Meal Allowances and Taxi policy

Hey,

Doing a little research. With the cutbacks and whatnot, what is everyone's late night meal allowance and what time does it start on weeknights? Weekend policy?

Thanks guys.

Transportation Services & Meal Allowances

Allowances for meals vary from firm to firm. However car service seems to standard across most banks.

  • The average expense for lunch is 10 dollars
  • Average expense for dinner is 25 dollars
  • Car service usually available after 9 on weekdays
  • Car service available anytime on weekend

Company Database

Interested in company reviews? Use the Wallstreet Oasis Company Database to access reviews, interviews, and salaries for thousands of firms.

WSO Company Database

Recommended Reading

Comments (125)

Aug 7, 2009

BB NYC - $20 for dinner, $75 total for the weekend. Taxis are for 10pm or later and anytime on the weekend. Dinner is usually acceptable after 9pm.

Aug 7, 2009

BB NYC - $25 for dinner, $50/day for weekends. Car service after 9; dinner can be delivered whenever, but you have to work past 8pm.

Aug 7, 2009
monkeyman09:

BB NYC - $20 for dinner, $75 total for the weekend. Taxis are for 10pm or later and anytime on the weekend. Dinner is usually acceptable after 9pm.

I don't see that across the board...

Most places I know are still $25 and $10 for lunch/$25 for dinner on weekends. There are, of course, variations.

Aug 7, 2009

$75 dollars for the weekend? Jesus.

I'm at a boutique. We get lunch to $12, dinner to $17. I don't know what the standard times are, I order dinner whenever, as early as 6PM. Our pantry is typically stocked with snacks, microwave meals, fruit, drinks, candy etc... even ice cream sometimes.

Car service is the same... whenever, but I typically dont think its warranted earlier than 9 PM.

Aug 7, 2009

MM (NYC HQ) Branch Location - $25 for dinner if you stay later than 6pm (could be wrong about time). $70/day if you're ever out on the road. It's the same across the firm regardless of location though. Not sure about the firm's taxi/car service policy in NYC.

Aug 7, 2009

@ Marcus - the lunch credit is pretty sweet

previous BB: $25 dinner, $50 wknd, cabs after 9pm.

Aug 7, 2009
Kanon:

@ Marcus - the lunch credit is pretty sweet

previous BB: $25 dinner, $50 wknd, cabs after 9pm.

This was mine when I worked in banking. Cabs after 10:00 now.

Aug 7, 2009
MoneyKingdom:
Kanon:

@ Marcus - the lunch credit is pretty sweet

previous BB: $25 dinner, $50 wknd, cabs after 9pm.

This was mine when I worked in banking. Cabs after 10:00 now.

Im curious to know what the perks are in PE?

Aug 7, 2009

MM

Dinner Max: $15, have to work past 9pm
Car: after 10pm

Weekends: $15 per meal every 4 hours, daily cap of $40
Weekend car: Any time

note: not NYC

Aug 7, 2009

It depends on the PE shop. Some bigger places (like Kelson) have their own chef who cooks lunch and dinner. Other places (like my shop) don't have anything by way of meal credit or cars. I think it's mostly because 1) you make enough money to afford that stuff and 2) you're not in the office that much on a consistent basis. When I first got here, I was spending a great deal of time in the office on some new projects. I asked about dinner allowance and got laughed at by some of the more senior associates.

We do, however, have a stocked kitchen/cafe area with tons of drinks, snacks, breakfast bars, etc.

Aug 8, 2009

...Maybe I'm just out of the loop, but I've never heard of Kelson PE shop. Know of Kelso & Co., but not of the former. But their own chef, that's pretty cool. How big is the firm exactly?

@MoneyKingdom - yeah, it did get pushed back to 10pm. I also heard $25 became $20 but I never bothered to get that confirmed.

Aug 10, 2009
Kanon:

...Maybe I'm just out of the loop, but I've never heard of Kelson PE shop. Know of Kelso & Co., but not of the former. But their own chef, that's pretty cool. How big is the firm exactly?

@MoneyKingdom - yeah, it did get pushed back to 10pm. I also heard $25 became $20 but I never bothered to get that confirmed.

