Equity Research Bonuses - 2014

valuemunkee's picture
Rank: Monkey | 58

These types of data gathering threads are pretty helpful to everyone involved. Just wanted to get a sense of how bonuses and comp is panning out this year.

Good format would be - BANK (BB/MM) / POSITION (Years experience) / BASE / BONUS / LOCATION (ex: NYC)

Region: 
United States - Northeast

Comments (68)

Jan 20, 2015

Also maybe add to the format US/Europe/Asia ?

Jan 20, 2015

Good buddy of mine:
Morgan Stanley US
4 years of experience (graduated undergrad in 2010)
For 2014: base was $140k and bonus was $60k (this was top bucket)
Raised to base of $160 for 2015

Jan 23, 2015

BB; NYC; first year associate; 100 base+ 45 bonus; bumped to 140 base for second year

Jan 23, 2015
AlphaER:

BB; NYC; first year associate; 100 base+ 45 bonus; bumped to 140 base for second year

Is this for your first year out of undergrad?

Jan 23, 2015

They bumped your base 40%? Not saying it couldn't happen, but it does seem a little high.

Jan 24, 2015

Must be an MBA-level associate

"My dear, descended from the apes! Let us hope it is not true, but if it is, let us pray that it will not become generally known."

Jan 24, 2015

GS/MS/JPM - 2nd yr analyst (1.5 yr work exp, ugrad level) - Base of $80k, bumped to $95k for 3rd yr. Bonus $20k (from what I can tell all of ER/CR received the same)

Jan 25, 2015
Sling Shot:

GS/MS/JPM - 2nd yr analyst (1.5 yr work exp, ugrad level) - Base of $80k, bumped to $95k for 3rd yr. Bonus $20k (from what I can tell all of ER/CR received the same)

Sounds a lot more realistic than the 100+45 and base bump to 140 for 2nd year (has to be MBA level)

Jan 25, 2015

since when do we group GS in with MS/JPM for ER?

Jan 27, 2015
Callmestupid:

since when do we group GS in with MS/JPM for ER?

Very good point.

Jan 29, 2015

I'm sorry but just wonder whether you mean GS is much better than MS/JPM or the opposite?

Jan 27, 2015

Currently working in CR...and would be thrilled to touch $100k all in my second year.

Jan 27, 2015

@"PaulAllenIsInLondon" are you at a bulge or middle market? major city?

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Jan 24, 2015

@"Sling Shot", what's your location? NYC / Chicago / etc.

Jan 27, 2015

NYC, everyone's pissed off

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Jan 27, 2015

I can say that I'm extremely apprehensive/cynical about getting numbers this year. Is the 20k stub or full year? That seems awfully low for full year

Jan 25, 2015

Could have gotten a competing offer for the bump to $140k. Near zero chance any bank would bump employee's base from $100k to $140k on their own volition.

Jan 27, 2015

Buyside(1-2bb shop)/ 1yr out of UG/85 base/45 bonus

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller

Jan 28, 2015

BB
London
2nd year associate (1.5 years experience)
75k base (blend of 70k and 80k as was bumped halfway through the year)
45k bonus
obviously this was paid in GBP, but that's roughly the equivalent in USD

Feb 1, 2015

BB in NYC
3 years of experience
For 2014: base of $80-95k and bonus of $25-35k
Base raised to $100-110k

Feb 2, 2015
Optimistic Consultant:

BB in NYC

3 years of experience

For 2014: base of $80-95k and bonus of $25-35k

Base raised to $100-110k

What is up with the ranges for base and bonus? What does this mean? Did your salary change over the course of the year? If so, I'm further confused because you then say your base was raised to 100-110k.

MKballer

Feb 4, 2015

I don't want to publicly disclose the actual figure. My base used to be somewhere between 80-95 and was just raised to somewhere between 100-110k. Think of it like management provides guidance.....

Should also clarify that I am now considered a third yr associate

Feb 2, 2015

Is it just me or do numbers seem down this year relative to what people were reporting last year? Could just be a small sample size bias...

Feb 2, 2015

I've got some more data points now. It looks like the majority of sales/trading/research 2nd years received $20k full year bonus. In sales/trading there was a little higher dispersion, but at least 75% of people I've heard from received exactly $20k. Analyst level bonuses are unilaterally lower over last year. People are not happy at all.

Feb 10, 2015

Couldn't this also have to do with the analyst base bump ($70k-$85k for 1st yr) and more of total annual comp being allocated to base vs bonus?

Feb 3, 2015
smoltz:

Is it just me or do numbers seem down this year relative to what people were reporting last year? Could just be a small sample size bias...

Yes, I'd say you're correct. Keep in mind there was zero volatility around the 2Q of F2014 = weak trade commissions.

Feb 2, 2015

Was thinking the same.

Feb 2, 2015

Was thinking the same.

Feb 2, 2015

From Down Under (think Melbourne/Sydney) - been 4 years on the buy-side, no sell-side experience

Base bumped from 120k to 150k (bringing it up to market, not that I was truly underpaid in the first place)

Bonus of $160k (good performance helps)

The kicker is that I want to give it up for b-school. Someone talk me out of it?

