BAML S&T Analyst

Just got an offer for BofA-ML S&T first-year analyst. It's standard (70k base, 10k signing bonus). I'm debating whether to accept -- they haven't mailed me the offer yet so I don't know when it explodes. It's the Credit Trading desk.

I was wondering:

1)What kind of bonus should I expect?

2)Anyone know what BofA S&T is like?

3)Is the trader analyst track a 2-year-and-out deal like IB, or do you stay in as long as you like?

4)What are the prospects after leaving? Do people get MBAs or MsC/PhDs?

Thanks a lot for any input in advance.

Comments (37)

Oct 10, 2009 - 4:47pm
saidso, what's your opinion? Comment below:
aridneptune:
It's the Credit Trading desk.

lol wow sorry for completely missing that in the original post. I cant really offer any insight regarding your desk but in another thread Marcus stated that bonuses would probably be around 80-120% of base this year...

Best Response
Oct 10, 2009 - 4:55pm
big unit, what's your opinion? Comment below:

Your going to get street, which no one knows this year. I know that people who started 2008 got 40K bonuses (across sales, trading, and research). Next year probably like 60K.

BOA usually pays 10K below the bonuses at MS, GS, and JPM for S&T from what i've seen. not sure why...

Further, it depends on which credit desk you are on. BOA-ML is extremely strong in high yield, pretty strong in high grade, not sure about distressed. They have a lot of top credit analysts working with them, so you'll learn a lot.

Of course, if I had an offer at GS, I'd take it over BOA-ML - besides that, I don't think there is a credit platform that is stronger to the point where anything besides fit would matter.

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Oct 10, 2009 - 5:12pm
aridneptune, what's your opinion? Comment below:
big unit:
Further, it depends on which credit desk you are on. BOA-ML is extremely strong in high yield, pretty strong in high grade, not sure about distressed. They have a lot of top credit analysts working with them, so you'll learn a lot.

I think that it's the high yield desk, but I'm not 100% sure. I was so happy after he told me I got the position that I didn't really listen to what it was besides credit trading. In fact, I think they might decide between high yield/high grade/distressed in the training program, or maybe there's some kind of rotation.

Oct 10, 2009 - 5:07pm
aridneptune, what's your opinion? Comment below:

Thanks for all the advice!

I didn't put it in the original post man, I edited it to make it clear :-). Right now the BofA-ML offer is the only one I have on the table. I'm waiting to hear back from MS for IBanking analyst. GS isn't recruiting at my school (UNC) and I don't really want to go through another grueling process for them.

So, is it fair to say that with a 70k base I'd be making at least 100k after bonus?

Also, what about exit options? Do any of you guys know if people get only MBAs or if some get Masters/PhD from trading desks?

Oct 10, 2009 - 5:10pm
aridneptune, what's your opinion? Comment below:

About the interviews: it was 6 back-to-back 1-on-1 30-minute sessions. Brainteasers I got were: how many planes are flying or on the ground in the US, what is 7^3. If you're interviewing for S&T, get ready for the guys to ask rapid-fire questions. One of my interviews was just a data dump. He asked me about 10-year Treasury yields, 2-year yields, BofA's stock price, the level of the Dow, the dividend yield on the S&P, and whether I wax my car, all rapid-fire.

Otherwise, it's mostly fit. My strategy was to seem enthusiastic and energetic.

Oct 10, 2009 - 5:42pm
big unit, what's your opinion? Comment below:

Yeah, you will be making your decision during training.

BOA-ML has a great credit desk, I wouldn't hesitate to take that offer over MS IB. IB sucks man haha.

Oct 10, 2009 - 5:43pm
big unit, what's your opinion? Comment below:

Hybrid - BOA-ML did in fact pay 10K less than MS/GS the past 5 or so years...its not that big of a difference...just saying thats what I've seen. Maybe its because the only people I'm friends with at GS/MS are top bucket and my friends at BOA were middle bucket.

Oct 10, 2009 - 5:48pm
aridneptune, what's your opinion? Comment below:

big unit, are you in BofA-ML? Just wondering if you could give some inside perspective if so. I called the guys on the desk but they mainly gave me marketing.

