Quick question about BB 1st yr analyst comp. Is the base salary similar across the board with variation in bonuses for FO, MO and BO roles? Or does it vary per department/group? I'm guessing the average base salary is somewhere between $60-$65k?
Thanks!
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BB banking analyst base is usually 70k with 10k signing and 35-60k year end bonus. MO and BO are generally 60-65k base 0-10k signing and 0-20k (please correct me if I'm off here).
EBs will pay more but vary a lot depending on the firm.
Related question. Is there a difference between a signing bonus and reallocation stipend? I got $10k of the former but no "signing bonus." Just curious if this is normal or if I got screwed.
I noticed that, too. I think that relocation payments are a way of "hiding" (at face value, for whatever reason) a signing bonus to an analyst. There are a number of banks that structure the compensation packages so that analysts receive relocation payments and associates receive signing bonuses.
But also keep in mind difference between a relocation payment and a relocation package. A payment is just that - they will give X (often $10,000) to use at your discretion. A relo package is when they authorize X to be spent, and then you send in the receipts to be reimbursed (among other conditions and terms). Considering that these banks are not asking you to submit the bill from your movers, it's silly to think that these are "relocation" payments.
Maybe banks want to maintain a hierarchy system? Maybe they want to be mindful of bad press? Semantics and intention aside, whether it is coming under the name of a signing bonus or a relocation payment, you are still receiving a five figure sum for joining the firm.
Interesting analysis. Had never considered the payment/package distinction. Also agree that the semantics could definitely be a PR move due to the stigma of the word "bonus."
Any idea if some banks give both a reallocation payment/package and a "bonus"? Not complaining, just curious.
Is the signing bonus taxed? From my experience, only a small portion of the relocation payment is taxed, because it is calculated based on what you are "supposed" to spend.
The 10k was taxed when I got mine. I think on a net basis it came out to something like 5.6k.
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