S&T base pay matches IBD?
I know bonuses are generally lower unless you’re super good at your job. Does markets base match with IB throughout the salary progression. Would be great to see some S&t broken down base and bonus. Everything else is either outdated or only IDB
Based on the most helpful WSO content, it appears that the base pay for S&T (Sales & Trading) does not exactly match that of IBD (Investment Banking Division). An IBD associate, for instance, can make a $200k base, which is reportedly a full $75k more than an S&T associate.
However, when it comes to bonuses, there seems to be a bit more variability. At the analyst level, the bonuses for IBD and S&T are quite similar, with IBD being slightly higher. As you move up to the associate level and beyond, the dispersion increases. Top performers in markets can earn more than those in IBD, but on average, an IBD employee tends to earn more.
In terms of S&T bonuses, it's rare for anyone (from Analyst 1 to Associate 3) to receive less than 60% of their base as a bonus, unless there's poor performance involved. Most places have standardized bonus ranges for analysts and associates across divisions, so unless you're underperforming and on a bad desk in a bad year, you're unlikely to see massive discrepancies.
In terms of hours worked, S&T professionals typically work around 50-60 hours a week, compared to 80-100 hours in IBD.
I hope this gives you a clearer picture of the pay structure in S&T and IBD. Remember, these are general trends and actual figures can vary based on numerous factors.
Sources: What offers would you take over a BB S&T?, Sales in S&T - What's the catch? (best job in banking)??, 2019/2020 Sales & Trading Bonus Discussion, 2017 S&T bonuses
I’ve been wondering the same thing
Unfortunately it does not. This was evidenced when it took some banks several months to equate even junior base pay in markers division to the bumps that IBD got. Definitely at the associate level, bankers start getting higher bases than markets guys.
I've seen first year associates in S&T get 150k base while IB gets 175k base.
First hand (my bank and friends'), analyst bases are exactly the same now. Director level, I am seeing slightly lower than IBD counterpart, but on my desk, the bonus can be multiples of bases, and directors are getting 7 to 8 figures, so I think it makes sense--eat what you kill so lower bases and incentivize PnL.
What desk are you on if you don't mind?
Physical commodities
Not an exact science as each firm is slightly different.
Analyst- 135-175K all in, bases around 100-125K depending on the firm and the year.
Associate- 200-300K all in, bases 125K-150K depending on the firm
VP-300-500K all in, bases 175K-200K
Directors- 500-750K all in, bases 200-250K
MD- 1-3MM all in, base if 300-400K
Big picture- None of this matters, stop comping to bankers its a totally different job that requires a totally different set of skills.
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