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YOE: 1 / 2 Total in Finance
MM
Base: $110
Bonus: $40
NYC
1st yr associate in nyc - $83k base, $5k stub @ LMM but getting $10k raise in next couple of weeks
Pay is well below street, pretty disappointing
An1 Base at the BBs is 110k. Bonus in first year in previous years was like 30%+ (this year it was definitely not that). So yeah, undercompensated at that level of experience. CFA charter is irrelevant though, no one's going to pay you more for that.
1.5 years in middle office at a BB, then 4.5 years in research (so 6 YOE total). Base salaries got rerated at most firms in 2022, I'd add ~25k to any salary prior to 2021 for a comp to today. My comp progression was as follows:
Sure. Seems from your other post you’re pretty committed/passionate about the role. So assuming you keep up with the industry and know how to pass the technical aspects, the hardest part is getting that first interview.
I didn’t go to a target school and I had no meaningful internship/experience at all coming out of undergrad (was premed). I did about 2 years in academic biology research while I was looking to apply, but on that second year I realized I didn’t really want to go to medical school. I reformatted my resume and started cold applying on LinkedIn and reaching out to any alumni in IB/ER, looking specifically for those in the healthcare industry.
I think I sent 100+ applications and dozens of messages, ended up only with 1 interview and a couple of networking calls, one of which the guy said if I was still looking he would refer me to his firm (boutique healthcare IB).
So I guess I got lucky, because I ended up getting an offer for the only interview I received. But I’d also like to think my story of why ER was compelling, as I could tie together everything I did even without concrete finance experience, and I passed the finance and writing tests they threw my way.
if you’re extremely passionate as you say, then start grinding applications and networking, and realize that no matter how many people ghost you/how many times you get rejected, you only need one to offer you. Once you get that chance though, make sure your story is fleshed out (especially why biotech ER, don’t give a generic answer make it unique to you) and that you’re ready for any tests they might throw at you.
Title/YOE: 2 YOE (2.5 yrs out of undergrad) - Associate --> Vice President
Firm Type/Size: MM
Base/Bonus (for '22): $125K / $85K; 40% base raise w/ promotion for '23
City Description: NYC
Bit of an outlier
Dafuq is this title inflation. How are you a VP 2 years out of college
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