2018 /2019 Bonus Discussion

AllBurnedUp's picture
Rank: Baboon | 104

That time of year again. Banks have finished their fiscal year and should be close to payout time (BMO / RBC / others?)

Thought might be good to start a thread to see where comp is shaking out. I realize WSO has a database, but in an effort to keep things blinded and semi-real time lets post here. Please fill out the WSO comp survey as well, though!

Would be helpful if we kept a similar format:

Title: (As / VP / D / MD and year being paid on)
Rank: (Top / Mid / Bottom)
Bank type: (BB / EB / MM)
$:
% Cash:
Notes:

Comments (159)

Dec 11, 2018

Interested

Dec 12, 2018

Title: As2
Rank: Mid?
Bank type: Canadian (NYC office)
Bonus: $150
% Cash: 90%
Base: $175 (moving to $200)

    • 12
Dec 13, 2018

Was this on par with what your shop paid last year for 2nd year associate?

Dec 15, 2018

Yes

Dec 15, 2018

Is 150 considered par among Big 5 for 2ndyr AN2?

Array

Dec 16, 2018

Just because he's at a Canadian bank doesn't mean he's at a Canadian office.

CIBC and TD apparently don't pay like RBC in the US.

BMO might be hurting a bit this year, but not sure.

No clue on scotia.

Controversial
Dec 13, 2018

Do you only want to make this for IB and FO or can BO also participate?

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Dec 14, 2018

Not sure why you got MS thrown at you but I would be curious on BO bonuses.

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Dec 14, 2018

Yeah, I have no idea why the MS either??? People on this site can be weird sometimes.

Regardless, I'll post my BO info. Just got word that my discussion will take place the first full week of January so I might know more at that time.

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Dec 17, 2018

BO bonus would be like $15

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Dec 18, 2018

Would love to hear your rationale for this

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Dec 19, 2018
Wolfofgeorgestreet:

BO bonus would be like $15

This idiocy has to stop. We are not in 2003.

If you're in a risk function, a fed-facing role, or a programming role, you can make a terrific living while working humane hours and have far more job security than a banker or trader.

I know people who work in CCAR as analysts that pull in $150k, they usually work a lot during Q1 but otherwise it seems like 50-55 hour weeks are the norm.

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Jan 7, 2019

This is ridiculous.

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Most Helpful
Dec 16, 2018

So far there are 10 comments and one data point. Would be nice to get more data and fewer questions about the data (questions which ultimately lead to unproductive arguments that have nothing to do with the content of the thread).

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Dec 17, 2018

Isn't it a little disingenuous to tell people to only post if they post numbers while not posting numbers yourself?

These threads have gotten significantly worse as time has gone by. I think people are less confident in how anonymous they really are online.

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Dec 18, 2018

You must be fun at parties

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Dec 16, 2018

Title: Director

Rank: No official ranking

Bank: BB

Bonus: $400k

% Cash: 75%

    • 8
Dec 16, 2018

Thanks - what year are you in as a director?

Array

Dec 16, 2018

Would be useful if these posts included all-in comp. E.g., what's a director salary + bonus?

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Dec 16, 2018

Agreed

Array

Dec 17, 2018

Data point from last year for reference.

Title: As2
Rank: Top
Bank type: MM
Bonus: $205k
% Cash: 100%
Salary: $175k

    • 6
Dec 17, 2018

In line with top As2 here.

Thanks - let us know when you get your As3 #.

Jan 4, 2019

Want to make sure I'm reading this correctly - you got $380k all in as a second year associate? Mind providing the region (NYC, SF, Midwest, etc.)?

If you really got $380k all in and all cash - congrats, that is more than most PE senior associates will be paid.

Jan 4, 2019
Private_Equiteer:

Want to make sure I'm reading this correctly - you got $380k all in as a second year associate? Mind providing the region (NYC, SF, Midwest, etc.)?

If you really got $380k all in and all cash - congrats, that is more than most PE senior associates will be paid.

Northeast, non-NYC, at a "top" MM. Our group had a record year.

