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Career Resources
What I have seen at BBs:
Ranges from 55k + 6.5-8.5k, to 60k + 10-13k (60+13 was the highest I've seen for first year). 10k @ signing.
are these first year salaries out of undergrad? What company was the 60k?
Flake hit the mark directly with his numbers. I have a friend at a mid-tier BB getting around 55+8 and another friend at a top-tier BB getting 58+10.. Doesn't vary too much between 55-60 and 5-10 signing.
These are 1st year out of undergrad. 60+13 was GS/MS/JPM type of bank.
are EOY bonuses typical in operations for BB?
Sometimes the key differentiator can be overtime pay. Some BBs pay 0.5-1.5x OT, while others don't pay any at all. At 60k base, consistent 10 hours of OT per pay period could translate into roughly 10k of incremental pretax pay at 1.5x OT. This is only true for analysts, associates and above don't get OT. Just something to look for in the offer letter if you're forced to take that scenic ops route.
also, OT is defined as anything over 40 hours, which I thought was very low. if you put in an extra 30 hours or so you might be able to hit IB base levels
source: friend's offer at BB
Good luck finding something to do for an additional 30 hours in operations and justifying it to your manager.
While you might be placed into a team that works relatively long hours, you will never work 70 hour weeks consistently. That's a freak case scenario. There might be a few relatively late days during certain "busy" periods (i.e. month/quarter end crap) but that's about it. A more realistic goal would be about 15 hours of OT a week and even that number is kind of pushing it for most groups in operations.
I'm sure it goes without saying:
Avoid ops like the plague if you can. It is miserable and the job/people will suck your soul away.
Damn why is that?
even if it gets you in at MS?
Angelus, once you get into your junior/senior year you'll understand why.. ops is tedious, mindless work. It gets boring if you're "too smart" for it. I have a friend who does ops and he consistently works 55-60 hours a week but thats at GS. Other banks you may not even work 50. And what does Operations at MS have to do with anything? You're doing the same shit but getting paid more...
Not only is the work mindless, but the people around you are usually lazy slobs with no career or intellectual motivation. This is a fact at any bank.
Idk about this dude. There are plenty of kids coming out of college busting their asses just to get into BO because they didnt necessarily come from the best school. Therefore, they would probably be the most motivated to get out of their and perhaps move to MO or FO due to their hard work. I know plenty of smart ass people who weren't "good enough" coming out of college and managed to bust their ass in BO and networked their way into other positions.
Have a few buddies doing operations. Most people end up taking some test(GMAT, CFA.etc..etc.) to get out of mo/ops once they realize they have no way to break into FO/their skills aren't transferable to anything else but ops at another firm.
Everyone says avoid it like the plague, you will see what everyone means once you start
I did a summer internship in Ops at a BB a couple years ago. I think base pay for first year analysts was £32,000 - around $50k.
I don't think its fair to call people working in Ops "lazy slobs" - there were a lot of smart people who went to very good UK schools (LSE, Oxbridge, Warwick, etc) working there. However, it is a faintly depressing atmosphere as so many people really want to work in an FO role. Overall, I thought the people there were great, and I'd never badmouth the experience, but I knew after I finished that if I didn't get an FO slot, then there was no way I was going back to Ops.
Each to his own, of course, but I would honestly not recommend beginning your career in Operations at any bank, no matter how prestigious the brand name.
Use to do ops as well. Not bad for a lot of people, but if you are interested in your career enough to be on WSO, then its probably not a great idea to take that as your first choice. Although, in this economy anything is better than nothing
Good friend of mine is in Ops at GS and, while not the most exciting work, is absolutely killin it in terms of promotions, earnings, work life balance, etc.
Hold all your 'LOL KILLIN IT IN OPS AHAHAHA' bs college students.
How is your friend exactly killing it in ops?
Seems like there is no platform to really stand out? Perhaps he's in a role where he can actually stand out based on his performance, from what I've seen, most roles aren't like that
He's ~27, never been to BSchool, 2nd year associate making fantastic money, living in an awesome city and working very reasonable hours. That is the actual definition of killing it. All you brilliant wannabe bankers that think you'll be pulling in 600k at 24 need to realize that.
That's an awesome story, I think its a rarity to hear that type of outcome. Congrats to your friend. Question is would he trade that for a FO position, or is he content
I'm brilliant.
.
ops was not fun
Operations - Salary (Originally Posted: 02/01/2013)
Just got a BB Ops SA offer, pro-rated at 70k with time and a half for overtime. Do Ops guys seriously make 70k base FT now?
HAHA....no
um no, my buddy is starting full time next year at 60 and that is at a BB. I am seriously surprised that you are getting what FO roles are.
