NYC Analyst Monthly Budgets

Hey guys, I'll be a full-time analysts starting next month, and I wanted to get an idea of what your (current analysts in New York City) monthly budgets look like (rent, entertainment, transportation, savings, etc).

Yes, I did do a search prior to making this thread, and I did find some of the stuff useful, but was hoping to get a newer, updated thread going.

Thanks.

 

Devils Advocate,

I don't live in New York, but I can give you some general budget advice: Always reserve several hundred dollars for random stuff you wouldn't think of. Depending on how generous you are, birthdays / holidays can really add up (cards, postage, gifts). All sorts of expensive, unexpected things occur regularly. You'll be traveling and your bag will rip, then all of a sudden you need to replace it ASAP. Batteries will run out, headphones will break, lightbulbs will burst, etc.

An example that happened to me (but will not be applicable to you) is: One morning I woke up with a brick thrown through my car window. I had to pay more than $250 getting it replaced. These sorts of things happen and I've rarely ever seen anyone sufficiently include it in their budget.

~~~~~~~~~~~ CompBanker

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

To be honest I'm not breaking even.... I had a decent amount of savings in my account before I started so I was never too sure exactly what I'm spending. But the figure definitely seems to be getting lower each month...

 

This is approx. what I did my first year - assuming 60k base 3k take home pay after 401k, health insurance, etc Rent 1,500 (you can pay less now, two years ago, it was very difficult to find a livable place for 1,500) Utilities - $190 - half of cable+DVR+HBO+internet ($120/month), electric $120/month, cell phone 40/month (stay on your parents family plan if possible), maid service 60/month (do you really have time to scrub the toilets?) MetroPass - $81/month (monthly rate - your employer may have this available pre-tax) Cabs (personal) - $100/month (you'll end up drinking somewhere far away, or you'll be running late to something important) Food - ~$650/month - $8 breakfast/starbucks, $10 lunch, free dinner. Weekends avg. $30/day (some of it will be at the office, but you generally want to eat out as well) Dry Cleaning - $80-160, $1.50 shirts, $7.50 laundry/week - pants - i pressed them myself, but $3-4/pair if you want to send them out, suits $10 twice a month Clothes - Average $100/month (this does not include your original wardrobe, but you'll always want to add/replace items) Gym Membership - $70/month Drinks/Going out ~$200/month (LOW) - NYC prices - $5/drink at a dive bar, $10/drink somewhere nice. This varies by person, but this can easily be in the hundreds if you're a social person. Leaves - $30 for toiletries & miscellaneous.

Now - don't forget to factor in your original wardrobe and furnishing your apartment (gets pricy). I'm assuming you're using your signing bonus to pay for these things. Your first year will be TIGHT. Things to make it easier, more roommates to split the utilities and costs to furnish the apartment. Invite people to your apartment for drinks - you'll save sooo much money. Try to reduce the food cost as much as possible. Get the less expensive drinks at Starbucks, keep a stash of water and soda at your desk. Go to subway for their $5 footlongs.

 

All the above comments are true but could be totally inapplicable to you. It is difficult to provide you with many helpful insights without knowing your lifestyle.

But in general, a few things will play big roles in your monthly bill.

  1. Rent: I've seen ppl paying $2000/mth as a 1st year analyst, and of course, there are ppl paying less than $1000/mth

  2. Party: Again, for ppl who do not party, you spend $0. But I also know ppl spending more than $1000 each month on parties b/c they always pick those top tier clubs in NYC, buy a table and rounds of shots.

  3. Food: If you bring DIY sandwich, it is $100/mth, if you buy food from Cafe Metro or equivalent, it is $300/mth. If you would like to visit some fancy restaurant such as Jean George or Le Bernardin, please add $150 per person per trip.

  4. Shopping: Another big variable... I know ppl spending less than $100 per month and ppl spending more than $1000 per month...

Other than that, Utilities, Wireless Internet, Cable TV, Metro, Laundry, Gym membership are pretty standard. You can refer to eric809e's response above.

On average, I would say to prepare for a max of $3200 budget. For any 1st year analyst who is making $5000/month, after tax-dollar should be btw $3500-$3800. This way, you still have some cushion in case you need to over spend.

 

Gross Pay $5000 After Taxes/SS/MED $3100

Total Rent $1,422.50 Metro Card $80.00 Utilities $50.00 Cable $60.00 Gym (Gold's Gym on John Street) $70.00 Dry Cleaning $200.00 Entertainment $500.00 Laundry $50.00 Food $600.00 Total Exp $3,032.50

I think this is pretty realistic for NYC. The only real varying # would be rent. Does anyone have an idea on how to keep food costs down? Any cheap food ideas would be great. Also, if you are S&T, on the trading side, do people get you food since you can't really leave your desk or is that only at higher levels/certain banks?

 

One popular thing to do is to order 2 cheap orders at night for free and save 1 for lunch tomorrow. So you are only paying once a week (Monday) for lunch.

Also if you really want to save, you can find an acceptable place in Jersey for cheap (my first year I paid $900 a month all in with utility and internet).

It's all a lifestyle preference, if you are frugal you will find the ways to save a buck or two.

 

Food/Entertainment certainly are the biggest expenses.

With regards to food - i generally didnt eat break fast, and just ate an early lunch. One thing I did was just eat like a cliff/granola bar before lunch time, and then another one or two later afternoon.

I wasnt really trying to save money (this was during my SA stint), but was more intersted in not gaining weight like one of the other interns did. Also - buy fruit or whatever from your dinner budget and throw it in the fridge for lunch/bfast for the next day.

 

Wait, your post-tax base is 5k/mo? That's really, really good. With a 70k base and assuming 40% taxes, I calculate a ~3.5k/mo after-tax base. As it's looking right now, my monthly budget is going to be 1.5k or something because I couldn't find rent under 2k/mo. I'll have to live pretty frugally for the first year or two, but I don't mind.

 

At the bare bones level ... I could probably make it on one paycheck and save the other one Rent + utilities: $1,100 (outer boroughs in queens or Brooklyn ... maybe something in Manhattan if you are lucky) Soylent + a six pack of cheap beer a week: $300 Metro Card + Phone: $250 Total comes to about $1650

Once you take in to account more alcohol and going out (on top of those Duane Reade runs that easily top $50 a month) as well as trips and other misc shit ... your budget is ****ed.

