Denver IB Comp
Currently an associate at a BB in NYC/SF, the wife and I are considering a move to Denver. I've been scoping out the opportunities there over the last few months, my biggest concern is the low comp. The banks out there seem to pay well below market, even for a Tier 2/3 city. Hopefully they up their game, but so far this is what I've gathered on associate comp, any updates or additional color would be very much appreciated:
Petrie Partners - "Michael Jordan of Sweatshops" lmao, no direct figures on comp but assuming it's the highest given the deal sizes and god awful hours
DA Davidson - $160 - $190k base (but they have a 4-year associate model instead of 3 years), M-F in office, Diversified Industrials
Presidio Group - $140k - $170k base, work in the AutoTech and Auto Dealership space
FMI - $140 - $160k base, construction/engineering sector, flexible hybrid work model, good culture and WLB
Capstone Partners - $150k base, multiple sectors
Raymond James - very limited presence, HealthTech team of like 3 or 4 people
BaseRock Partners - construction/engineering sector (seems more or less identical to FMI), looks like a decent shop, any word on comp?
Pathetically low comp/not worth considering - Forbes, Q Advisors, GLC, Class VI
Based on the most helpful WSO content, your assessment of the Denver IB scene aligns with the general sentiment shared by others. Denver offers a decent middle-market banking presence, but compensation tends to be lower than NYC/SF levels, even when adjusted for the cost of living. Here's a breakdown of the firms you mentioned with additional insights:
Petrie Partners: Known for its intense work environment ("Michael Jordan of Sweatshops"), no specific comp figures are available, but it's assumed to be on the higher end due to deal sizes and demanding hours.
DA Davidson: $160k - $190k base, but with a 4-year associate model instead of the typical 3 years. Focused on Diversified Industrials, with a mandatory M-F in-office policy.
Presidio Group: $140k - $170k base, specializing in AutoTech and Auto Dealerships. Compensation is on the lower side, but the niche focus might appeal to some.
FMI: $140k - $160k base, focused on the construction/engineering sector. Offers a flexible hybrid work model and is praised for good culture and work-life balance.
Capstone Partners: $150k base, covering multiple sectors. No additional details on culture or work-life balance.
Raymond James: Limited presence in Denver, with a small HealthTech team of 3-4 people. No specific comp details provided.
BaseRock Partners: Seems like a decent shop, but no concrete information on compensation is available.
Forbes, Q Advisors, GLC, Class VI: These firms are generally considered to offer pathetically low compensation and are not worth considering for most.
Denver's IB scene is growing, but the comp remains a concern for many, especially those transitioning from BBs in NYC/SF. While the cost of living is lower, the pay discount often outweighs the savings. However, the lifestyle benefits, such as access to outdoor activities and a less competitive environment, might make it worthwhile depending on your priorities.
Sources: Ducera Partners: The elite boutique where associates earn up to $650k, Urgent: Partners Group vs MMPE, PE Associate Compensation in T3 cities?, What is Canada comp like?, 5 ways a career on WS is not what it used to be
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Are you at BRiley/Peak/DB type shop in SF?
At a Citi/Barclays/BofA shop
I’ve met at least a few BB bankers based in Denver. Tends to be more senior folks, but they might have a need for VP/Aso help. Worth looking into if you want market comp.
Could you please elaborate on which firms? I just did an extensive search on LinkedIn for MDs in Denver and I only saw a bunch of MM/LMM people
Bruh these comp levels are ass, I’m in Minneapolis and the MM shops out here pretty much all pay higher than this. Cost of living is cheaper here too
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There are a couple good firms in Denver that pay decent. Quadriga partners is a healthcare based boutique. Peak is also in Denver apart from SF and NY.
Any idea what they pay?
quadriga - def below street. not sure about peak.
That’s pretty wild considering Denver isn’t a cheap city now. Obv it’s not nyc or SF but it’s def more expensive than Houston, Charlotte, Minneapolis which all have shops paying higher
Honestly even Chicago might only be slightly more expensive than Denver now
Can confirm the more notable MM here base pay for ASO is 175 for HC
Can you please elaborate? Are you saying ASO1 base is $175k for healthcare shops?
The more notable ones, unsure about the boutiques. Ik also DA pays way under market
Seems like you have a good idea of what the IB comp landscape is but happy to talk in greater detail on Denver if helpful
Aren't those base numbers in line with what BBs pay? Maybe bonus is a lot lower?
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