Have a friend looking to move into ER but not active on this forum and wanted to crowdsource this info…
He’s got ~5 years of IR/Corp Dev experience in a specific industry and is a CFA charterholder. Has a verbal confirmation that the firm (MM Chicago based) wants to make an offer but won’t give him a number unless he expresses an interest in continuing the process. He’d be switching to a completely new industry vertical (making the switch for a variety of reasons) so he’s worried they’ll dock his experience, which I think he’s okay with, but he still wants more than a fresh ER associate out of college. What’s a reasonable ask for him?
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That would be at least an associate 1 to 2 level (post-MBA). Base likely between 150-200, total comp between 200-300. Should target at least 225+.
I think that is more VP money, at least at the high end. I think a realistic range is $175-$225K. At a BB definitely doable to go over $200K.
MM Chicago should price at a discount to NYC. It’s probably William Blair or Piper. I’d think more like 125-175k.
Don’t troll this guy. He’s actually asking for advice and is sincere about it. This isn’t reddit
That’s too much. Very few shops/teams are going to pay that much right now.
That's senior associate 1-3 (post MBA) money at BB in NYC. VP level comp is higher, but I'm also in one of the hot sectors. I'm not familiar with the MM Chicago comp so cannot comment on it. Regardless, it all kind of depends on what level he's able to get in. The biggest hurdle with ER is breaking into the industry. Once you're in, it's much easier to switch to a "better" firm with more pay. With your friend's years of experience, if he's only able to get into an analyst role/salary, then all he needs to do is to work for one year, get licensed, then make a jump into a senior associate role. .
I have a near identical background: 5 years in IR/Corporate Advisory + CFA. Six months ago when I did my rounds for an ER Associate position (interviewed at ~8 banks), base salary was consistently in the $110K-$130K range in NYC.
I ended up getting a formal offer at a MM NYC based for $120K, but am unsure what to expect in terms of bonus. Despite relevant experience and the CFA, I was dinged b/c I didn't have proper ER experience.
I had less years of experience (~3 years), with 2 parts of the CFA passed, but have since earned the charter. My current bank made me take a pay cut to $85k, but I got bumped up to $100k after 6 months. Currently have 1.5 years in ER, 3 years of prior experience, and the CFA charter and I am still at the $100k base.
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