Advice needed - Frankfurt BB IB bonus numbers
I was made a full-time offer last night by a BB IB and because of work visa issues need to make a decision by today. I am an American MBA grad with 3years work experience (CBRE and commercial banking) and have been interning for the summer. Offer is for a first year analyst pay - which is the same as the U.S., but they will not tell me bonus numbers, not even a range - other than it could be “anything.†Does any one know what front office numbers are in Frankfurt?? Help with moving, but no hiring bonus. U.S. numbers are easy to get, Germany not so much.
p.s. Yes my classmates are all associates, but I was told MBA and work experience do not mean anything here. I am from a non-target school. Thoughts??
Where does the offer come from? Maybe I could be of help. PM me.
Analysts are never told, at most banks, any numbers or percentage of base on bonuses.
Your contract will probably refer to employment 'at will', review of base salary after one year employment and possibility of a bonus after completion of set amount of time (usually one year).
Are you starting as a firt year analyst? You are certainly not get the best deal possible for your background.
Is this a US Bank? If non-US, are you sure you are not being paid in Euros?
MBA's DO make a difference. Master's do not.
If you enjoy the work, firm, group, location, etc, I would suggest you sign the offer. IBD FT jobs are going to be very difficult to secure for the class of 2008. You can always renege, albeit with some consequences,if you receive better offer.
Good luck.
and the name of the bank is JPM. Just spoke with friends at other banks and all agree the offer is low. It's a pickle to be sure. So I do not find a job in IBD if I leave - but when I return to the states I am 3 years behind everyone else. At this point I am asking myself why IB? I made more money pre-MBA working 45-50 hrs a week. Lol, I was just told that if I accept I get to go to first year analyst training next year. I wonder what the U.S. folks will make of me...
That's the kind of crap you get at regional offices. German banks are totally pricky - you have to feel special you were offered in the first place :-) given how German-centric they are. Don't think what others will make of you. If you think it's the kind of thing you want to do, go for it. If you feel you're being shortchanged, screw it.
You are being low balled-I thought it might be DB.
Do you want to stay in DE or can you shop the offer around in London, US or other firms in FF.?
Can't worry about others, do what is right for you.
shopping around in FFm will be tough. Basically, if your German is not native-speaker level, your search is narrowed down to US banks. However, even those banks are not willing to take on non-native speakers, with the usual question asked "WTF are you applying here? Go to London". Given that you're a US national, try shopping in London for an offer, though that might also be a long shot, given that the recruiting is over... Worth a try in any case. I might have some contacts at a couple US banks in FFm, if you're interested.
P.S. Do I know you from Doostang?
wow, good message board - thanks folks. :) I made several calls today, 1) Exec Dir IB at another U.S. BB here in town (alumni), and 2) VP of real estate IB at JPM New York. Both said the same - I would be starting over. In three years I could go back to the US as a 1st year associate, while the other MBA grads will all be three years ahead approaching VP. Both said once I am on the IDB "track" it would be hard to skip forward, no matter where I go.
IBGuy - I am indeed on the Doon.
what are you planning to do?
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