Jun 15, 2019

It's quite common actually nowadays to get 350+ 2nd year associate

Funniest
Dec 18, 2018

Rank: Top
Bonus: Trash
Me: Pissed

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Dec 21, 2018

funny, but been there

Dec 18, 2018

I'm responsible for managing the lateral hire process in my group and have had a number of discussions recently with headhunters. In general, according to these headhunters, comp is up year over year and people are generally happy. Makes recruiting a pain

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Dec 19, 2018
Punchey:

I'm responsible for managing the lateral hire process in my group and have had a number of discussions recently with headhunters. In general, according to these headhunters, comp is up year over year and people are generally happy. Makes recruiting a pain

That's a bit surprising, seems like the media is reporting it is flat to down.

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Dec 21, 2018

Sorry - to clarify. The HHs told me Analyst - VP is up, D/MD is down ... effectively reducing senior comp to make juniors happier. I suspect in aggregate you may be right

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Dec 19, 2018

Title: AN2
Rank: Mid / Top
Bank type: BB
Bonus: $100k
% Cash: 100%
Salary: $95k

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Dec 19, 2018

Wow - that's pretty high. Congratulations!

Array

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Dec 19, 2018

Congrats. Is 95k base typical for Analyst 2? I'm going into a lower BB as a first year next summer and was wondering what to expect in terms of bonus. My offer letter lists 85/10k signing

Dec 19, 2018

Yes

Dec 20, 2018

Same here. Don't worry - this is standard

Array

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Dec 19, 2018

Data point from 2017

Title: As 1
Rank: Mid
Bank type: BB
$: 75K
% Cash: 90%
Notes: $150K base, moving to $175K; pissed, moved to buy-side

    • 2
Dec 19, 2018

your bonus was 75k? at a BB? Which group?

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Dec 19, 2018

M&A. Yes, as a third year analyst in another group (same bank), I got 96K. you can imagine how good I felt...

As a reference, Mid+ was 100K

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Dec 19, 2018

understand most people don't have numbers, but in classic WSO fashion, a few data points and mostly chatter (don't get mine til mid-Jan)

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Dec 20, 2018

do you see the irony in your post then?

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Jan 3, 2019

.

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Jan 3, 2019

Killer bonus, congrats on a good year man

Jan 3, 2019

.

Jan 4, 2019

Type: EB
Team: Generalist
Seniority: An2
Rank: Tier 1
Base: $90k
Bonus: $140K
Cash: 100%

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Jan 6, 2019

Do you know if base's are rising at your boutique? I read elsewhere that analyst bases at some EBs were going up to 95 for An1 on another thread

Jan 6, 2019

Title: An1
Rank: top
MM REPE Shop
Bonus: $18,750
All Cash
Salary: $75,000

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Jan 7, 2019

Title: VP
Rank: No official ranking
Bank: Boutique
Bonus: $420k
% Cash: 100%

Jan 7, 2019

Congrats, that is a solid bonus for a VP. Are you on the more senior end of the VP title for experience?

Jan 7, 2019

Would be considered a VP2. Base a little less than street but happy to make that trade off for 100% cash bonus

Jan 7, 2019

is that an all-in comp?

Jan 7, 2019

All-in $630. NYC. Industry boutique and Lean deal team.

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Jan 9, 2019

Congrats. That is huge. Hope your health and spirit is in good shape as well because that's something to be extremely proud of!

Array

Jan 14, 2019

Bonus numbers coming out this week, looking forward to seeing how the numbers look for this year.

https://news.efinancialcareers.com/hk-en/3000055/u...

Jan 14, 2019

In spite of all the MS I got for asking if it was cool to post BO, I'm still going to share my numbers. In fact, I turned it into an AMA for BO work: https://www.wallstreetoasis.com/forums/ama-mid-car...
TLDR: Top bucket in BO at BB, 4% rise in base, 10% bonus on $115K. Sure, you guys dwarf me but it's an office I like, MD actually knows my name, insane amount of time off that I actually get to use and never have to work more than 40 hours/week.

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Jan 14, 2019

how many years in?

how much does someone make coming into BB BO with 4-5 years in consulting experience?

