35k Base in NYC?

I found a post for a "Junior Equity Research Analyst" on my school's career website from Odeon Capital. The base salary is 35k. I can understand if a small firm is strapped for cash, but I am still a bit suspicious as to why they are paying so much less than the street average?

I guess the reason I'm suspicious is because I once took an "ER internship" that ended up being SEO for a prop trading firm.

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Comments (61)

Sep 10, 2013 - 9:22pm

They don't really paint the brightest picture either:

"As a junior analyst, you will build and update financial models, help determine fair values on stocks and bonds in a wide range of industries, and contribute to written research reports. You will also perform in depth industry analysis to help evaluate business and economic trends through online and telephone-based research projects. This is an exciting opportunity for a motivated individual to play an integral role in a young and growing firm."

I'm guessing they're not subscribed to Bloomberg. However, I would assume this would look better on a resume than BO experience?

Competition is a sin. -John D. Rockefeller
Sep 10, 2013 - 9:37pm

living on those wages aren't feasible in other cities, let alone new york.

there are some sell-siders that churn out really piss poor thesis' that pay more...

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May 10, 2021 - 5:29pm

And McDonald comes with signing bonus nowadays, apparently

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Sep 10, 2013 - 9:54pm

While pay is very sub-par, it's the experience that matters. Honestly, if this is what you can get, I'd take it. 35k base in NYC would be very, very hard to live on IMO; but if you can stick with it for a year, you could try to lateral to a more legitimate shop. I'd take it over BO experience at a BB.

People demand freedom of speech as a compensation for freedom of thought which they seldom use.
Sep 10, 2013 - 10:02pm

It sounds like good experience, but the base in NYC is just ridiculous. It would be doable if there was some bonus. I would find out about this. If base and bonus are $55k total, you can live moderately with roommates and not eating out. Speaking off this, just curious, anyone know what the salary is in NYC to be on welfare?

Array

Sep 10, 2013 - 10:41pm

Thanks for the help guys. I won't be graduating until Spring 2015, so I won't be applying to this job. I was just wondering if this sounded sketchy to anyone else and if it's better to take a shitty ER role or BO at a BB. I may try and get in touch with people there for an internship though. I bet they'd welcome an unpaid intern to the team, given their budgetary constraints.

Competition is a sin. -John D. Rockefeller
Sep 10, 2013 - 11:34pm

Take it man and live with people for a few years. All the publishing and public relations industry people make $30-40k starting out and make it just fine.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
Sep 11, 2013 - 2:05am

yeahright:

Take it man and live with people for a few years. All the publishing and public relations industry people make $30-40k starting out and make it just fine.

Yeah, if you can get some roommates somewhere and effectively pay 1k/month for rent (which is not that hard at all even in Manhattan if you have 1 or 2 roommates), that leaves you with like another ~1k/month for everything else. Not ideal, but doable. If you live by yourself it's going to be much tougher, probably limited then to places like Harlem or the outer boroughs.

Best Response
Sep 10, 2013 - 11:51pm

Is this the same Odeon that produced sex panther cologne, if so I highly recommend taking the position. Last I heard 60% of their analyst moved to the buyside, everytime

"They’re all former investment bankers who were laid off in the economic crash that Nancy Pelosi caused. They’ve got zero real-world skills, but God they work hard." -Jack Donaghy
  • 3
Sep 12, 2013 - 5:32pm

I know one kid from my high school who was bragging that he got a 'baller' trading job as an analyst at a 'prop trading firm'. Turns out, that shop is a chop shop with no base pay, all commissions.

So, even if that job or this ER job mentioned in this thread, some may argue, are 'front office' jobs, not sure if these jobs are actually legit, or lead to anything good down the road..

Sep 13, 2013 - 10:17am

G.M.Trevelyan:

According to its site: Jason attended Babson College and received his B.S. in Business Administration from the University of Phoenix.

Are you fucking kidding me?

Haha, not sure why they just didn't leave that off. The rest of his exp seems pretty legit though, but being a member of CFAI (woopty fucking doo) is pretty funny.

