Compensation Nordic IB
Hi, does anyone have any insight in what kind of base one can expect as AN1 at a Nordic bank in Stockholm? About to receive an offer and want to make sure I’m not lowballed.
Thank you!
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Around SEK 50k per month (some at 45, some at 55). The bank you have the offer from will however give the same entry salary to all new joiners (unless lateral hire) so no need to worry about being lowballed
is this the same for all firms? would BBs pay higher or middle market banks pay lower?
Can confirm the range above of around SEK 50k. If I'm not mistaken, Danske Bank is at 55k and I think Nordea is at 52k. As already stated, the base salary at a bank is the same for all 1-year analysts so you won't be lowballed and you can't negotiate the salary.
Thank you both, much appreciated!
I meant lowballed compared to other banks, should have been more specific. If the base is in the lower end of the spectrum simply won’t accept it I think.
Cool. Hope you have a better offer, otherwise you have no cards to play with.
Around SEK45-50k if its a leading Nordic bank
Feels a bit too low to be below 50k tbh.. although a great starting salary compared to other professions
You have to mention what kind of bank. Is it a bank like ABG or a place like HDR Partners?
The base is usually very low compared to for instance if you work in a BB in Stockholm.
bruh what are salaries like in Sweden that $55k is top
Well you have to consider the much lower living costs, higher job security, much better benefits and better societal protection
People I know in the industry gets like $35k annually to their pension savings alone, and then add the base + the actual bonus
This is wrong.
There is a reason why BB in the Nordics pay very well and why the Nordic banks pay below market. For that reason, I don't buy your argument that much lower living costs, higher job security, much better benefits and better societal protection.
The calibre of people that they recruit for this type of job, typically aren't your hardcore banker from LSE / LBS / HEC / Bocconi that have a big ego and because of the lack of competition, these types of banks can get away with paying lower base and lower bonus. You only have a small proportion of students from 2-3 universities that are competing with these types of jobs.
Likewise, BBs in the Nordics have extremely lean deal teams, where Analyst 1 often has the requirement to run models themselves and so forth. This is very different compared to the Nordic banks where the bar is very low and deal teams are larger. I would probably say that GS is the most lean while MS / JPM / Citi are more chill in terms of recruitment. Other banks like BofA are known to be very sweaty and have a culture that would not be acceptable in for instance a play like SEB.
I would also imagine that the fees per headcount are low for the Nordic banks. If you work in Nordic banks like SEB, DnB, Danske Bank, etc. you working on $7mn EBITDA companies based in Finland that will not generate much fees. The BBs would not touch these types of deals.
I am not saying that the Nordic banks are bad, but if you want to have a real "banking" career, then going to London is the way.
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