What are people expecting for associate bonuses this year (175k base level). M&A revenue seems like it will generally be up YoY (at least it is as my MM). First year as associate so not sure what to expect given the volatility in pay over the last few years
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Based on the most helpful WSO content, here are some insights on associate bonuses:
Given the volatility in pay over the last few years, these figures can vary significantly based on the firm's performance and market conditions.
Sources: Millionaire by 30, Bonuses for Investment Banking 2017, Analyst pay increase: 95k base yr1, Absurdly high pay at Qatalyst, any truth to the rumors?, Where is the compensation in banking? Is it worth taking a pay cut for the long-term prospects?
Very high depending on firm
Ha what do you mean by high? For context, I'm at a MM firm that consistently pays in line with the street, maybe even a bit higher for top performers
Heavily depends on the firm. I’d bet it’s a relatively “normal” bonus year given M&A activity is up and in line with long term averages. 2021 was crazy high, 2022-2023 were low, this year id expect bonuses in line with the 2015-2019ish period (with a slight premium due to inflation).
That’s my optimistic guess based on what seems like a “fair” take. The banks may do a 180 and screw us, who knows
I’d bet $120-$140
At a BB? No chance
BAML and Citi destroyed their associates for 2023 FY payouts
I got paid $120 analyst 3 bonus. And ASO is partially deferred so if it’s less than $120 people will be throwing up their arms. Just my 2c
At an EB and expecting > 100% of base for my bonus. Should be at least as good as last year's cycle.
Was last year’s cycle > 100% at your EB?
Wasn’t at mine…
Yes, significantly more. Think this was the case at EVR / MOE / PWP / PJT
Prediction for top or near top bucket at the BBs that are generally doing well.
Think this is generally in line, maybe slightly above 2020 but lower than 2021. Obvious caveat is 2020 had a lower base and so not perfectly apples to apples.
A1: 150-175k
A2: 200-225k
A3: 225-250k
is this bonus, salary or TC?
bonus....
At UBS often 40k-50k
At BofA, $7.43 and a pack of gum for Associates. $10.00 and a free lunch for the VPs
This year will undoubtedly be an important one because it’s the first real year of normalized earnings for the banks in like 5 years. I am not optimistic though. Most of the BBs have shown willingness to destroy junior level bonuses, and tbh there is no reason for them to pay up this year. The job market has cooled off substantially and they know leaving is unlikely for juniors and mid level guys. Prepare for the worst
Co-sign on this. No real reason/impetus for banks to pay materially more than last year imo.
Anchor yourself at last year’s level and anything above is gravy
Received an ASO1 offer from a MM firm and was quoted $50-75k
I got ~75K as an AN2 at a MM so that doesn't sound right
Hopefully!
I assume that's stub or prorated...
No MM bank worth working for is paying an ASO 50-75k this year
Blair paying out associates 50-75k would be a bump from last year IIRC
I think we are getting closer to the days where bankers have the leverage with this stuff and they will have to capitulate and pay us (ignore title). I’m not super optimistic for this year though because they’re going to say they’ve subsidized us the last few years.
I think this will be a very bifurcated year. There will be the firms that pay reasonably well knowing that deal activity is truly back and they can't afford an exodus. Then there will be the firms that still think it's 2022/2023 which will inevitably backfire when they have to pay guarantees to get bodies in mid 2025.
Likely yes
I'm ASO1 in a product group at a MM. In the July-June analyst cycle, top-performing AN2s on our team got 100%+ of base salary (highest I heard was just under 110%), so I'm expecting something in the 115-125% range ($200-225). Helps that it was a record year for our team.
That’s pretty high expectation for DCM, no?
Good luck with that
Coming in with sky high expectations is a great recipe for disappointment.
Bump
Manager just managed our expectations, I think at most 10% of base, lol.
You at a random boutique?
Any data points from RJ, Piper yet? They’re the first to communicate
let me know if you heard how much it was at Piper?
Bumping, any PIPR data?
Piper is early Feb
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