I have gathered 50+ sell-side equity research bonus data points across firms (bulge brackets / middle market / boutiques) and ranks (junior analyst / associate / VP / director / senior analyst). Still awaiting some firms to give numbers but below is a first cut.
https://dicktoad.substack.com/p/2021-equity-research-bonus-survey
| +81 | Q&A - Buyside Equity Research Analyst/PM | 29 | 6d | |
| +32 | How the heck do you learn all of this stuff? | 10 | 1d | |
| +28 | My experience on the sell side | 20 | 2w | |
| +24 | Clues in Financial Reporting Analysis | 7 | 2d | |
| +17 | Am i fairly compensated? | 9 | 3d | |
| +14 | Data Science to PM | 8 | 1w | |
| +14 | Heard they don’t model at Oppenheimer | 10 | 2w | |
| +12 | ER - Remote Jobs? | 8 | 6d | |
| Equity Research at Bank vs IG, High Yield & Leveraged Loans Research at Asset Manager | 4 | 1d | ||
| +11 | Who uses sell-side Strategists? Are they valuable? | 4 | 1w |
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Thanks. The numbers look pretty terrible tbh. For biotech with so many activities last year, I assume the 1st YOE’s base (phd or md) is probably $120-$130. The bonus is like only 10%. That is probably comparable or even less than a 40h/week corporate job…… let alone stock options there….
Bonus look pretty good after 2 years it seems, but small n. For what it’s worth, comp as a PhD scientist in industry doesn’t go up that fast
Yeah, part of it is most contributors are from middle market / boutique and only 1-3 years in as an associate. The numbers don't look so great for those.
Be careful posting this or you will get the wrath of the ER people here.
I commented earlier that ER pay is miles behind IB and got so many angry responses like the low pay was my fault or something.
You get angry responses because of YOU.
I literally said exactly what this guy has collected for his survey, but I tell it harsh and without sugar coating. And people like you get mad. But at the end of the day, as his survey results have shown, I was correct as usual.
Am I tripping or did you cut out sector?
No, I am tripping. Fixing it. You should see it in 5-10 mins. Thanks for flagging.
Done
Fourth section with “analysts” are those actual analysts as in VP/MD level covering analyst or directly out of school calling themselves analyst like IB structure?
Survey updated with 86 data points, still taking submissions through the end of the month before finalizing.
https://dicktoad.substack.com/p/2021-equity-research-bonus-survey
When I click the survey it says not found. Can you share the results with me elsewhere? I'm curious what the numbers are.
All the relevant articles are on my website: https://www.dickthesellsider.com/pages/career-articles
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