Public Finance IB Bonuses
I keep reading PubFin IB bonuses are less than corporate IB, but I was wondering what that would look like for analysts and associates. Say, 85k base, Corp IB would expect between 50-80k bonus usually, what would a PubFin IB bonus look like? If anyone has any info beyond first years too that would be great..
Edit: Nevermind misread the post.
Can't speak for BB, but in MM expect hilariously below what a MM would pay corp finance.
Could you give a $ range, approximately, for Corp and PubFin?
No idea about corp. But for MM pubfin expect somewhere between $10k-25k for bonus. Could be more in a better year. And the base is lower than $85k for first year analysts. Unless maybe you're in nyc/sf
Also interested. Anyone have any insight about PubFin in BB NYC?
Analyst bonus ranges at my BB are roughly: Stub: 20k First full bonus: 30k-60k Second: 45k-85k
For associates I have seen roughly 180k-240k all in. My bank hasn’t raised associate base comp to match corp IB, so associate first year base is still 125k.
VPs I have heard are anywhere from 260k-400k. As you can see, pay is pretty comparable at the analyst level but starts to really diverge once you hit associate/VP.
All in pay for first year associates at one of the main MMs is $92k-100k if that makes you feel any better
Thanks for that. Curious - do you plan on staying in PubFin or shifting to the corp side at some point? Wondering if it'll be worth staying or going to the corporate side and making much more, even with the slightly worse hours.
I am planning to leave, but culture and more learning opportunities are the driving factors for me, not comp. I’m not planning on staying in finance for the long term, but if you are, would recommend moving over to the corporate side ASAP. Better comp, learn a broader and more relevant skill set, and better exit ops.
In my experience, one of the biggest misconceptions I’ve seen is that pubfin has better hours/culture than M&A. Like most things in banking, it is 100% group/team specific.
PubFin dealflow is ridiculously top-heavy (BAML #1 by a large margin, then Citi/MS then JP then the rest) so bonuses vary a lot by firm.
That would explain the discrepancy mentioned above. Amongst the 4 BB firms you mentioned, would you think their would be a significant pay discrepancy? Or do those 4 see so much deal flow that you get basically the same pay until very senior levels?
Most BBs give PubFin analysts almost the say pay as CorpFin analysts I'm pretty sure, probably 20-30% lower bonus with same base. The difference starts to show at around the VP level when your comp is directly tied to your ability to bring in deals, and deals in PubFin just don't make as much money as deals in CorpFin.
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