QUESTION: Are there industry norms for non-salary compensation or benefits for IBD professionals? I'd love to hear some different perspectives on whether you've ever considered these things when taking or turning down an offer.
Because a bump in a 401(k) match rate can make a big difference in terms of the total compensation I receive. If there's a pension, that can hugely impact qualifying employees. Some employers avail the tax-privileged commuter spending accounts while others provide commuter funds directly to workers; some do nothing. Some employers are willing to make student loan payments for you, while others are willing to pay for part-time schooling. (A bit of a joke in the IBD, since 6AM course start times are quite rare.) I've even heard of some smaller firms that match contributions to HSAs and 529 plans, similar to 401(k)s.
These can seem irrelevant or pedantic, but just a 401(k) match of 6% and student loan payments coverage can make a more than 10% difference in total compensation for an analyst or associate. In all honesty, I don't think something like this would cause anyone to jump ship. But it can always be a helpful way of comparing two otherwise equal offers or feeling a little less terrible about your life at 2AM on a Saturday when you're sharing the office with the cleaning staff.
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