People demand freedom of speech as a compensation for freedom of thought which they seldom use.
Sep 17, 2013 - 9:34am

G.M.Trevelyan:

According to its site: Jason attended Babson College and received his B.S. in Business Administration from the University of Phoenix.

Are you fucking kidding me?


looks like we have a phoenix among us
If the glove don't fit, you must acquit!
Sep 13, 2013 - 9:02am

35k you can make work - you can probably get a studio in queens (long island city) if you work in midtown, or somewhere in brooklyn if you work downtown.
Just don't expect to be dining out much or going on any vacations.

Sep 13, 2013 - 10:23am

I actually did an internship here junior fall...it was unpaid but I learnt a lot (worked with a really smart senior analyst)...I worked with the distressed debt research team for about 4-5 months, and they covered a lot of companies that did not have much street coverage, and used to talk to hedge funds a lot....but yea 35k sucks lol i wouldnt do it for 35k

Sep 13, 2013 - 3:01pm

@PhilCollins , LOL id give you +1 if I had it.

I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood.
Sep 17, 2013 - 3:27am

Easily doable. I got by with ~$2,500/month but you have to be a cheap bastard.

Make your own food in bulk, dont go out a lot (which you wont anyways) and do some odd jobs for friends in exchange for lower rent for your share.

Sep 17, 2013 - 3:52am

I have no clue how you had the financial discipline to manage that, kudos.

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Sep 17, 2013 - 4:15am

There's a lot of fresh grad's in NYC in marketing / fashion / other soft-skill positions who take that home / year (if lucky in some cases), most have to pick up a second job. So it's doable, but to me that would blow terribly being in NYC w/ that low of take home pay. Have lived here (NYC) for a few months now and from my vantage point you can not do anything without spending money.

I should preface this by saying I am absolutely awful at personal finance, however, my base is roughly 4x what's being offered on your job description and if I didn't have my savings from my previous bonuses I'd be going paycheck to paycheck each month. Again, I blow through money on going out, clothes, dates, events shit and have a pretty nasty golf habit; but, all that stuff (if you can afford it) is what makes living in Manhattan the fun mid-20's killer that it is.

You could pretty much never go out, go to dinners with friends, would have to either live 5 stops into BK off of the L or the most god awful cuby hole in Manhattan and likely have a very, very tough time getting laid. One of my good buddies from HS moved here a few months before me working at some upstart renewable energy think tank making ~$40K. He's an awesome dude who loves to party / go out, but every time we text / call him he's "staying in" for the 5th weekend in a row living up around 110th in Harlem or whatever. I'd keep looking. Even for a small, up start shop, that is so unbelievably far beneath street comp it's appalling. Absolutely no one respectable in NYC (or anywhere for that matter) pays entry FO at that rate.

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Sep 17, 2013 - 10:06am

Going Concern:

Stringer Bell:

Again, I blow through money on going out, clothes, dates, events shit and have a pretty nasty golf habit; but, all that stuff (if you can afford it) is what makes living in Manhattan the fun mid-20's killer that it is.

Clothes and golf is what makes Manhattan fun? What about golf clothes? That must really add up.


Let me tell you, the golf in Manhattan is really incredible. Some of the best courses in the world.
Sep 17, 2013 - 5:31am

For all those freaking out about 35k in NYC...

...I come from an advertising background. Most of my friends started their jobs in NYC for around 35-38k a year (industry average even at top tier ad agencies). It's very do-able. And people in Advertising go out at night more often than those in Finance as well, so having discretionary income is possible. You just end up having a roommate in some south Brooklyn apartment. But it's do-able.

Sep 17, 2013 - 6:10am

You should apply anyways and see if you get an interview. During the first round interview, you should clarify whether or not that was a typo.

This is so obviously, clearly, vastly lower than what it should be and I think it is fine to talk openly about it during the interview.

My brother just got a 1st year job at a non profit organization in NYC and he is earning more than this...

