How much have you saved?

Curious to hear what people saved during their IB years. (Not including what you had saved going into the job)

Formatting below would keep it straight forward.

Experience: Analyst 1 - Associate 2 (Promoted after 2 years as an analyst) Amount Saved: $250k Location: NY An 1 Base: $110k Comments: Anything that could be relevant (rent, discretionary spending, etc.)

Thanks folks.

6 Comments
 

An1 in BB coverage in medium/low cost of living city

Base: $110K

Sign-on: $10K

Bonus: $25K 

Including a few paychecks being a second year on $125K base:

401K: $22.5K

Sign-on: $10K

Other savings (not including 5K saved prior to banking): $10K

This is all pre tax-refund. 

Probably could have saved a lot more but traveled quite a bit and bought some expensive items I plan to hold onto for a long time ($400 headphones, expensive bags). 

Rent + utilities: +/- 2000 

 
Most Helpful

This is a dumb question because people will lie and others have mommy and daddy funds mixed in. The right way to do it is to just calculate a burn and salary and work backwards.

  • Year 1: ~200k Gross, 22k in 401k, expenses of 5k a month so 60k a year gives after tax savings of like 60k
  • year 2: ~200k same thing. savings of 120k + 44k in 401k
  • year 3: ~300k gross, ~80k expenses, save like 100k. Total savings 220k + 66k in 401k. 
     

As a general rule:

  • Everyone in the field should be maxing out their 401k, so multiply each year of working by 22kish
  • Expenses range from like 3.5k in LCOL cities to 10k a month. Take the middle of 7k and you’d prob be about right. x 12 is 84k a month.
  • Subtract the 401k contribution from gross and multiply by 2/3 (state and federal taxes).
  • Look up comp reports on this website

Follow the above and you will get a real answer for ranges rather than people just lying. 

 

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