All,
Can you provide me with your thoughts on signing bonuses for 1st year associates. Specifically,
1) What was the standard figure for July 2007 1st year associates (particularly at JPM, GS, and MS)?
2) Does this bonus include relocation?
3) When do associates receive them (prior to begining or post start)?
4) Do analyst-to-associate promotes receive these signing bonuses?
5) Are these bonuses market driven (ie: will they cease to exist in 2008 due to market conditions)?
As always, thanks for your feedback.
I don't know if mine's the standard, but I received $50K in total (40K signing + 10K relocation). What did the rest get?
I heard $50K total was standard. Not sure when you get it, I would think when you sign? Banana, when did you get yours?
40k + 10k is standard. Analyst promotes receive the 40k portion, at least at my bank anyway. It is unlikely that they will go away due to market conditions, but I could see them decreasing slightly. The bigger hit is likely to be for first year associates receiving a full year bonus (not the 45k stub you get afer six months on the job). We will know a lot about this over the coming month as numbers are annouced.
Bump. Can anyone discuss when Associates actually get their signing bonuses? Is it when you actually sign (i.e fall/winter before you start), in the spring, or when you start work in the summer?
Timing varies - before you sign, ask them. Some receive it as early as Sept right after your summer. Others receive it as late as this past March. I think the 55k is standard, but this excludes the summer end offer bonus of 5K as I recall.
Thanks CatMan. Also, are there typically signing bonuses for Summer Associate positions? how much?
I got my FT bonus in the fall. Yes, some people get signing bonuses for the Summer Associate position. Mine was a few thousand.
I've never heard of a signing bonus for summer positions.
CatMan, I believe that Monopolisf is an A2A rather than a summer.
That was in response to my question. I will (hopefully) be a summer associate next year, so I was curious about this.
In your other post you talk about signing bonuses being rolled back for A2A's with a bad economy. Do you think that MBA signing bonuses will go down as well?
I'm disappointed you didn't just ask me this directly. Just kidding.
When I was promoted, my group head made it right for me on both the signing and the relo portion of the bonus, as well as the stub. This was relatively uncommon in those days - most of the (few) direct promotes who preceded me never got signing bonuses. The rationale was that they just got their 3rd year payouts and were only six months away from a stub.
In good markets, the firm should deliver both to you. Especially as firms have begun to merge the signing and relo bonuses (a relo bonus can be exempted from a tax withholding unlike the signing bonus, which must be withheld at normal rates). In this market, I would not be surprised if firms began to roll back a touch on the sign-on/relo bonuses for direct promote / A2A types.
How's the new title?
I think they might. They did last time we faced a major retreat in the banking market. The reason for it is simple: the stub associate sets the floor for everyone else.
If the stub (A0) gets a 90 base, 50 sign and 60 stub, that means that the bottom of the first full year (A1) class should get something north of that.
I wouldn't worry too much. I can't see it going down a horrible amount. Worst case, what did we pay the '04 stubs? Probably 85/35/35 or something similar?
I hate to say it, but in these markets whatever the banks do for bonuses is somewhat irrelevant in my mind. The name of the game is to have a job, and everything else ranks a distant second.
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