As year-end bonuses start to come in for associate to MD, it'd be interesting to see how firms stack up. Especially since 2024 is arguably the first "normal" year post-COVID from a comp perspective. Suggested format: Title (e.g. Associate 1/2/3) Firm type (BB / EB / MM / boutique) Group type (coverage / product) Base salary Bonus Bonus bucket How did your group perform this year? (good / average / bad)
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I'll go first. Pretty sure I'm going to be extremely unhappy when I see other comments.
VP1
Mid-level MM
Coverage
$250k
$150k
Middle bucket
Average
ignore title, thats what I got last year at a lower tier bb with a normal/mid rating. brutal time to be a VP at a not elite bank
If you're comfortable sharing, how does that compare to last year?
Sounds like roughly the same, despite the fact that IB revenue was up materially YoY
Oof. If it makes you feel better, BAML vps might be getting bags of feces as their bonus based on what I've read around these parts
any deferred component?
Didn't hit my firm's threshold for deferred comp, so no
Get dicked on
Same comp I got this year as a rising AS3 -> VP1 at an “””elite””” boutique in M&A coverage
Bump
Aso 1
Mid-tier MM
Base: 175K
Bonus: 135K
TC: 310K
Is this an M&A MM or Balance Sheet? Which bucket was this?
RJ, Lincoln, Blair, Piper type of bank. Strong coverage group. Top bucket.
Any idea on what your current ASO2's were getting last year as ASO1?
125 top bucket aso1 @ mid-tier MM last year for reference
Think your template is missing something rather important; what bucket you are.
Would be great to hear how many hours a week everyone is averaging as well
Why do people do this?
Uhhh so people can understand how they're comped relative to peers?
Why do I see you on every thread saying that the thread is unnecessary. If its not relevant you can literally just not read it.
What will knowing that information change?
Damn not strongest start.
Typical TD gatekeeping...
bump
Analyst 2
Non-US BB (RBC, BNPP, Barc)
Product - Sustainable Finance
Base salary: £70,000
Bonus £40,000
Good/Average
Congrats on RBC
At least you're working a 9-5 in "sustainable finance"
Canadian bank
VP1 in product group
Mid bucket
275k base + 175k bonus = 450k TC
I will be coasting until I get clipped
So RBC or TD? Just say the bank
Think you switched base with bonus unless you are in US office of Canadian bank
You got it going good man, teach me your ways!
Associate 3
Product Group
Base: $225k
Bonus: $225k
TC: $450k
got promoted :)
Awesome, congrats. What type of bank?
Canadian
Already updated the WSO title
Haha yea lol
Teach me bro, how do you do it?
What kind of product group are you in? Corporate banking at TD?
Coverage group Associate 3 (will be promoted to VP in January) Base $240 + Bonus $275 = $515 Top bucket
Are you based in US or Canada?
Non NYC; US
What coverage group?
Sounds like Energy
Damn congrats
What kind of firm (EB/BB/MM)?
MM
VP1
Coverage Group
RBC - NYC
$275K base
$175k bonus
$450k total comp
mid-bucket / average rating
Firm and team did well this year, but comp is disappointing.
Have heard other groups received same comp or slightly higher ($25k more) for same level and ratings band.
This comp is solid given the year. Congrats.
Huh. $175k is kinda on lower end for a VP. My associate 3 was >$200k+
OP here - RBC comp has been below average for the past several years and generally disappointing. This year, most RBC bankers had low expectations despite a good year for the bank. Those who got top bucket seem to be happy enough / not displeased with their TC, but this may be a factor of having low expectations. When other banks start releasing figures, RBC could be below averages again, and happy faces will become sad faces.
Get dicked on
Bump. Let's get more numbers in here Canadian bankers.
-
Are u sure you were middle bucket?
Damn RBC numbers don’t look that great this year. Or is there a wide variance based on bucket
-
City?
These RBC numbers seem very low. Didn’t they pay better bonuses in 2023, with lower fees? Thought average A1s got $90k last year, and average A2s got $120?
No, average A1s got like 50k last year. It's up, just not up a lot.
This is insane. We are being fleeced
Does VP1-3 all have 275k base?