Kanon, good catch. Mis-typing on my part. I think it's about 20-25 investment professionals.

www.kelso.com

What's interesting about that particular firm (and i've only worked along side them on a few deals) is that the principals invested a significant chunk of their 8th fund. I forget the exact number exactly.

Aug 7, 2009

BB - NY

Meal Allowance: $25 if delivered after 7pm during the week. On the weekends, we get $20 for a meal before 3pm and then another $20 for a meal after 3pm.

Car Service: During the week it's available after 9pm (after 8pm for some locations). At all times on the weekends.

Pantries: Limited. I just started recently, so I don't really know how much has been cut back, but there really isn't much. There's the obligatory Flavia machine and milk & cream is available. Although, I overheard one of the assistants saying there was talk in the past about charging for use of the machine. Vending machines/shops/drink bars are stocked well, but at a cost.

Aug 8, 2009

Multiple on-site restaurants
Free snacks, juices, smoothies, ice creams, you name it
Comprehensive breakfast
Xbox, Wii, massages chairs
Taxi service

... Google

Aug 8, 2009

Multiple on-site restaurants
Free snacks, juices, smoothies, ice creams, you name it
Comprehensive breakfast
Xbox, Wii, massages chairs
Taxi service

FYI, as far as i know, the taxi service is only to be used as a last resort if you miss the last shuttle. it's not to be used on a regular basis.

Aug 8, 2009
maxcanada:

Multiple on-site restaurants
Free snacks, juices, smoothies, ice creams, you name it
Comprehensive breakfast
Xbox, Wii, massages chairs
Taxi service

... Google

They allow xbox at google?

Aug 8, 2009
maxcanada:

Multiple on-site restaurants
Free snacks, juices, smoothies, ice creams, you name it
Comprehensive breakfast
Xbox, Wii, massages chairs
Taxi service

... Google

This is just for the Mountain View office right ? Not the Manhattan one ?

Aug 9, 2009

bump

Aug 10, 2009

All offices I've been to offer that kind of perks. But I'm off-topic.

Aug 11, 2009

At a boutique consulting firm

$10 for lunch on weekends
$25 for dinner if work past 8pm

Aug 11, 2009

Honestly where can you buy lunch for $10 other than subway? Even a Chipotle burrito with a drink will exceed $10. Not that it's such a big deal but I think $15 would make more sense.

Aug 12, 2009

Boutique IB:
-Lunch is occasionally paid for (about once a week)
-Dinners after 7 and up to $20 (although I was never given a limit)
-Taxis after 9
-We have to pay for vending machine drinks, bullshit

Aug 13, 2009

During the week:

$25 for dinner
taxi rule is technically after 8pm but never get questioned if its before

Weekends:

$50 per day
taxi whenever

Pantry isn't stocked other than one of those Flavia coffee machines and some packets of soup.

Aug 13, 2009

You guys are lucky all I get free is water (not even bottled- tap).

Lunch- $0
Dinner- $0

Weekends/ Weekdays

Cab: None at any time

Transit- -$3 all the time

Aug 13, 2009

Thats because Canada sucks my friend.

Aug 13, 2009

Nooe! we have multiculturalism! thats always free at any job here! :P

Aug 15, 2009
creative:

Nooe! we have multiculturalism! thats always free at any job here! :P

Since when does Canada have minorities?

Aug 16, 2009
drexelalum11:
creative:

Nooe! we have multiculturalism! thats always free at any job here! :P

Since when does Canada have minorities?

That is a mighty good point there.

I was going to say the one thing Canada has that the US doesn't is socialized medicine, but the way the current regime...er, administration is fucking things up, we will be there in no time.

Regards

Aug 15, 2009

Anyone find that people will dick around and stay late, not that there's work that cannot be done in a timely matter, but because they want to milk the car ride and dinner out of it? I know someone who will go in for a couple hours on a weekend, just to get lunch.
This isn't necessarily a conscious decision, just the culture. Also to "get ahead" it seems like everyone's into face time. Even if you're not working hard, it looks good if you're the last person left in the office.