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Jan 14, 2019

There's no easy answer to that. That will all depend on the experience you bring to the table and the BO function you are in. The range is simply too broad to properly answer your question

Jan 14, 2019

Ignore the MS bud, Im part of the ones who's actually curious and interested in how much you make in BO. I have to say a $115k for a 40h work week and free of stress, you're most likely earning more on a post tax and hourly basis than a fair bit on this forum :)

Jan 15, 2019

Thanks for the support. One more thing I forgot to add is that I fudged my numbers just a little bit to throw off any co-workers that may be on WSO. But the relative values remain the same and give a fair representation of BO

I suppose you're right on the hourly take and all that. I get the same benefits as IB and I'm free to use mine and my bosses never give me crap when they have to approve the time off. I also wrote a post on how slow BO is in December - this past December was like a very, very long Christmas party every day in the office :-) I realize that most FO cannot say that.

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Jan 17, 2019

Take this shit to another thread...

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Jan 17, 2019

Hey, son, look above. you see that blue underlined text? That's called a "link" - it IS in another thread.

Try and keep up, kiddo.

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Feb 12, 2019

I would be interested to see a discussion page on lates come for BO/MO - would be interesting to see as it's harder to compare as there are less data points. Sure there are a lot of us on this forum too.

Jan 16, 2019

Title: AS2

Rank: Mid

Bank: BB

Base: $175k
Bonus: $150k

% Cash: 100%

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Jan 16, 2019

What were the bonuses for the Top Buckets at your BB?

Jan 16, 2019

175 I think, but not 100% sure

Jan 17, 2019

Title: ED

Rank: Top

Bank: BB

Base: $350k
Bonus: $1.73m

% Cash: 25%

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Jan 17, 2019

^That's why I stay at a sweatshop

Jan 17, 2019

Aren't you at a startup? or is that your side business?

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Jan 17, 2019

pretty sure it's BS

Jan 17, 2019

Title: VP
Function: BO
Bonus:12k
Base: flat
Ranking: high
Me: understandably pissed

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Jan 18, 2019

BO function? That makes bonuses fluctuate.

Jan 18, 2019

Yeah, I'm in Tech. Cloud focused.

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Jan 18, 2019

Some reference points from a top 3 BB for this year:

Title: Asc 2
Rank: 4/5
Bank: BB
Group: Industry Coverage
Location: NY
Base: 175
Bonus: 105%
Cash %: 80%
Note: Top ranked got 125% bonus

Title: Asc 3
Rank: 4/5
Bank: BB
Group: Industry Coverage
Location: NY
Base: 200
Bonus: 105%
Cash %: 80%
Note: Top ranked got 125% bonus

Title: Asc 1
Rank: 3/5
Bank: BB
Group: Capital Markets (i.e. ECM, DCM, LevFin)
Location: LDN
Base: 90 GBP
Bonus: 80%
Cash %: Unknown

Title: Asc 2
Rank: 4/5
Bank: BB
Group: M&A
Location: Continental Europe
Base: 150 EUR
Bonus: 100 EUR

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Jan 18, 2019

Now this is helpful, thank you
Interestingly US comp is significantly higher vs Europe
I assume all the data points reflect the same BB?

  • MVP
Jan 18, 2019

Yes, same. BB. Europe is a bit f* up recently because of USD strength vs. GBP.
The base is traditionally fixed GBP and then they give you a bonus which should lead to a total comp which is 'aligned' with US is USD. Reality is that in European BB (excluding maybe few names) it is extremely rare to have bonus >100% of your base at analyst / associate (with 100% bonus being a cap). The result is that Base in GBP + 100% bonus is still < USD peer because of fx.

As an example: as associate 2 you can make in NY 175 base + 175 bonus = 350; in Europe you would make 105 + 105 = 210 GBP and at current FX that is 280 USD. In 2014 with FX at 1.6, the GBP comp was aligned to US.