Yes next bump is at director
Holy shit get fucking dicked on
lol are you 10
VP 1
Canadian (NYC)
Base: $275k
Bonus: $245k
TC: $520k
ngl not happy with the bonus
TD or RBC?
One of those
They couldn't have just rounded up to 100%? Just couldn't give you that hundo p? DAMN son, get fucked on.
Imagine complaining about 500k total comp. Probably TD as well where you barely work lol
Seriously. Perpetually passive book runners who just need to say “TD is on” on all the diligence calls. Great way to make $500k
Can attest to this. TD is really a hidden gem on the street despite all the noise with the AML scandal. Good people and culture, and most importantly, you can make crazy comp without working that many hours
ASO2
NY
MM
Coverage
Base: $200k -> $225k
Bonus: $90k
2024 TC: $290k
IBD performance was good this year so this was shocking to say the least.
What bank?
Wow that’s low / concerning. Were you bottom bucket? Decent ASO2’s in decent years should be making in the $120k range. At least that’s what they were making in the 2015-2019 period pre-Covid.
Based on performance review, I was middle/middle/top - we aren’t explicitly told which bucket so this is just based on my rating.
TD Cowen
ASO 1
Base: 175k
Bonus: 200k
Overall very happy. Team and company did well, hours weren’t super crazy for the pay
Big number if this is true
Yeah this is crazy high for TD / Cowen if true. He must be top top top bucket...
Damn what group?
This is Canada or US TD?
Damn TD Cowen matching WP beating CD&R in terms of pay
What group? Tech? VSDA? Other?
ASO1
Canadian Bank
Coverage
Base: 175K -> 200K
Bonus: 135K
TC: 310K
Was told top bucket, but it doesn't feel like it based on these figures
Is this BMO?
lol it says "works at cowen group"
which covg?
What group? Tech? Other?
If both the above A1s are from TD Cowen, then its hard to believe such a massive difference in bonus
lol - at my bank there's a big difference based on buckets, which is why I said the OP should add 'bucket' to the template and then I got downvoted so I guess we all just prefer to not have that info and guess.
TD (New York)
ASO1
Product group, top bucket
Base: $175
Bonus: $135
Total: $310
I was told this was in line with the highest ASO1 bonus across the investment bank
lol highly doubt that. Associate 3s are at 100% or over. Don’t see such a % discrepancy. For reference last year td associates were at 100% range too
DCM pays lower i believe
What group? Doesn’t sound like top bucket
This is correct. The level of misinformation on here is crazy. Cowen doesn’t even have buckets they pay basically everyone the same by level and then teams have discretion to give some employees $25k more. Cowen / TD does not pay well, not sure where the numbers above are coming from unless there are specific sub teams that are being favored. Once you hit VP bonuses are deferred at like 40% of the amount also. Everyone from TD is also leaving out the fact they don’t pay the $40-60k you get at every other bank when you are promoted to associate…
AS2
Top bucket
Bonus: $200k (on a $200k base—new base $225k)
Upper middle market firm
Jef?
Title Asso2
Firm type Canadian
Group type coverage - top group
Base salary - 225
Bonus - 175
How did your group perform this year? not good was what we were told
overall its in line with expectation for me
This is pretty good outcome. I was at a BB and the best Associate 3 might get $175k if the year is awesome. For any Canadian banks to offer that it is just great. Am happy for you and look forward to my conversation in January.
Pretty good outcome tbh, which bank?
This has to be TD. What group?
Top
As1
Canadian (NYC)
Base: $175
Bonus: $130
Total: $305
Top
New As2 Base: $200
Associate Stub
JEF
Coverage
175k base
40k stub bonus
Good year for the group and the firm
Groundbreaking stuff, thanks for posting
AS1
Canadian Bank (US)
Base: $175
Bonus: $80
Mid
Disappointing, hours haven't been too bad this year at least
JEF houston ASO + VP disappointing.
can you please quantify a bit?
ASO 1 -> ASO 2 MM Mid bucket $110k
Thanks for sharing. Any idea what range looked like for ASO1?
