How much money do you make?

We all know a career in financial services makes some real fucking money. So how much do you make and in what way did your career change your life(if at all)?

Firm type: BB/EB/MF
Industry: IB/PE/HF
Title/Position: MD/ED/VP/AS/A
Compensation: $XXX
Savings: $XXX
Assets: $XXX

Also curious to know if it was worth it spending a good portion of your life as a monkey in a sweat shop? And if your peers or people in general have a specific perspective of you (e.g. show you more respect for what you do as a career)?If you left the industry and felt all this money wasn't worth it, would also like to hear your input.

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  • Investment Manager in HF - Other
Oct 19, 2021 - 1:51pm

You realize that how much they receive after taxes will depend on where they live right? If you want to know how much $350k is after taxes just use an online calculator and have $350k be the compensation figure (and pick your country, state, city, etc). 

Oct 14, 2021 - 11:24am

1st year analyst at small boutique sweatshop. 
60k base
5k bonus
I have like 50k of student loans and 6k in my bank account since my rent is more than half my income.
Overworked and underpaid but Im just happy to have a job

Oct 14, 2021 - 2:26pm

Even if you move to the middle of nowhere you can 100% be at 100k+. Why restrict to NY only? $60k is massively underpaid.

  • 1
  • Analyst 1 in IB-M&A
Oct 15, 2021 - 1:06pm

I feel you man, I work at a similar boutique style bank. I'm also outside of NY making $65K, but at least my bonus is 50%. 

Oct 18, 2021 - 3:37pm

I feel your pain bro. I work at a boutique in Canada and my base is CAD $45K, first bonus stub was $10K and they said I was doing a great job. Worst part is that my MD says he cannot afford to pay us more, yet he lives in a $7m house. Absolute sweat shop as well, and the other reason why comps is low is because they pay us for "quality of life". On top of that I've had 2 racist remarks thrown at me.   

If you find something better, just pick your shit up and go. 

Oct 18, 2021 - 4:38pm

It's always been a goal of mine to live in New York, at least for a little while. I feel like it would be a cool life experience that I don't want to miss out on. My family is also closer

Oct 19, 2021 - 8:17pm

I know someone in the same boat. $60K base and $5000 bonus at a small PE shop. He was working 100-120 hours a week. They said he was doing a great job too. Even admitted he was "grossly underpaid" when he quit. They wanted him to stay even with nothing in writing. He really liked the team but after the 5k bonus they lost all credibility. Just left to go to a EB making more than 4 times that all in. 

Oct 14, 2021 - 1:40pm

There's a huge amount of data/threads out there about how much people make in IB at different levels and banks, so I won't be specific other than to say that in the last few years I've been in the fortunate position of being at the very top of the comp ranges you might be aware of. VP3 at an EB, much less savings and assets than I really ought to have at this point because I have been living quite well and am dumb at investing. 100% worth the analyst/associate sweat if you can make it to VP, provided you're at a shop/in a team like I am where VP and above is not sweaty. If VP and above was still sweaty I think I would have burned out by now. But if it's not sweaty then it's just a super interesting job that pays great.

I don't think my peers have any elevated opinion of me, it's still not "no mortgage" money. Just a good job :)

  • Intern in IB - Restr
Oct 14, 2021 - 3:29pm

sweaty means a million different things on this website, though. I've seen people saying their culture is amazing because hours are generally "only" 80. Would love a number behind how much youd estimate you work weekly.

Oct 14, 2021 - 3:39pm

Probably 45 hours a week on average over the course of a given year. I have periods where my projects are all humming along nicely and I'm doing a few hours a day living the absolute dream. Other periods where I'm working until 9 or 10 every weeknight for a couple of weeks in a row. A more standard day would be 6-8 hours, but spread over 10-12 hours with gaps in between. And then very very rarely doing midnight or later... can't even remember the last time I worked until midnight, months ago at least

Helps to have very strong Associates and very reasonable, confident, 80/20 type MDs though which I realize is pretty rare

Oct 18, 2021 - 9:18pm

As someone that's still junior, honestly, how does this happen? I can't imagine making 250k+ and not having any savings whatsoever. I dont believe I'll ever fall victim to the hedonistic treadmill. As it stands I am even looking to downsize my apartment so I can have more cash and I am barely making half what you make. 

