Came across this job posting and just wanted to share how ridiculous this is. I'm shocked at how the company and management thinks it can get away with offering such a low pay of $50,000 - 70,000 for an Investment Banking position. Maybe just as worse, the staffing firm is helping them fill the position when they know it's way below market. Like how will you even get applicants to apply if not stay for more than 1 year. It's not like they expect you to work below the number of hours of other IBs. The description says "Dynamic work environment comprised of top professionals where hard work is rewarded through promotions and compensation."
CPA required hahahaha
This is honestly not uncommon. Yes, the salary is undermarket - but they will get hundreds if not thousands of applicants because it's hard to get into IB. Management is likely aware that their candidates will leave, but they have no problem hiring people and even if you paid 100k people would still lateral up in a year or two
Also there are a number of items that make this highly discounted to typical IB pay - tiny LMM firm in a suburb, mostly remote, hours will likely not be the 80+ you see elsewhere
50k is ridiculous but 70k + bonus is not too far off the going rate for a LMM IB job in a small town
Things may have changed with the economy and layoffs but I thought bankers were going through so much turnover that they were always looking to full IB. I'd still assume ballpark 60 - 80 hours perhaps?
They will have no problem filling this. You get a wide eyes state school kid who has no chance at Wall Street or larger banks, eager for any experience and to be able to tell friends/family he's an 'investment banker' as well as have it on his resume, and despite the low pay he/she will still have a better total comp than almost all of their friends from their graduating class if they went to a school like Penn State, Pitt, etc. especially the business school ones. Also look at location, total comp (assuming you are closer to 70k than 50k, and there is a decent bonus, which are still big assumptions given the posting) will put you at 2x the median income in your area all at 23-24. All in all not bad.
You are absolutely getting screwed and if you work for this firm for fucking 50k in 2023 then legitimately likely making less than minimum wage per hour. But it will have its appeal to the right crowd, though they cant be pissed when they get clearly inferior talent
Agreed, I think the people who are actually qualified for this know the worth and the market for people like them. Most likely going to be high turnover if this is how they do things
Cost of living is insanely low there. You could save so much of the 100k you would make
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