I've been away for a while... Work will do that to you... But I'm back for the long weekend. Ask Me Anything. Like so many I used Q&A's as a huge resource breaking into S&T. A little back ground on me. Attended a non-target school, athlete, broke into a BB S&T role, have had numerous opportunities to move to HF, PE, IBD, etc but love where I am. But this isn't about what I want to tell you, it's about what you all want to know. Ask away.
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Any insight in the base salary structure for each years of analyst and associate? Any info on how your bonus was calculated as well would be helpful.
Associate comp - bonus, specifically - varies wildly. You have to be at the nexus of 1) Good bank year 2) Good product year 3) Good group year 4) Good personal year
And then your bonus can be very high.
Analyst salary is pretty standard, whatever street base happens to be that year for analysts. If you're a junior and the banks don't get wrecked I think you can expect something like 85 or 90k for base. Your first bonus will be a stub, which is usually not performance based. Then the year after that you'll get your first real bonus, but there's a lot less variance for this than associates.
Agree 100%
Hey man - this day and age salary and bonuses change daily it feels like. 1st years in a FO role are getting 80k to start. The bump after that really depends on your role, but I would say 80 to 90 to 110/120 as associate. In terms of bonus - I think bonuses will suffer marginally due to increase in salary (which I think is acceptable) but your bonus is 100% dependent on the PnL you are responsible for. 5% of PnL is viewed as very well paid
As someone who is going into S&T for their junior year summer, I've got some questions I'd love to get answered:
What is the size of the book that you trade as an analyst, and as an associate? How long does it take for you to get adjusted with the risk you take? I understand you don't come in hating risk (I love gambling), but to me it feels different when there's 10's or 100's of thousands of dollars on the line versus $100-$500 on a blackjack table.
What do you think of career prospects in the industry as a whole? Is it really 'dying' like some people say, or is it just an exaggeration? (I have seen both MS and GS cut people from fixed income recently) I've heard mainly to stay away from certain desks like cash equities that will just be phased out due to technology. What do you think are the best desks to get onto for the summer?
Why haven't you switched to a hedge fund? If you would have switched to something less related (PE, IBD), would you have to go in as analyst?
What desk are you on? I seem to remember you from a bit back mentioning something about Fixed Income but I don't quite recall any more.
WallStreetHope thanks for doing the AMA. As someone who attended a non-target how did you overcome the stigma around this? Did your choice of school become a discussion point during any of your interviews?
I think the stigma is overplayed. Turns out no one really cares. It does help in terms of recruiting because these BBs will actively recruit at Harvard / Yale / Penn / etc but not at a Kansas / Sacred Heart / Miami / fill in the blank.
Use what you have around you. Alumni / friends / family / etc that can help get your resume looked at. That's the hardest part.
What is salary + bonus range for A0, A1, A2, A3 across the street? I have heard many figures so would like to get a sense from a real source.
For S&T I would say A0 : 100k A1 : 110k - 150k A2/Associate: 130k - 200k After you become associate really depends on production
Your bank had stubs of 15k? Just curious because that seems to be on the low side of where street paid, no?
Can you outline exactly what trading at a BB involves these days? I'm guessing purely market-making and execution, with some small proprietary positions inevitably flowing from market-making?
What is the compensation structure vs IBD? What is compensation potential like these days ? Is everyone mostly quants and/or from quant backgrounds? Since you mentioned it in your post, are exit opps from S&T > IBD, HF, PE common?
Thank you.
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