Ive heard some MDs saving they make 7 figures with barely one years savings in the bank or in investments and these guys are in their late 50s. 

Where does all that money go?

  • Prospect in IB - Gen
Oct 22, 2021 - 5:04pm

For the MDs? Ex-wife, private school tuition, fully supporting a wanna-be influencer daughter.... That can burn seven figs easy.

  • Investment Analyst in HF - EquityHedge
Oct 14, 2021 - 3:20pm

Industry: HF
Title: analyst (did 2 years of IB)
Compensation: $150k base + $100-200k bonus
Savings: $10k cash
Assets: $300k

  • Investment Analyst in HF - EquityHedge
Oct 14, 2021 - 4:06pm

Was very fortunate to exist in a time when there's a huge bull market and generous comp increases in banking.

  • Director in IB - DCM
Oct 14, 2021 - 5:30pm

Firm type: BB
Industry: IB/structured finance
Title/Position: Director
Compensation: high six figures
Net Worth ~ $2mm

Just turned 31.  Hours suck during the week but rare to do more than answer a few emails on weekends.  Very supportive MD/group head, doesn't care if I want to be remote or come into office when I choose.  Made a move to a house in suburbs more doable.  Don't love the job but supports a good lifestyle.

  • Prospect in IB - Restr
Oct 14, 2021 - 11:51pm

Obviously, you're quite well paid in structured finance - would you mind sharing the main products you work with (i.e. RMBS/CMBS, Auto/aircraft ABS, esoteric, etc)? Also, what's your general outlook on a career in the space? It's quite niche but ABS instruments don't seem like they're going anywhere, so do you think it's a good field to go into?

  • Director in IB - DCM
Oct 15, 2021 - 12:02am

Esoteric ABS mostly, but cuts across a lot of different structures and parts of the cap structure + lot of ways to sell pools of assets and take multiple bites at the apple from a few perspective. Sector is busiest I've seen it in years. Lot of asset managers chasing yield and they can get it in creative, off the run things. A lot of activity in renewables/green assets. Certainly niche but in some ways for comp that helps as there are only so many people that know the sector. A lot of PE forms waking up to the fact that it's very efficient financing for their portfolio companies.

  • VP in S&T - FI
Oct 14, 2021 - 10:59pm

Firm type: BB
Industry: S&T
Title/Position: VP, 28Y
Compensation: $450k last year
Net Worth: ~$1 mio

My net worth probably 3x last year from PA + good comp. I'm actually also a home owner. TBH looking to leave industry very soon. I think you need to be aggressive with your PA with your bonuses once you hit that 2nd year analyst/associate level. ~45 hours a week at this point in my career. Was closer to ~60 hours when I was an analyst, and just incremently got better and better.  

  • Intern in IB - Cov
Oct 15, 2021 - 12:00am

Just an intern but this is for my group:

First year analyst

MM IB 

85 base with 40 to 50% bonus

Assets: 100k (70k in alternatives, rest in cash and equities)

  • Associate 2 in IB-M&A
Oct 15, 2021 - 1:06am

Associate 2 @ EB

Base comp: 225k

Bonus: last year (which was my first full year bonus after stub previously) was 115% of base so all in comp this year should be 450-500k before a covid increase people are expecting.

Net worth: ~700k but I was teacher before and spent half my savings from the first 6 years of my career in my MBA. Have been putting away 60% of my post tax income since I started banking.

Oct 17, 2021 - 8:20pm

Royal Oak? PM me. Tryna figure out how to circumvent their waitlist lol

  • Analyst 1 in S&T - Equities
Oct 20, 2021 - 11:01am

Don't be tricked into it being "sad." It's because we're living. I'm associate 2 at a bank that pays above street and I have ~$200k saved and making significantly more than that.

My cheap as fuck friends have more but they also live like absolute losers while I take memorable (to say the least) vacations, have a beautiful apartment, go to all of the restaurants I like, buy myself what I want. We pretty clearly have a path to being wealthy, not trying to live off ramen right now in some shit apartment. 

  • Analyst 2 in IB-M&A
Oct 15, 2021 - 10:56am

How the fuck are y'all pulling over 200k and have no savings by the time you're 28+? Y'all living life that good?

