Hi guys,
How much does a 1st year ER analyst (1st year from UG) receive in a BB like MS or BAML? And how does this progress compared to IB? Also do you think the chance of moving to a L/S HF is better in ER or IB?
Thanks!!
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Fresh from uni, ER base likely 50k, could be a bit more at BB; IB base should also be in that range (probably more upside to that figure)
First year bonus is not great in ER, depends on your firm/team but I would say 5-10k is the norm (and there is more downside than upside to that figure) vs IB wider but higher range of 20-50k
you probably will screen as a stronger BS candidate with some ER experience vs IB
Thanks for the response. Really appreciate the insight. Do the bonus numbers get better as you progress relative to IB? If not do you think it is best to do IB and then try move to buyside?
Is there a typical path to a HF from ER, similar to the 2 years IB and then PE route?
Thanks.
Bonus will improve on absolute terms, but relative to IB I think they actually worsen with time. It will take years for a ER analyst to get a 100% bonus, and he/she probably needs to be top-ranked.
Well if your end goal is HF, I would say it doesn't really matter if you loose a bit of comps in your first two years by choosing ER over IB. After 1/2 years, it will be easier for you to apply; also not unusual for recruiters to reach out directly if your team is good.
If you pick IB, you'll get more money, a worse life balance and arguably weaker opps for HF recruiting.
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(2022 numbers in new comment below)
From what I've heard from friends... (European BB)
An1: 50k + 15k
An2: 55k + 20
An3: 60k + 25
Assoc 1: 80k + 30
VP 1: 120k + >50%?
MD: 250k + >50-100+%?
Anyone with more knowledge care to correct me?
For IBD salaries: https://www.arkesden.com/asset/8419/download?1585299878
Based on what I've seen - ER tends to provide better exits to HF than IBD
I would also expect US banks to pay more than European banks
Looks about right
This is roughly correct in my experience.
Which sector is this? may I know roughly the salary and bonus range for FIG group for levels before VP?
I actually disagree with the HF recruiting part. For all the top MM hedge funds in london I would say at least 75% of the junior spots are being taken by IBD peeps
Probably could be due to the much higher headcount of IB analysts, which kind of evens out in the end.
Is it because of the large size of the IB batches or because MM prefer IB folks rather than ER guys?
New numbers for US BB (2022)
An1: £70k + 35k
An2: 75k + 40
An3: 80k + 50 (half year)
Assoc 1: 105k >50% (know one guy at 90% this year)
VP 1: 150k + >50%
MD: 250k + >50-100+%?
From what I've seen, L/S HFs recruit way more ER candidates than IB in London (except P72)
(will update for 2023 when numbers come out - pending)
A1 at 70k is only GS/MS/JP no?
65 for most other European BBs
2022 number seems pretty accurate. MM Equity research first year - 65k base + 50%-60% bonus. Good to see ER comps rising across the board.
recruiting at the moment for Assoc 1/2 roles rn (both buy-side and sell-side). Based on the numbers above, is it reasonable to aim for 80-100k base?
Would buy-side base be a little lower (70-80)? and sell-side a little higher (90-100)?
yes
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