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Seems pretty shady and fucked up to me. However, not really in a position to advise you in this. But I definitely suggest you get whatever he's saying in writing. Don't want to be in a situation where you pay for all your shit, and then he reneges on you.

I am curious though, what reasoning did he give when he said you paid yourself? Is your firm going through financial difficulty?

if this is a well-known MM, dump the MD and start shopping for a better spot Super shady contract - I've heard rumors of this happening at scammy smaller boutiques

There is zero evidence that the company wants to invest in you. They won't pay for training, registration, or a salary... They will only pay for you if you make them money.

This is how entry-level sales positions are structured, not investment banking jobs. The reason why the street pays analysts relatively high salaries and low bonuses is that analysts can't originate deals. These banks know the MDs will bring in deals and entry-level employees are -- and are paid as -- utilities.

As a note, your firm is not being cheap. It's just how they are structured and how they see their needs.