Yeah, took me by surprise too. I did BB Ops with another (more prestigious) bank last summer and I got paid 50k pro-rated with half-salary for overtime, which is what I expect to be in-line with FT.
If this is base pay for FT, with 10k signing and 10k bonus first year all-in comp will be 90k, which is basically FO pay.
The salary sounds about right, maybe a little high but if you got it, you got it. I think you're off on bonuses. I don't think Ops get signing bonuses and 10k first year is optimistic. Maybe top tier if the company is eating everyone's lunch. Remember, Ops don't generate revenue. It's hard to justify big payouts to people who don't bring in business.
Would the year-end bonus largely differ?
5k ye bonus sounds about right
Damn I need to get me some of that! I can't believe BB are paying there Ops people so much. Although I agree the max bonus you're going to see is 5k and likely wont see you base salary increase as drastically over the years as it can in FO roles. Also, my guess is most operations will be outsourced in coming years and bye bye 70k salaried BB ops employees.
There's really three tiers of ops: 1) offshored/onshored/hub ops, 2) straight operations (S&C), and 3) operations analysts or ops attached to a desk. If you're getting 90K, you probably really impressed them and you're probably in ops analysis and overseeing efficiencies in operations (actually interesting work) or you're working directly with a desk/group and they want you at arms length for when things get hairy.
How the fff do you make the kind of money OP says in ops? You don't.
A good buddy of mine just landed an FT MO role at a BB (risk), and he told me his starting is 60 with 5K sb. So how can BO make more? Answer: They don't.
Like UFO mentioned, if it is ops analysis- 70k is definitely not out of the question for a starting salary. Either are signing bonuses or EOY bonus being ~5K (prorated down from 8-9K) after taxes.
Don't get all excited. Even if the 1st year salary is the same at 70k, ops will see a 3-5% raise each year while junior front office salaries will jump to 85k, then 95-100k, and so on.
i get 60k prorated as a revenue generating member at a top bb, no OT
That's very interesting - my 70k is the sophomore offer rate. For juniors the internship is prorated at 75k, with equal comp for OT.
What kind of ops is this? During my days ops were 55k. Never heard of a 70k lets alone 75k, that's FO. There's even 60K in some banks for some revenue generating areas.
Oh well I am expecting a huge raise then if this is the case.
My friend got a $55k OPs FT offer with JPM...I was honestly surprised at how low it is. I also know that tech at some BBs makes $70k + $10k SB as well.
much more than audit
Got an offer as an OPs Analyst in NYC, 60k base 5k sign on up to 6k EOY Bonus. Not at a BB, large insurance company.
Operations - Salary (Originally Posted: 02/01/2013)
Just got a BB Ops SA offer, pro-rated at 70k with time and a half for overtime. Do Ops guys seriously make 70k base FT now?
Google "cost of living comparison calculator" and plug in your $75k NYC Ops Salary. Compare that to just about every other place to live in the US and you'll quickly realize your making about an average entry level salary. Congrats!
Equity Research vs Consulting Research (Originally Posted: 06/07/2015)
Research positions in consulting (e.g. McKinsey research analysts) are getting a lot of flak in WSO. I'm curious whether those positions are really that bad? I know almost nothing about what they do, but they actually sound pretty good based on their title.
If I were to classify Research Analysts in Consulting, instead of them being a BO-function, it would be like: Consulting: Consultants to Research Analysts Finance: Investment Professionals (e.g. HF/AM) to Equity Research
I doubt that it's fair to classify Research Analysts in Consulting to the equivalent of BO-Functions in finance (e.g. Trade/Settlements). Or am I wrong?
Your comparison is not right; ER (like management consultants) is a front office role. Many move from ER to the buyside (AM/HF) and I'm not sure what the next step for consulting research is. From my experience the consulting research guys only support the consultants (aka dig up articles and data sources) that write (but in many cases just frame) white papers/thought leadership articles
Pitchbooks wanted (Originally Posted: 06/24/2012)
Guys,
I am currently working for a start-up firm and we are currently looking to get some presentation themes sorted. To this end, does anyone have old pitchbooks that they worked on which they could email me? I am assuming that if they are old enough, it shouldn't be sensitive stuff (maybe someone has some lehman pitches?!)
Would be really useful to have a range of samples. Generally interested in the BB books.
Thanks!
ps: have seen some lehman stuff and kinda liked the formatting. so do lemme know if you have some!
i did see that..... they seem to be more on the research report side. Would ideally like to see some full m&a books...
hope this helps
http://www.scribd.com/doc/66800502/Autonomy-Presentation-1-503341
oh, thanks so much.
does anyone have books that give valuation slides, football field etc? quite interested in seeing templates where technical info has been presented as well
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