As far as the bonus, I really don't care as long as I'm making 90-100k. With a base of 70k, that means a bonus of about 30-40%. Is that realistic?

I just need it to save for grad school. I plan to live on the base and save most of the bonus.

Oct 10, 2009 - 5:56pm
aridneptune, what's your opinion? Comment below:

OK. I plan to use the signing bonus to buy suits/shirts/ties/furniture and to move. So I guess I wouldn't really count it. Is 100k second-year a reasonable expectation?

Oct 10, 2009 - 6:09pm
saidso, what's your opinion? Comment below:

Your base will move up to 80k second year and you will be in a higher bonus bracket so yeah 100k is pretty much a given unless the market goes back to shit. Remember that your first bonus will be a stub so you likely won't be getting the whole 60k or so at once.

Oct 13, 2009 - 12:44am
mellop, what's your opinion? Comment below:

I just recieved an offer as well in Mortgage S&T at BofA. Any thoughts on going into the Mortgage S&T program at BofA? How strong is it? I have a few other things up in the air right now with other major banks (GS, Barclays, DB) - how does it stack up?

Oct 11, 2009 - 6:12pm
big unit, what's your opinion? Comment below:

aridneptune, I work a lot with BOA-ML people and worked at a similar BB (top 5-6 but not GS/MS) and have a lot of friends from college who work/worked there. People in finance talk about bonus sizes the same way people talk about recruiting in college football...lots of guesswork but everyone has a good sense of how its going to go down.

Oct 11, 2009 - 8:31pm
big unit, what's your opinion? Comment below:

Hybrid - my bad, yeah I misunderstood.

That is no surprise given BoA's increased focus on IB after the ML acquisition...For Sales, Trading, and Research, ML typically paid more than GS at junior levels in terms of bonus from the numbers I have seen/heard(believe it or not).

To give more color as to my perspective - I work on the buyside but am a very junior person, and often work sell-side research for pretty much everything. However I used to work at a non-GS/MS BB (I consider GS and MS the two best, besides that I consider the rest of the BB's pretty much the same besides UBS which sucks haha)

Oct 11, 2009 - 8:42pm
ideating, what's your opinion? Comment below:
big unit:
Hybrid - my bad, yeah I misunderstood.

That is no surprise given BoA's increased focus on IB after the ML acquisition...For Sales, Trading, and Research, ML typically paid more than GS at junior levels in terms of bonus from the numbers I have seen/heard(believe it or not).

To give more color as to my perspective - I work on the buyside but am a very junior person, and often work sell-side research for pretty much everything. However I used to work at a non-GS/MS BB (I consider GS and MS the two best, besides that I consider the rest of the BB's pretty much the same besides UBS which sucks haha)

GS is pretty known for the "Goldman discount" i.e. underpaying.

Oct 13, 2009 - 9:28pm
Jimbo, what's your opinion? Comment below:

Go where you like the people.

If you still can't decide, I'd go to GS. The differences in pay are irrelevant. And I mean 100%, completely irrelevant.

Oct 18, 2009 - 11:10pm
raun, what's your opinion? Comment below:

hey aridneptune and mellop - how soon after your final rounds did you guys hear back with the offer? i recently interviewed with baml cap mrkts and was wondering what to expect with the turnaround time

thanks

Oct 22, 2009 - 11:16am
PatrickBateman, what's your opinion? Comment below:

BofA S&T - Interested in working there (Originally Posted: 12/12/2007)

Curious about the the boards opinions regarding S&T at BofA.

Are they in as bad a shape as other parts of the bank? What has been the effects to them as a result of the BofA problems, have they fired people? What does the outlook look like? Would it be a good place to work now?

fyi, I am not at all interested in working there, I am just curious as I have an old HS friend who went there.

  • 1
Oct 22, 2009 - 11:19am
Jimbo, what's your opinion? Comment below:

i'd think like at most shops the pain is localized in the credit areas...so avoid those and you'd be ok.

Oct 22, 2009 - 11:21am
nystateofmind, what's your opinion? Comment below:

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