how much bonus back office make in Goldman Sachs
Hi everyone,
I was wondering how much bonus the back office makes at Goldman and What are the annual pay increases like?
Thanks,
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Inflation?
You have a point sir
in back office, you have to pay them at the end of the year because you get to put the goldman sachs on your resume. for front office, you have to pay them 30% of your KKR first year associate year end bonus, and you need to send DJ Dsol a thank u note
Did you pay your debt?
This is hella corny
I'd suck mad chungus to have Goldman BO on my CV.
Why? it's Goldman both ways BO or FO.
Third year VP here in Salt Lake City as a Controller. Current base is $95k; bonus in Jan 2021 is $15k. Started in 2012 as ANL in Ops. Base was $44k then. Moved to current controller position three years afterwards - thought it would be intellectually stimulating but it's same shit again and again. But I can still put up the Goldman brand name and lay girls I wanted in downtown Salt Lake and the U of Utah. And yeah, there are lots of non Mormon girls.
But money wise, forget about it. Salary is up 5% (or less) on average these years, and bonus is at most 20% (often 10-15%). In fact, $15k in 2021 is the most I received ($ wise). So yeah, those first year IB analysts make more than I do as a third year VP, and when I networked trying to lateral to be IB ASO, they really looked at me as a piece of shit. It is what it is - can't really complain at this point.
I probably will retire here as the firm sponsors my green card. Married. A dog. A $500k house. $90k in saving. That's all I got.
Delete
agree with all this and just to point it out since i think finance generally makes us forget about the regular person and only compare ourselves to other finance people who make insane money, yall are still both doing extremely well compared to the average American.
How are they only paying a 3rd year VP/controller $120k? Is this market??
Don’t really know if it is market as I never sought after another role outside of the firm seriously. Many reasons: 1. I’m not competitive enough and lack of motivation to move to another areas that I’m unfamiliar with; 2. Visa constraint that prevents me from seeking another firm; 3. Not many “known” firms in Utah (many can argue otherwise).
Bro $95 + $15 = $110
welcome to the real world dude... as if 120k is a low salary lol
Why is your title “Analyst 1 in IB” on here
I don’t know. I just choose the default one there I guess
Idk maybe he realized WSO titles don't mean shit
why are you such a spermatozoa receptacle
.
No clue. Is it part of the early career program? It’s fair to say that probably “managers” would be more involved in the recruiting process than I am. I’m in a specialist role as individual contributor instead of people management.
what's it like living in salt lake? also curious as to how comfortable a life you can live with $110k in utah. excuse my ignorance but am genuinely curious, thank you!
It's chill. Think the median household income is around $55k and many are Mormons with 2-4 kids (or more). Relatively speaking, our household income of $160k (no kid) is pretty comfortable.Social life is a different story. Many friends left the town so I don't go out as much as before.And of course, being married means that I don't pick up girls anymore but instead of pound my wife twice a day in the two days I don’t go to office.
What are the hours like?
Start the day at 7am (as in 9am ET). market hours are tight all the way until 3pm ish and people kick off meetings/catch-ups/projects. Finish the day around 530 to 6 (could do 5 as well). Quarter-end are generally busier so to 9pm or so for a week.
I can give you a rough scale for a MO type role at a JPM/MS/GS. Strategic Analytics team.
This was the scale in 2021, but some of the numbers are iffy because my team did small market adjustments a lot. Also this is for T2 MCOL city
Analyst: 80-90k base depending on the analyst year (new grads 80, An2 90). Bonus in the 8-10k range for first full calendar year (so touching 100k TC before promotion after 2 years)
Associate: 105-120k base depending on external hire vs internal promote as well as YOE. Bonus in the 10-15k range If I recall correctly (left before getting an associate bonus). TC expectation centers around 125k probably
Senior Associate: 125-135k is the range I believe. No idea on the bonus but unlikely to be much over 15k. TC expectation hovers around 145k I would say. Only "real" number I have is a ~140k TC, but he was on the low end. The staffer told me when I left that my offer when I left (150k TC) was above the senior associate average.
VP: I would put roughly 180k all-in as a median, but some of my VP's were definitely above this. Don't have hard figures here just ballparks. Don't think it gets too much over 200k though. Most VP's were early/mid 30s though (as opposed to most MO/BO roles where VP's trend much older)
Director and up no clue, but my MD was almost certainly over 500k, and I would hazard a guess my director was over 300k
From what I understand, our team was at the top of the salary scale within our LOB. Hours were 40 on average unless you were working with certain external teams which would put you at ~55-60 on average. Raises were also well above inflation.
Up or out timeline was as follows:
Analyst: 2 years
Associate: 2-3 years
Senior Associate: 2-3 years
VP: "career-level" so no cap, and some were >40, but high performers seemed to make director in 3-4 years.
Left for a new opportunity that will net me ~165k TC in 2022. New role is definitely MO at a smaller bank, but also not really a cost center either (my projects directly result in additional revenue for the firm). Remote + No facetime culture makes the WLB unbeatable though.
Curious to see what TC looks like in more traditional MO/BO roles.
What does the "Strategic Analytics" team - you guys are pretty well compensated for middle office. I'm assuming this is in NYC as well?
Can’t really provide toooo many specifics as it’s a small team (~25 analyst/associates per year) and it would dox me. But it’s a combination of a consulting and analytics / DS skill set. Relatively interesting work if you’re into that. We mainly worked on the consumer/commercial/business banking sides with our projects, but some strategy work as well.
there is an NY portion of the team, and their comp is ~5-10% higher, but the numbers I quoted are valid for T2 MCOL (Chicago/Dallas/Atlanta/Houston)
the main problem i see is people with that combination of skills are worth more than any BB bank is going to pay them. Almost everyone that leaves does so for a sizable pay raise over the salary scale I quoted.
Used work in Controllers at GS/ MS in NYC
AN 1 - 70 + 25K Overtime
AN 2 - 75 + 30K Overtime
Associate 1 - 80 + 3k bonus (yes that is a massive paycut)
Associate 2 - 82.5 + 5k bonus
Left to Bschool and now clearing 400k in IBD at a top BB, F the back office
Why does associate take a massive pay cut?
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