What did you use your IB SA comp toward?
Curious. After taxes, after rent and presumably by the end of the summer (for most normal people) there's a pretty sizable chunk to take home.... what did you guys spend it on?
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Nice standing table, monitor arm, a second monitor, some clothes, some into stocks, probably an iPhone 12 soon (I have a 6s lol), and Invisalign hahaha
Haha! I’m in high school and I already know I’m getting Invisalign with any money I scrape by in college!
Kinda boring but basically all into stocks
what stocks?
I did SA in 2019
The split was something like:
- 50% in S&P 500 ETF
- 10% Gold (I had been reading markets were at all time highs and wanted some downside protection, definitely didn't anticipate covid but got "lucky" on this one)
- the remaining 40% was split in some single stocks I read/heard about and started to believe in such as Fastly, Roku (still got lucky with these two) and others I believe in like JPM, Amazon, Apple etc can't quite remember percentages
I saved it. I want a bunch of new camping gear but I figured by the time I have enough time to go camping, it’ll be outdated. Might as well get the top of the line stuff when I get time to actually use it instead of now where it’ll just sit on a shelf.
At a BB, how much can you make as an SA after taxes?
Bump on this, about how much do you make at BB and EB post tax?
Depends on group and bank, even at BB. For example, some pay hourly while others do not. Bonuses also differ across the street, office, and group.
Really depends on if your firm pays OT, and if so how much. I was at GS/MS/JPM and made about 13k after tax.
Did your firm pay OT and did you get Signing bonus?
Made 34k in sf. That double OT was clutch.
Wow that’s awesome. Post- or pre-tax?
What the fuck? Could you name what bank does this? I worked in SF and wasn't paid overtime?
Made about $23k post-tax
Is this at an EB? I'll be at Evercore and am wondering what post-tax looks like
Lmao my post-tax was half of this but it was a weekly salary with no overtime
I'll be at Barclays/Citi/BofA this summer doing IB. Housing stipend is $2.5k, salary for the 10 weeks is $18k. Sadly no overtime pay :(
This is all before tax
The horror
was a virtual SA this summer. Took home roughly around 10k
I saved it. Used the proceeds to build my 6 month emergency fund.
Thought about spending a portion on clothes, fun, etc. but thanks to COVID-19 nothing is open and there’s nowhere to go, so I ended up saving 80-90% of my earnings.
I’ve allocated around 50% of my signing bonus to build a new wardrobe / travel, however. Have to enjoy your 20s sometime.
I'm pretty much spending it all lol. Thought process is that once I start FT my earnings will dwarf my 6 weeks on the desk and signing bonus, so might as well spend the money now while I have the time and freedom.
exactly same bro
as my man kodak said
"But my mama told me save that money like I ain't got it"
I will probably spend it all on travel.
Tuition lol. Y’all lucky
Used it to party and travel my entire senior year.. ~$10k isn’t that much money in the long run but can make your senior your quite enjoyable so I highly recommend this approach rather than saving it. If you have student loans then maybe use it on that instead though as I was lucky not to have any.
Unfortunately incoming FT for 2021 got fucked with this. Most people had just turned 21 this year and weren't able to enjoy the summer, go out, and celebrate. Also with basically this entire year being hybrid or virtual for some, not much partying or travel could be done. Travel is still limited and probably will be until the summer or fall of 2021 and by that time incoming FT will start working and wont have been able to enjoy their last year and a half or so of freedom before working for the rest of their lives. I know many people that are just saving the entire amount they made from SA since it's not like they can really spend it on anything really worth it during their senior year.
Basically me right now. My savings and investments are starting off strong I guess but it sucks not having a normal social life or being able to travel for basically my last year and a half of college. Didn't study abroad and was hoping to travel with SA money during the time between graduation and starting FT.
drinking and going out mostly
Summer associate here. Used it for living expenses during the fall semester. The after-tax signing bonus will pay for spring tuition lol
1.5x OT after 40 hrs/week when working 80+ hrs a week was clutch... Blew some of it on eating out and drinking throughout the summer in NYC. Since my parents paid for 80% of my college to that point, offered to pay my own rent for school year senior year as a thanks to them. And then blew the rest having a really fun senior year. I mean sure you could be smart and stick it all in the market but I had a lot of fun and made memories with my friends that I wouldn't trade for $10-15k.
~18k pre-tax. Spent a few thousand over the summer in rent. Upgraded headphones, phone and shoes (set me back ~2k).
All said and done I had ~5-6k going into my fall semester senior year.
Spent 100% of that partying in about 10 weeks. Funny how you get a little money and your spending habits can change. My least favorite purchase was definitely when I woke up with a $400 bar tab from a night I didn't remember. Probably might have inadvertently spent my signing bonus in similar ways but luckily COVID changed that.
Did end up spending 70% of my signing bonus traveling the country with some of my best friends playing golf all summer long. Transition into the 80+ hour week has been extremely difficult to say the least.
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