Feb 8, 2015

Not sure if you are open to an American B-school, but I can tell you that if you get into a H/S/W or Columbia, you will have some extremely good opportunities available to you. The people in my class at who came in with pre-MBA experience in public equities investing did extremely well. A lot of good shops don't want to develop a training function (because they don't have to) so they tend to look for people with pre-MBA buy-side or sell-side ER experience.

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Feb 9, 2015

Thanks for the reply. I was hoping someone would discourage than encourage. Ha.

That said, I am targeting US b-schools (specifically CBS and Booth - in that order) but that'll depend on adcoms turning a blind eye to my GPA, which is at the bottom end of the 80% range when converted according to WENR. I possibly have one way of smoothing the process for CBS. Let's see.

If you've got anymore detail, feel free to PM me - I'd be happy to hear it.

Feb 11, 2015

What's the rough AUM range of your fund?

Feb 11, 2015

Range is $10-15bn as a house, so to speak. Fees are materially lower than what you'd have in the US though.

I say as a house because I work on a specific fund, employing a different strategy, which has AUM of $150-200m.

Feb 2, 2015

Duplicate post - apologies

Feb 3, 2015

Base: US$60k
Bonus: US$10k

Based in Asia, top ranked (but not bulge) house. Talk about being underpaid. On the other hand... Bonuses here for JPM + Citi were terrible - half their desks got 0.

Feb 4, 2015

MM
Midwest
4-years post-MBA ER experience
Base: $105k
Bonus: $75k

People are frustrated.

Feb 4, 2015

I'm hearing most banks are raising the base quite a bit, and bonuses are likely to be lower.

Heard Credit Suisse has upped base to 125 / 145 / 165 for 1st / 2nd / 3rd year associates. Top bonus was around 25-30k for all including 3rd years.

Can anyone confirm?

Feb 18, 2015

125 for first year base? Seems high.

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Best Response
Feb 7, 2015

Based in London @ American BB shop

3rd Year Associate (ie 2.5 years experience, but I only joined ER 2 months ago)

Base 60k
Bonus (stub since I just joined recently) 3k
From what I understand, 3rd year associates were getting c10k bonuses (15k absolute max)

Figures in GBP

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Feb 9, 2015

Pay seems scandalously low in UK compared to US.

Feb 10, 2015

1st year out of undergrad at a BB. $30k bonus (pro-rated) and salary bumped from $70k to $85k.

Feb 10, 2015

If on average, ppl are making $150k and they work around 80h a week, that's a $40/hour salary before taxes. After taxes, food, rent, etc etc, you're left with like $5/hour + a poor health.

Finance blows.

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Feb 11, 2015

1st year, ~1 year prior experience, boutique, 85k base + 20k bonus

Feb 11, 2015

Non US BB/ 1 yr experience out of undergrad/ 70K base/35K bonus/ NYC

Base increased to 85k

Feb 13, 2015

BB
Canada
Half year with the company.
90-100k base. No raise.
5k bonus.
Frustrated.

Feb 16, 2015

What would the total tax rate be if you working in NYC?

Feb 16, 2015

75k + 20k bonus. Non-BB NYC first year in ER but a couple years of other relevant experience.

Feb 26, 2015

BB NYC
2nd year in ER
Base 120 Bonus 40

Feb 27, 2015
Swimmer:

BB NYC

2nd year in ER

Base 120 Bonus 40

Did you come into ER out of undergrad, or is the 120k base post-MBA/other experience?

Jan 19, 2016

Can someone start a forum for the bonuses about to be paid out now?

.

Jan 20, 2016

Yes and would like to know bases as well - IB got new bases in feb'15 that weren't reflected in research. Hoping they're matching this year

Also is it really the case that research VP bonuses are less than IB analyst bonuses

Jan 21, 2016

No that is not the case. I'm a 3rd yr analyst in sell side ER (GS/MS/JPM), graduated undergrad in '13. My total take home was $190k this year (95k base, 85.5k cash bonus, 9.5k stock bonus). Im on the higher end of the range (2nd highest bucket). Effective February I will be promoted to associate and my base is bumped to $125k.

According to our global head this was the first year since he crisis where bonuses returned to "normal" within research.

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Jan 22, 2016

Bulge-bracket non MS/GS/JPM ER bonus for 3rd year post-MBA associate was $35K (yes you read that right) which was below last year by 10k. Base was bumped up to 160K.

Jan 26, 2016

.

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Jan 27, 2016
sg2015:

Bulge-bracket non MS/GS/JPM ER bonus for 3rd year post-MBA associate was $35K (yes you read that right) which was below last year by 10k. Base was bumped up to 160K.

That's sickening.

Jan 28, 2016
sg2015:

Bulge-bracket non MS/GS/JPM ER bonus for 3rd year post-MBA associate was $35K (yes you read that right) which was below last year by 10k. Base was bumped up to 160K.

Which BB? My understanding is that there are several BBs that have better research platforms than GS.

Jan 30, 2016
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Jan 31, 2016