Associate 3
Coverage
Base: $225k
Bonus: $185k
Total Comp: $410K
This is kinda trash, made $475k at a BB as an Associate 3 pre-Covid inflation…
Unfortunately at associate level now this is as much as one can expect and even this is very much top bucket
How do you guys ask which bucket you are without being awkward? Do you say "which bucket was I ranked"
It seems a weird question to ask ...
when my group head asked if I had any questions I basically just said "how does this compare to others in my class"
^this… can’t get squeamish over comp transparency. But I never believe the group head response, have to figure it out on your own.
Compare notes later
PUT YOUR BUCKET IN THE DESCRIPTION. The comparison is useless without it.
Any JEF datapoints?
Heard JEF, top bucket ASO1 is 75%
I'm at a different MM, but that's way too low for JEFF
Seems low for a high caliber boutique like JEF relative to canadian banks
Jeff consistently pays very low relative to peers. I'm not sure why anyone of talent would work there over a BB, any other EB-ish bank, or even some good MM firms like HW.
With the revenue EBs are doing (nearly matching COVID) - bonuses should be 100% of base for top bucket
Headcount hasn’t changed that much
TBD
Agree with this, and folks at my EB are expecting >100% base for top.
ASO1
Canadian Bank (US)
Coverage
Base: 175K -> 200K
Bonus: 112K
TC: 287K
Top bucket, not happy
VP2
Top Bucket
Coverage
Canadien Bank
Team had ok year
$275k base
$360k Bonus
$635k all in
Not thrilled but waiting to see what the rest of the market says
This is pretty solid
This is *phenomenal* for an RBC(?) VP2
Is this USD or CAD?
USD. In Canada, VP base is ~C$180k at the big 5.
This is gangbusters and why I’m unhappy with my $245k bonus as VP1
Is your bonus all cash or some equity too?
What was your VP1 bonus or total comp? My VP2 is $275k + $375k
dang. that’s awesome. how much of this is deferred? what were you expecting/hoping for if you werent happy with this number?
How openly do you share bonus with colleagues and how much of a range do you share? I am curious what others received this year and don’t know where I stand in rankings. Maybe 2nd tier A. It’s always a bit of an awkward topic because the people who made more don’t want to share and the ones who made less are embarrassed to share.
Our entire class shares with one another. More transparency is always better to eliminate asymmetric information and allow employers to lowball.
Fully agree with this
Any PJT numbers? Heard they released on Friday or today
Bump
Buddy said they came out today
Did buddy tell you what they got?
Jefferies ASO 3
Coverage
NYC
$225k base + $250k bonus
Top bucket
Congrats! Do you mind sharing which group?
When does BB numbers get announced and paid out?
Any word on PJT?
From a friend - Top bucket Associate 1/2/3 $400/500/600K
.
BARC doesn't get their numbers until Feb
Also BBG literally just put this out:
https://www.bloomberg.com/news/articles/2024-12-18/barclays-annual-bonu…
Bump
Bump
MM Aso 1
175k base
140k bonus
Tc 315k
Bump
Any more datapoints?
Any more VP data points from Jeff or PJT?
(from a friend)
PJT ASO3 top bucket above 600k, VP2 700-800k
was this bonus or total comp?
this is half of the bonus
Total comp, obviously
IB is healing
We are so back baby
Seems these numbers could be slightly steep to me, but not by much. Could be possible if your buddy is an outlier top bucket in a top group who worked on one or more of the teams that completed a few of the big M&A deals PJT put up this year. Grats to them if so.
Does PJT pay all cash or is part of it deferred?
When does PJT bonus hit the account?
Canadian Bank
Associate 3
Base - $225K
Bonus - $180K
Total Comp - $405K
Top / middle bucket
Promoted to VP
Software Engineer at big tech
Base: shit tier
Bonus: even shittier
Raise: less than inflation
When do PJT bonuses hit the account?
https://www.wallstreetoasis.com/forum/off-topic/dei-beckies-lets-celebr…
Quick poll for anyone that has datapoints, when does your bank increase base salaries for MBA stubs?
No, start at 175k and stay at that level for ~18 months
Second this ^^
Pretty standard they do after 18 months
Ours is first paycheck in Jan (so ~5-6 months in)
What type of bank and what are the numbers?
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