I took a pay minor salary pay cut to go from a mid level transaction advisory senior to an IB analyst, sweet talked by the MD that the pay ceiling would be higher and that the bonuses would make up for it. This was at the height of the 2021 M&A craze. Gave up cushy WFH and an honestly less intense environment
Annnnnd now bonuses are down and I’m moving at a snail’s pace in terms of salary progression through the mandatory 3 year analyst program. I could’ve lived with that if I was at least made whole through a bonus. Is this just short term thinking or was banking just a bad choice at this time
Without a doubt this is a very short sighted outlook. It honestly may be advantageous to have down years during your analyst stint when you are most insulated from poor economic conditions. If you stick around and make associate you’ll be raking it in with a booming economy. That’s at least how I’m coping with it.
Good awareness, definitely coping. Banks are keeping unproductive MDs/directors and keeping VP bloat but want to fuck analysts who do the most content generation with their bonus.
People were saying IB was more stable than PE back in 2021 as a cope but here we are, banks cutting left and right and PE folks who might have made a little less in cash comp have little concern about layoffs.
Sorry bout getting laid off. You weren’t as bad as ppl said.
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