Question for new post-MBA associates; if you could help me out with these I would really appreciate it. I did a search but I found either old, outdated posts or nothing at all.
1) What month of the year do associates typically start their full time employment with a bank?
2) Is there a Gap between MBA graduation in mid-May and whenever they start training?
3.a) Do they get paid during training the same as they do when they actually start working for real? 3.b) How long is training? hours/day, days/week, and how many weeks total?
4) Is typical associate base pay around 125K now instead of the usual 95K?
5) I keep hearing that the average signing associate signing bonus is around 40K, but all the MBA employment reports show about 20K for banking--can someone throw out some for-definite numbers? If it is 40K, how much is that really after Fed/State/NYC taxes? 20K?
Thanks
I can only speak for myself, but started at a BB a couple of years ago:
1) Started end of July/early August
2) Yes.
3a) Yes, salaried. 3b) Training went all day (8-6ish give or take). We had quizzes and were tracked based on quizzes (feedback given to the senior bankers afterward though I don't think they give a crap). We had homework and projects, including a final project at the end of training where we pitched to an MD. So it's 8-6 but with homework, studying and projects. Some of the greener associates worked until midnight or later because they couldn't figure out excel. I think I was in training for about 6 weeks.
4) Can't speak for now but mine was closer to the usual when I started.
5) I got a little higher than 40K when I started.
1) Yes, you typically start in July.
2) Isnt this the same question as #1? Training for most banks start around mid July +/- about a week
3) You are paid your regular salary during training. Length of training depends on the bank but its typically 6-7 weeks, Monday-Friday
4) Almost every BB I know is paying $100k for new associates
5) $40 is the average...comes to ~$26k after taxes
4) I don't think any BB pays 100 anymore, low is $120, high is around $150
Most are paying $125 for 1st yr associates
maybe botiques are still at $100
When did this start?
Thanks all.
I guess it would be behoove me to learn excel modeling before I start my MBA. I have a year before I start school.
Does this mean bonus numbers are lower?
Again, how is this affecting bonuses?
Yeah this is the first I've heard about it. I've always been under the impression that you can expect around $100K base, $40K sign-on, $40-55K stub year bonus (paid in Dec/Jan after 6-7 months).
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