Aug 16, 2009

Had this at my EB. I think it was around $15 or so after 12

Aug 16, 2009

My friends at PwC and MBB got their midnight meals taken care of.

Aug 16, 2009

Depends on my mood, depends on the day. Don't make hard and fast rules

Aug 16, 2009

about 35.

thought about buying dinner/next day lunch together, but i dont because: a) no one else does it, so I dont want to look like the oddman out, and b) a lot of the stuff that is ordered in is pretty expensive, eg, last night mine was about $25 for a decently health thai meal + a soup.

Aug 16, 2009

What does about 35 mean? The limit is not a round number?

I have friend in MM with an allowance of $20. It doesn't seem like very much.

Aug 16, 2009

Can't tell you how many times a colleague has made himself/herself look really bad by trying to "optimize" allowances.

I know it sounds awesome as a college kid to get $35 for dinner but keep in mind that people notice things. As Mezz said, you don't want to be the odd man out and it's a really stupid thing to be judged on.

Aug 16, 2009

ya 35 is the hard limit, dont think anyone orders that much though,

20 is doable.

Aug 16, 2009

PS15.

As to how far it goes depends on what I order. For example, I can gorge myself on 4 boxes of gamey sushi and wash it down with 1.5l of Coke, or I can have a nice (somewhat haute cuisine) healthy chicken salad and a can of OJ.

Just my 2c.

Aug 16, 2009

$35?? Not at a US BB. The standard now is $25. (Used to be $35 in 2007, I think JP still does $30). Regional offices have $20 limit. Most of the time, no one cares if you bill it to a client.

Aug 16, 2009

Does anyone know what boutiques with several offices typically offer?

Aug 16, 2009

Dude I'm tired of seeing you interns and 1st years and even some 2nd years try to max out the $25 ... are you really that broke?

It just shows a lack of class .... buy what is needed and don't skimp on your own comfort but quit acting like the guy who hangs out in the subways and horde food .... its extremely silly and makes others think wtf is up with you.

Everytime someone has done that in my office, it's made them very disliked

Aug 16, 2009

JP got bumped back to $25 from $20. Goldman (last I checked) is still at $20. Maybe they should bump it up before they start losing people to Citi (which, despite their government crutches, stayed at $25 through the whole crisis).

Aug 16, 2009

^^^ really goldman is still at $20?

Aug 16, 2009
ul8492:

^^^ really goldman is still at $20?

According to the paperwork that came with offer letters, yes.

Aug 16, 2009

What about LONDON rates?

"What we can, we must; and because we can, we must"

Aug 16, 2009

^ Depends on the bank and how they do things. Some allow you to hand in receipts, some only do vie urbanbite/seamless web, and others do both. Usually, for receipts the limit is lower than for online orders - discounts I figure.

But the general range of the banks I've heard of was PS10-20.

Just my 2c.

Aug 16, 2009

LOL @ optimizing meal allowances.

Aug 16, 2009

yes you will be able to use it, everybody does.

Aug 16, 2009

an SA with a fiancee? so you'll be married once you start FT? congrats and good luck.

Aug 16, 2009
gekko2:

an SA with a fiancee? so you'll be married once you start FT? congrats and good luck.

Thanks, took a different path to IB than most. Served in the military before undergrad so I am 26 and will be married when I am FT.

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

Aug 16, 2009

No hours are worse than 7 months apart

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

Aug 16, 2009
cplpayne:

No hours are worse than 7 months apart

aww how romantic

Aug 16, 2009

Very true

Aug 16, 2009

Typically, 12 am is a good time to take the car service and people are cool with it. But I think in your case it's fine regardless since you live in NJ. Most analysts live in NYC.

Aug 16, 2009

yes

Aug 16, 2009

... you just pig out, and order the most expensive shit on the menu.

Aug 16, 2009
RoyKimGT:

... you just pig out, and order the most expensive shit on the menu.

LOL! Unless you're pigging out on the "most expensive shit on the menu" at McDonald's, your $30 isn't going very far. Tax+tip, etc.

