Entitled Summer Analyst Question
Hello all you overworked analysts,
I know I should be extremely happy to have a SA offer in the first place, I shouldn't even be concerned about comp for a summer, just worry about a return offer etc etc ...
However, I am still curious if your banks are planning to send revised offer letters to SA for new comp bumps? The original SA offers were prorated based on old base salaries pre-raise. Can make a pretty hefty difference for a 10 week internship.
Thanks,
Entitled incoming SA
I don’t think they will. I mean, why would they? It isn’t like people are deciding between offers based on what they’ll make that summer. Its much more important what the future, FT comp will be.
Additionally, the main reason firms have raised comp is because of analyst shortage for immediate starts. That shortage doesn’t really apply to summer analysts. There are way more juniors in college interested in a summer internship in banking than there are current analysts on the street.
It always feels like banks under hire on the analyst level. They know 90% of people are going to leave and then they act shocked when 90% of the analyst leave.
by "new comp bumps" do you mean last year's bump to 100 or the recent bump to 110?
Signed for old base 80-90k new base is around 110k. Wondering if our summer rate will be based on new when we haven't gotten a revised letter
The last time this happened with analyst raises, everyone across the street received the new salary even if they didn't receive a new letter. Almost certain you'll get your bank's current comp rate and they won't bother trying to get everyone to sign and return a new letter. For example, the analysts right now are technically still on letters saying 85k, they don't update them unless they have to.
SA -> FT the banks try to sell you pretty hard to accept an offer if given, and analyst salaries are pennies on the dollar for banks
Oh wow is this true?
Pretty sure if they send you a letter, they'll include a covid-19 vaccination mandatory clause too. I wouldn't be on the prowl for a letter
fyi most BBs are requiring this anyway, at least to go into the office - whether or not it’s in your contract doesn’t really have any bearing. Current employees who are required to be vaccinated don’t have that clause and it doesn’t stop it from being enforced
Gotcha, other banks have gotten revised letters thats why I'm curious if your bank hasn't sent them should we expect not to get bumps?
Gotcha, other banks have gotten revised letters thats why I'm curious if my bank hasn't sent them should we expect not to get bumps?
Evercore and Solomon Partners are the only ones I know that have communicated base bumps to their incoming summer analysts. Fairly certain we will be comped at current analyst comp, but not 100% certain. My bank still has yet to let me know.
.
I worked at Citi last summer in IB and on an 85k base after overtime I made almost 40k for the 10 weeks. The no overtime rule only applies based on your address and because wfh they couldn't prevent us from making more on overtime if our home address wasn't in NY. I didn't come close to the money the California kids made, lucky bastards....
This is cap. Overtime is 1/2x base so you’d have to have worked 130 hours a week.
PIMCO bumped base for this summer's SA's from 85k to $100K.
Got an email from JP HR today saying they’ll be sending out revised offer letters soon because terms have changed. They didn’t explicitly say comp but that’s certainly it
DO you know if JPM IB gives overtime? From what I remember the original offer letter made it seem like you only get OT during the one training week
Expedita doloremque modi magni earum. Earum libero sint eos ipsam aut. Ut corporis aliquam blanditiis maiores quidem eaque ut. Eius rerum vitae ad qui labore. Aliquid ea expedita quae aperiam quis similique. Tempora suscipit debitis necessitatibus maxime est eius.
Assumenda illo omnis ut voluptatem libero exercitationem laborum aut. Explicabo eius incidunt accusamus odit. Ducimus eaque praesentium voluptatem animi accusamus nostrum non. Cupiditate molestiae aut sit eaque suscipit repellat. Quibusdam quis ut ipsa.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Animi eos inventore dolor et. Harum cupiditate qui ex quia nulla rerum necessitatibus. Et autem maxime culpa at. Voluptatibus rerum deleniti provident esse voluptates animi enim. Tempore eos vel repellat mollitia.
Maxime consequatur et voluptatem sed quos perspiciatis praesentium. Natus dolore iste vitae perferendis non. Ullam error voluptas sequi ea consequatur. Dolor aut nam recusandae ducimus facilis facere. Numquam laborum occaecati eos odio nam dolor.