Spend you annual salary and bank your bonus man. Easier said than done.

 

IMO you always spend more than you think you are going to but the major thing here is controlling rent. My food+alcohol intake averages about 600 dollars a month if I dont go crazy and buy a bunch of shots (I also don't pinch pennies). About 150-200 in utilities (live in a 1 bedroom). 124 for subway plus probably ~50 a month in drunken cab rides. Phone and tablet is about 150. Gym is ~100 a month. Then movies/ball games/etc eat up chunks of dollars if you ever go out. Then anything you need like cleaning supplies, furniture, clothes, shampoo, razors, etc. Is probably 100 a month averaged out. Any 401k contributions and health insurance as well 300 a paycheck between the two for me which is 80% 401k).

Basically I have a hard time spending less than 2k a month after rent and I'm not living luxuriously. It's especially tough if you ever have an issue like your tv craps out or you really need new suits. And if you want to take a vacation that adds up too.

You certainly CAN live on less, but it's not a fun existence in Manhattan. Personally I didnt find myself feeling less stressed about money here until I was making ~90k base (you should never budget your bonus).

 

Yeah living in the city is pretty expensive, I find myself not being able to save much. If I do try hard though, it will mean compromising not going out to eat, drink and hang out with friends.

How much should a first year analyst save? My net worth currently is around 22-24k, is that too low?

 

I'd just set up a very simple excel sheet. In Chicago, you're probably looking at $1500 on rent, give or take a couple hundred. Add another $100 for utilities, TV, etc. Then maybe a few hundred for food and a few hundred for going out and random things you might need. Your biggest wardrobe cost will be right upfront before you start, then you'll just occasionally need to add a shirt or two, another pair of dress pants, etc. once things start to wear out or if you underestimated a need for something. Doesn't have to be a recurring monthly expense unless you really like to go out and buy new clothes.

 

Clothes will be an upfront cost, if your building a wardrobe from scratch - I would say around $1.2k seems right. Thats enough for 2 pairs of shoes ($200), 2 belts ($50), 8 shirts ($400), 5 pairs of pants ($350), ties / socks ($200). Beyond that I would say you need maybe $25 per month ongoing to account for buying a new shirt every couple months or a pair of pants. Things get stained, get torn, and just get worn out.

After taxes and 401k match I would say you are getting around $2300 per paycheck, which means you're in pretty good shape in Chicago. This is probably what a first year analyst budget looks like on average, although it definitely varies based on the person and their spending habits / needs:

Rent: $1600 - You could definitely get away with less here in Chicago, but assuming you dont have a roommate, want to live close to work, and want a decent place this is fine.

Cable / Utilities: $150 - This can also vary based on roommates and how big your place is

Food: $300 - Sounds like a lot but things like going out to brunch on Sunday cost like $30 with tax + tip (without paying for a girl) which wipes out almost half your budget for the week. Include groceries and things like grabbing a burrito when your in a hurry and its pretty conservative.

Clothes: $25

Transportation : $100 - Includes Ubers, train, etc. - also adds up pretty quick

Entertainment : $400 - Seems really high but if you like to go out or have a girlfriend its well within reason. You aren't going to have much free time and you're not going to be spending your one night off watching a movie by yourself. Bars, restaurants, concerts, gym memberships, hobbies fall into this category.

Travel / Other $200 : Random expenses you incur throughout the year. Trips back home, visiting friends, etc. and any other expenses that come up.

Total : $2725

You can definitely spend more than this and cut back in a couple areas but despite how much complaining is done on this forum, analysts have lives too and go home for the holidays, go out to bars on the weekend, have hungover brunch on Sunday etc. - not as much as people working 40 hours a week but they aren't work robots.

 

Based on your Math above, you estimate that he will be carrying home about $2300 yet your budget is asking for him to spend $2725.

Am I reading this correctly or am I missing something here...?

Progress is impossible without change...
 
MacGruber:

Working as an entry level analyst (non-IBD) and am only making 35K salary ($2400/month take-home). Curious as to whether or not you guys think my expense/budget ratio is normal or if I am paying too much for what I am currently making. I'm not in NY and my fixed expenses are below...

Rent/Utilities: $820
Student Loans: $560
Gym Membership: $100

Total Fixed Expenses: $1480/$2400... Leaves me with $920/month for food, staples, bars, etc.

Curious to hear your thoughts, and thanks in advance!

about right, but u can def get a lower gym expense especially in nyc

speed boost blaze
 

@"torchic" Thanks for the response. I am not in NYC but there are definitely cheaper (much cheaper) options around me as well. I actually joined this gym for a couple reasons outside of just working out...

  1. Located right by my apartment and office (1 block).
  2. Shitload of nice amenities that I use daily (pool, steamroom, luxury room/showers).
  3. Most important - Everyone finance in my city is a member, many play squash and I am planning on getting in on the club's squash league as a form of natural networking.

Thanks again, appreciate it.

 

Seems fine, but I might suggest setting aside a sum of your leftover $920/month as savings, or into a Roth IRA. You'll likely have leftover savings anyway, but imo it makes a psychological difference to consider savings as a fixed expense like rent from the start and will make you less likely to blow through it on unnecessary stuff.

 

That student loan payment sucks--how much do you have racked up and are you just paying minimum?

How many times a week do you spend eating out? If you're into working out, it sounds like you are, I find that just eating 4-6 meals a day of your macronutrients (protein, complex carb, veggies) is a pretty cheap and healthy way to save money and look great. People make fun of you because you eat the same thing everyday, but in 5-10 years you won't be overweight.

 

Yeah, the student loans suck that's for sure. What do you do though, eh?

I racked up about 52K in loans, and paid $6500 right before the end of my grace period just on the interest that accumulated through undergrad. I would have had a job during school but played hockey and didn't have time. Just making the minimum payments right now, until I can move up in the world and make a little more green.

I work out on weekdays, after work. Usually grab $3 breakfast combo at Subway for breakfast, then a couple protein shakes and sandwiches/chicken breast/stir fry that I make at home for lunch and dinner. Usually eat out on Fri/Sat/Sun and hit the bar for a few on Saturday nights.