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Jan 23, 2019
cruel3a:

Some reference points from a top 3 BB for this year:

Title: Asc 2
Rank: 4/5
Bank: BB
Group: Industry Coverage
Location: NY
Base: 175
Bonus: 105%
Cash %: 80%
Note: Top ranked got 125% bonus

Title: Asc 3
Rank: 4/5
Bank: BB
Group: Industry Coverage
Location: NY
Base: 200
Bonus: 105%
Cash %: 80%
Note: Top ranked got 125% bonus

Title: Asc 1
Rank: 3/5
Bank: BB
Group: Capital Markets (i.e. ECM, DCM, LevFin)
Location: LDN
Base: 90 GBP
Bonus: 80%
Cash %: Unknown

Title: Asc 2
Rank: 4/5
Bank: BB
Group: M&A
Location: Continental Europe
Base: 150 EUR
Bonus: 100 EUR

Regarding the last two (London & Continental Europe):
Is 150k EUR really common at a top 3 BB, Asc 2 level? And the bonus seems pretty high also. I believe in Continental Europe starting with EUR 40-50k (Ass1 level) is normal.
In London, Analysts also start with some 40-50k I believe...
Then again, I'm not an expert on this matter.

Jan 23, 2019

Associate and Analyst aren't the same thing

Jan 23, 2019

An 1 BB make EU65-75k (differs from bank to bank) base in continental europe PS55k in London at EB and 50k at BB.
Correct ASS 3 EU150k base in continental europe

Jan 18, 2019

For the past few years what has jr level bonuses been for EBs as a percent of base? Generally an analyst associate can expect 80-110% (assuming middle to top bucket)?

Just looking for a rule of thumb to think about

Thanks

Jan 19, 2019

Title: Asc 3
Rank: 4/5
Bank: BB
Group: M&A
Location: HK
Base: USD$240
Bonus: USD$155

What my bank does is try to normalize comp post taxes (which is kinda shitty but make sense I guess and this is atleast what HR has told me...) my HK total income taxes are 12% vs. plus 40% in the U.S.

Jan 20, 2019
WanderingWanchai:

Title: Asc 3
Rank: 4/5
Bank: BB
Group: M&A
Location: HK
Base: USD$240
Bonus: USD$155

What my bank does is try to normalize comp post taxes (which is kinda shitty but make sense I guess and this is atleast what HR has told me...) my HK total income taxes are 12% vs. plus 40% in the U.S.

Before people jump over this 240 USD base, HK cost of housing is higher than NY.

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Jan 20, 2019

Title: Assoc 1
Rank: unk (they don't tell us, my guess is middle of the pack
Bank type:BB
$95k bonus
$150k base (increased to $200k this year)
% Cash:100%
Notes:
My bank is known to pay below the street, they claim that our pay is lower beta but not sure how true that is.

Jan 20, 2019

Interesting that your base went from $150 to $200 without stopping at $175 first

Jan 20, 2019

Yep recent shift for associates 2, base is now 200. Nice bump.

Feb 10, 2019

This is for first year post-MBA, not A2A right?

Jan 22, 2019

Title: D1
Rank: Top (or so I was told)
Bank type: Canadian (NYC office)
Base: $275k

Bonus: $395k
% Cash: 75%

Total comp: $670k
Note: Dissatisfied with comp level; feels below Street for Director-level

Jan 22, 2019

Interesting. Out of curiosity what have you heard is Street for a D1?

Also has your role as D1 been purely execution focused, similar to a vp?

Jan 23, 2019

D1 responsibilities are a combination of (i) early stages of building own calling effort, (ii) supporting senior MDs calling effort and (iii) execution.

D1s are not expected to be revenue generating, so compensation is not tied to P&L. However, this slowly evolves in the D2 and D3 years.

Jan 22, 2019

Title: AS3 (2018)
Rank: Top
Bank: MM
Base: $175k
Bonus: $265k
% Cash: 100%
Notes: Promoted

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Jan 22, 2019

Congrats on the promotion!

Did they notify you along with the bonus that you would be promoted or was this during the annual review?

Jan 22, 2019

Thank you very much.

The annual conversation includes promotion (if applicable), review and compensation - one chat.

Jan 22, 2019

nyc?

Jan 22, 2019

Negative

Jan 23, 2019

100% cash is nice! How do you feel about total comp this year?

