2019/2020 Investment Banking Bonus Discussion

cbdbanker's picture
Rank: Senior Baboon | 194

My bank is already having Comp discussions. Stub year looks like it will be $25k across IB,S&T,CB at my BB.

Following similar forms

Title:(An/As/VP and year being paid)
Rank: (Top/Mid/Bottom)
Bank Type: (BB/EB/MM)
$:
% Cash/Stock
Notes

Comments (256)

Nov 10, 2019

Think it's still a little early for this thread but I for see some strong numbers this year. Particularly for the tech bankers

    • 2
Nov 11, 2019
betanowthanlater:

Think it's still a little early for this thread but I for see some strong numbers this year. Particularly for the tech bankers

Interesting. I foresee the opposite in general - tech was a pretty bad year at my shop but that may be an outlier amongst the larger industry.

    • 1
  • VP in IB - Ind
Nov 11, 2019

HC looking great at my firm

Jan 25, 2020

Can you please explain what a tech banker is? Are you talking about Quants?

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  • Intern in IB-M&A
Jan 25, 2020

bankers in tech coverage groups

Dec 16, 2019

Title: As1
Rank: Mid
Bank Type: Canadian BB (NYC Office)
$61000 bonus (full year); $150k base, upgraded to $175k as As2
Total Disaster

    • 3
  • Intern in IB - Gen
Dec 16, 2019

jesus im sorry, are you in NYC?

  • Analyst 1 in IB-M&A
Dec 16, 2019

Says (nyc office)

    • 1
Dec 16, 2019

bonus or all in?

Dec 16, 2019

Definitely bonus. That's less than half of standard NYC BB As1 base.

  • Intern in IB - Gen
Dec 16, 2019

What is a Canadian BB? As far as I know, no BB is based in Canada.

  • Works at Bank of America Merrill Lynch
Dec 16, 2019

Assuming RBC or another of the big 5 canadians

    • 1
Funniest
  • Intern in IB - Gen
Dec 16, 2019

maple syrup coverage groups are considered canadian BB

    • 44
  • Analyst 1 in IB-M&A
Dec 17, 2019

What in the world... If this is RBC or BMO, that number is lower than some 1st year Analysts in the past years. Bonuses are expected to be down this year but a 1st year associate getting a full-year bonus of 60k?? What is going on over there? That makes zero sense

  • Intern in IB-M&A
Dec 17, 2019

Especially considering this person was mid bucket, so this is probably not a "gtfo" bonus

Mar 7, 2020

Our 2nd year analysts make 75-90K consistently. That's just dreadful.

Array

Dec 17, 2019

F

Jan 16, 2020

Could you please give me the name of the firm you are referring to? I have never heard of a Canadian BB?

  • Intern in IB-M&A
  •  Dec 16, 2019

Also wondering

  • Associate 1 in IB - Gen
Jan 6, 2020

-

Jan 6, 2020

It's the most won-der-ful time, of the yearrrrrrr.

Jan 8, 2020

Curious to see more data as numbers should be trickling in for most banks soon

    • 2
Jan 10, 2020

Title: An2
Rank: Mid/Top
Bank Type: BB
$: 70k
% Cash/Stock: 100% cash
Notes: 90k Base

    • 7
  • Intern in IB - Gen
Jan 12, 2020

what BB is 90 base?

is this s&t?

    • 1
  • Analyst 1 in IB - Gen
Jan 14, 2020

90 is standard for a second year IBD analyst. 85-90-95

    • 1
    • 1
Jan 15, 2020

Yes S&T most BB (JPMorgan,Citi,GS) offer 85k An1 / 90k An2

Associate Salary vary from what I hear it is 140k Aso

    • 2
Jan 10, 2020

........

    • 1
  • Associate 1 in IB - Gen
Jan 12, 2020

Title: As1

Rank: Mid/Top

Bank Type: Canadian BB (NYC Office)

Bonus: $77

% Cash: 100%

Base: $150 (moving to $175)

Note: A sinking ship. Also curious about MS base bumps for all associates.

    • 5
Jan 12, 2020

That's like 50k below street. Yikes.

  • Intern in IB - Gen
Jan 12, 2020

This has got to be BMO

  • Associate 1 in IB - Gen
Jan 12, 2020

Nope, the other Canadian bank.

Jan 15, 2020

Are you in a coverage or product group?

Array

Jan 15, 2020

Also curious to this. Seemed like Tech group was pretty active last year. Lots of jbr roles for the IPOs

Jan 12, 2020

Not IB, but CB.