 
MacGruber:

Yeah, the student loans suck that's for sure. What do you do though, eh?

I racked up about 52K in loans, and paid $6500 right before the end of my grace period just on the interest that accumulated through undergrad. I would have had a job during school but played hockey and didn't have time. Just making the minimum payments right now, until I can move up in the world and make a little more green.

I work out on weekdays, after work. Usually grab $3 breakfast combo at Subway for breakfast, then a couple protein shakes and sandwiches/chicken breast/stir fry that I make at home for lunch and dinner. Usually eat out on Fri/Sat/Sun and hit the bar for a few on Saturday nights.

maybe you should have focused less on hockey and more on your mounting student debt

speed boost blaze
 
Best Response

Nah, never again will I be able to compete at a high level, playing the game I fell in love with at the age of four. I won't be able to bitch with my linemates about how bad our coach is overreacting after a road loss while we bag skate at 4 a.m. before classes on a Monday morning. No more team court on Wednesdays before practice, listening to the rookies argue all of the fines they receive for the ridiculous shit they did after Saturday night's game when we went to the bar. Road trips trying to grind out all of the homework you have to make up from the days you missed, but always finding some time to take a break and throw in a chew with the boys. Team holiday parties, watching coach get blacked after not drinking for the last 364 days of the year. Seniors bawling after a season-ending playoff loss knowing that they will never again lace'em up in an environment even close to what they experienced over the past four years...

Some things are bigger than GPA and not racking up student loans. Do I wish I didn't have loans? Sure. Am I dying to try and break into IBD right now, a year out of college? Absolutely. I'm certain of two things, though:

  1. I wouldn't even consider doing it any differently, if given the chance.
  2. I'll find a way into IBD, because I refuse not to.
 

I'm not criticizing like some people on this forum. I think it's great you had the opportunity to play sports in college. I've worked since I was 16 and averaged 30hrs during undergrad, and by some huge blessings I'm graduating debt free, but I'm sure I didn't have the "traditional college experience" that everyone tells stories about. "There are no solutions, just tradeoffs." Try using this website tool, I find out when I plug in my income I realize how much more I actually have to save: http://www.daveramsey.com/tools/budget-lite/

 

Dude, that budget is pretty tight. I'd say skip on the IRA/401K for now until you get a 5-10k bump in salary. Once that money is in those accounts its gone.

However, you really need to set aside 200-300 of that 920 a month into a rainy day account. You want to have at least a couple of grand saved up. Shit happens and you need to be prepared for it. I've personally had random stuff happen to me over the years, medically and otherwise, that requires a few grand here and a few grand there. In addition to potential large expenses there are always things you need money for that you don't really think about. Be smart and build that rainy day savings account and treat it like a fixed expense.

 
bkzen:

I live in NYC and my rent/utilities is ~$820 as well (I live in Brooklyn, in a poorer working class neighborhood, not gentrified hipster playground), you could prob get much lower depending on where you live.

Damn, that's not bad at all. I thought NYC was mad expensive.
heister: Look at all these wannabe richies hating on an expensive salad. https://arthuxtable.com/
 

The only thing I would change is having a portion of that income get siphoned off directly into another account for savings (brokerage account, savings or whatever) so that it becomes a 'fixed expense'. Direct deposit is fantastic for saving and a lot of the times you will simply get used to the deduction. I'll be the first to admit that I am awful at saving money and it significantly helps me to have that direct deposit.

 

I think $1,300 - $1,500 is a good target range. You have some wiggle room on the top end of the range without going totally broke.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

It also depends on your living situation. How many/if any roommates are you going to have because once you hit the magic number 3, you start to get a much higher ROR. Living by yourself will be tough for any first year living off base if you want to live in Manhattan. You're much better off getting a 2BR flex or 3BR flex with a couple of buddies and end up splitting cable/internet/utilities as well. If you go that route, you can find solid deals for nice buildings with all the amenities: elevator, doorman, laundry, gym as opposed to living in a shitty prewar walk up by yourself in the east village. Unless that's your cup of tea of course.

I plan on spending 1500 myself with either 1 or 2 roommates with maybe a little wiggle room to go higher. Ultimately, it really comes down to personal taste because you can sacrifice living quality by going cheaper (smaller, shittier, farther away, less convenient).

 

Also remember that as a first-year analyst, you'll barely spend any time in your apartment, so getting that smaller place isn't a big deal. As far as convenience, it's a matter of cost vs. amount of sleep.

 

if ur looking at a studio with no roommate, it should be 2000 minimum.

if ur looking at a 2br with convertible and three roommates figure between 1300-2000 per person depending on location.

Apts in variety of ny locations vary by prices.

chelsea/murray hill/east 20 to 70s - figure $5000-6000 for 2BR apts.

above east 80s - figure $3-5k for 2BR apts.

------------ I'm making it up as I go along.
 

The average for my group (in SF) was $1400/month. Figure with a 15-20% premium from SF to Manhattan and that's b/n $1650 and $1700/month for a 1st year. Downtown SF is cheaper than NYC but not by very much. Having a roommate obviously saves you. On a $60k salary, that leaves you about $1600 every other week in net pay after benefits/401k/taxes. If you can use one of your bimonthly checks for rent and the other for all your other expenses, you should be good to go.

 

The difference in prices is based on bathrooms. A 2 bedroom with only 1 bath is not all that much more expensive than a 1 bedroom. Add a 2nd bathroom, however, and that alone is worth at least $500/mo, and often more.

So prices for 2 BR/2 BA across the city are usually $3,500 on the low end, with the average btw $4-5K.

That said, you can probably find cheaper deals in UES or FiDi.....
 

You asked a lot of questions there. I'll try to take a shot. Are you in IBD, or do you work IBD hours? That will direct a lot of the conversation.

As you probably know, going from TX to NYC is a night and day difference. It helps not to think of Manhattan in terms of other places, it is just in a class by itself when it comes to price.

In NYC, you have to pay Federal & State tax + City (~6%). Your tax rate as a percent of income will obviously depend on your bracket. Yes, groceries are more expensive, and you will most likely find yourself eating out more. A car is going to drain you more than you probably realize. Parking at the low-end is about $400/mo and $700/mo at the high end, FiDi will be closer to low-end. Train and coach bus service are pretty good so depending on where you call home, it may work out.