Jan 23, 2019

It is, indeed! Honestly, I felt incredibly appreciative and was very pleased with the number.

We had a tremendous year as a bank and team, and it required a significant amount of personal sacrifice. Thankfully the bank recognized that and stepped up meaningfully.

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Jan 23, 2019

Damn, you guys in the US. You seem to be getting insane bonuses. I actually question my ranking now having seen this thread. My salary converted to USD for comparison:

Title: AS1 (2017)
Rank: 4/5
Bank: BB (Continental Europe)
Base: $130
Bonus: $117
% Cash: 80%

The surest way to make a monkey of a man is to quote him.

Jan 23, 2019

Title: VP1 - S&T
Rank: Top
Bank type: EB/MM
$: 200k
% Cash: 100%
Notes: Base $225k, Region WC

Feb 7, 2019

Move to PM or Prop soon?

Mar 31, 2019

what desk?

Jan 23, 2019

Title: An1
Rank: Top
Bank type: EB
$: 95k (ex. signing)
% Cash: 100%
Notes: $95k base; pay was for full 1st year as of summer 2018

May 29, 2019

.

Feb 4, 2019

bump - any other news? my group does reviews in the next 1-2 weeks.

    • 1
Feb 7, 2019

Any news on UBS numbers? I heard they are out.

Feb 7, 2019

All these numbers look super high to me. Was told I'm paid in line with other analysts that got promoted to Associate.

Title: A3
Rank: No official rank
Bank type: BB
Bonus: $50k
% Cash: 90%
Base: $95k (moving to $125k)

Feb 7, 2019

This looks low for a BB, are you in a specific region? Sorry to say but ~50% payout is below street for this year..

Feb 7, 2019

Top BB in US and both team/group performed very well. S&T though, so that might be the difference. I only work 75 hours/week on average. Was told there's nothing I could've done differently to get paid more, and that I'm welcome to shop around for better offers if I think someone else will pay more.

Feb 8, 2019

Title: D
Rank: Top
Bank type: MM
Bonus: $775k
% Cash: 100%
Notes: Base $250k

Feb 11, 2019

What year Director? Product or coverage group? How much do you think bonus # attributable to personal revenue generation vs. group performance vs. total firm performance?

Feb 12, 2019

D1
Coverage
Likely attributable to all three drivers you mentioned. Both firm and group had record years. Personal revenue generation is starting but in early days. PM if you want to discuss more.

Feb 10, 2019

Title : VP1, S&T
Firm : US BB in London
Total : 450k$
Bonus : ~300k$
Cash : 80%

Feb 10, 2019

Title: VP1 - M&A
Rank: N/A
Bank type: BB
% Cash: 80%
Base $225
Bonus $305k

Interested in hearing from other VPs in banking...

Feb 10, 2019

Title: Analyst Y1
Bank type: Big 5 Canadian
Base: $90,000
Bonus: $60,000
% Cash: 100%

Feb 13, 2019

Would you mind saying if you work in a big 5 canadian bank in Canada or in the US?

Feb 11, 2019

A couple datapoints from friends (all NY, all industry coverage groups)

Title: Associate 1
Rank: Mid/Top
Bank type: EB
$: 200
% Cash: 80%
Base: 150 -> 175

Title: Associate 2
Rank: Unknown
Bank type: Mid-Tier BB
$: 100
% Cash: 100%
Base: 175 -> 200

Title: Associate 3
Rank: Top
Bank type: Low-Tier BB
$: 250
% Cash: Unknown
Base: 200 -> VP1 (not sure)

Title: VP1
Rank: Mid
Bank type: EB (different than above)
$: 300
% Cash: 75%
Base: 250 (Flat)

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Feb 12, 2019

Title: Associate 1
Rank: Mid/Top
Bank type: BB
$: 130
% Cash: 100%
Base: 150 -> 175

Feb 12, 2019

All cash!!!!

Feb 12, 2019

Title: Associate 2 (in 2018)
Rank: Mid/Top
Bank type: BB
$: 185
% Cash: 100%
Base: 175->200

Feb 13, 2019
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Feb 21, 2019
Feb 21, 2019
Jul 17, 2019