Elite Boutique Consensus Associate Compensation
There's a million compensation posts and bonus threads etc., but in order to better aggregate or understand at a high level, what would you say is elite boutique Associate 1, 2 and 3 compensation progression? I split the boutiques in terms of pay like the following, but am curious what you consider total comp for each tier at each associate level to be:
Tier 1 pay: Qatalyst, Centerview, Liontree, Dyal
Tier 2 pay: PWP, Evercore, PJT, Allen & Co, FTP, Ardea
Tier 3 pay: all others
Boutique ≠ Elite Boutique
Anything semi-related to the post you'd care to add or just this incredibly helpful comment?
Who the hell puts "incoming analyst" as their WSO title
There are not enough datapoints for some of these firms (Allen, LT etc) to form a view. Plus deals, thus revenue and comp vary significantly at these shops year to year.
For the rest, something like the below based on 2021 numbers. Could very well be 50-100k lower across all levels depending on environment
CVP: 500 / 600 / 700
EVR/ PJT: 475 / 550 / 625
MCO/ Gugg/ PWP: 425 / 500 / 575
Laz: 375 / 425 / 500
Pretty reasonable but Cvp numbers look slightly inflated for 2021. Looks like the litiquidity survey # which summed 21 bonus with new 22 base (vs 175 base earned in 21)
It’s gonna take LAZ a decade of paying street EB before they get credit on this forum. Zero chance LAZ associates are making 100k+ less than EVR same bucket.
Lazard associates typically made 100k less than EVR. Haven’t seen any data points to dispute this.
before base bumps they paid like shit. Want to say ASO1 for them was around $200k
PJT associate 1st years are paid 475 all in? Wtfffffff I knew it was high but was thinking it was more high 300s. And CVP Associate 3's are clearing 700 all in? I'm not sure I believe that. I know it's just 2021 record numbers but still
that's not really surprising for assocs, some careers in finance have you earning that as a new grad analyst. You get paid for having more responsibility.
PJT ASOs were not paid that much, also Lazard paid out more than what was listed here.
Had anecdotal evidence among myself and friends at other firms that the comp difference between EVR/PJT and MCO/Gugg/PWP were much more narrow
Im at one of these firms, and have enough first connections at all of these firms except for Gugg:
1. CVP numbers are inflated. They are generous and have great retention policies and benefits but not generous like this.
2. EVR and rest (except for LAZ): the gap is actually very close at mid-bucket: not the 50k gap that's stated here, and non-existent at top bucket. For reference, firms like PWP/GUGG/PJT are smaller than EVR and they almost always follow what EVR does in terms of total comp (EVR announces the bonus and these firms follow later in the next few days to match). Most of these firms will come within ~20k of each other. However, EVR's bottom bucket is a lot more generous than PJT/PWP/MCO. The firm chooses to let people go rather than fight them on bonus. Every year I've matched my comp with my peers, and the difference at top/mid bucket is really non-existent.
3. MCO is slightly lower than PJT/EVR/PWP/PJT at mid bucket level. MCO's top bucket (30% of their class) matches up with top bucket (and heard in some offices can even exceed that range) at these firms but their mid-bucket always comes 20k or so below what the general EBs pay.
4. LAZ has had an odd relationship with paying their associates well - they always come below the street consistently. If there is a bank that's accurately reflected here, I'd say its LAZ because they are consistently around ~50k less at all associate levels.
5. Big factor but stock/cash mix also matters. PWP was all cash for a while until last year; GUG i understand pays all-cash bonus, CVP is all cash. EVR's vesting policy leaves a lot to be desired.
Would you say the Lit comp post showing strong LAZ numbers is an outlier year?
Gugg is not all cash. 40% stock above a certain threshold. Can never cash it out unless then IPO, so most people end up losing it when they leave the firm.
Heard PJT announces numbers first in December? BX tradition
Can you give us the numbers across these firms for As1?
Qatalyst Aso1 last year was 640. Senior associates were a hair under 7 figures. Abnornal though given tech dealflow in 2021
How bad is the culture/lifestyle there?
I do not know this for a fact, but know someone who was an analyst there. She told me it was great, come in jeans and a polo, 65 hours a week, a lot of responsibility at a junior level. Don't know her that well though and she may have been bullshitting me.
Isn't Ducera up there in terms of comp as well?
I've heard they actually have great comp good point
Horrible WLB and not an EB but have heard of their guys clearing a lot (up t0 650 at Associate, would love someone from there to confirm)
https://www.efinancialcareers.com/news/2022/03/ducera-partners-pay
https://www.wallstreetoasis.com/forum/investment-banking/jpm-vs-greenhi…
Could we please share comps data for FT Partners if available? Thank you!
What’s comp at greenhill like
Any datapoints on boutiques (Gordon dyal, Ardea, Ducera)?
Bump
Bump. Anyone know Ardea numbers
What about MMs like Blair and Baird?
A step below LAZ and more materially below some of the other shops discussed in this thread.
MM’s routinely pay on par with most EBs (and considerably more than top BB’s). The exceptions being the few highest paying EBs such as CVP. From what I have seen, Lazard actually lags behind the top MM banks like HL, Jeff, and WB.
Comp thread, 50 posts, 1 has numbers that probably aren’t right. Never change WSO.
would classify it as the following:
Tier 1a pay: Qatalyst, Centerview
Tier 1b pay: PJT
Tier 2 pay: Moelis, Evercore, PWP
Tier 3 pay: all others
PJT stub year for associates is $225k, and goes up to $250k for AS1 - AS3. Regardless on whether they reduce the base to bonus ratio, their all-in comp has topped the street with the exception of CVP and Q over the last couple years.
Moelis I hear has been paying very well recently as well. Evercore is still a phenomenal bank, but starting to fall behind in terms of comp amongst EBs.
What has PJT comp been in the last few years?
Bankers at LT eat from what I hear
Can anyone touch on analyst and associate comp at Ardea
Sooo can anyone provide solid As 1 - 3 numbers across firms?
Hesitate to provide data on Qatalyst comp because no one believes it and just throws MS, but here are the numbers for anyone who is curious:
Aso1 total comp: 675k
Aso2 total comp: 995k
Aso3 there is a bit more variation but over 7 figures obviously
Assume it’s 2021 total comps?
Yes, Aso bonuses don’t come out until December
Already got one MS from someone who’s never talked to someone at Q
I'm curious, does the comp spread between EB and BB get larger the further up you go? Looking at these associate comp numbers for 2021 it seems like there is a consistant spread of 75-100k at each level vs what I've seen in compensation reports for BB.
It would be interesting to know what compensation looks like at the VP and Director level.
Others?
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