SA Salary
About a month ago I got offered a 2021 IB SA position at a MM.
Because I am a non target, and I really liked the bank I happily accepted and pulled out of all my other offers.
However I just got the benefits package today and I’ll be getting $18.75 an hour with NO housing stipend or relocation fee despite forcing me to move 7 hrs to NYC.
Last summer I had a stress free F500 job in a small city which paid $27 an hour and a housing stipend which I didn’t even need.
So after a year of constant networking and hard work i landed a much harder job, in a new city with a $10 an hour pay decrease. Just to slightly change my LinkedIn title.
Im wondering if 19 an hour is a typical IB SA wage and if housing is usually provided because that is gonna be kind of hard to live off of in NYC.
I am very fortunate to even have this offer and I really am excited to start with this bank.
However I am worried that I may have downgraded jobs just for the title.
That's shockingly low. Specially if its not derived from a pro-rated basis. A lot of the firms pay 85k prorated, which comes to $40/hr if you assume work 40 hours a week, and will be somewhere close to 25-30 if we assume 65-70 hours a week (I am getting paid like this). However, all my friends who are being paid on a per-hour basis are getting paid at least 25/hr and are getting OT. Many of them are actually getting paid $40/hr + 1.5x overtime. Having said that, all these people are at top banks. If you are at a LMM or a lower-tier MM bank, that might be why you are getting paid that way. Out of curiosity, are you getting overtime?
I am getting overtime and it is at a LMM.
It’s actually more of a Trading and Investment Group than a bank but they still have an IBD
Sounds like BTIG.
Thats crazy I made $41 and they paid us 1.5x OT...
Yea I figured it was very low.
However the Full time IB analysts salary’s (according to Glassdoor) ranges from like 155-200k in total comp. Just for year 1
I agree there is no way they pay IB analysts whatever $19 an hour prorates out to...but I would caution you against putting too much faith in Glassdoor as most LMM firms do pay below street. Comp is obviously a big part of how a firm treats its employees and personally I think a company that underpays interns like that is likely to end up being a bad employer to work for, just doesn't set a good tone imo.
how much did you pull all in?
My bank paid 85k prorated, no relocation bonus or signing bonus. Your salary sounds way too low. Especially when you consider kids are making 15-18 at McDonald’s, Walmart, Target, the gas station and I live in a LCOL, especially compared to New York.
I interned at a similarly sized IB a while back and was getting paid $15 an hour. After that, I interned at a commercial bank and got $25 an hour. The IB internship was a WAY better experience and looking back I’m very grateful for it now. It wasn’t until I got into a BB the next summer that I got the 85k prorated.
My IB experience eventually got me where I wanted to be, so If I were you, I would definitely be excited and try to work around it. Do it for the experience, not the pay. Good luck.
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