Brooklyn and Hobo may be on your radar, but you need to answer the IBD question - in which you ideally want to be within walking distance.

Please don't quote Patrick Bateman.
 

If you are working 60/week, that opens a lot of options up. It comes down to your personal preference, if you want to live in Manhattan, I would recommend finding a roommate off Craigslist "rooms/shared". You'll be able to find a much nicer apartment, and one in a better area for even less than $2000/mo. At $2000/month, you may be able to swing a studio in FiDi, but it will be pretty damn spartan. Hobo and Brooklyn are a ton of fun for young guys; there are girls everywhere and you can do much better in terms of living conditions/price. Brooklyn is a short subway, and Hobo is a short train or ferry.

Please don't quote Patrick Bateman.
 

Ok, cool. The only reason I said manhattan was because I have friends there, but if the subway ride is short, I don't mind the commute. How long is the train from Hobo to FiDi? I am assuming it won't cost much either? So will $2000 get me a nice place in Hoboken? Will I still need a roommate? I am assuming I can also bring my car there are not worry about parking.

Array
 
TeddyTheBear:
Ok, cool. The only reason I said manhattan was because I have friends there, but if the subway ride is short, I don't mind the commute. How long is the train from Hobo to FiDi? I am assuming it won't cost much either? So will $2000 get me a nice place in Hoboken? Will I still need a roommate? I am assuming I can also bring my car there are not worry about parking.

PATH train from Hoboken is like 10 minutes I think, and takes you to right into World Financial (I only did it once, personally), and you can easily hop a short cab or walk. I'll give you a great piece of advice: when it comes to apartment hunting...Normally, you can just walk into the management office of a building you like and ask if they have any open studios, and ask to look at them...Since your in TX, I would use the internet and call around. This will save you a broker fee of a months rent, which you can put towards a solid alcohol bill. I have friends who live there, and almost all of them have cars. You'll probably have to pay, but nowhere near Manhattan garage prices. Or as SB said you can do the Murray Hill/Joshua Tree analyst years. Hope that helps, I have to be up for work in 5.5 hours.

Please don't quote Patrick Bateman.
 

Get a roommate(s) in Murray Hill and you'll be fine on a analyst salary.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 
monty09:
I love to see how a banker can spend 1k a month traveling.. and rent is going to be much more then 1k.
...haha yeah, esp. in NYC. I think though OP meant all those (1,000)s as placeholders for others' estimates.
 
monty09:
I love to see how a banker can spend 1k a month traveling.. and rent is going to be much more then 1k.

The 1k's are just for standing in purposes only. I am staring a FT analyst position in 2010 and was trying to gauge expenses. I was hoping people could fill in how much they spend or at least list what they spend their I-Banking paycheck on.

 

Here's how I did it.

70k = 1880 per 2 weeks or so aftertax. Let's just say $1,900 every 2 weeks. I had no loans so the signing bonus went to furniture and stuff for my apartment. I got in a good deal with my friend so it was only 1,200 a month (you should expect up to 1,500 if you're sharing, up to 2k a month).

Therefore I got around $3,800 a month aftertax, paid out $1,200 instantly for rent which left me $2,600 a month. I used 20 dollars a month on a haircut as well as $200 dollars a month on food and coffee.

The reason why this was so cheap was because we had a pretty good limit on free dinner so I would always be able to save what I didn't eat for dinner (ordering 2 sandwiches) and eat it for breakfast. Sometimes if a friend wasn't using his (eating with his gf or something) he'd order me his dinner and I'd eat his and order my own which would last me for tomorrow's breakfast+lunch. Therefore food is pretty easy to save on if you are a banker. I always ate lunch at my desk anyways so bringing it form home was a good way to go.

I also spent 80 dollars or so a month on the monthly subway. You will need this for going out at night and all that stuff, even though Lincolns drive me home every night.

Therefore you subtract another 300 and I am down to $2,300 a month. I use around 100 dollars for random things a month such as gel, shaving cream, shampoo, etc. I also spend around 100 a month on dry cleaning and laundry.

This leaves me around $2,100 a month. Now I spend around $100 on cable and utilities (sharing with friend helps). Going out with friends and stuff will mean at least $100 a month, even if you don't want to. This is due to coworkers and whatnot. This means $2,000 cash for you a month if you were frugal like me.

The rest can be spent how you want. Some analysts pay off loans while some spend up to $1,000 a month on clubbing and bars.

Personally, I take at least 1k to atlantic city every month and usually make 200 or so on the poker tables. I also play online poker and have put in 2-3 thousand there and I don't play much due to my job but I make a good hundred or so. I had a good upswing recently and made around a thousand profit.

My friend is a real gambling thief and goes to atlantic city just about every weekend. he has good days and bad days but he once won around 15,000 in a single weekend and spent 5k on strippers over the next month.

 

He does retarded things like high stakes on black (roulette) and won like twice in a row or something. The rest was from poker and craps (I have no idea why people love craps). His family is rich though (Columbia ugrad and dad's in private equity) so I guess it's not a big deal for him. I wouldn't suggest high stakes gambling if you're a normal kid like me though.

 

how much of the signing bonus would you say goes towards brokers fee (if you have it) and a few months rent deposit? All of it? Will i be left with around 2k to spend on furniture? It's still early and I havent looked for apartments so just wondering how that figured out for all you.

 

Where does the paycheck go? Mortgage, retirement, groceries, car payments, wife, kid, and commuting to the city. Order something similar to that. I spend maybe a grand a month on fun.

saidso - don't pay a broker. go to craigslist. Brokers are a waste of $ IMO

Follow me on insta @FinancialDemigod
 

$100 a month in going out? I'm fairly frugal as well but there will be nights where I spend 5 times that amount... Even if your frugal, $100 a month gets you like 5 drinks in NY. No bankers buy groceries - seriously. Almost no bankers "commute" to the city - almost everyone lives in Manhattan with a few exceptions (i.e. a lot of the the international people like Jersey City / Queens but not worth the savings in rent for the lifestyle compromise). Most analysts don't have a mortgage. Use a "no-fee" broker if you want, their fee is paid for by the apartment complex that they get you to sign up for. If you are familiar with NY, you could probably skip them as well.

