Why is MM ER comp so bad?

I am a sophomore and just took an offer from a respected MM bank for 2025 and the comp situation is stressing me out.

I was thinking that since the BB pays the same base to both IB and ER, the MM would at least be similar, but it looks like they get about 80k base with a sub-20k bonus (non-NYC). Is this about right? Why would anyone work consistently 60-70 hour weeks for that? 

I am disheartened and feel like I should have tried harder for IB or gone into Big 4 accounting for better hours and similar pay. I am at a target so I feel like I've messed up a great opportunity. If anyone has insight that could lift my spirits I would greatly appreciate it. 


Bro it’s a summer internship… don’t stress out about it. Next years goal is to to get a BB ER internship and convert it into a FT offer.

I wouldn’t be focused on comp for a summer internship. You’ll have a good shot at a BB ER internship next summer if all else checks out.

Are you at a target?


Yeah I am a sophomore at a target and this internship is for 2025. The internship comp is not my concern here, rather what I have learned about full-time, 1st year analyst comp in the MM


Dude, you’re an intern. The industry is already competitive as it is, and you have 0 skills to generate any kind of revenue, directly or indirectly.

There is a reason why legendary investors all say that, early in your career, favor learning over money - that knowledge and experience can be leveraged in the future to make much more money. Essentially, you gotta bet on yourself.

If all you care about is money…then go into tech or IB. But I can guarantee you that no matter how good one is, if all their drive is based on comp., they will burn out and most likely never be great.


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