S&T An Bonuses
How do S&T bonuses work for first and second year traders? I understand some of these traders may already have a book depending on the firm and would likely be paid % of PnL. How does it work for those traders that don't have a book yet?
Bump
Depends on how well the book did for whatever trader you are making trades for. Def wont be the standard % of book and may not be more than what 1-2nd year associates would make in bonus
Do you mean S&T associates or ER associates?
bump
Would also like an answer for sales if possible... trying to plan out my finances but 85k base leaves me realistically with around 1k/mo after rent...
Are you paying $3,500/mo in rent? that's wildly dumb
Talked to a few people in S&T they all said it works similar to IB and ER if you don't have your book. You get lumped into a program and money depends on how well your group did. Echo above, I think you are seriously overpaying on rent...
How do you go from 85 base to 1k a month after rent?
85k * 60% = $51k $51k / 12 = $4,250/mo $4,250/mo less ~$3,000/mo rent leaves just over $1k
I'm aiming to live somewhere in midtown to make my commute easier.
Sentiment seems to be that wouldn't be the best idea...
Yeah that ain't it chief. I'm all for not nickel and diming yourself in your early 20s and enjoying your financial freedom before the marriage monster comes, but paying $3,000/mo as an analyst is not the move, that's just frivolous.
I agree with @levelbetaboy, Spending $3k on an apartment does not make financial sense. You're better off spending $1-2k on a $3-4k apartment w/ a roommate in Manhattan with all the amenities than doing that. Not to mention the security deposit, first months(maybe last months rent), and a potential brokers fee you would have to put down to move in.
I worked at BB this summer so the $85 is your base but you actually should be netting out $2500 per two week pay period(i,e $5000k a month = $60k a year). Maybe a little lower if you're maxing 401k or something but should be way more than $50k.
I've heard bonuses are: $25k stub(An0) paid out the following year(Bonus season ~ JAN/FEB etc) of your graduation, top bucket for An1 was $70k.
Realistically, if you're smart with your money, budget accordingly(leverage those seamless meals lol), and be mindful of the amount you spend when going for entertainment you could be saving 20-40% of your income. I was able to save a little closer to the 40% but that's because certain areas in BK have cheap rent $1500 than the city. The downside comes with 30-35+ minute commute depending on where you live. Hope this helps!
First of all, holy hell, how are you spending 3k a month in rent? Get a roommate and flex an apartment.
Second of all, you're not going to be taxed 40% at 85k my dude, you can claim exemptions because otherwise you're going to get a fat refund at the end of the year.
Same as any other analyst gig; there's a range for analysts and based on you/your boss/your group you get a number somewhere in that range. S&T is generally less than IBD but you usually get to leave at 7pm or so and rarely come in on weekends.
Nobody gets %age deals anymore post-crisis, and analysts and associates never did. Obviously if you make more at more senior levels, you'll get paid more, but it's not a linear function. Even if you have a good year, management is going to decide how much of that was the value of your seat or your product just having a hot year that is unlikely to be repeated.
Also, analysts don't have books dude; they work on books, but the books don't belong to them. Nobody is giving someone who's barely old enough to drink much trading authority.
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