EB/BB Associate 1 Compensation?
I will be starting my MBA this fall at an M7 school, and plan to go into IB. I've heard from colleagues that base salaries for AS1 at EB's are higher than those at BB's, is this true? Particularly interested in PJT/PWP/MOE as my school tends to place well into those 3 firms. Any additional insights on compensation progression at EBs vs. BBs would be helpful too.
Wasn't able to find any definitive comp. numbers from recent threads, so appreciate the help.
$300-350 all in from what I’ve seen.
From what I heard EBs (Evercore, Moelis, PWP) base is 175 vs BBs 150
This is post MBA -> Can confirm. 150K-175K base was standard across anytime. Guggenheim Partners was offering 175K last year. The best boutiques pay more than BB.
(This is base)
EBs are $150-160k base depending on firm. Generally higher bonuses than BB because there is less variation between buckets.
Moelis is definitely $150k, I’ve heard conflicting things about PJT’s base
Have heard all EBs and BBs are at $150 base now, with Evercore being the exception at $160. Apparently, for Evercore, this evens out at the bonus level though, and all-in comp is in line with other EBs.
Have also heard second-hand that top bucket Associate 1 at EBs is $350, but someone correct me if I'm wrong. Like OP, also heading to b-school this year (CBS), interested in recruiting for EBs
$350k is def on the extreme side imo.
I’d say probably for EB expect around 80-100% of base for bonus
Confirm for BB not true for EB. Bonus is a different conversation.
Please see above comment.
Not an EB/BB but heard Baird pays $175 base for first year associates
The one disclaimer is that you’re paid $175k for all your associate years. Still seems like it’s the better deal since you not only have the time value of money on your side but you actually just get more overall for your 3.5 years now that most banks are at $150k for the 1st 18 months of Associates
Evercore is 160, PWP and Moelis are 150. Every BB and reputable MM for the most part are 150 base.
Is this the same for AS0s / direct analyst promotes?
lot of analyst/mba student guessing on here. The model in most EBs is not to really bucket at all, instead there is a very high bonus with a low standard deviation: everyone gets within 10-20k of each other. At my EB (PJT/EVR/MC), the average Associate 1 TC was ~350k last year. As for base, 150 is street, with a handful of firms starting at 160 or higher.
can’t really comment on BBs except for the fact that the GS discount is absolutely real- an MBA buddy there did the (masochistic) calculation and realized, if we all stayed for 5 years, we who went EB would out earn him by $1MM.
Holy ass, does that hold true for other BBs?? I have heard EB all in is more than BB but I have no idea if it is like 10-20k more per year or 50k+... seems like the latter from what you are saying.
Yeah top bucket at any BB is probs max $300 all in for a first year associate. Average is closer to $250-275.
I chuckle every time when MBAs choose GS over EVR/CVP/PJT. Even if that person only stayed for 2-3 years the difference in pay is massive.
100%. It all varies by placement. I would only advise GS if you are dam sure you have great backing, placement, growth, visibility. Culture and people matter, go where you fit in. The difference between 150-175K is completely insignificant in the grand scheme of things!
I'm not at either GS/MS or an elite boutique but there's no way I'd take a top BB over a top EB for any reason. The only reason I can think of is that someone wants to exit outside finance where EBs aren't as well known or want to work outside the US OR wants people to immediately know they work at a famous (to the layperson) bank.
My take is this. For post-MBAs: 1. As an Associate, BB pay EB pay 2. Chances of becoming a BB MD > chances of becoming an EB MD. You have more touchpoints with clients (more products/services to offer). Doesn't apply to all industries (like industrials which are more M&A/restructuring oriented). As a result, post-MBAs may have higher chance at making MD at a BB. 3. Don't worry about #1-2. This assumes you ride it out at 1 bank your whole career. Both junior and senior bankers change groups all the time, so best to just pick what group you like best. Life's too short. 4. BB career optionality > EB career optionality. Exposure to a variety of deals are useful for a broader set of companies and situations, so being versed in those topics is helpful. Again, doesn't apply to all groups (like industrials). 5. If my sole goal is to maximize money earned before banking becomes too painful, I'd devote 6 years to an EB, earn Associate+VP money which will be a lot more.
Just my two cents
Great insight!
Wouldn't Industrials be a coverage group that is more robust at a BB? A lot of financing and sponsor activity that BBs can provide, and by extension they can also provide M&A, etc. Therefore one might have a higher chance of becoming an Industrials MD at BB over EB?
Good point. just trying to say industries are not all alike and, depending on what that industry is, you may prefer to have your experience weighted to strategic transactions...in others you may want a balance.
From people I know of EB post-mba associate is close to 400 if you include signing bonus
lmfao.
Best to compare (1) First base (2) Bonus
Base is 150-185~, Bonus varies way to much by placement, desk, (how many times your MD crushed beers), etc. to give an accurate total comp number. Crazy standard deviation there.
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