Can't really breakdown a paycheck for everyone. For me, a lot of my money at first went to clothing as I never had really owned a wardrobe I was proud of in college. Then it goes into things like dinners, nights out, you really won't mind throwing down when you can get out of the office. You will also be paying for taxis at night on the weekend which will add up. After all of the expenses, you might save about a 1,000 - 1,500 a month but when the bonus comes - that goes "straight to the bottom-line".

 

35% taxes- monthly net of $3790 Rent- $1500-2000 Food (breakfast- $10/day, sometimes lunch, and dinner on most weekends)- $800 Miscellaneous (tooth brush, shampoo etc)- 200 Laundry/Dry cleaning (three times a month)- 250 Student Loans- $300

Net Savings (1500 rent)- $740 Net Savings (2000 rent)- $240

Overall, it seems like the only thing we'll really save is the year end and sign on bonus... 70000 is just not enough to live on in the city... imagine, they didn't pay for our dinner

 

So most first year analysts can, in theory, afford a place of up to $2,000. $1,500-$2,000 is enough for a studio or a one-bedroom apartment in Manhattan.

But what do most first year analysts actually do? What's the percentage that lives in studios vs. the percentage that shares an apartment an pays only $1,000 - $1,500. How does this change in the second/third year? Is it 'customary' to share an apartment the first year and then move on your own?

 

This depends on the person. But judging from friends most people will try and find a roomate if they can. It's much more cost effective and practical since you can split utilities and all that junk. Also, you can get a nicer place for less. After first year (most get 1 yr leases), I've seen that it's much more of a crapshoot. But the majority of 2nd yr analysts I know still share a place.

 

People with friends have roommates, losers do not. But seriously, basically everyone I knew as a first year had a roommate. Most people first year lived with someone from college and continued in the same place for their second year.

After the first year, its more of a craps shoot as people make new work friends and fall out of touch with college friends from working so much. Also, as the second year rolls around you get more people moving in with significant others (your roommate in ops, not you).

Much easier to get a better place for less with roommates. Also, roommates give you a built in option to not be quite so much of a loser on any night your first year you get out before 11pm.

--There are stupid questions, so think first.
 

...so, if I don't end up snagging an analyst gig and take this non-profit spot I have been looking at in NYC which pays a whopping 50k I am going to be miserable huh?

Am I crazy if I took this spot? How bad is life going to be for me? I realize some people make it on much less but there are some things that I don't intend to compromise on which would be I would "have" to live somewhere in the city and would prefer to not be sleeping in a dumpster.

Anyone know someone doing a similar gig and making it fine? I realize it's a non-profit but I from what I have gathered, 60k is about as low as you can go and live comfortably in the city. Bear in mind there will not be a 30k+ year end bonus.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

CPH - you will obviously have to make a sacrifice living-wise - 50k will be tough to get a nice apt like most 1st years, given the income requirements - me and roomate had to have bases over 121,000 combined - he was at 60k and I was at 70k so we just made it, and our apt isn't considered anything fancy by any means.

I think a lot about what I'd have to sacrifice here in the city if I took a lower paying job, largely bc I have been pretty miserable in banking lately.

I think it's doable on 50k depending on what lifestyle you have. Keep in mind, most analysts without family money were doing it on 60k (no 70k usually) since bonuses were a year later, so 50k can't be that terrible.

If you're the type to buy bottles every few weeks, you can clearly kiss that goodbye. Most analysts I know doing that are either in serious debt or have parents that are loaded.

Nowadays, you can find decent apts in walkup buildings for under $1300 in a shared room, and I think most young people's biggest expense in NYC is going out. $10-$15 for a drink, etc can add up....you clearly cannot go crazy on 50k post tax.

Your best bet is to visit a friend in the city, and see how much you like it and if you actually think you can live on a modest income.

 

just live in queens/brooklyn/bronx, etc if you can't find a decent apt in manhattan for ur price range. i plan on paying off my student loans asap so i'll probably be doing that too.

how much is a studio in the outer boroughs?

 
dairyman_crick:
just live in queens/brooklyn/bronx, etc if you can't find a decent apt in manhattan for ur price range. i plan on paying off my student loans asap so i'll probably be doing that too.

how much is a studio in the outer boroughs?

You can get a studio in a not-so-grubby place in Queens/Brooklyn/Bronx for $800; basically 50% less than Manhattan (where the cheapest studio will cost you at least $1,200)

 
wallstreetking:
why is everyone renting? why not take out a mortgage and buy a place? at least then you will see your money later once you sell..

I once thought about it, but the cheapest 1-bedroom will cost you $300k. If you want something decent, I think it'll cost at least $400k. If you get a $400k 15-year fixed-rate mortgage at 4.5%, you're monthly payments are about $3050. And you have to add utilities and maintenance fees (which I still don't understand... if you check http://realestate.nytimes.com they give you a "Maint/CC" number.. what is it? is it monthly?).

The point is that it is unaffordable... even for an IB analyst!

 

It's certainly possible (people live on much smaller paychecks on a routine basis in the city). However, don't underestimate the number of "small items" that really add up. Things like haircuts, health products (Shampoo, Toothpaste, etc.), dry-cleaning, electricity, heat, cell phone, cable, internet, co-pay for doctor/dentist visits, the list goes on and on. You don't realize how much you get nickel and dimed in the world until you're out on your own. So, while its possible, realize that you're likely to have far less than you expect when calculating your monthly finances.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

I think your rent assumption is on the low side, unless you are living in a crappy area with a lot of people. All in you need to assume rent/utilities will run you at least 1300 per month if you want to live in manhattan to be safe. I think you will also find feeding yourself for $100/week is going to be tough. You aren't going to want to cook and bring your lunch and cook dinner every night, trust me. Compbanker is right, the little stuff like medicine, toiletries, cleaning supplies etc add up. Laundry/dry cleaning is probably $20-$30 per week, and Cell phone is another like $80/month.

The biggest thing is that when you are working full time, you are going to want to go out and just hang out with friends, since you won't be doing it all day like when you were in school. That requires spending money, and a decent amount of it unfortunately.

