Salaries in Madrid
What is the salary for an analyst in Madrid currently? For BBs and EBs, for national banks and for regional banks.
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Hey Prospect in IB - Cov, I'm the WSO Monkey Bot and I am sad to say, but this thread is lonely, so thought I'd post in here to try and help out. Some potential topics that might help:
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Heard they pay approx. €55k base at Santander for Analyst 1
Then how much for BBs and EBs?
I'd assume a little higher in the €60k-€70k range
I talked with an Analyst at GS. He said first year 97k all comp. It starts to grow greatly at associate level.
Sounds low, are hours significantly lower in Madrid?
I think hours are slightly lower but the main difference to London and the likes are exit opps. Still you can lateral
Almost €100K in Madrid which has a cost of life similar to that of a Uganda village? Are you serious? This would be like making $300K in NYC as an AN1. That compensation is phenomenal. Even if base is €60K, it assumes close to a 70% bonus.
I work in Spain in a BB and that appears low (looks like a stub bonus)
What’s the range of your comp?
Can you DM me please?
I am from Madrid and i want to ask you some questions.
Muchas gracias tio (tengo muchas decisiones en mano y necesito un poco de consejo)
This seems low to be all in comp
Honestly with €97k in Madrid you deffo live like a king
I work in Madrid . BBs EBs have standar Europe salaries (60k-70k base +bonus), regional banks (Santander, BBVA, CAIXA) 55k + BONUS. Regional boutiques like Alantra, Arcano, AZ capital 50k+ bonus. Small M&A boutiques 35k+ bonus.
I gotta say, all this salaries are very high for Madrid cost of living and except BB, WLB is "okay".
Minimum with bonus you are getting 50k+ bonus, Max 100k.
Keep in mind, Spanish is a must and is very very elitist so target is almost a must in BB, EB...
if you have more questions pls dont hesitate
Sounds about right.
It is also worth mentioning that every foreigner coming to Spain for the first time can benefit from Beckham's law which is a law that assigns you a 24% flat tax rate on all of your Spanish income for like 5 years.
This makes your life in Spain quite luxurious (e.g. 1 bedroom apartment with condo pool is like 1k/month in one of the best regions in Madrid).
If your sole goal is to save money then you will most likely save much more in Spain than, let's say, London.
Other thing, IB in Madrid is a carrer. There are no exit opps like BX/APO.. unless you go to London because PE here is still developing.
The thing is as carreer is pretty good, high comp and at more senior levels like Principal or MD WLB are pretty good (except closing an such).
Other stuff to consider: Food is excelent, weather is excelent, women are great and Madrid is one of the greatest cities to live in the world.
Is not the same in prestige but who cares about that...
Agree on all that except salaries. Banks like BBVA or Caixa pay far less (BBVA pays recent graduates 30k all in, Caixa all in is around 40k too).
Boutiques like Alantra do pay 50k, but I have heard that Arcano is a tad more with lower bonus. AZ have been told is closer to a BB, the same if anything.
You are wrong about BBVA, which pays around 45k all in for 1st year analyst in IB non M&A roles, and pays around 70k all in for M&A analyst 1
Is 60k-70k base really standard in Europe since covid? I know that now in Paris most BBs pay 85k base for analyst 1, and I think it is quite similar in Germany.
What would you say are Target schools in Spain?
For UG:
TIER 1: ICADE (best placement in Madrid and London)
TIER 1.5: ESADE, CUNEF
TIER 2: IE, IESE, DEUSTO
FOR MFin:
TIER 1: IE, ESADE
TIER 2: CUNEF
Top EBs Analyst 1 base is €80k. Goldman also pays €80k base. BofA pays €85k base as it converts US salary into euros
In this places you can expect An1 total comp c.€140k
Anyone has updates after recent bumps?
Anybody knows the salary for analysts at BNP Paribas?
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