Baird in 2021 - Hours & Comp?
Any updated insight to hours and compensation at Baird's Chicago office?
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Does the firm's protected Saturday policy (apparently legit) effectively force analysts to work longer hours during the week? Are 2 AM to 3 AM nights common?
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What does Baird pay for signing, base, and mid/top bucket bonus historically? Does it differ across groups? Any fringe benefits?
Thanks
You will get rocked. Big propaganda around caring and being the best lifestyle shop, just wait until you get there lol. 2am standard log off, 3am regularly, 4am every other couple of days (allegedly).
Industrials is worst, T&S really bad too, Healthcare bad, consumer is lifestyle. So basically Russian roulette with 3/4 chambers loaded (allegedly)
Saturday policy is not respected. Late nights (2am or later) are common. Pay is below street. Source: Two friends who work there at the associate level.
Pay is definitely not below street. Assoc makes 175 base with sizable bonus.
lol so it seems like baird is a glowing place to be!
Multiple hospitalizations in every group. Rumor is that this was the first year that the MDs had target fees to hit and Baird went from winning ~50% of their pitches (selective) to pitching everything under the sun and losing. Was an absolute nightmare, the bank is severely struggling to retain talent and they are not a "lifestyle" shop by any means. Anyone who isn't in consumer and says Baird has a great culture is either A.) the VP who called me at midnight on a Friday to tell me how much he makes or B.) lying to you about the culture. I can't recommend anyone come here, hours are bad and you're not rewarded with exit ops or comp.
I currently work at Baird. I would say that there is definitely a lot of truth to this thread, but also a lot of rumor / hearsay. Yes, the hours are about on par with what has been discussed 9-3am is most analyst /associate hours. On the protect weekend, Baird recently extended the protected period to 7pm on Friday-10am on Sunday. I would say the vast majority of jr bankers do not work over the period, especially in the last month or so since the extended protected period.
Fellas, I have to step in here to defend Baird. I have strong reason to believe that a lot of the anon monkeys are just piling on.
Things are busy here, that's true. But I also can't think of any other bank where the senior leadership is as dedicated or devoted to its employees. If I wanted to call the group head right now, I could. We already e-mail casually about sports and company culture.
I sent the group head a message a few weeks ago about giving people a day off for taking the COVID vaccine, since a lot of folks have side effects. Within four hours, there was a firmwide e-mail saying that the vaccine takes priority over all workstreams and there would be NO ability for any banker to request that a junior work instead of taking the vaccine, or taking a sick-day due to 2nd dose reactions.
Every junior banker I work with is someone I trust and who I would call a friend. My MDs are demanding, but no more demanding than any other firm, and there's no culture of screaming at juniors or slamming keyboards like what you have at other banks.
We've had a dinner stipend since the beginning of the lockdown, and we're getting spot bonuses.
I've spoken to a lot of banks. I interview because everyone should interview. I've turned down legitimate offers from buyside shops, BBs and other MM firms. I can't think of anywhere else I'd rather be on the sellside.
Happy to take questions if you want a different perspective. Yes, it's accurate that hours are long right now, but that's systemic. As I look for where I want to be for the next five years, there's nowhere I'd rather be than Baird.
Pardon my French but anybody on this thread saying they pay "below street" is talking straight out of their asshole.
By way of context, I'm a VP that started at Baird as an analyst and have seen our culture and junior work / life harmony evolve over time. When I joined Baird, there was no protected Saturday policy, but Baird was one of the first banks to institute this (in my third year as an analyst). It was a great initiative that provided a set time to be away from the phone (at the time blackberry) and computer for some well-deserved recharging.
Over the last several years, I've seen certain periods of time where this policy unfortunately gets challenged a bit, and under both periods it was during a time of intense market M&A activity coupled with the firm being under staffed to support significant new business that was won. In both instances, these were times that were really challenging but are growing pains for a firm that has taken meaningful share and moved up market significantly over the last decade. Success however is not an excuse, and leadership has acted in both instances to try and address issues. I'll try to outline a few of the positives to act as a counterbalance to some of the above comments. I recognize that my experience will not be the same as others, as the experience is always different across groups / industries, offices and even in deal teams.
Now, to address improvements at Baird that are underway:
- First of all, leadership is treating this situation very seriously; we have had multiple calls over the last few weeks with consistent messaging. Additionally, group heads send emails every Monday morning to confirm whether or not folks worked on Saturday as no work should be done without approval. We should all be holding each other accountable on this
- Since March, we have hired 23 new junior bankers and are working to add another 15-20 to help with the workload
- Announced one-time retention bonuses paid to analysts ($10k), associates ($15k) and VPs ($20k)
- Mandatory long weekend over the Easter weekend
- Mandatory long Memorial Day weekend with a $500 holiday stipend
- Mandatory long weekend at the end of the summer
- Mandatory five days of vacation every six mounts
- Baird leadership has committed to "leaning in" on compensation this year, and I believe them. The last time we had an intense period like this was 2018, and it was the only time I heard my bonus number and laughed out loud at how good it was. So, I would expect big things this year to offset the personal sacrifice and effort
On broader Baird issues and other topics:
- Culture is still paramount at our firm. If someone is being an asshole, they won't last. Period.
- Pay is very strong, but I recognize we all yearn for "more" especially when we work in a world where bankers, PE partners and executives rake in millions... we will get there ladies and gents
- Exit opps: despite the comments above, they are actually quite good. There may be some skewed perception though since many people who leave may just decide to leave finance and this strange world we operate in entirely. I've seen folks go to to BD roles for better lifestyle, the International Monetary Fund and numerous strong private equity firms in the middle market. Traditionally, Baird tends to send fewer folks to MF because... Baird (being a middle market firm) has more reps and interaction in the middle market... so candidates' relationships and experience are more relevant for the middle market. I've seen exits to firms such as Lone Star, Littlejohn, NEP, Frontenac and AIP to name a few
- Tangential benefits: being a Baird stock holder is an incredible long-term wealth creation tool, and one all mid and senior bankers swear by. Book value that goes up every year and typically a very attractive dividend
- Profit sharing: in addition to the 401(k) match, Baird also distributes profits to employees in their retirement accounts at the end of each years since there are no public shareholders. Employees own the firm
Hopefully some of this context is helpful and provides some insightful information with regards to Baird. I empathize that what we are going through is extremely difficult for most and that the sacrifices are many. However, I also recognize that feelings of malice are likely amplified with the broader world being on its head and the fact that it has been a lot of "work hard" without much "play hard" to offset the grinding. But, I'm confident things will get better... not just at Baird but across the industry. This has been a challenging 12 months for our industry and has put even some of the best cultures to the test. Stress and pressures are high, and we can all do a bit better to empathize with our colleagues (up and down the chain) and try to stay as positive as possible. Keep grinding folks, the future is bright... so will be the bonuses.