  • Investment Manager in HF - Other
Oct 15, 2021 - 11:24am

Just depends how people got there. If you have student loans when you graduate, comp progression (not everyone starts right at $120-150k off the bat), business school, HCOL (I.e. NYC) then you may be "behind" on savings. You can't just look at a point in time, as that comp may be pretty new. 

There was a point in my career where I jumped from $350k -> $600k in a year and my savings looked a lot more like someone who had been earning $300 than the $600. 

  • Analyst 2 in IB-M&A
Oct 15, 2021 - 12:27pm

EB, cleared about 235k as an AN1.

About 120k in savings. 

  • Analyst 1 in IB-M&A
Oct 15, 2021 - 1:10pm

Firm type: Boutique 
Industry: IB
Title/Position: An1
Compensation: $65K w/50% bonus
Savings: $30k
Assets: $25k, but I have $90k in student loans so I'm really trying to network upwards to pay off that puppy. 

Oct 15, 2021 - 2:15pm

Age: 27.5

Firm type: EB

School: West Coast Target
Industry: IBD
Title/Position: Associate (A1); 2yrs Analyst IBD, 1yr Corp Dev M&A, 0.5yr Analyst/1yr Associate IBD
Compensation: Base $150; Expected 12/31 Bonus $250 (Total 2021 - $400; was promoted 1/1/2021)
Savings: Current - Liquid $150; Illiquid $100 (Total $250)

Notes: Had to pay ~$50k for college; have loaned (and never had returned) ~$15k to family (so total should be closer to $300 if family had planned for my college better...or if I'd gotten scholarships...)

  • VP in S&T - Other
Oct 15, 2021 - 3:43pm

Firm type: BB

Industry: Quant/S&T/In-business risk

Title/Position: VP2

Compensation: $175 + $125 (75% cash) last year as VP1, $200 base currently

Savings: (Incluiding wife) ~$100k cash, $1.1mm PAs, $400k 401ks

Never really was a monkey in a sweat shop, probably topped out ~52.5 hrs/wk as an Analyst 1 and down from there. Currently work 8-5 basically, 3 days/wk from home, will be 2 days/wk starting in the new year. No idea of perception of people in general but I think that most people I know outside of finance have no idea how much I make and would be shocked if they found out. 

  • VP in IB - Cov
Oct 19, 2021 - 8:46am

So I'm likely older than most people here, married with a kid. I've run the math and I'd say that the "number" is highly variable on things like how much I want to be able to help my kid and how comfortable we want our lives to be. The number I think about when discussing retirement is more related to my target age (from a financial comfort standpoint, I could probably retire shortly after my kid goes to uni) and what if anything I want to do after I'm retired. For example, I'm thinking about being a college professor afterwards. Don't know that I'd ever truly "retire"... But ask me again in 10 years.

Oct 15, 2021 - 5:18pm

I'm 14 and made $4.69 mil last week trading NFTs of toadz.

JK I wish,

Im an ASO2 in ER at a BB

Base: 145k

Bonus: ~40k

Assets: ~360k (80% equities, 20% alts)

Cash/Savings: ~2k (I like to live paycheck to paycheck for the thrill)

Oct 22, 2021 - 5:22pm

No worries this trips people up a lot on this site. At least at the two BB's Ive worked at, we follow the same hierarchy as IB/rest of the bank, so analyst->associate->VP->Director->MD. Where it gets confusing is the MD is also called the senior analyst for a stock. I usually just stick to the regular corporate structure on wall street oasis. To answer your question, I have 4 years work experience.

  • Analyst 2 in IB-M&A
Oct 15, 2021 - 8:08pm

My guy, you'll be fine. At 25 with 400k comp lol. I'm just realizing there's a lot of rich mfs out there.

Oct 15, 2021 - 10:02pm

Firm type: EB
Industry: M&A
Title/Position: VP2, 30Y
Compensation: High 6 figures
Net Worth: PA (savings + retirement + crypto) low 7 figures, other assets (mostly watches/jewelry) mid 6 figures

Worth noting that I am a notoriously poor saver, but benefitted from dollar cost averaging and setting up a dd into a trading account when I was fresh out of college.

Oct 16, 2021 - 3:35am

That's awesome. Mid 6 figs in watches / jewelry, I wish I was that comfortable buying. I know there's insurance and there's a lot of people who wear expensive jewelry but I don't feel comfortable even with a watch worth 4 figs. Constantly feeling like you gotta check for it, etc.

