Comments (23)

 
  • Intern in IB-M&A
Oct 13, 2020 - 3:36pm

Above answer is impressive, what is a more typical amount to save on street comp in first year in NY? How much of base is possible?

 
Oct 14, 2020 - 2:52pm

On $150k or whatever it is (sans loans) that brings you to ~$110k given the way bonuses are taxed. At this point with NY real estate, you can get a nice studio in a nice building for $24k/yr now we are at $86k. Even if you are spending $2k/mo on CC and whatever else you should still be able to save $60k+

I think that is a pretty realistic scenario in which you are living pretty well. Roommates in a nice building can get rent below $2k. 

 
  • Intern in IB-M&A
Oct 14, 2020 - 6:23pm

Thanks, appreciate the breakdown. Not used to NYC/city prices and had the virtual summer so don't really understand the extent of NYC cost of living yet. I remember many people say spend the base, save the bonus which seemed pretty low to me given that my after tax was about 5k a month from the base so I could see being able to save some of that, but wasn't sure if I was underestimating NY costs. 

 
Oct 17, 2020 - 11:34am

Taxes bring you below 100k on 150k in income in NYC. Net effective rate is like 35% at this level for single filers. Shit is insane. 
 

Throw other payroll deductions like healthcare premiums and you're in the low 90s in take home pay. 
 

 

Array
 
  • Associate 1 in CorpDev
Oct 13, 2020 - 4:44pm

Saved about ~GBP 95k after 3 years of IBD in London (1 stub + 2 full year bonuses). Lived pretty frugally and did not make any big purchases.

 
  • Analyst 2 in IB - Gen
Oct 14, 2020 - 7:21am

Bumping for London stats. Personally c.60k GBP after 3 years (ignore my tag) working in CB and Credit 

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