GS analyst vs DB associate

How does GS-IBD analyst compare with DB S&T associate? (both London)
It would be great if you could analyze it on grounds of differences
1. Salary+Bonus (36k and 58k base pays respectively)
2. Exit options
3. The obvious question being of course how much does the GS brand name matter.

I am willing to take a long term view and not bother too much about the initial pay difference. I am an MBA from India.

 
Best Response

Before anyone flames him on base salaries, let us get things straight. He is talking in sterling not dollars.

Other people will disagree with me. I think you take GS for several reasons:

1) Ignoring the difference between GS and DB, it is generally easier for analysts to get jobs at PE/HF than associates because you'll have better modeling and in-depth analytical experience.

2) I have always argued that an associate can't be a good associate until they've been an analyst. Stepping in at the associate role is tough b/c you're in a sort of purgatory. Analysts won't let you do their analytical work and you don't know enough within an industry to do the VP-level work.

3) GS will afford you more exit options than DB, all else being equal.

4) I think being an Ibanking analyst is a better foundation skill set than what you'll get in S&T.

A few other thoughts which are important:

1) I don't know where S&T bonuses come out, but typical max IBD bonus is approx 130-150% of base for analysts in yr 1.

2) Depends on what you want to do long term which is clearly the most important fact which you left out. Where do you want to go with your career?

 

Great insights. Didn't really think it from an analyst associate angle.Thanks.

Just to clarify my position a little further

  1. I definitely do see PE/HF in the long term
  2. An Ivy league MBA if it indeed is necessary (I already have one from India!)

Does anyone have a contrary opinion?

 

it all depends on what you want to do. If you want to do trading, take a trading job, if ib take an ib job. This is a big career choice, don't make it based on money that will be completely insignifficant few years down the road.

reputation-wise. GS is the best but it also has a huge bs factor.

 
netking007:
GS2007,

Was GS hiring analysts at the IIM's for positions in their Mumbai Office...which at this point is involved in the PE/PIA space ?

Or was all the hiring for international locations only?

The Indian office is still in its infancy and they do not have scale for interns as yet, however ivy league should have a shot I guess. The numbers in the Mumbai office are way too low to have any interns around right now is what I was given to understand.

However GS PE (HK) does recruit here apart from the usual markets/IBD/Merchant Banking divisions across London/NYC/HK. GS does hire for its ops/analytics division in Bangalore too.

 
  1. If you want to do S&T, there is no better place in the world do it right now than DB, particularly in London.

  2. If you want to do I-banking, I agree with the comments above that its better to start as an analyst if you're young and GS is great

  3. So I think it has nothing do with analyst vs. associate, or DB vs. Goldman. This is a banking vs. S&T career choice.

 

GS2007,

Thanks for your reply. I am interested in Investment Banking options within India...as deal flow (Global M&A) seems to have picked up.

When it comes to the IIM's which Investment Banks recruit for analyst/associate position for their Investment banking divisions in India:

I am assuming ABN AMRO, Deutsche Bank, DSP Merrill Lynch, JM Morgan Stanley (Though JM and Morgan have split now!), Citigroup, Credit Suisse and UBS would be recruiting ?

 
netking007:
GS2007,

Thanks for your reply. I am interested in Investment Banking options within India...as deal flow (Global M&A) seems to have picked up.

When it comes to the IIM's which Investment Banks recruit for analyst/associate position for their Investment banking divisions in India:

I am assuming ABN AMRO, Deutsche Bank, DSP Merrill Lynch, JM Morgan Stanley (Though JM and Morgan have split now!), Citigroup, Credit Suisse and UBS would be recruiting ?

Yeah, you've got most of them right just for the record here's the list and we do get JPMC for recruiting here.

1.Goldman Sachs (1st year analyst-all desks, NY, London, Asia) 2.Morgan Stanley (2nd year analyst-all desks except IBD, London) 3.Deutsche bank (S&T Associate, London/NYC) 4.Barclays capital (quantitaive associate/associate London) 5.UBS (2nd yr analyst FI, London, Apac) 6.HSBC (2nd year, London, Apac) 7.Citigroup (2nd year, markets/IBD London,NYC,Apac) 8.Merill Lynch (3rd year analyst,all desks London, NYC, HK, India) 9 Lehman (2nd-3rd yr,all desks Apac, London, NYC) 10 ABN Amro (2n yr, Apac, London, NYC, HK) 11 Credit suisse (2nd year Apac, India) 12 JPMorgan (2nd year APac, London, NYC, India) 13 BNP Paribas (2nd yr analyst Apac)

We also get Sun Group, General Atlantic Partners, Temasek and a clutch of small PE firms. Hope that helps.

And there is an extremely strong current of cynicism across the board on GS and its 'supremacy'. Is it just the 'lonely at the top' effect or is there some deeper malaise? Also can anyone throw some light on the exit opps out of DB Sales?

 

GS2007,

Congratulations on your offers from GS and DB.

Its great to see that the IIM's are attracting all of the top Investment Banking firms with positions at different locations - APAC, NYC, London and India.

I would like to guess the above list is for IIM - A ?(Though IIM - B is doing very well in getting finance recruiters as well).

So it looks like Merrill Lynch, Credit Suisse and JP Morgan are hiring analysts for their India operations.

I was wondering what is the compensation offered by I-Banks for the analyst position within IBD in India?

I have heard that it is : Rs. 10-15 Lahks (base) + Bonus

However it would be great if you could confirm it.

 
netking007:
GS2007,

Congratulations on your offers from GS and DB.

Its great to see that the IIM's are attracting all of the top Investment Banking firms with positions at different locations - APAC, NYC, London and India.

I would like to guess the above list is for IIM - A ?(Though IIM - B is doing very well in getting finance recruiters as well).

So it looks like Merrill Lynch, Credit Suisse and JP Morgan are hiring analysts for their India operations.

I was wondering what is the compensation offered by I-Banks for the analyst position within IBD in India?

I have heard that it is : Rs. 10-15 Lahks (base) + Bonus

However it would be great if you could confirm it.

Actually the list is pretty much the same across IIM A/B/C with the exception of Credit Suisse, SUN and GAP which frequent only IIMC (It's more of a finance focussed school than A/B)

Its 23 + bonus by UBS 18 by DPS ML 21 by ML

For the record, Lehman also hires for IBD in Mumbai.

The base salary includes a guaranteed bonus component of 6-7 lacs. Its a tax saving mechanism I guess. (1 lac=100,000 for the uninitiated) and (1$=Rs 45)

 

Well it looks...like the India compensation including bonus is ranging between 18 - 25 lacs depending on the firm. Which I am guessing is good, taking the cost of living in India.

Are the Investment Banks looking to hire people with a IIT - IIM background ? Or are they open to other backgrounds as well ? I am guessing other schools like Stephens, Delhi School of Economics, SRCC and BITS Pilani are also welcomed.

Does Blackstone which has a Mumbai office, hire in India ?

Thanks for the feedback on the India - IBD recruiting scene.

 

The base salary includes a guaranteed bonus component of 6-7 lacs. Its a tax saving mechanism I guess. (1 lac=100,000 for the uninitiated) and (1$=Rs 45)

omg are you sure? Then if you get paid like 20lacs or something you're making like $400k (conservatively). omg. $400k US is A LOT for an analyst...but I guess nobody wants to work there so they have to pay more....

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
 

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"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

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