Aug 16, 2009

The places you order at know who their clients are and what their allowances are like. Prices are adjusted accordingly so you can eat quite well, but no way you'll have a feast unless you add names to the receipt. Then when you eat a lot you can't get back to work.

Aug 16, 2009

how does the meal allowance work?

do you charge the meal to a corporate card?

or...do you buy it on your own and get reimbursed later?

Also, aren't you liable for the tax portion of the reimbursement? I've interned at a big 4 and I was taxed on my meal reimbursements because it was considered an employee benefit.

Although it may be just a few dollars, something to think about I guess.

Aug 16, 2009

I'm assuming you can order with a few people to save on tip. 3 people, $75 you can get a good meal.

Aug 16, 2009
sleepyguyb:

I'm assuming you can order with a few people to save on tip. 3 people, $75 you can get a good meal.

Haha, most normal people will calculate tip based on percentage of the bill, so I don't know if this will work hotshot.

Aug 16, 2009

either corporate card or seamless web corporate account...or you get receipts and get reimbursed

Aug 16, 2009

my first few months on the job i used to max out my allowance to the last cent.

shit gets old real fast. now i'm happy with just a burrito.

Aug 16, 2009
WizardofOz:

my first few months on the job i used to max out my allowance to the last cent.

shit gets old real fast. now i'm happy with just a burrito.

Chipotle by GCS? I live there...though I buy 2 (for lunch the next day).

Aug 16, 2009

I normally don't tip by % of food if its delivery, that seems to me to be a rule for eating in. ie if I order 30 bucks of food, ill give 5 bucks tip, if I order 75 bucks of fool, id give 7 bucks tip. Ill increase it, but not at the same % In dinning generally, the amount of service you receieve and therefore pay for is pretty proportional to sales, but delivery is delivery. I don't think its more work really for more food.

Aug 16, 2009

Seems like it would make more sense to tip by weight. $1 for every pound over 5. Or make people tip more for things that are not square. Or really hot. Or so delicious that it is torture to not eat it in the car on the way over.

Aug 16, 2009
Aug 16, 2009

Can't you spend your full allowance and then take home your leftovers and eat them the next day for lunch? That way you are pretty much getting 2 meals? Or do they frown on that or something?

Aug 16, 2009
luke77:

Can't you spend your full allowance and then take home your leftovers and eat them the next day for lunch? That way you are pretty much getting 2 meals? Or do they frown on that or something?

That's what I did over the summer..

Aug 16, 2009

How often do you guys eat at your desks vs. eating at the restaurant?

Aug 16, 2009

delivery or take out my friend.

Aug 16, 2009

eat in only on the rare occasion. plus in the uk you technically aren't supposed to eat in cos banks like to claim back VAT. but the assistants who do the expenses don't mind as long as its the exception rather than the norm.

Aug 16, 2009

NYC over here. Ate at the desk half the time, other half ate with full times when I was a summer. We would just take over the conference room/ recently moved md's office and eat together for 20 min or so.

Luke77, no one frowns on that. If they do go tell them to suck it. Although, I am not sure you will have much food for the next day. I know I ate my leftovers 3-4 hrs after dinner.

Some co's have subsidized cafe where you can get a quick sandwich for $4 that is actually decent. That's what I did for lunch each day.

If you get a chance, use someones seamless if you know they aren't eating. Stock up on Voss water baby...j/k. Seriously grab some water/snacks with someone's unused seamless.

Aug 16, 2009

If it were me, I'd eat everything I could possibly get my hands on. I would order out everyday and eat a ton of gummy bears with whatever left over money I have.

Aug 16, 2009
ChickOnDeck:

If it were me, I'd eat everything I could possibly get my hands on. I would order out everyday and eat a ton of gummy bears with whatever left over money I have.

Do this everyday. Become a fat fuck. No guys/girls want to fuck you anymore. Life sucks. Eat a salad.

Aug 16, 2009

$25 is enough for a 30 min session.

Aug 16, 2009

I think i would need about $30

Aug 16, 2009

What about bringing your lunch to work from home (ie packing a lunch)and then ? Does anybody do this to save money or does everyone order takeout or go out?