Go East, Young Man
Sep 17, 2013 - 6:57am

Asia_i_Banker:

You should apply anyways and see if you get an interview. During the first round interview, you should clarify whether or not that was a typo.

...

Haha typo..

I interned in nyc and lived out of $2,000 a month.
No real hardship. What the guy said above is right. i stayed in a flat in the cheap side of brooklyn for $2,000. If you can live in a dodgy part of brooklyn do it. if you stay on the western side you may have to double your rent. another intern was paying $2,200 near dumbo.

I ate out for every single lunch and dinner at the ok/cheap office food places and was comfortable. In and out of brooklyn was 45 minutes.

Advise if you do take it that you dont stay late because its depressing and tiring as hell with the train ride between you and bed each night.

Agree with the above: take it if you really cant get something better or wanna use it for some kind of interview practice

Good luck

Sep 17, 2013 - 8:38am

If this is all you can get and research is the way you want to go I'd take it. I took a 30k a year job in Baltimore out of college, barely could afford to live off it. But I busted my ass and within a year had that doubled to 60k. To a lot of people on this forum that's crap money but compared to many people our age that's well above what they're making. Sometimes I think the IB 70k + Bonus right of college tunnel vision makes people forget that those kind of salaries at that age are extremely rare.

Give me a kid whose smart, poor, and hungry...............
  • 1
Sep 17, 2013 - 9:07am

Just looked up Odeon on BigDough - almost no info other than they're a brokerage firm. Looks like a small boutique with low capitalization & no distinct niche. If this is the only gig you can get, then get it on your resume, but keep your eyes & ears open on the side. Good luck with that pay.

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
Sep 17, 2013 - 9:32am

You can not have a job and get in total dollars terms (~50K/year) from the government in NYC.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Sep 17, 2013 - 12:07pm

@ Going Concern

Re: NYC golfing rules

I'm a total golf n00b and would like your help getting up to speed. Is teeing off from the rooftop of a moving vehicle and/or bouncing balls off the sides of buildings permissable? Also, please forgive me if I missed this in the rulebook, but is hitting people withe the ball a + or - ....or does it only count if it was an accident?

Kind regards,

http://www.posterart.com/ourposters/images/golf1.jpg

EDIT: again, pardon my ignorance, but is a pavement wedge recommended?

Get busy living
Sep 17, 2013 - 1:58pm

I interviewed there a while back for S&T. From what I got talking to a few of the guys there their equity research and IB practices are pretty small. One good thing thought is that the hours don't seem to be bad at all and the culture there was great, all the people seemed to be young and friendly. My advice is to take it until you find something else.

Sep 22, 2013 - 8:29pm

Considering most decent front office finance jobs in NYC are around 60-70k base (for BB's, most elite boutique and middle market firms), it's going to be hard on you when stacking yourself up against your friends making 2-3 times more. For the future, I would say save yourself the trouble and spend a bit more time finding the right offer and a good name. That goes far in this industry.

  • Financial Rep in Consulting
Sep 22, 2013 - 9:34pm

They might focus more on yearly performance. Maybe the bonus is a huge % of the base. I would imagine that would be a lot less risky for a company to have a bonus based on company performance rather than paying just a high base up front.

Sep 24, 2013 - 10:28am

The comments on this thread are slightly exaggerated. Living in NYC (even Manhattan) on 35k per year is more than doable. Like most other people on this site, I sometimes lose track of how well-positioned I am to be making 100k plus all in as a 22 yr old and start thinking I'm way too underpaid to be living in NYC. Then I look at my roommate who is working as a legal assistant until he goes to law school, and is making 40k/year all in while living in Manhattan and he's doing fine. Just make sure you live in a relatively cheaper area of Manhattan (get a flex room so rent is cheaper.) Budget wisely in terms of groceries and other expenses and you'll be able to go out and party as well as crush it at work on your salary.

Take the interview and gauge the quality of the people you'll be working with (people forget that you should also be sizing up the person sitting on the other side of the table) when deciding whether to work there or not. And never forget that you have to do anything you can to get your foot in the door in this business... even if that means working at a shitty job that sounds good on paper.

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