S&T Base Comps
What's the latest base comp for BB S&T across the street, from bottom of the totem pole to MD?
Which BBs have the highest bonuses (traders), accounted for desk variation?
BBs have raised IBD comps, when are we going to see that for S&T?
Bump
Del
I only know for sure analyst base are 85, 90, 95 for years 1-3. I’ve heard theres more variation at associate level from $115-125 but I think 115k is the standard (for year 1 Assc).
N1: 85k
N2: 90k
A0: 125k (for a few months before A1)
A1: 140k
>A1: ?
Won't S&T base be bumped? widening difference with IBD
nah think it makes sense to have a pay delta tbh. Idc tho S&T way more fulfilling to me
Does anyone know what Citi pays?
85/90/95
125/140/150/160
175/200/225
300
400
Correct (or close enough) for nearly all bulge bracket shops
yeah very accurate
An1: 85k with 25k stub
An2: 90k with ~40k-100k bonus range
A0: 125k base not sure about bonus
A0 at 125 for S&T is very low compares to A0 IBD that’s around 175k?!
yeah but ib is ass
Is S&T a 2 or 3 year analyst program?
The $125k happens at your third year on the job, while IB 3rd year analysts are making $95k base, and only lasts for four months until you go to A1 at $140k
Please correct me if i'm wrong about this, but would it be:
85k base + 25k stub (let's say for a 2021 FT): 2021 July - 2021 Dec (6 months ish)
90k base + *average* 70k bonus: 2022 Jan - 2022 Dec (1 full year)
125k base for 4 months?: 2023 Jan - 2023 Apr
140k base + whatever the bonus is: 2023 May - 2023 Dec (end of 3rd year, but really only 2.5)
I could be completely fucking off so plz lmk
You forgot an analyst year
I guess you won’t receive full 85k for July to December, maybe like half of it, amirite
$70k bonus for an Analyst? In 2021?
I feel like that's a bit high nowdays... can any analyst/associate confirm?
i recall years back i was a VP and paid a 100k base (this firm capped base and all variability was in the bonus)....and got a 600k bonus....so depending on the firm, the desk, and your performance, base could be a very small % of actual comp...so in my case base was only 14% of total comp that year.
Please tell me more about you, and don't tell me the days of 600k bonus are gone....
i had just started trading large size and got lucky with a string of mean reverting days and months...and i had just learned a mean reverting strategy using market profile...so it was just a gangbusters year. the next year i tried to keep it going but then i faded a breakout (had not really seen on of those before)...and i got crushed and lost it all...and THEN i learned how to use a stop loss. thats what happens when you think you know it all...but you only know half the story
So for my bank, pay changes typically happened on July to July timeframe (except the $125k to $140k) and bonuses all happened in winter. So for example:
$85k July 2021 July 2022 + $25k bonus (January 2022)
$90k July 2022 - Aug 2023
$125k Aug 2023 - Jan 2024
$140k after Jan 2024
Thanks for the info. Any idea on bonus % of base at your level and above?
Is it higher than IBD at your bank?
Top 3 BB:
Analyst 1: $85k
Analyst 2: $90k
Analyst 3: $95k
Associate 1: $125k
Associate 2: $140k
Associate 3: $160k
As base goes up, bonus will go down, so net pay increase yoy is between +10-15%.
For reference, IBD analyst 1 starts at $100k now, so there's a significant pay gap.
VP is $175k right?
How much is ED/D?
Yes, VP $175k. The difference in base between VP and ED is relatively small, it's more bonus at that point.
Anything about banks raising S&T bases? We need to pressure them!
Trader lives matter!
No, they won't. Where are S&T analysts going to if there isn't an increase?
There is no competitive pressure. IBD is growing while S&T headcount is still shrinking.
IBD analysts get recruited by PE at 6 months, and can easily go to HF and Corp Dev.
S&T analysts don't have any exit opps and aren't actively recruited. There are no high paying S&T boutiques. If you're a trader you can exit to a HF after a solid track record of maybe 5-10 years. If you're in sales you can exit to sales at another bank or asset manager, but again, headcount is shrinking everywhere so there aren't that many exits.
Without competitive pressure pay will stay flat/go down.
Here's a comprehensive summary based on my own research from combing through threads last year:
Honestly am pleasantly surprised by the healthy bonus’
Any idea what the range of bonuses might be for the higher MD/+ levels?
An0 $85k + $10k signing + $25k stub
An1 $90k + $55k
An2 $95k
Ao0 $125k + $65k = full year bonus for 1/2 year An2 and 1/2 year Ao0
Ao1 $140k + $70k
Ao2 $150k + $75k
Ao3 $160k + $85k
VP1 $175k + $125k
VP2 $200k + ? (current level)
--- Everything below this line I cannot personally confirm ---
Ao4 (if not promoted to VP after Ao3) $175k + ??
VP3 $225k + ??
D $300k + ??
MD $400k + ??
Are you in sales or trading?
VP in S&T - Has your base increased as part of the increases in bases for analysts? I too am a VP in S&T at a BB and haven't been notified of any raises just yet, so was curious.
I haven't heard anything regarding bases going up in S&T. As far as I know the analyst bases haven't gone up either.
What desk are you on?
Would you rather start out as a VP in ops or an analyst in S&T?
Analyst in S&T for sure - seems like a much more fulfilling career vs ops. You can work your way up to VP and above in S&T too, and your lifetime earnings would likely trounce those of someone who started off as a VP in ops
This should be updated for JPM, BofA, GS, MS, and SocGen paying 100 or more for AN1 (hopefully more banks follow too)
Should also include all subsequent levels to the extent possible (AN2+3, ASO, VP, D, MD)
is SocGen NY considered a BB ?
No
It’s actually pretty strange during the As0 year. The way they do the bonus is part associate stub, part performance. At my bank it can come out to ~$65k. The way it works out (at my bank) is top bucket An2 bonus was more than top bucket As0 bonus because HR can’t do the math. While the As0 was ~$65k, the equivalent An2 was $75k
Is As0 year a common thing in S&T? Most of the places I have worked only do promotions at the beginning of each year and after your AN0 year you are on the same schedule for promotions as everyone else.
Hello, Citi comrade.
At my bank you receive the promotion effective in August, 2 years after you start work. You’re at As0 / $125k for the next 4 months until January, when you bump to $140k
What is expected bonus for aso1?
Last year at my bank they did it really stupid (leave it to HR). It was half stub of like ~$30k + half performance based so for top or just below top bucket of ~$35 to $45k for a total of $65 to $75k for top performers. I had $75k for my first bonus so they clearly didn’t think it through at all
That is nice, that can really add up vs someone who is stuck as analyst until the end of the 2nd full year and in some cases the 3rd full year (generally a good way of knowing its time to start looking for another gig). The promotion schedule and how bases ramp in the associate years is another thing to try to get a feel for when looking at S&T offers. From personal experience and talking to people across the street there is some variability across firms.
Bump. What does the progression for BB look like for s&t/markets now that An1 is around 110k?
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