GS Salt Lake City compensation

Delta Storm's picture
Rank: Orangutan | 318

Curious about the compensation for Goldman Sachs in SLC. My friend will be working in the credit risk group and told me his salary is only $46K and no signing bonus, althought he will still be paid an annual bonus based performance. Is this type of compensation typical in SLC? I know SLC is cheap to live in by wouldn't a salary of only $46k be too little? Especially considering that bonuses in MO or BO roles are only a small percentage of the base salary. Is it also possible some analysts are paid a different base salary?

Comments (17)

Dec 22, 2014

Hello again,

Doesn't surprise me. I think Baltimore MS is like 42k and JPM Newark, DE is like 60k. Could possibly differ between certain groups, but likely not between individual analysts.

Dec 22, 2014

Check out this cost of living calculator:
http://money.cnn.com/calculator/pf/cost-of-living/

Salt Lake City is very cheap place to live.

Dec 22, 2014

That makes sense, I have heard people tell me making $50k in SLC is the equivalent of about $120k in Manhattan.
Still $120k in Manhattan is like lower middle class at best, but I guess anyone who starts working out of college is expected to be underpaid.

Also, I'm interested in pursuing this position like my friend. Would it be reasonable to expect a bonus of on average $5k or more after tax?

Dec 26, 2014

let's do the math here. it's roughly 40% tax on bonus. 5k after tax is equivalent to about 8.3~8.5k. Assuming a 45~46k base salary, that is equivalent to 18%. do I think it is realistic/reasonable? no. but i don't live in slc nor do i work in BO, so i don't know the details. i would guess 10~15% is a reasonable estimate, if not less. i heard ppl get 4k after tax on average. to me, BO is equivalent to corp finance job. just my 2cents

Dec 28, 2014

i work in BO in SLC at a similar firm. 46k is A1 salary at GS (be advised that a out of UG you would start as a "New Analyst" = A0. and 10% bonus is on the higher end of your performance based review( so i heard from a buddy in BO there) . bump to A2 , you can expect a 200/ paycheck bump spread through the yr (24 checks).

Dec 29, 2014
Creolebway1:

i work in BO in SLC at a similar firm. 46k is A1 salary at GS (be advised that a out of UG you would start as a "New Analyst" = A0. and 10% bonus is on the higher end of your performance based review( so i heard from a buddy in BO there) . bump to A2 , you can expect a 200/ paycheck bump spread through the yr (24 checks).

I don't understand what you mean by A0, A1, or A2 salaries. Are they different levels of salary?

Also what did you mean by "200/ paycheck bump spread through the yr (24 checks)?"

Now I probably went overboard when I said $120k in Manhattan is "lower middle class at best" but I think it's generally agreed that it's still not considered a lot by NYC standards. Although certainly with income taxes and housing aside, there's definitely money left for a fairly decent living. If that cost of living calculator is fairly accurate, it estimates making $50k in SLC is equivalent to about $115 in Manhattan, which seems to mean that $46k with a $4k bonus after-tax (Probably a reasonable expectation) yields a similarly decent lifestyle.

Now correct me if I'm wrong, but for an analyst in NYC today, isn't $115k in salary + bonus considered more on the high end?

Dec 22, 2019

I think A0/A1/A2 is analyst new hire / analyst year 1 / analyst year 2. And 200/paycheck means $4800 after tax bonus, since bonus is spread over year

Dec 28, 2014

$120k is lower middle class at best if you work in manhattan? Your perception of reality is insane. Even if you give a reasonable after tax consideration of say $72k ($6k/month) you can live in a solid $4k/month apartment with a roommate for $2k to you or $24k annually. Go ahead and throw a reasonable misc expense budget for yourself, which needs to account for the fact that free time is limited, and you wind up with a ton of excess cash to sock away into retirement. The reality is that for someone working a ton of hours, making $120k or $300k has almost no noticeable difference in standard of living other than having the ability to afford a larger apartment that you will spend little time in anyway.

Just because some high level banking compensations throw off the average it doesn't mean anyone making something far above the actual middle class average in NYC is "lower middle class at best".

Dec 29, 2014

I would say 115k is the average first year comp. Most of the base numbers from friends (not from what was read here) were between $70-$85k. $30k bonus on the high end gets you to 115k, which is a pretty reasonable estimate.

However, I have lived in many different areas and can tell you for sure that those cost of living calculators are very wrong. For example I just checked out the one from bankrate.com and did a comparative analysis on NYC (Manhattan) to SLC (Metro) and the first glaringly obvious mistake is in rent. It took NYC's (correct) average at $3900/month vs SLC's $900. Except that analysts don't pay this much. I pay $1400/month as my share, and I used $2k/month in my estimate above. It also shows energy bills as being much more expensive, but doesn't take into consideration the fact that you'll in all likelihood have a car/insurance/gas bill in a place like that, vs a simple (and cheap) subway card here. It also uses things like cost of various kinds of clothes, when I buy these online anyway and thus would be the same here or there.

If I were to give a more practical and realistic cost of living adjustment, I would say that $115k here would need to be about $75k there.

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Dec 29, 2014

Dang, then if my friend's getting paid only $46k with probably only a few thousand in bonus, then he's probably going to have a really hard time living in SLC.

Dec 30, 2014

Your friend will not have a hard time living in SLC on $50k/yr, granted they are not too jet set.

Dec 29, 2014

You're not quite comparing apples to apples with that rent cost though. $900/month in SLC can get you a VERY nice one bedroom (or pretty nice 2 bedroom) all to yourself. That's a bit different than $1400/month to share a cramped little nook. For shared housing in SLC, the cost is almost negligible. I've got a buddy who shares a decent house with 5 other friends and pays $250/month for his own (fairly large) bedroom. You could easily get by paying ~$3-4k/yr for housing in SLC.

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Dec 30, 2014

What first year BO/MO analysts in NYC make $115k year 1?

Dec 30, 2014

I wasn't the one who specifically stated the pay was $115k/year and nor did I mentioned BO/MO. The pay for FO was $70-$85k base + bonus that took it to approximately that level. I don't know what bonus numbers look like for BO in NYC but I'd imagine all in 1st year makes around $85-$90k (base+overtime+bonus).

Dec 29, 2014

You could also live an extra subway stop or two away in queens or brooklyn and pay even less. I just looked at downtown SLC apartments, and with the exception of some dorm room looking ones, prices were pretty much in line with what I had thought, which is more than half the cost of the $2k estimate I used earlier. Either way you look at it, go ahead and make SLC rent as cheap as you want. You will still need a car with insurance and gas, and you aren't going to get expenses down so much to make up for a $60k shortfall in income and call it an equal standard of living. The cost of living calculators are incredibly exaggerated and unrealistic, period.

Dec 29, 2014

Would you need a car in SLC?

Dec 30, 2014
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