We are nearing that fateful time of year when numbers discussions take place. There are already a couple of these out there for IBD/S&T so let's round it out with ER.
Let's keep this pretty simple and straightforward:
Bank: BB/MM/EB/etc.
Bonus: in USD. Also denote whether or not it's a stub.
Base: current and whether or not you got a bump.
Years experience: How long have you been doing SS ER
That should take care of what most people care about and offer a decent foundation for comparison.
Hopefully these discussions offer a bright spot for us as we move through 4Q earnings.
Mod Note: You can find the IB and S&T bonus forms below.
IB Bonuses
S&T Bonuses
Comments (60)
Bump, curious (haven't got mine yet)
Same. Wonder if most banks have yet to hand out numbers.
Bump (I'm expecting an offer for BB ER 1st year associate and will likely be negotiating salary this week!)
Does that work at that level? I mean negotiations?
I feel like those entry-level jobs negotiations go like this: Bank: "Your base salary is $X and you will have a sign-on bonus of $Y" Candidate: "I'd like to negot...." Bank: "That's the offer." Candidate: "I have an offer from Z Bank" Bank: "OK, sign with Z then.. Who is the next kid we were going to hire?" Grabs stack of hundreds of qualified MBA candidates
In all seriousness, you probably can't negotiate anything as an entry level position. I hopped to another IBD group and was able to push for a direct lateral (ie not get docked a year of actual work experience) and was able to get a slightly higher sign-on simply because I had a clawback that I asked the bank to partially cover the shortfall (read: highly unique situation)
Curious as well, I'm starting as a first year associate at a BB in NYC and wanted to get a sense of what to expect.
In ER? How tough was it to get the job?
Fairly challenging due to coming from a non-target. I had a former mentor and a school alumni help me get my foot in the door with undergrad recruiting. I get the impression that if I hadn't gone through the summer internship program it would be extremely difficult to go full time at a BB ER department.
Curious as well. End of Feb is when most of the BBs on the Street tell their researchers, from what I have heard.
Off topic:
I had considered equity research as a career (on paper it sounds great), but holy shit what a bunch of fucking weirdos!
It's like all of the guys who were smart enough (or too smart?) to be investment bankers, but were too ugly, short, soft, weak, etc. to make the cut all got together to bitch and moan about stock prices because they aren't allowed to do deals.
It's kinda like band camp!
I take it you absolutely loved your time in IBD then? You know, building those elaborate PPT presentations through the night that more often than not don't even get a look at?
What you've said is a bit of a myth to be honest - equity research is very diverse in the type of people that work there, albeit on average a bit more introverted.
Never worked in IBD.
And it's funny because you.know what I said is true, you even acknowledge that it's "a bit of a myth." AKA mostly correct.
There are plenty of studs in ER - but analysts much more than associates.
...When the IBD analysts are let out to the work partes or get a glimpse of the inside of a bar, it takes about 3-4 cold ones until they start slurring their words and falling asleep.
Sure there are nerds everywhere in all avenues of finance, but my god IBD is a breeding ground of guys in their mid 20's with as much social ineptitude and lack of stamina as most freshmen.
Ugly, short, soft weak. - Tell ya what 10 inch arms, I'd hold my physical/mental prowess against yours any day of the week, micro penis. As another poster said, how about you spend all night being a power point bitch while us weirdos do real work like publishing, creating models, interacting with C-level management, and consulting for IBD when you guys are clueless on an industry.
Let's do it!
Friend has a $70k base and got a $10 bonus after starting in July.
which city?
Bank: Maybe considered boutique. Respected for tech and healthcare research and IB. Bonus: $5,000 (was there for three months, no prior experience) Base: $110,000 Years experience: 3 months at bonus time, 4 months now. No prior experience; straight from Microbiology/Immunology PhD.
Thanks for the numbers! Hopefully we get more over the coming weeks.
Bump
Bank: MMBonus: $25k (USD) Base: held flat at $90k
Just finished year 2. Not a fun year at my bank compared to last. Hoping for a more positive experience a year from now...
Hoping more people will get their numbers soon and give this thread some life again.
Context: Have a masters and several years of medical school education with no formal previous exposure to ER
Bank: MM - 1st year associate Base: 120k Bonus: 0k (just got hired)
For what it's worth, I am a 3Y student a top undergrad program in Canada (think Ivey, Queens, Schulich, Rotman).