 

Thanks for the advice, guys. With regards to the rent assumption, I am lucky enough to have a pretty good hook-up that will keep that cost under control.

In terms of saving money on the small stuff, I was thinking that periodic zip-car trips up to Costco (maybe going with a friend or two to split the cost there) would be helpful.

Billy Ray Valentine - After a couple of BB summer internships in the City, I couldn't agree more with your last paragraph about the "I work hard so I deserve a few $8 beers/$30 dinner/whatever with friends" spend. After those experiences, I think the only way to keep it in check (for me, at least) is to physically put a certain amount of cash in an envelope every month for these expenses and stick to it.

MTA is not helping matters either, with the monthly cost of ult'd transportation set to increase to $109 (or thereabouts).

Any other insights into little ways to save (they all add up) would be greatly appreciated.

 

Although my name is theatl, I actually live in NYC right now. I think it will be very difficult to live off of 1800-1900/month, here are my expenses (these are average amounts):

$30 electric $20 renters insurance $89 subway pass $60 dry cleaning $100 cell phone (company gives me one, I like to have my own) $100 cable and internet

That right there is $400. I eat all of my meals at home and I do it on about $100/week, but I also eat out once a week (~$40-50) so that is about $600/month. So $1000 right there. Throw in a night out, a broadway show, attending a friend's wedding, etc. There is always some small expense in there. Doable, but difficult.

 
KevinNYC:
If you are a banker, you should be well positioned to do a little model for yourself, no? ;)

Lol, perhaps, but I got into S&T for a reason!

However, I was also wondering what finance software you guys use (if any)? Quicken? Mint.com?

Thanks for the breakdown ATL. The other problem is that I wouldn't be able to contribute to my 401k, etc...but with the interest at 6-8% on the student debt (all $150,xxx of it), I think it's a smarter investment decision to just pay off the debt as quickly as possible.

 

If your hours are 6-6 there is no need to live right in Manhattan, Hoboken are Jersey City will get you a lot more for your money

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
 

Doing this planning now is nice, but I will break it to you your budget will not come close.

Working 12 hour days and getting beat down, screamed at. Stressed to death, enjoyment of free time > disclipne.

That said you can pay down your debt, just a bit slower, besides student debt should not have that bad of interest compared to other debt.

Compbanker has it right, your not going to cheap on all the little things, Finance folks don't have time thats why service and stores love us, were easy targets.

 

Rent is the biggest part of your control. But for S&T - I would think youd want to be nearby for those early mornings.

Banking - its actually easier to save since you can accept you have no life. I saved so much in my first year in banking (no bonus) on 70k bc i was in a sweatshop group and youll eat every meal in the office for 2 years.

Find a cheap share in a decent building - you can get into a 3BR in one of those nice midtown buildings for pretty cheap usually and still have a doorman.

In theory - if you never go out - you can probably make do on $1800, but make sure you're not cutting your experience in half. If you're in S&T - you will get a nice bonus and will have free time unlike in M&A - so try to enjoy it a bit if you can. This city isn't worth being in if you're in your apt all the time.

 
SAC:
I always end up spending $30 just on food every day, and I'm still hungry most of the time. I need to get a job at Google or Facebook....

If eating was factored into pay, and I worked at Google, I would be making bank!!! I have a friend that works for an analytical data company and they have similar policies to Google, with free drinks and food and chefs in the kitchen etc. It's actually a smaller "start-up" (a few years ago) that recently got VC funding, so he lucked out getting in when they were just getting started.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

If you cut out cable, steal internet (wireless antenna ftw), and use public transportation, you can get down to:

$400 / 4 years laptop -> $100 per year No TV / Cable / Internet (steal) Cell phone: $500/yr Clothing: $500 Electric/Phone Bill/Gas: $1500 Food/alcohol: $6k/year Personal care/haircuts/toothpaste/shaving: $500 Household products: $500 Doctors/Dentists appointments: $300 Contact lenses/eyecare (optional): $200 Transportation/entertainment: $2000 Insurance: $2775 year. Misc/Furniture: $2100/ year

$17000 per year. Add on 10-15k/yr in rent, you have $27000-$32000 in post-tax expenses, which comes out to 2250-2667 per month in expenses.

Not saying you CAN'T live for less than that...but it would be hard. Personally, I wouldn't want to live on less than that...

 

Honestly if I were you I wouldn't be so obsessed with paying off debt THAT quickly. Couple reasons why:

1) Student loans are tax deductible. If you are paying 5% on your loans, and deducting the same amount, at a 25% tax bracket you are only really paying 3.75%. College debt is a great tax asset. You should try to milk it for a while. Instead of paying it off, invest (at 6% market return, 20% cap gains, you have a 1% spread between market return and the rate you are paying on your debt). Every dollar of debt you have is effectively making you $.01 every year in profit, and that's without any investing skill.

2) Alternatively, just spend more and increase your lifestyle now. You will earn more than entry level pay in the future, so why decrease your lifestyle to beyond frugal now, rather than making less severe cuts in the future. Utility of consumption is decreasing, remember?

People always make a big deal about getting out of debt. But a lot of debt is awesome.

 
nownow:
Honestly if I were you I wouldn't be so obsessed with paying off debt THAT quickly. Couple reasons why:

1) Student loans are tax deductible. If you are paying 5% on your loans, and deducting the same amount, at a 25% tax bracket you are only really paying 3.75%. College debt is a great tax asset. You should try to milk it for a while. Instead of paying it off, invest (at 6% market return, 20% cap gains, you have a 1% spread between market return and the rate you are paying on your debt). Every dollar of debt you have is effectively making you $.01 every year in profit, and that's without any investing skill.

2) Alternatively, just spend more and increase your lifestyle now. You will earn more than entry level pay in the future, so why decrease your lifestyle to beyond frugal now, rather than making less severe cuts in the future. Utility of consumption is decreasing, remember?

People always make a big deal about getting out of debt. But a lot of debt is awesome.

You beat me to it. The student loan deduction from your taxes will be more meaningful when you get into higher tax brackets, so wait until then to double down on your payments. That also gives you more flexibility now when you will need it the most.

