LMMB IB Compensation?
Hey was just wondering what is competitive compensation as an AN1 working for a regional boutique in a tier 2 city. I was offered a base salary of 75-80K+bonus. I’m assuming that all in comp will be around $90-$120K
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FTP literally pays AN1s $140K base.
FTP is an elite boutique, not LMM in slightest
UGA is a better UF than UF brah
FTP 140k base but the avg tenure for analysts is 7 months before quitting
A1 at LA LMM boutique. Base 100, stub bonus (i.e. july 22 - december 22) 25k, signing 15k.
That’s solid! How’s lifestyle/ hours like?
Hit or miss. Because LMM tends to run lean, if a bunch of processes simultaneously pop off, I have on occasion ripped the fabled 95 hr weeks.
On average though, I am probably closer to 70.
Recently, haven't been as busy and has been like 70 including going to the the gym for 1:15 in the evening , so figure closer to mid-low 60s. The downside to this is that in these situations where you are at a small firm, comp is much more tangibly tied to how busy you are (i.e. I don't expect my year 2 bonus to be 2x stub year 1 given we are slow atm).
Average comp at my firm has trended towards 75% of base as bonus across junior levels, with some extreme outliers on either end. Again, if the team is super lean, and you grind all year and get good fees, if your LMM is decent, I feel that you have much more flexibility to demand higher pay. For example, people will say this is cap, but we had a beast of an associate who cleared 400k TC all-cash 2021.
Edit: to clarify, I don't know if we really qualify as only LMM, but I would assume so. Average deal size about ~115, but we have outliers in either direction. Closed a few several hundred million ones during COVID but also do decent amount of deals in the ~70MM range.
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That’s great
At a firm like the OP and we pay closer to street. $100-110 base, $50 bonus (probably varies by $10-15 based on performance of firm and individual.
That’s higher than my bb
Really? We're in a Tier 2 with heavy IB presence (think Charlotte, Boston) and we had to match EBs and MMs to attract/keep talent.
Have knowledge of a firm that pays $60k base to start +~$60k bonus so ~$120 all in, seems like this offer isn't too far off the mark for a regional boutique in a small city. Personally wouldn't fret too much about comp at the first job, just focus on doing great work, getting involved in deals then lateral later. In the long run of your 3 decade+ career it likely won't make much of a dent.
The first year, just build a solid foundation in doing deals, getting reps in and get good at financial analyses etc then switch to another bank that pays more
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