I have experience as an SA in AM in my 2Y.
I just signed at a big 5 bank in ER and will be making 66,700 pro-rated. Is this normal for SA? No info on if there will be a bonus or not.
Are you in NYC? Last summer as a SA I made $85k prorated for the 10 weeks I was there + half time overtime for hours worked above 40hrs per week (which was often). This was BB ER. If you are given an offer at the end of the summer they'll usually offer you a signing bonus with a deadline to encourage you to accept quickly (and to not try to leverage your offer to go elsewhere. Mine was around $2500. I'm still waiting on an additional bonus of $10k to help with moving expenses.
Nope, I am in Toronto. Signed at big 5 bank (think Scotia, BMO, TD, CIBC, RBC).
Are you an undergraduate as well? Any additional qualifications?
Also, my contract is for 18 weeks.
Guys - any updates on this?
BAML announced ER bonuses a few weeks agoCS announced this weekCiti last two weeksDB got waxedGS last two weeks i believe
Zero ideas on JPM, WF, and the boutiques...
BBStarted mid-2016 out of UG, so 6-8months Base: 85k Bonus for 1/2 year: 10k
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Wow had no idea ER bonuses were so low. I respect all the industry and research reports though.
MM, Base $85, Bonus: $60. 3yr
Is that your annualized number or what you actually were paid? Not saying it couldn't happen, but if you've been in ER for 3 years why do you still have a base of entry-level experience but are getting ~70% of it as a bonus? Especially at a MM.
Side note: Are you hiring? haha
Naw nothings annualized. I got a decent bump in base into this year though not sure what is considered good for a 4th year. Does the all-in number seem good or bad? I was hoping for 10-20k more so I feel like I was shafted but guessing by the side note comment it's ok.
Hey guys,
Not sure if relevant, but the numbers might be helpful to some.
I just accepted an offer at a BB ER with 1.5yrs exp. Not direct exp but relevant.
Base: 90 Bonus: 10-40; avg 15-20
Made the jump from MO at MM so very pumped!
Hey would you mind sharing your story on how you prepared for and ultimately made the jump over to ER?
Sure thing. Someone PMed me asking the same thing, so please see the below. I'm not trying to hijack this tread tho, so feel free to PM me with additional Qs.
I graduated in 2015, and have been working in a MO role at MM. CFA def helped me move, like a lot. I passed I & II when I was applying and I think that made my resume stand out. I got the job from applying online, I sent out about 60+ apps. I found landing a job in finance is a numbers game... if you dont know anyone/went to a nontarget. During the interviews I focused on the most interesting parts of my job. I got grilled hard in my first few so I made sure that I learned my shit. Not just broad CFA stuff, but specifically equity valuation. I highly recommend subscribing to Aswath Damodoran's YouTube channel (NYU finance professor that everyone on the street knows and uses in their models). He basically records all his lectures and posts them online, so I was able to "take" his valuation & corp fin class during the CFA off season. Also, I absolutely hated my job, so I made sure that I focused on passing the CFA 1& 2 on the 1st try, and learning enough about valuation that I could hold my own in interviews if they started digging deep into some of the finance stuff.
Aswath does a great job of helping you answer simple int Qs with answers that show you have a deeper understanding of finance than just coming out with an undergrad degree, or memorizing the vault guide or w.e. I highly recommend his stuff. Also, obviously try modeling a few companies on your own from scratch, there are plenty of videos on YouTube that could teach you that as well. If you put the time to rly try to get a grasp on equity valuation from his videos, and learn to create a functioning model of 1-2 companies that you are interested in and could pitch in an interview. Then it'll just be a matter of time before something comes up. When I made the jump I was very confident that I could do the job, and felt that I taught myself enough to rly be able to hit the ground running.
Bank: BBBonus: $55K Base: $115K to $125K Years experience: 5
Are all five years of your experience in ER?
Curious, how much would you say the average lead sector analyst makes at your BB's ER franchise?
Only 3 years in ER.
I can only guess for lead sector analyst comp ranges but would estimate $300K for newly promoted analysts all the way to $1.5-$2mn for longstanding top ranked ones.
Senior analyst pay varies widely. I would say the average is probably in the 700K range, though that can range from 300K to somewhere over 1mn as mentioned earlier. I'm guessing the top top analysts (II ranked analysts in large sectors important to banking) can make $1.5mn. $2mn is hard to do these days
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