Title: AS1 (full year)
Base: $125K
Bonus: $75K

NYC. Hours never more than 45 a week.

    • 4
Jan 12, 2020

What's cb

Jan 12, 2020

Corporate banking, no?

Jan 12, 2020

Commercial banking is paying that well now?

    • 1
  • Analyst 1 in IB - Gen
Jan 13, 2020

corporate banking not commercial

Jan 13, 2020

MM or BB?

Array

Jan 14, 2020

BB? What's your As2 base looking like?

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  • Associate 1 in IB - Ind
Jan 15, 2020

CAN MORE PEOPLE IN CORPORATE BANKING POST SALARY + BONUS????

Seriously considering a switch now. For 45 hours, i'd switch in a heartbeat.

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  • Analyst 2 in IB - Gen
Jan 15, 2020
Jan 24, 2020

Its not always 45 hours. It's pretty group dependent and I usually hear closer to 60-65 hours

  • Intern in IB - Gen
Jan 14, 2020

Can anyone provide some color on how top MM comp (Jefferies/HL/WB/etc) compares to that at EB/BB? My SA salary was the same/5k lower than my peers at EB/BB, but wondering how that translates to analysts, especially when it comes to bonus. I know the pay gap widens eventually because at the top level there is a gap, but is that true of analysts/associates?

Jan 14, 2020

Yes there is 15-25%-ish pay gap depending on firm, but I advise you to not be so focused on pay at analyst level. Career is long and being in right group / people / opps is more important.

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Jan 14, 2020

This is not the norm from what I've seen, especially vs top MMs. I would probably lower that range to 5-10%. Dependent on group, though - Jefferies Houston will beat just about everyone.

    • 1
Jan 14, 2020

AS2
Mid/Top
MM
$: 200K
100% Cash

    • 7
  • Prospect in IB - Ind
Jan 14, 2020

Base of 150? NYC?

    • 1
Jan 21, 2020

not NY but tier 1

Jan 14, 2020

You cleaned up damn, what group you in?

Jan 21, 2020

thanks man. generalist/TMT

    • 1
Controversial
  • Intern in IB - Restr
Jan 16, 2020

Less talk about CB and more data points on IB bonuses would be nice...

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Jan 16, 2020
Intern in IB - Restr:

Less talk about CB and more data points on IB bonuses would be nice...

Do you get bonuses as an intern?

    • 5
  • Intern in IB - Restr
Jan 16, 2020

Do you know how to read the title of this thread?

    • 1
    • 6
Most Helpful
Jan 16, 2020

how bout you get a job and come back when you're qualified to give opinions. Data points are for people who have a use for data.

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    • 1
  • Associate 1 in IB - Ind
Jan 16, 2020

To be honest, both datapoints are helpful.

    • 2
Jan 16, 2020

AS2
Mid/Top
Top BB
$: 140K, 175K Base
80% Cash

    • 4
  • VP in S&T - Other
Jan 16, 2020

Ao3 (BB S&T)
Mid
$: 85k, 160k base
All Cash
Notes: Promoted to VP, bumped to $175k base

    • 1
  • Intern in S&T - Other
Jan 16, 2020

What product are you in if you don't mind me asking

  • Analyst 1 in IB - Gen
Jan 22, 2020

succ swaptions

  • Associate 1 in IB-M&A
Jan 16, 2020

Title: As1
Rank: Top
Bank Type: MM
$: 150,000
100% Cash

    • 5
Jan 16, 2020

What exactly is a Tier 2 Middle Market?

Harris Williams? Piper Sandler?

Jan 17, 2020
Klavin:

What exactly is a Tier 2 Middle Market?

Harris Williams? Piper Sandler?

Nomura

    • 1
  • Associate 1 in IB-M&A
Jan 17, 2020

Edited because I hate rankings. I'm at a solid MM shop, but not Blair or Baird.

We had another record year and top bucket bonuses were all around 100% to 110% of salary, which is $150k base for first year associates.

    • 2
  • Associate 2 in IB - Gen
Jan 16, 2020

AS2 (in Canada)
Canadian bank w/ lower bb/upper mm US presence
Top bucket
Base 120k, Bonus 170k.

Note: Canadian base does not change with years within a rank

    • 1
Jan 16, 2020

What're EB A1 bonuses looking like?

