I think I'm being underpaid
hi. i've been a sell-side fixed income dealer in london for just over 3 years now. my current salary is 85K and my last bonus was 50K. i don't know about many people's salaries in the industry, but someone the other day around the same age as me gave a hint that he makes much much more. is 135K GBP total comp for 3 years exp on the ballpark or am i way off?
depends on your P&L my salary as the london guy for a NY based dealer desk was 100k (5 years experience), and bonus was 5% of my trading P&L (i did not share a book...so all the risk was mine).
what was your trading P&L (that you owned)?
thanks for the reply. unfortunately i do share a book with a senior guy. also, there's a risk team which does rates hedging and then allocates the profits (or losses) based on a whole load of assumptions. last year's pnl for the book was just over 5 mil.
Ok, so lets run the numbers. 5% * 5mm = 250k for the bonus pool...200k for the senior guy and 50k for the junior guy seems about right...if the senior guy thinks that his great trading is what made the majority of that P&L.
just for comparison...in my best year, my london book was up 20mm (admittedly, that was a great year...5-10mm was avg)...and regardless of gross P&L..my bonus was always about 5%.
You need to carve out a larger share of the P&L...but that means generating ideas that generate actual P&L. You should get a side book and prop trade in that side book (if you legit think you have the chops to generate P&L trading prop).
can i ask, was your bonus 5% of gross pnl or net pnl (after alloc of funding costs / bo cost allocation)?
in a similar seat (fi mmm), made 12mm gross this yr (10mm net), but being guided to sub 300k comp all in...
Voluptatum fugit repellat ratione deserunt. Quia dolorem aut sit voluptatem et beatae vel. Occaecati veritatis saepe fugit maiores omnis quis. Ut sit iste omnis repudiandae sit.
Minus distinctio earum facere nemo. Magnam ut tempora ipsum maxime dolores. Et unde aut ea aliquam dolores dolor quaerat.
Velit est quis fuga molestiae atque et tenetur possimus. Aliquid at maiores fugit nobis quam fugit alias quas. Dolor maxime sed mollitia sint. Beatae veniam temporibus est dicta. Optio iste tempore fugiat officiis dicta molestiae qui voluptas. Expedita at esse non. Perspiciatis repellat est qui nostrum pariatur quibusdam ipsa.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...