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this really depends. as a young VP on a trading desk in NYC, i was paid 120k...and then as a slightly older VP on a trading desk, i was paid 200k (both base..but different firms).
However, as a VP on a trading desk, the real money comes from your P&L. The base $$ is just to pay your rent and living expenses. As a VP on a trading desk, you should be shooting to make a bonus over 1mm, plus you should be throwing $$ (via trades) at your voice brokers, and they will use a % of that $$ to make you live like a f$cking king.
i know a trader whose broker bought him a Ferrari...paid for most of his wedding, rents him a summer house in the hamptons, takes him (and his friends) on amazing vacations. You have to do a lot of volume with your brokers for this....but if you are a VP at a BB in a risk taking trading role, that should not be a problem.
Yeah. I definitely get that. I've been around awhile (VP and all). I was really just looking for hard numbers.
What does this guy trade that's getting this treatment? Certainly not credit.
interest rates
The guy publicly told people his broker bought him a Ferrari? Unless this was 10 years ago I hardly believe that to be true today. Unless the guy is an idiot and should get fired for shouting this on all the roofs.
not publicly...but we are friends, and we were on the same trading desk. Its hard to keep secrets when you are elbow to elbow with a guy every day for years.
What is a 'voice broker' ?
This is not true at most BBs. There are limits as to how much a broker can spend on you, and you need to show receipts for everything. Cars, summer houses and vacations all breach those limits and people will hear about it and it will definitely get you fired.
This started off so promising..
1.) VP pay is around 125-200 depending on several factors 2.) You WILL NOT make 1mm in bonuses as a VP 3.) Brokers CANNOT purchases you any assets greater than $100 (e.g. cars, houses) 4.) Brokers CAN pay for large sums of entertainment (e.g. $1k dinners to Peter Lugers, Knicks tickets)
But Honestly? My favorite perk used to be a black car service. My broker had a connection with one of the services- so all I had to do was call the number, give them my reference code, tip the driver, and Viola! Free black car services to the airport, Hamptons, Brooklyn, etc. It was like having a personal driver.
there are different types of brokers. i'm not gonna get into the "how" because some of these things are obviously against "rules" but if you throw enough money around, intelligent people will find ways to skirt the rules, one way or another. "Most" VP's will not make a 1mm bonus...but if you make 25mm in trading P&L on a standard desk, then yes, you will get a 1mm bonus at a BB (that's a 4% payout). 25mm = 100k/day. If you are a good trader, then this is absolutely doable.
In the example i gave above, my buddy was making 20-25mm/year in P&L, after "losing" 2-3mm to his brokers. Its pretty easy to imagine how the broker can find a way to funnel 500k-1mm of that back to the trader.
After you have made the bank 20mm+ for the year, you have a lot of room to play around, as most BB traders will have made their budget at that point.
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