Happy NYE monkeys,
I was wondering if I could get some feedback on recent offers? I am looking at a regional boutique IB shop in a second tier city in the northeast region of the country. I know they don’t publish a whole lot of data of these size places but was hoping to get some feedback. They offered 75k salary and 0-20% bonus. It seems low to me !? The firm does all middle market deals anything above 25mm - 800mm. Is there room to negotiate at places this size? What are exit opps?
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Reality for base salary - yes this is realistic for a regional boutique. Keep in mind that large banks are just hitting around $100k base for an1 after recent pay bumps. They were roughly between 75k and 90k before that.
It will take time for regional boutiques to catch up, if they do it all. Also consider that regionals will pay less in general, and being that this opportunity is in a 2nd tier city I would imagine the COL is lower which means your dollars go further (my assumption).
The bonus amount on the other hand is very worrisome. 0-20% is well below market even given the above. I would probably not even consider this as an opportunity unless you have no other offers.
Is this signing Bonus
We're talking about annual bonus, which a significant part of IB comp.
Base makes sense, bonus is a total joke. Your high end should be at least 40%, if not more. 0-20% is paying corporate bonuses for IB, I think the worst offer I had was 65k with a 30-50% bonus structure from a Philly boutique.
Can I PM you, I got an offer I need help on to decide
For sure
Wow that is bad even by Philly standards. Gonna guess that was MHH.
Nahh, similar size though.
it's dog shit, but in this market depending on what position you're currently in, I'd probably still take it & do it for a year then lateral once the market improves. I think you'll ultimately end up in a better role sooner that way than if you keep holding out to find a MM / BB offer in this market off-cycle, with no experience. If I had to guess the hours wont suck so bad, and bonuses will be shitty for all banks across the Street in '23 anyway. There were great banks paying 20-40% bonuses to Analysts/Associates last year just because the market stunk. Hopefully will be a bit better this year but idk if it'll be anything major, so effectively the opportunity cost of getting one shit bonus as a first year analyst isn't even that high given the environment.
What if your graduating in May and need a job
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