1st yr Analyst MM Comp
Hello, I recently got a FT offer at a MM IB shop in ny and pretty disappointed by the offer. It is 60k base with no color on what the bonus pool is. They do mention a bonus but they just say it is at the discretion of the partners to decide what the bonus may be and that's it. No other expenses-- moving expenses, signing offer, nothing.
I have been grinding to break into IB and as excited as I am to get an offer, I am disappointed with the result. If I wanted 60k/ yr I could just get into big 4 accounting or some other FP&A role and be making more with less hours.
My question is this-- is this kind of compensation normal at MM firms? I am questioning whether it is a good idea to just accept the offer and pivot to a larger firm, or just let the offer go and shop around with the boosted resume?
I don't want to sound like a money grubber but barely making half of what those at BB firms make just sounds insane to me, especially when the hours are only slightly better.
I have never heard a MM that low. Are you sure it is MM?
Average salary now is 100k with a 50-70% bonus for analyst level 1s.
As to whether you should decline, I would likely not take the offer for 60k. I guess it is dependent on if you feel you can get offers elsewhere though.
Well they market themselves as a MM shop on their website so I am pretty sure. Thing is now that most other FT roles have been filled. I don't really have anything to pivot into. I just can't see myself working 70+ hours a week for that kind of comp. I was so excited to break into IB but this feel very bittersweet.
I see where you’re coming from it’s a tough call. If you have really applied trying to all the larger MM and bigger banks/exhausted your network, I would take it.
If not, there should be a bunch of new hiring taking place over the next few months caused by people leaving after bonuses.
My AN1 was 85 + 10 sign on at a MM.. low col city
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No reputable "middle market" bank pays this low. This must be a no name boutique with a 50-60 hour analyst work week. you know the type. If you are making less than 85k in NYC or SF, you likely aren't at a legit shop. A lot of the MM's actually pay higher than the BB's, especially compared to GS/MS.
If it is a boutique as referenced in this (even if it’s 50-60 hour weeks), I would take that.
Then try to lateral to a large MM in a year.
after speaking with another analyst at the firm he told me he is working avg 70 hours a week. Near the end of a deal he may have days where he has almost nothing to do, but right now we have 3 live deals so we have been working our tails off.
I see what you are saying but it isn't like I have many options do I? FT recruiting already ended and I don't have any other fall backs. The internship might have some weight but nothing I can capitalize on now.
I’m not too surprised. Some of these LMM/MM shops seem to way underpay. From my exp dealing with them it seems like they want BB quality work/hours from their employees but only want to pay like BO pay or worse. Doesn’t seem like such a good deal if a good deal at all. Good luck
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