    • 1
Jan 17, 2020

BB
NYC
A3 (Class of 2017)
Base 175
Bonus 250
75% cash / 25% stock
Top bucket

    • 3
Jan 17, 2020

Wow, 143% of base for a BB? That's hott! Things may be looking up for the rest of us.

BTW, think you mean this is your A2 bonus. A3 is class of 16.

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    • 1
  • Associate 3 in IB - Gen
Jan 18, 2020

Yes, and if the base is 175, he's a2. Huge.

    • 1
Jan 17, 2020

Save some bonus for the rest of us

Array

    • 1
Jan 17, 2020

Wow, those are huge As3 numbers. Well done!

  • Associate 1 in IB - Gen
Jan 18, 2020

-

Jan 20, 2020

As3
Top BB
Mid/top bucket
Base 175k
Bonus 100%
~15% deferred

    • 3
Jan 22, 2020

Associate 2
Top BB
Base: $175
Bonus: $215
75% / 25% (cash / stock)
Top bucket

    • 3
Jan 22, 2020

AS1
BB
$: 30k
100% cash
Base from $125k to $140k

    • 1
Jan 22, 2020

Stub?

Jan 22, 2020

Has to be or he's getting fired lol

    • 1
Jan 22, 2020
newschool332:

Stub?

Full year. S&T though. Mid/top rank

Jan 22, 2020

GS?

Array

Jan 22, 2020

$155k is analyst numbers.. what is going on there?

Array

  • Business School in IB - Gen
Jan 22, 2020

Any associates at EBs have data points? Would love to compare/contrast against the BB figures

Jan 23, 2020

Seconded. I heard from a source that they were happy with their numbers, but didn't get any concrete figures.

Jan 29, 2020

Conversations happening next week. Stay tuned

Jan 22, 2020

A3
Top MM

Salary 155
Bonus 75

    • 1
Jan 22, 2020

Seems incredibly low for a Top MM, which I'm assuming would be a HL/WB/Jefferies/Piper/HW type of firm.

Jan 22, 2020

Oof, that's rough man.

Jan 23, 2020

Yea not gonna lie I suck lol

    • 2
Jan 23, 2020

Associate 2 top BB
Mid-top bucket
Base was 140 now -> 160
Bonus 240 25% deferred

Jan 23, 2020
monkey4321:

Associate 2 top BB
Mid-top bucket
Base was 140 now -> 160
Bonus 240 25% deferred

240 bonus as an AO2? Crushing it.

  • Prospect in AM - Other
Jan 27, 2020

Is this s&t? If so are you sales or trading? And which product?

  • Analyst 3+ in IB - Gen
Jan 23, 2020

Associate 1 at top specialty boutique

Base: 150k
Bonus: $300k cash

+50k base for year

    • 2
Jan 23, 2020
Analyst 3+ in IB - Gen:

Associate 1 at top specialty boutique

Base: 150k
Bonus: $300k cash

+50k base for year

Jeez

Are you hiring? lol

    • 1
  • Associate 2 in IB-M&A
Jan 24, 2020

Fucking liar, stop wasting our time

    • 2
  • Analyst 2 in IB - Gen
Jan 24, 2020

Wow! Congrats

Jan 24, 2020

What even is a specialty boutique? Like a sector specialty like Qatalyst or Sawaya? Or a product specialty like PJT/HL RX?

  • Associate 2 in IB-M&A
Jan 24, 2020

Liar, stop wasting our time.

Feb 10, 2020

Damn sitting nice. How do you think your numbers will progress next year?

  • Prospect in Other
May 10, 2020

specialty...as in??

  • Analyst 1 in IB-M&A
Jan 23, 2020

Wtf are most of these AS?

  • Intern in IB-M&A
Jan 23, 2020

Yeah where are the Analyst numbers lol

  • Investment Manager in AM - Equities
Jan 23, 2020

Many analysts get paid their bonus in the summer and don't find out until june/july time period so that is why.

Jan 23, 2020

anyone have figures for SF/Bay Area? Thanks in advance

    • 3
  • Analyst 1 in IB - Ind
Jan 24, 2020

Title: An1

Rank: N/A

Bank Type: MM (Chicago)

Bonus: $35

% Cash: 100%

Base: $85 (moving to $90)

Note: Stub for first 6 months of work

Jan 24, 2020

What does stub mean?

Array

  • Analyst 1 in IB - Ind
Jan 24, 2020

It wasn't a full year bonus. I started work in July and our firm pays out bonuses in January so it was for 6 months of work not 12

Jan 24, 2020

That's solid

Array

Mar 7, 2020

Is $35 high? Was your group crushing it or is that standard at your bank?

