Got offer, question on comp package
I received an Associate offer in S&T with a BB (think GS/MS/ML/Lehman) in London out of a summer internship. The package includes a decent signing bonus (about enough to pay for my 2nd year of b-school), but I have been told that this signing bonus will be taken out of my first end-of-year bonus. So it is more of a pre-paid, guaranteed bonus rather than an actual signing bonus. Is that standard industry practice?
Also, the package does not seem to include help with relocation expenses. Should I try to negotiate that?
Some more questions to help me with my financial planning (no easy thing to do with London rent levels): * What end-of-year bonus should I roughly expect for my 1st and 2nd year? I've seen some historical numbers, but I'm guessing bonuses might be severely lower this year... * Is it standard practice to be paid a bonus for the summer internship itself? (I wasn't.)
Thanks!
Well it's not taken out exactly, just you get a stub bonus. this is standard.
So in the US, i think it's currently a 95 or 100k base. Signing is in the 30-40 range, and the stub in your first feb is 40k or so. the following feb you'd be looking at something in the 100-300k range, depending on group performance etc.
your signing bonus is meant to cover relo, but try if you want.
Your signing bonus should be 45K this year, but you should also get a relocation bonus. Last year most banks paid between 10-12K for relo in the US (but some banks did screw you--for example, I know kids from Columbia and NYU who didn't get their relocation pay because they already lived in New York, which is utter bollocks if you ask me...).
i will also be a returning associate in s&t to one of the banks in your list. we got a $10k relo in addition to signing, similar to what skins1 was suggesting. also got an end of summer bonus just under $10k.
If you're a direct promote to Associate within S&T, would it be accurate to say you recieve your 3rd year analyst bonus in June,then you're promoted and receive an additional $40k signing, and the receive your Associate stub that winter?
Analysts don't get bonuses in June.
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