11/14/06

When is everybody starting?

For those of you who have started in January/are going to be starting in January, how does bonus season pan out?

I've heard of more than one BB offer to start people in Jan as "interns" until the rest of the class gets in...translation: no bonus and a shitty deal.

Comments (39)

11/14/06

If you start before (or after) everybody else, your bonus is prorated. I've never heard of anything to the contrary...at least at the big banks.

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11/14/06

interesting, Credit Suisse claimed that starting early would have no impact on my seniority...and i thought the comment might have hinted the same thing about bonus time.

11/14/06

I think the two (seniority vs. bonus amount) would be separate issues.

If you've gotten an offer there (and before accepting), I think it's perfectly appropriate to clear that up with your contact at the bank.

11/14/06

At Citigroup, analyst training began in the beginning of July.

11/14/06

Well, at all BBs training begins in summer. What we are talking about is when you graduate in December, and start in Jan/Feb. I was wondering that question too, since I'm going to graduate in Dec., a semester early. Do you think that graduating a semester early hinders your chances in any way?

11/14/06

I graduate this Dec, and got an offer from a BB to start in Feb. I will get my training next July.

11/14/06

if you start in jan/feb/march etc you get a prorated bonus in the summer..thats how it usually works with BBs..no seniority though..you go through training in the summer like all the other fall analysts..

11/14/06

A friend of mine will be starting with JPMorgan this Jan, training in July with every other analyst, but he will not get a bonus for the months worked before everyone else starts. Like said above he will be more of an "intern" until the entire global analyst class starts.

11/14/06

thats super lame.

11/15/06
11/15/06

Why is it a bad idea?

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11/16/06
12/14/06

What good are you if you haven't been trained?

12/14/06

its a waste of time to start early, you're basically working for 1 1/2 years as a fy analyst, might as well go travel

12/15/06

go travelling, that's what i'm going to do because the next time I will have that kind of freedom&time, I will be at least old.

12/15/06

July for most of the major banks. Smaller ones might start you in August.

Currently: clinical psychologist (in training)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

12/15/06

You should have plenty of time to take that 5 month trip and I highly recommend that you go for it before your program starts. It will be rare to have 5 free months down the line so make it happen and enjoy the experience. I would love to go on a 5 month living spree again.

12/15/06

You'll be fine - enjoy the time off before starting.

12/15/06

Are you sure it's July and August? I've just gone on Linkedin and looked for graduates from my school who have been hired in BB banks. Their start dates for the BB analyst job mentions a start date of June.

12/15/06

Even if it's in June you'll still have time to do 5 months.

MM IB -> TMT Corporate Development

12/15/06
12/15/06

All my friends started in July, haha. They also came from schools where the grad date was in June though, dunno if that makes any difference?

Currently: clinical psychologist (in training)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

12/15/06

My school's year ends in June also.

12/15/06

JP analysts start in july and bonuses are paid in june. Most US BB are like this. Canadian/foreign banks use a traditional January/December approach

12/15/06

I was under the impression that BB were moving towards a traditional EoY approach with a stub bonus for the first 6 months.

12/15/06

I was under the impression that JPM analysts either start training in July and with their desks in September, or training in September and with their desks in December. I knew people who did the latter, but correct me if I'm wrong.

12/15/06
NicholasVanOrton:

I was under the impression that JPM analysts either start training in July and with their desks in September, or training in September and with their desks in December. I knew people who did the latter, but correct me if I'm wrong.

Correct. And bonuses are paid at the end of the year, not July.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."

12/15/06

Mid-July for me. BB

12/15/06

If I were you I'd take that time to relax, travel, party, make sure your health is in order (take some time to hit the gym), etc.... you may not get any more time off until business school.

If you need the money or have any student loans or anything like that, however, it might be a better option.

I don't think the "competitive advantage" line of thought is too important in gauging this decision. You've got an offer (presumably at a decent bank), you're on the right track and just be healthy, focused and ready to bust your ass to the ground when you get there.

12/15/06

^ Agreed with above - you're not going to have this much free time in a long while. Take it and travel and have fun with friends, while you still can. Use the time to take up a hobby, or do something you've always wanted to do but didn't have time for. Or you can even consider doing volunteering work, or doing some extracurrics (for B-School applications, while you have free time vs. trying to do ECs while working 90+ hrs a week)

You may get a slight leg up on your peers if you start early, but over time, that advantage won't last. And what if you end up really bitter from doing monkey work for 6 mths earlier than your peers, and have a less than enthusiastic approach to work vs. everyone that's just started out and are still positive about starting in IB?

12/15/06

Any other thoughts?

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.

12/15/06

wouldnt even bother asking the bank -if its one of the bigger ones it probably wont be an option - they'll want you to start with everyone else in the same cycle and you'll just annoy the HR persion you're talking to - enjoy your free time and if you want a leg up you can do your own prep work ahead of time...maybe even schedule some informational interviews with peeps at the company (if you already know your group that'll be even easier).

there is also a risk to what your doing which is you'd come in early without the benefit of training, and you'll be a bit unprepared and soil your reputation and your pants before everyone else even gets there...

12/15/06

JUST DO WHAT U WANT...I DONT THINK US TELLING YOU WHAT TO DO SAYS ANYTHING

12/15/06

Sorry if this is hijacking the OP's thread but I thought it was an interrelated topic. If it is not, I can start a new topic.

So, here is the deal.... I graduated from undergrad a few years ago as well as from a non-MBA grad school this past June. I have recently applied for an analyst position at a bank, but its start date is the summer of 2011. My final round interviews are approaching. Should I contact HR before superday and ask if I can start early (unlike the OP I need to start early, it's not a matter of convenience). Alternatively, should I go through my final rounds first, see if I can an offer and then negotiate the starting date? Whether I can start earlier or not may be a make-or-break point and so I was wondering if this is something I should contact HR beforehand or not.

If anyone has any advice or suggestions, I'd greatly appreciate it. Please either respond or PM me. Thanks very much.

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12/15/06

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12/15/06

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.