Array

  • Analyst 1 in IB - Ind
Mar 9, 2020

Standard I'd say. Depends on the year but typically ranges from $35-38K

Jan 24, 2020

Title: An2

Bank Type: MM (DC)

Bonus: $38 (7/12 stub) - lateraled

% Cash: 100%

Base: $95

Jan 27, 2020

Which MM is this? Feel free to DM

Array

Jan 24, 2020

Love the discussion and all the data. I will once again be the BO crasher and participate in this so that you can see how the rest of the world lives on our meager numbers :) Yes, I can read the title of this thread, yes you will have to deal with it, you'll be fine.

Title: VP in a BO role (think tech, compliance, etc)

Rank: Top bucket, second year in a row; basically had the best review possible

Bank Type: BB and I'm in a midwest office; get to go to NYC and be Bud Fox a couple times a year

$: 20% on a base of 120k (I'm shading my numbers a bit here but you get the idea)

All cash

Notes

Live in a low-tax state so my salary goes further. I never, ever have to work more than 40 hours unless I choose to, can get my MD on the phone at any time. Work from home 2 days/week and I get ridiculous vacation that I actually use (I basically took all of December off for the holidays and I still didn't use it all). So, yes, you guys dwarf my bonus but I actually get to enjoy my time/cash and the job is generally low stress.

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  • Intern in IB - CB
Jan 24, 2020

Username checks out. BO MD

  • Investment Manager in HF - Macro
Jan 25, 2020

You don't have to rationalize your bonus/role. It seems like you have a little bit of a chip on your shoulder, and you rationalize with yourself that it's fine that you work in BO because you get all these other benefits. It's fine to work in BO, you don't need an explanation, but work in BO role because you enjoy it (and that can be enjoying the fact that you only work 40 hrs a week or that you take vacation, doesn't need to be the actual work). I would ask you whether you like it, not whether you get to take vacation (although good to explain that you are BO when giving bonus info as it gives context).

Just know that there are many roles out there that have a good work life balance (and comp can still be high), and that the more senior you get the more that is true. Find a role you enjoy doing that gives you the type of life you want (whether that be flexibility, pay, etc) and do that. Most of my friends now are senior and scattered across the industry and they all enjoy time, vacations, family, etc.

    • 8
  • Associate 1 in Other
Jan 25, 2020

I'll add for ops as well

Title: VP (didn't update my wso profile)

Bank Type: BB (nyc)

Rank: Top

Bonus: 5k

Base: 105k

Notes:
Hate the job, doing 50hrs/week. Medium stress. Ironically, my comp was considered high and of course have to cut back on expenses.

    • 2
Jan 27, 2020

Wow you got shafted on the bonus. That's like bottom bucket, entry level FLDP program bonus and even then hardly matching that.

Jan 27, 2020

Bump

Jan 28, 2020

The BB bonuses in here are rough - really highlights the pay disparity from EBs.

Bank: EB
Role: Associate 1
Bucket: Top
Base: 150k
Bonus: 225k

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    • 2
Jan 28, 2020

To be fair, the "rough" comp numbers that you're referring to are from "Canadian BBs".

The American/European BBs seem to be doing just fine with all of them hovering around and above 100% of base.

    • 2
Jan 28, 2020

Jeeze no wonder Evercore started cutting associate heads ahead of bonus season; that's a big bonus to have to pay out

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    • 1
Jan 28, 2020

EVR A0 base is higher than 150k

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    • 1
Feb 1, 2020

If legit, then wow. What was median bonus?

Feb 1, 2020

I don't know for sure - but the expectation at my EB (and my friends at the other EB usual suspects who pay pretty much in line with each other except CVR which pays more than everyone and Lazard who pays more like a BB) was about 325k-335k all in comp for mid bucket Associate 1. That's what it was last year at all of EVR/Moelis/PJT/PWP/GHL/etc.

    • 1
Jan 28, 2020

.

    • 3
Jan 29, 2020

Bank: BB (one of the main ones)
Role: Associate 3 (will now be VP)
Bucket: Mid/Top
Base: 200k (will now be 250k)
Bonus: 100k (20% of it is stock)

    • 1
  • Associate 3 in IB - Gen
Jan 29, 2020

Well. Guess it's not just RBC that had weak bonuses then. Congrats on the promo though, nicely done.