Aug 16, 2009

Would you actually want to waste your time in the morning packing a lunchbox or doing something more important, like sleeping an extra 15 minutes?

Aug 16, 2009
Oconnor:

Would you actually want to waste your time in the morning packing a lunchbox or doing something more important, like sleeping an extra 15 minutes?

wow.

why take a shit in the morning? if you don't, you can get an extra 2 mins of sleep.

Aug 16, 2009

Yep, that's why you take a dump once you have arrived at the office and shown your face. It's all about time management.

Aug 16, 2009

...

Aug 16, 2009

no you find somebody who left early or is traveling and you use their allowance. or you use your MD's seamless

Aug 16, 2009

You pay $5 if your admin bugs you about it, but if she likes you she'll find someway to sneak that $5 through

Aug 16, 2009

Its funny because its only college students who would care. We're so broke all the time $25 seems like a fortune.

Aug 16, 2009

Because we all know, if a situation like this ever comes up in the workplace, you damn well better be prepared for it and know exactly what to do.

Don't you have some more important questions on your mind? Like, oh, I don't know, what is the name of that hot broad that works in operations?

Aug 16, 2009

$75/week

Aug 16, 2009

damn =/

Aug 16, 2009

Not yet. It's tough to eat for less than $25 in New York. WHat they are cutting down on though is early ordering and using multiple seamless accounts for one person.

Aug 16, 2009
ginNtonic:

Not yet. It's tough to eat for less than $25 in New York.

If you're talking about $25 a day, then yeah that's tough, but for dinner alone $25 is very reasonable. All a cut back from that means is people will no longer be able to load up on beverages.

Aug 16, 2009

$25. Where are they giving $75 at?!

Aug 16, 2009

he said 75/week...not 75/day :)

Aug 16, 2009

.

Aug 16, 2009

still at 30 here. Also get 20 for lunch on weekends in addition.

Aug 16, 2009

Yeah most of the time the allowance is too generous in terms of just dinner since people buy other stuff for the following day (drinks and sometimes something I can eat for breakfast since I'm a cheapskate). I can't imagine them cutting down on stuff like that too much though since it really doesn't affect the bottom line in comparison to md's taking private jets whereas it will piss off a lot of vp's and downwards.

Aug 16, 2009
Oconnor:

Yeah most of the time the allowance is too generous in terms of just dinner since people buy other stuff for the following day (drinks and sometimes something I can eat for breakfast since I'm a cheapskate). I can't imagine them cutting down on stuff like that too much though since it really doesn't affect the bottom line in comparison to md's taking private jets whereas it will piss off a lot of vp's and downwards.

I can't think of one instance in which an MD took a jet, other than for roadshows, which are paid for by the client.

Aug 16, 2009

at MBB its a 120 per diem (or at least the one I'm at)

Aug 16, 2009

I've got $25 for dinner, plus $25 for breakfast/lunch on weekends.

  • Capt K
Aug 16, 2009

120 per diem? do you mean while you're on the road? we have 100 per day when we are on the road. i think people are referring to how much they get to spend per night on seamless. 25 here

Aug 16, 2009
x35109:

120 per diem? do you mean while you're on the road? we have 100 per day when we are on the road. i think people are referring to how much they get to spend per night on seamless. 25 here

don't think that's exclusively for on the road.

i was at a boutique consulting firm and we had a very generous limit (more than twice as much as the numbers being bandied about here) for dinner every day, even at the office or client site.

i think on the road we could expense lunch and breakfast as well.

Aug 16, 2009

"Yeah, that's my per diem, so who do I give it to?"

Vince Vaughan is a genius

Aug 16, 2009

"120 per diem? do you mean while you're on the road? we have 100 per day when we are on the road."

Yeh on the road and after 7 pm in the home office. Since there isn't work on Fridays, its pretty much just Mon-Thursday evening. But I think you can pretend its after 7 when you leave and still expense.

Aug 16, 2009

i'm getting fat on 25 dollars a day in the office after 8pm. i can't imagine what would happen if i ate 100 per dinner.

Aug 16, 2009
Comment
Aug 16, 2009
Comment

The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.

Aug 16, 2009