I’m curious to know what happens when you take 1-2 months off for maternity leave in the year and if the approach to this is consistent across banks.
Are you told if your bonus is pro-rated for the months you were off? Are there any other formulas used for it?
Also do you by default get an average rating?
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Based on the insights from the Wall Street Oasis discussions, the approach to bonus calculation during maternity leave can vary significantly across banks. However, there are a few common practices and considerations:
Pro-Rated Bonuses: It's not uncommon for bonuses to be pro-rated based on the time you were actively working during the fiscal year. This means if you took 1-2 months off for maternity leave, your bonus might be adjusted to reflect the time you were not working.
Performance Ratings: The default rating during maternity leave can vary. Some banks might give an average rating for the period you were on leave, while others might base your rating on the work you completed before and after your leave. This heavily depends on the bank's policies and the discretion of management.
Consistency Across Banks: There is no one-size-fits-all answer, as policies can differ greatly from one institution to another. Some banks might have more generous policies that do not penalize for maternity leave, while others might strictly pro-rate bonuses.
Communication: Typically, banks will communicate their policy regarding bonuses during maternity leave either through their HR department or directly from your manager. It's important to have a clear understanding of your bank's policy so there are no surprises come bonus season.
Other Considerations: Some banks might offer additional support or adjustments for women returning from maternity leave, such as flexible working arrangements or additional resources to ease the transition back into work.
It's advisable to directly consult with your HR department or manager to understand how your specific bank handles bonuses during maternity leave, as practices can vary widely.
Sources: Does the Investment Banking Wage Gap Still Exist?, IB exit opportunities for women that want to have kids, Justify Your Bonus, Q&A: Buyside women, Q&A: Buyside women
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