I will be joining a BB and my base comp is $85k. How much longer do you think it will take for most of the BBs to increase base comp to $95k? - I know EBs have already been switching to $95k for some time now.
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Curious as well. Wonder how long it took banks to go from 75k to 85k. Also aren't some banks at 80k and didn't some recently just bump up from that to 85k?
Things might actually not change due to work from home. Many BB might factor in working from home and keep at $85 for a couple more years.
But don't banks save money from not having people in the office, so wouldn't compensating people to use their homes as offices actually increase the salary rather than decrease it?
Companies may see WFH as an extra benefit for employees. That's how lots of upper level people see it because they can spend time with their families and they barely work outside of business hours.
When MS does everyone else will follow suit.
Not soon - banking is the highest paying job you can get out of college and there is no shortage of talent. BBs do not compete with EBs on salary
The crunch is currently on lifestyle and not salary. Think you will see stricter policies on late nights, weekend work, etc (such as in 2014 when everyone introduced weekend policies to begin with) rather than a pay increase
I would 100% take that over 10k as a first year.
fixed..
top tech SWE / data science / design and quant finance would like to have a word. ditto buyside out of school, MBB / T2 accelerated promo and top tech APM programs on the business side
Agree on consulting but everyone brings up tech as a comparison as if its that easy to just decide to be good at it lol. I took some CS classes and the students that have been learning CS for years on their own out of interest rather than just flip flopping from business were so far ahead of me in ability. SWE jobs and internships have actual requirements not just "willingness to learn" or whatever BS banking jobs have on their postings.
Just remember that just because your base pay is $85k, doesn’t mean you will only get $85k. Banks pay your base + bonus, so if they raise the base pay, then in bad times, banks will have a higher employee cost, which means if they need to cut costs, instead of not giving out high bonuses that year, they will be forced to let people go. It’s honestly best to have the base at $85k instead of $90k or $95k, but have variable comp make up the difference.
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