EBs pay quite a bit more than BBs in the US - however is this the case in London as well?
I know analyst base is 50k in all BBs, whereas it’s 60k/65k at some boutiques. How do bonuses compare? Is total compensation significantly higher?
Would appreciate some insights.
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interested to see the response here.
I saw an Arkesden report this past year that had BAML as the most well compensated bank out of the BBs with substantially larger bonuses than European BBs. If anyone has a link to that I think it would be useful.
Saw this as well. Here's the link for anyone interested: https://www.arkesden.com/asset/8416/download?1553598556 .
(All to the best of my knowledge:) It's correct that typical BB base is 50. There's also the 6-10 signing bonus for BB. Boutiques pay worse for internships as they have a seperate pay rate for those, unlike the BBs. Boutiques are slightly better paid in base terms - Evercore is 55, with Centerview at the top at around 60 i believe. However, bonuses can be much more lumpy at boutiques and I know that all in the top bucket analysts at the top BBs (GS, MS, JPM etc. (without getting into another 'prestige' thread lol)) made c. 100k last year. And this is also regarded as the top range in the EBs. Therefore, if you think over a year and post tax, this probably isn't a consideration for an entry level role.
Another thing to consider is it's not just as straightforward as "BB vs EB" - if you go to a top boutique vs DB, you'll probably earn more at the EB. In London, perhaps more so than the US, the top BBs are regarded as best for exits and so I do think that maybe part of the pay differential is to compensate for this in terms of E[NPV salary] arguments.
So long story short, on average I think the EBs probably pay a tiny bit more than the BBs, but unless you know you want to be a career banker (and therefore will want to stay on to MD), it's probably not worth considering.
Thank you for the insight man! The internship salary is actually sweeter than you mentioned - various friends interning at EBs are getting paid the base pro-rata (55k - 65k) at places like PWP, EVC, Rothschild.
I will be interning at one of the EB you listed. Salary is not pro rated on ANL1 base salary but actually discounted.
Differences are irrelevant and relatively minimal post tax.
There is a much greater impact on your career, health, happiness than short term wealth by being in a team you like, being interested in what you do and your coverage, learning new things everyday, having a good W/L balance. If you are in an environment you appreciate it will be easier to be top bucket and thus earn more than if you hate it. How many analysts chose the prestige route recruiting for FT for a marginally better bank/pay and end up regretting it. Pay should by not means be driving the decision.
Some EBs (Centerview, PJT, Evercore) pay significantly more than most BBs. The range is 80-90k in my BB all in for AN1 vs 100-120k for some EBs I have heard.
My friend at PWP made c.£120k total comp as a first year analyst (including sign on) My friend at Centerview made c.£130k total comp as a first year analyst (including sign on)
They’re the two highest I know of but pretty much everyone else / all my other friends made c.£70k (total comp including sign on) as a first year analyst in London which includes people at Barclays, Lazard, Rothschild, UBS etc..
Any idea on centerview sign on in London? 20k?
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