CS/UBS - Who is deferring & taking the 30K?
30K (17ish after tax) is paid out in July and the deadline to volunteer to defer till Feb is June 5th. Who is taking the deferral?
30K (17ish after tax) is paid out in July and the deadline to volunteer to defer till Feb is June 5th. Who is taking the deferral?
Career Resources
Are associates paid more to defer?
Associates are paid 30K. Dk about analysts.
.
Just know that deferring is a risky strategy. If the market continues to slide between now and next Feb, you aren't likely to ever start. History repeats itself.
Not sure why this got so many thumbs down, there's certainly some risk involved. There's market risk (continued market decline) and idiosyncratic risk (expected job cuts following CS / UBS merger). A lot can happen between now and February. Given the market slowdown and CS' lack of deal flow, why not start now and work light banking hours so you at least get something on your resume. Not to mention, your late start will also result in a lower bonus...
Just a good reminder that people don't actually want advice, they just want you to tell them what they want to hear. Ask yourself, why is this Company offering me a voluntary deferral? Is it because business is booming?
This should absolutely be considered. I had the option to start in July or January. Started in July. A bunch of us got fired in December and many of the January guys never started. It’s a real risk.
Agree there. Best strategy is start now OR defer, collect your $30k, and then start re-recruiting asap to start elsewhere earlier than Feb, which will be tough of course given the market
Doubt the outlook will be meaningfully better by the end of this year (if anything worse imo), which is the key issue
At other firms that have done this they will claw back the $30k if you renege and don't start. Be careful with this strategy
I can barely live off of 17k post tax a month(srs)
That's just sad...
Apparently people triggered by the truth? Feel free to reply instead of just throwing MS that it's "inaccurate." I have been in the business for 15 years and seen this scenario unfold multiple times. But please, if you know better I'm all ears.
Can you give examples of entire IB classes being cut due to a down economy apart from 2008-2009?
Different person than OP... I don't think they will cut the entire CS class, but come on now, this isn't just a "down economy"... this is a massive bank takeover under extreme duress and they have publicly stated large cost cutting measures to come. Most of the incoming classes of failed/acquired banks were completely gutted during the 08/09 bank failures.
There is value to at least having the experience on your resume given uncertainty right now.
Incoming ft as an International student —not deferring
Do they make an exception for internationals since you don't have a choice?
$30k is not enough to deal with this level of uncertainty for 7 months
https://www.reuters.com/markets/europe/ubs-ceo-warns-painful-jobs-decis…
Better than $0k lmao
I'm taking it lol
Going to go travel the world and party.. maybe the offer will still be there in six months, maybe it won't but $17k is $17k and I can have a lot of fun for $17k
Pros and cons to both.
its not like if you don’t defer, you aren’t at risk of being cut (you are)
it’s not like getting paid $17k (more than most people in the world get paid per year) to do nothing is that bad of a situation
it’s not like either analyst class or the markets are going to be in a good position
may the odds be ever in your favor
You have a chance to show you’re worth keeping
Yeah I personally will be taking the Feb start date not uncommon in todays market
...
Explain more.. how are the best being decided? Is this across the board?
Best from last summer performance. We all have our picks of the top 50%.
If no one defers, they will make bottom.50% defer.
???
For real?
Take the deferral and re-recruit
It's a lot more than $17k because that $30k will be your only income for the year - it's more like $22.5k (even if taxes are initially withheld, you'll get the money back from the IRS)
I can see how it makes sense for analysts fresh out of school. However incoming associates, $30k isn't a lot of money, particularly if some of them are married with kids or just in general came from the working world before MBA and this wasn't part of the plan
Know a few MBB people who had the same deferral post MBA. Some are traveling until they start and some are working part-time / contract work.
Know a few people who had return offers at CS and I'm sure they've been in touch with seniors in their group. One of them seemed relatively unfazed last time I saw him. No clue if he took the deferral though.
Don't know why you got monkey shit since you're just providing information...
I also know some MBB people also and it wasn't voluntary. Their start dates got moved to Jan/Feb and that's that, no choice in the matter.
Last day to accept! Decision time :)
Bump anyone here actually defer? Lol
I know of no one lmao
Bump
My anxiety is through the roof
One more week to know if you’re deferred or not—are you CS or UBS?
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