had a few questions regarding the enterprise credit program:
Best Groups to join (including different product groups like GCIB industrials vs. TMT or GMC mortgage vs. hedge funds)?
Does the bonus amount differ by group (GCIB gets larger bonuses than business banking)?
What were bonus % paid out this past year? I have heard amounts ranging from 20k to 5k for analysts. Would like to hear a more realistic amount.
Thanks for any help and any other advice!
Hey Incoming Analyst in CB, I'm here because nobody responded to this thread after a few days...maybe one of these resources will help you:
More suggestions...
I hope those threads give you a bit more insight.
interested
I would stay away from hedge funds. Either do TMT, insurance, specialty finance, or industrials. All of those teams are either in NY, Chicago, or Dallas, so I would decide where you want to live first
Just to add onto your comment from my knowledge:
TMT - SF/Dallas
Ins/Spec-Fin - Dallas
Banks/Broker Dealers/Asset Managers - NY
Industrials - Chicago
CREB/RECB - Dallas/Chicago
LevFin - Charlotte/NY (not sure about NY but believe so)
Other teams include HC, Power/Util, CR, Oil/Gas/Comm/Metals
I believe these are spread mainly across NY/Charlotte (possibly Hou)
why stay away from hedge funds?
I’ve heard that the culture isn’t great and apparently they’ve had a ton of turnover. Frankly there’s a lot more interesting teams to work on. The experience that you’d be getting working on HFs isn’t super transferable as compared to working on corporates.
I'm a current first year in the BofA Enterprise Credit program. I can't attest to which GCIB groups are better (due to my location), but have heard going into a GCIB team or a CRE team is normally the best opportunity to lateral into IB.
Both base salary and bonuses are the same no matter what line of business you're in or what city you live in. I live in the South and I think we get compensated pretty well, but I couldn't imagine having to live on this in NYC/Chicago. Plus, I work 40 hours a week, compared to some GCIB teams most likely putting in around 60 + hours a week.
I heard bonuses were $12k for 1st years, not sure about 2nd years.
AN2 and Associate bonuses were about in line with the $12K you quoted. It's rough here in NY. Hours vary by group, but some groups really grind.
LevFin group is technically within the Enterprise Credit function, but get an entirely different pay scale. However, they are one of the groups that put in the most hours.
I don't think the LevFin Credit group has a different pay scale. A lot of the guys in that group got moved from LevFin capital markets during a reorg last year and still get paid their IB salaries
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