  • Business School in IB - Gen
Jan 29, 2020

Yeah, this seems a little low, no? Any idea why (obv not a performance thing, since you're getting promoted - congrats btw!). Could it be a group performance thing?

    • 1
    • 1
Jan 29, 2020
Oak Peter:

Bank: BB (one of the main ones)
Role: Associate 3 (will now be VP)
Bucket: Mid/Top
Base: 200k (will now be 250k)
Bonus: 100k (20% of it is stock)

Is this S&T?

Jan 29, 2020

For real? A mid/top A3 getting 50%? Did the group have a bad year?

Jan 29, 2020

Maybe they know what other BBs are paying and they decided they only needed to be close enough. No, not S&T.

I'm curious to see other BB numbers.

Jan 29, 2020

As a professional in S&T as an associate, those numbers would be very low for S&T. A little shocked that IB numbers as an associate are that low.

  • Summer Associate in IB - Ind
May 3, 2020

What do s&t associate numbers look like?

Jan 31, 2020

Bank: MMRole: Associate 1 (stub year - Post-MBA)
Bucket: Top
Base: $150k (moving to $160k)
Bonus: $40k

Kind of pissed about the stub bonus - was expecting closer to $60k. Any other post-MBA stub bonuses out here to compare?

    • 1
Feb 1, 2020

Your stub is at/above BB. 35-40 at BB

  • Associate 1 in IB - Gen
Feb 1, 2020

Maybe my expectations are different but my EB is expecting 40-50k stub (to find out next week). BB is 35-40k. Lazard was just 35k, only big one I've heard of is 70k for Guggenheim

Feb 2, 2020

Last year Evercore/Moelis/PJT/PWP/Guggenheim/Greenhill were all 60k-70k I believe.

Feb 4, 2020

$60K stub bonus heard from associate 1 at BB

  • Associate 3 in IB - Gen
Jan 31, 2020

Understand why you're pissed but if that was a down year, it's a good thing it was during stub when your net impact was 20k. If this year is better in comparison (which is a big if), then 20k hit your stub year is better than a 50k hit in your AS1 year.

Jan 31, 2020

Bank: MM
Role: AS3 -> AS4
Bucket/Rank: Mid
Base: $175k -> $200k
Bonus: $185k (100% cash)

Array

Feb 2, 2020

NYC?

Feb 3, 2020

Negative. Other large metro area toward the middle of the country...

Array

    • 1
  • Associate 2 in IB-M&A
Feb 3, 2020

Title: Assoc 1

Rank: Top

Bank Type: MM (NY Office)

Bonus: $170K - All Cash

Base: $150K going to $160K

    • 1
Feb 4, 2020

Bank: Boutique
Role: Associate 1
Bucket: Top
Base: 140k (will now be 190k)
Cash Bonus: 140k
Retention Bonus (paid if still working here in 18 months): 25k

Feb 5, 2020

Anyone have director level numbers?

Feb 5, 2020

MM shop with knowledge of Director level comp. in top performing group / top bucket VP3-->D was paid $800k all in. 100% cash. More senior / top bucket directors clearing $1mm+ all in. Lower performing groups / directors were down over last year, in $750k zone.

Array

Feb 5, 2020

Bank: MM
Role: AS2 -> AS3
Bucket/Rank: Mid
Base: $160k -> $175k
Bonus: $155k (100% cash)

  • Director in IB - Gen
Feb 5, 2020

Director 1
Base 250k
Bonus 350k

Plenty of money to be made outside the BBs, kids.

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  • Associate 3 in IB - Gen
Feb 5, 2020
Director in IB - Gen:

Director 1
Base 250k
Bonus 350k

Plenty of money to be made outside the BBs, kids.

Thanks for the info and congrats on the payout. Is this MM and were you a VP3 to D1 or D1 to D2? Was the payout all cash? Cheers.

    • 1
Feb 5, 2020

VP3 to D1 at MM IB coverage. Base $200k Bonus $325k. Bonus was 20% deferred. New base of $225k.

    • 1
  • Intern in IB-M&A
Feb 6, 2020

Sourced a few general numbers from A0s/A1s a few years out from my MBA program.

EVR and PJT both hit ~$350 for average As1 total comp.

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    • 1
Feb 21, 2020
Comment
  • Business School in IB - Gen
Feb 10, 2020
  • Associate 2 in IB - Gen
Feb 23, 2020
Feb 10, 2020
  • Prospect in IB - Ind
Feb 10, 2020