Simple gold chains etc are different though

Oct 16, 2021 - 5:40pm

I was fortunate enough to buy a few pieces right as the secondary market was heating up, and ended up flipping them/trading for other pieces that I wanted more. Have a good relationship with a Rolex AD that has granted me access to watches at MSRP which certainly helps. I have a gun safe and additional insurance, and store the "investment" types in a lockbox at my bank. 

Oct 16, 2021 - 3:33am

Type: boutique

Industry: real estate and AM

Title: owner

Compensation: on papers (100k which is a lot for my region already). But I put it on company papers and write it off as paid to thousands of employees to drop the tax to 5%

Net worth: idk i am still young. don't want to look at it yet or want to remind ill one day have to retire my ship

Age: younger than Pizz

Oct 16, 2021 - 8:27am

BB type bank

VP

All in 500k

Hours not bad since I have competent juniors and anti-facetime seniors

401k close to 750k

Cash close to 200k

Apartment and one investment property.

To be fair, I didn't have loser parents so I was able to go to an Ivy with no debt ruining my start.

EDIT: triggered the people whose parents didn't save and live below their means I guess. Such is the snowflake / cancel culture we live in.

Most Helpful
  • Investment Manager in HF - Other
Oct 16, 2021 - 8:42am

Smoke Frog

BB type bank

VP

All in 500k

Hours not bad since I have competent juniors and anti-facetime seniors

401k close to 750k

Cash close to 200k

Apartment and one investment property.

To be fair, I didn't have loser parents so I was able to go to an Ivy with no debt ruining my start.

What a crap comment to throw in at the end. I'm very thankful for my "loser" parents, I learned a lot from them. 

I hope that is just a trolling joke and not representative of your attitude. If it is, you really need to grow up a bit. 

  • Analyst 1 in IB - Cov
Oct 16, 2021 - 5:44pm

Oh yeah cuz all people who don't clear 500k a year are losers… sounds like your Ivy League education didn't enlighten you much.

Controversial
Oct 16, 2021 - 5:48pm

I said parents not me. If you don't live below your means and help your kids, you're selfish and a loser in my eyes.

If you can't help your kid pay for college or guide them to a college that's reasonably priced, you're a failure as a parent.

But I see parents all the time, but themselves fancy things while their kids 529 plan stays unfunded. I know I come off harsh and people get triggered when someone denigrates their folks, but truth hurts snowflake.

  • VP in IB - Gen
Oct 16, 2021 - 6:12pm

Age: 33
Firm type: EB
Industry: IB
Title/Position: VP3
Compensation: $1mm 2020 (VP2);$1mm+ 2021
Net Worth: $3.5mm

people on this sub don't appreciate how quickly you can create personal value if you make direct impact at an EB

Oct 17, 2021 - 6:45am

Age: 33
Firm type: EB
Industry: IB
Title/Position: VP3
Compensation: $1mm 2020 (VP2);$1mm+ 2021
Net Worth: $3.5mm

people on this sub don't appreciate how quickly you can create personal value if you make direct impact at an EB

How are you getting comped 1MM as a VP. Even if your base is 300K, we're talking about an over 2X bonus in a non revenue generating role. Doesn't make a whole lot of sense.

  • VP in IB - Gen
Oct 17, 2021 - 2:33pm

Because if you can land on the right team and advance quickly you can start bringing in revenue or meaningfully contributed to bringing revenue in, even at the VP level, and at the right EBs you're comped for that value.  This isn't even unique for my bank or at EBs - plenty of folks out there comped like this in the top tier of EBs that are top bucket. 

  • VP in IB - Gen
Oct 16, 2021 - 9:45pm

Haven't bothered updating my rank

Firm: Boutique IB

Age: 33

Title: MD

Comp: ~1M

Net Worth: approaching 3M liquid with another 5M in illiquid assets (primarily private company stakes)

Oct 16, 2021 - 9:59pm

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We're not lawyers. We're investment bankers. We didn't go to Harvard. We Went to Wharton!
  • VP in IB - Gen
Oct 17, 2021 - 1:19pm

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Array

  • VP in IB - CB
Oct 18, 2021 - 12:52pm

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October 2021 Investment Banking

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