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I don't know the exact number, but you should expect a ~10% cut versus street base. I have a friend who has been there for sometime and he loves it. The cut in base pay is made up by the bonus, which is all cash with no clawbacks. Additionally, my buddy has spoken to the really excellent culture, with limited bullshit/MD-anxiety driven work and a significant amount of independence for juniors.
All in all, it's a good shop and good place to start your career. You can definitely lateral later if you want.
Thanks that actually helps a ton
Sharing my thoughts as I've been trying to poach people from both their Minneapolis and Chicago offices lately.
Chartwell is the Phil Niekro of banks. Said again, they're the best at executing a unique product that most other banks don't want to or are frankly unable to do. Employee ownership is difficult, and there is greater downside risk for an advisor if a transaction fails than in a standard M&A process.
I've been speaking to analysts and associates there to try to get them to come over. By and large, their bankers are happy, the pay is good, the hours are tough but more reasonable than industry average, and the culture is a big selling point - the biggest asshole at Chartwell would be the nicest guy on the team at another bank.
There are two downsides I see about Chartwell. The first is that the modeling they do is harder. Employee ownership adds a layer of complexity to most deals, and the demands of modeling around this complexity results in a more challenging modeling experience. You can compare this to other MM shops where the model is most often just the IS, the BS, and Projections. The second is that exits could be better. There's not an established pipeline of Chartwell-to-PE exits, it's mostly exits to other MM banks or to leadership roles at a client. If you want to go to PE, you might have more luck somewhere else.
Yes, your salary is lower than street. But from what I've been told, you do better in down years than your peers (said again, Chartwell's floor is higher), but you also may not see the stellar bonuses some bankers receive during high activity years like 2021 (said again, Chartwell's ceiling is lower).
Chartwell doesn't have the same brand presence as other banks. But they are very well known in their space. Going to Chartwell means being a shark in a small bay, whereas perhaps choosing a separate MM shop is more like being a goldfish in the ocean. Yes, the universe might be smaller, but sometimes it's better to be at the top of the food chain than part of it.
Although if anyone wants to come to my bank, for the love of god, please PM me - we absolutely need some talent.
Interesting, I'm buddies with someone in the Chicago office and he hasn't mentioned someone trying to poach him or heard rumors in the bullpen.
For what it's worth, I'd say the modeling experience is an upside. Analyst actually get to do real work and aren't logo monkeys there. He's talked about that and the fact he actually likes his associates before, so not surprising he's still sticking around.
Do you have any idea what their bonus's are through your buddy? Their base is a bit below street but don't hear much about their bonus?
No idea the numbers but his responses have been "fine" to "good." I think the poster above has it right - he was never worried about getting a donut in the doldrums of 2023 but the nature of their work means they're never going to have blowout years and pay first years $170k+.
FWIW he's gotten lateral looks/headhunters reaching out and his takeaway every time has been that, to him, the extra pay is not worth the extra hours and guaranteed worse culture at another bank or PE shop.
10k
That seems low? You sure?
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