Before I get flamed- I have read all of the bookmarked FAQs and discussions on ER and have utilized the search function. However, I have not seen anything from the past several years or from the sell side on expected compensation.
Additionally, the range seems to vary enormously. Some suggest that the $70k base for analysts is paired with a small 5-10k bonus, while others suggest a slight (10-20%) discount to IB peers, implying a range of more like $40-50k.
Given the wide disparity, can anyone in the industry/ER comment on salary expectations for a sell side research analyst at a bulge bracket firm?
Average BB ER pay structure for 1st year associate (undergrad): $10k sign on, $70k base, $30-50k bonus. Varies based on team, senior analyst, and coverage.
How is the discretionary bonus determined, since you can't link research directly to revenues?
In general it's linked to trading volume and sales and buy side votes.
At BB's, base salary is typically 70/80/90k for 0/1/2 years of experience, respectively. Bonus is usually 25-75% of base with a bias towards the low end of that range, especially in bad markets. Some banks (CS and MS) were rumored to have handed out 0-10k bonuses to ER associates last year. Discretionary bonus is...discretionary. Will be hugely subjective.
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