How hard is it to land a job in IB? How does pay scale across many banks?
Applying for college soon (senior in HS) and I’m really considering a finance/math major. How hard is it to get a job in IB? Everything I see is about BB, but hardly ever boutiques or anything “less”. I know that VPs at a BB make around $300k/yr give or take. How much can I expect to make at a less prestigious bank though? How easy is it to get into these “lesser” banks? Is any of this guaranteed or is it really risky to get into IB?
There are a lot of threads on this topic.
While these salaries quoted are low for the industry (most likely as they are averages across the US), this gives you an idea of difference in scale.
https://www.businessinsider.com/wall-street-pay-at-tier-1-and-tier-2-ba…
By the way, all-in comp for a top-performing VP1 starts to approach ~$500k at BB versus $350k - $450k range at MM. Bear in mind there is a wider range in MM depending on deal size, deal activity, geography. etc.
So the chance you get into any given BB is around 1%, correct? This is what I’ve often heard quoted. How about MM? The pay, although less, is still very good. How hard is it to get into a MM? This is what I really can’t find much info on search posts, since everything is about BB.
Also, thanks for responding.
The probability of getting into banking entirely depends on your profile and where you're coming from in terms of familiarity with the finance world, corporate culture, connections etc.
If you're a kid who's been surrounded by finance your whole life (e.g. you did the whole top private/boarding school thing then went on to some top college), it's a relatively straightforward process and you'll probably have friends, family and friends' parents in desirable places to set you up. If you're just an average smart kid who ticked the boxes to get into a top uni, you might have a bit of catch up to do but again.. pretty straightforward given you know what you're doing/get into the right campus orgs etc.
Some kid who has no idea how this stuff works, goes to a non-target in some random town, has no sense of drive or grit, waits until senior year of college to think about their future? Pretty slim chance.
Search = your friend
It'll probably be really hard for you considering you're a moron who can't use the search bar. Seriously, stop wasting everyone's time and use your brain kid.
Pay scales very HARD against many banks
Keep that in mind
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