 
nownow:
Honestly if I were you I wouldn't be so obsessed with paying off debt THAT quickly. Couple reasons why:

1) Student loans are tax deductible. If you are paying 5% on your loans, and deducting the same amount, at a 25% tax bracket you are only really paying 3.75%. College debt is a great tax asset. You should try to milk it for a while. Instead of paying it off, invest (at 6% market return, 20% cap gains, you have a 1% spread between market return and the rate you are paying on your debt). Every dollar of debt you have is effectively making you $.01 every year in profit, and that's without any investing skill.

2) Alternatively, just spend more and increase your lifestyle now. You will earn more than entry level pay in the future, so why decrease your lifestyle to beyond frugal now, rather than making less severe cuts in the future. Utility of consumption is decreasing, remember?

People always make a big deal about getting out of debt. But a lot of debt is awesome.

I thought it was only the interest from student loans that are deductible. But the calculations you made assume that every cent you pay off on the loan reduces your taxes. Are you sure on this?

 

If you live in NYC expect to pay 1500. Look around. A lot of places are disgusting and can always find something better.

2100 is more than enough to live on. Peronally I dont spend a lot on much. I work and sleep, so there isnt much time to.

If you know how to save, and you dont act like Obama and Pelosi with the spending, youll be fine.

 

>Rent: $1800 (1bd rm) Good luck with that. This is doable in Brooklyn, Jersey City or Hoboken, not Manhattan south of ~100th. Also, you'll need $72K of income to sign a lease at that rate.

You can do a studio for $1700 in midtown west + 15% broker fee. FiDi will be maybe $50-100 cheaper.

You can also do $1000/month to split a two bedroom in Hoboken or Jersey City AND avoid the 4% NYC tax.

>Food $400 Probably about right.

>Bars: $300 Probably on the high side unless you like to drink a lot. $7/beer, $12/cocktail seem to be sticky numbers in Manhattan.

>Travel: $200 Assuming no vacations other than to visit Mom and Dad and a Metro card, this is doable. But at some point, you will go crazy spending 50 weeks/year in the city without leaving.

>Health Insurance: $400 This should be covered by your employer. Most take out $100 or so every month, and it's pre-tax.

>Entertainment: $200 That's going to go pretty fast if you're paying for cable/internet.

Don't forget utilities of $100/month and clothing expenses of ~$100 for suits, ties, and shirts. Shirts typically last me one year, suits and ties usually two on a once weekly schedule.

 
IlliniProgrammer:
>Rent: $1800 (1bd rm) Good luck with that. This is doable in Brooklyn, Jersey City or Hoboken, not Manhattan south of ~100th. Also, you'll need $72K of income to sign a lease at that rate.

You can do a studio for $1700 in midtown west + 15% broker fee. FiDi will be maybe $50-100 cheaper.

You can also do $1000/month to split a two bedroom in Hoboken or Jersey City AND avoid the 4% NYC tax.

>Food $400 Probably about right.

>Bars: $300 Probably on the high side unless you like to drink a lot. $7/beer, $12/cocktail seem to be sticky numbers in Manhattan.

>Travel: $200 Assuming no vacations other than to visit Mom and Dad and a Metro card, this is doable. But at some point, you will go crazy spending 50 weeks/year in the city without leaving.

>Health Insurance: $400 This should be covered by your employer. Most take out $100 or so every month, and it's pre-tax.

>Entertainment: $200 That's going to go pretty fast if you're paying for cable/internet.

Don't forget utilities of $100/month and clothing expenses of ~$100 for suits, ties, and shirts. Shirts typically last me one year, suits and ties usually two on a once weekly schedule.

Would argue that $300 is on the low side / conservative for what you will actually spend on a monthly basis but that depends on how often you go out... When you break it down though, that's like saying you're only going to spend $75 a week on booze... I don't know about most people but I have more than 10 beers a week...

 

Rent: $0 sleep in NYU libraries and shower in the gym. an NYU kid has done this. look it up. Food $0 we used to get catered stuff after 7pm, keep some in the fridge Cell: $0 personal calls in work BB Bars: $0 be that guy travel: $0 stay in Health insur. $100 can't not have health insurance, especially considering your soon-to-be malnourished state entertainment : $0 thinking about the FV of all your saved moolah should be entertainment enough

 

I think IP is pretty close.

I don't know about NYC rent, but you need to add a couple hundred for utilities, cable, internet, etc....

Will you join a gym? You will need a subway pass.

I'm not sure what traveling you're doing, but if you're leaving NYC you probably need more.

I spent a little more on food.

Will you have a gf? If so, just add $4-500 without asking questions.

good news (as IP said) your health insurance should be less than $100 and I believe that's pretax out of your check.

I get the feeling that you're going out on your own for the first time. If so, I recommend finding a way to reduce that rent budget.

twitter: @CorpFin_Guy
 

thanks for the help. I have been looking for apartments on the west side by hells kitchen, Chelsea, and north of 70 and found 1 bedrooms in that price range. (craigslist, zillow, and a few apartment broker sites) Looking online these places look okay but it may be another story when I actually see them...

Also starting S&T at a BB so I will have a base of 70 but def open to Brooklyn areas and queen areas.

Most of these listings have included utilities but I did miss the cable/internet.

Subway passes are about $40 bucks a month a think.

Have a GF back in upstate so every other weekend take a train up. that 4-5 each month probably isn't that far off the mark unfortunately...

Seems like when I spread out the other 300 from health that I am at least in the ballpark.

Thanks for all the helps guys!

 

Subway passes are closer to $90/month or $2.25/ride less 7% discount for putting more than $10 on your card.

Also, rents are about $100-$200/month less than they will be for June through September move-ins. Take a look at Zillow; rents go up ~10% in the summer.

$1750 is quite literally your max for apartment rentals. It's a competitive rental market and landlords do not want to deal with guarantors.

Manhattan has 99.4% occupancy in the summer. If you're going to rent here, you need everything lined up and ready to go, including an employment letter, 2-3x monthly rent in the bank, DL copies, and cashiers checks for the deposit. Dress nicely and treat it as a job interview. Don't even bother with below-market listings; you'll need two years of work history, susbstantial savings, and 80x earnings to have a good shot at landing them against 5-6 other applications.

You can try to avoid a broker by using landlordlinks or another listing of REITs.

 
IlliniProgrammer:
Subway passes are closer to $90/month or $2.25/ride less 7% discount for putting more than $10 on your card.

Also, rents are about $100-$200/month less than they will be for June through September move-ins. Take a look at Zillow; rents go up ~10% in the summer.

$1750 is quite literally your max for apartment rentals. It's a competitive rental market and landlords do not want to deal with guarantors.

Manhattan has 99.4% occupancy in the summer. If you're going to rent here, you need everything lined up and ready to go, including an employment letter, 2-3x monthly rent in the bank, DL copies, and cashiers checks for the deposit. Dress nicely and treat it as a job interview. Don't even bother with below-market listings; you'll need two years of work history, susbstantial savings, and 80x earnings to have a good shot at landing them against 5-6 other applications.

You can try to avoid a broker by using landlordlinks or another listing of REITs.

subway passes now $104 a month. But you can get that pre-tax as well through employer.

no way kimosabe, this is my house now --Brennan Huff
 

I'm counting about $3500/month in expenses. I think you clear about $2000 biweekly on $70K allowing for some healthcare and commuting withholding if you don't make 401k contributions and live in NJ. So some people would call it doable.

That said, I would much rather see him living in Hoboken, paying $1400/month rent, seeing his food, cable, and other home expenses drop about 10%, avoid the 4% NYC tax, and being able to save about 25% of his salaried income rather than 10%.

There's no guarantee your pay will go up or that you'll make bonus or that your company will be around next year. What is a bit more certain, however, is that if you buy dividend paying resource stocks and NYC residential REITs, you'll be getting 5% dividends next year or your cost of living will be a lot lower.

 

Libero harum rerum architecto quas. Rerum est qui distinctio cupiditate. Qui id nisi autem facere non consectetur. Harum sed in aut dolore adipisci. Et a quas deleniti labore magni quod suscipit.

Impedit et eligendi non et blanditiis ut. Id nisi maxime velit quisquam facere.

Rem nemo explicabo ut omnis. Cum non reprehenderit dolore.

Sunt quia velit nihil nihil. Pariatur fuga ut unde dolore neque enim ea. Accusamus aspernatur sit rerum odit. Ipsam aut corporis ut est aliquid sed accusamus. Sequi totam et omnis nihil libero modi. Autem enim optio ipsum non optio iusto vel et. Molestiae rerum quis et iste.

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
 

Magni dignissimos et aliquam accusamus minus. Corporis non nam dolore et doloremque dolores consequatur dolor. Est praesentium maxime omnis qui rerum nobis. Officiis deleniti et suscipit animi odio et dolores pariatur. Laborum aperiam ducimus ad ut temporibus totam.

Nulla tenetur rerum sed ut incidunt reprehenderit eaque. Ea est laborum aliquid eos qui quae. Nam adipisci et adipisci. Et sed quasi in nulla.

 

Quos velit voluptas aspernatur provident cupiditate. Pariatur dicta voluptatem eos voluptatibus repellat ducimus. Porro ut voluptates commodi iure. In in et debitis natus esse aperiam animi.

Debitis et in aut. Et in voluptatem qui sequi et minus.

Aliquid aut asperiores non quam molestiae. Incidunt ratione et sunt est ullam. Et quo sint veritatis inventore saepe et omnis. Quo necessitatibus odio saepe officia.

 

Assumenda dolor repudiandae nisi nam id similique voluptatem. Nesciunt consequatur et repudiandae rem rem veniam non architecto. Nulla minus aperiam optio sequi. Eum dicta tempora assumenda odit enim alias. Modi facere hic reiciendis necessitatibus non expedita quis. In quos aut vitae quis molestiae. Modi libero incidunt et et.

Voluptatem nihil recusandae labore nulla sit quis. Quisquam rerum facilis sed. Vel nulla esse sapiente iure nihil quis. Odio ut delectus dolorum odio assumenda officia non neque.

Ab et enim fuga fuga eaque error. Explicabo est sapiente dolorem. Occaecati dolor vel consequatur dignissimos. Culpa quo eligendi et expedita incidunt minus. Aut et aut ab saepe. Modi eum perferendis voluptatem id id.

Expedita iure deserunt dolorem saepe excepturi aperiam voluptas. Sed voluptatem quasi sint. Reprehenderit adipisci consectetur non et ab non delectus sed. Occaecati aut et modi repellat aut ullam. Cupiditate debitis ut sed natus nihil inventore impedit et. Omnis odit cumque at quaerat. Voluptatum facere error provident.

 

Non quis sed sed eum corrupti mollitia et at. Rerum ipsum aut consequuntur eos a vero non. Eveniet molestias et omnis recusandae omnis ipsa. Facere labore quo et repellendus voluptas. Sit soluta nesciunt repudiandae aut provident aut aut. Repellat quae iusto explicabo.

Et praesentium sapiente sequi officiis voluptatem minus non a. Qui molestiae aut amet quia at voluptas labore aut. Molestias est pariatur illo dicta. Aut ut et aut voluptatem. Eaque quod voluptatibus est aspernatur consectetur neque. Et maxime repellendus magnam corporis minima ab omnis.

Ut amet recusandae a accusamus. Impedit animi consequatur quia ipsum distinctio enim excepturi. A rem neque deleniti veritatis accusantium exercitationem blanditiis atque.

Suscipit et asperiores qui ut modi. Sit nulla inventore voluptatem aut. Quis et et nostrum.

 

Eligendi ipsam molestias nihil rerum qui. Sint facilis totam corporis reprehenderit nobis aut at velit. Rerum sunt molestiae ut quae. Nihil eaque est et quod ex aut.

Harum molestiae quam aut quo modi. Dolorem enim eaque quia perspiciatis dolor velit. Consequuntur aliquam et dolor beatae necessitatibus. Quisquam qui quidem amet sit.

Deserunt deserunt dolor qui qui. Possimus non perferendis optio maiores consequatur. Temporibus optio sunt distinctio. Aut sint quaerat quo. Nesciunt sequi excepturi asperiores perspiciatis. Aut excepturi veniam unde ab. Quam dolore laborum molestiae error unde praesentium laboriosam et.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”