For fellow MBAs out there who are interviewing with IBD or taking an IBD offer, what numbers have you been hearing? Seems like most banks are offering $125K base+$50K signing bonus.
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Career Resources
Not from me, but a reliable source working on the street:
Y0: Sign On 50+7.5 (Intern Early Signing) + 100 Base + 35/40 stub
Y1: Base 125. Bonus could vary from 20-120.
Not 2014 data. (Probably older)
Here are #s from two offers I've received:
Offer 1: Base - 125k (head of HR told me it will bump up to 150 at stub year..although that is not public info) signing - 60 relocation - 10 early signing bonus - 5
Offer 2: Base - 140 Signing - 50
I take it offer two was a boutique? While offer one was a BB?
Do you know if the boutique has a bump after the stub year?
The 125K base and 50-60 range in bonus is similar to what I am reading/seeing in the recent batch of summer associates starting y2 of bschool.
Both offers were boutique - Lazard and Moelis
Similar in non-NYC area:
I have yet to here something different from 125K base, 40K singing, 10k relocation, +early sign on but I don't know what that is since I didn't intern.
Lower than I thought.
I thought post-MBA associate could make at least 250K-300K
Some of the above numbers don't account for full bonuses...
Exactly. We can't speak to stub bonus amounts for obvious crystal ball reasons.
you do
125k is right on spot actually, signing bonus was a bit lower for me (30k), didn't negotiate hard enough :)
Nice offers. Are you all recruiting out of an M7?
Nah... Top 20
BB NYC:
Signing Bonus: $60K ($40 signing, $10 relocation, $10 early signing) A0 Salary 125
After looking through the WSO 2014 Compensation report, it seems as if even for BB in NYC doing M&A from Target Schools with good GPAs, the Median Total Comp for Associate 0s and 1s was only about $170k. If the base starts at $125k, does that mean these people are only getting a 40% bonus?
I thought the bonus % for the middle bucket for BB/NYC/M&A would be a median of about 80%? So that would mean $100k bonus + $125k base = $225k. Am I wrong?
Or is it that most of those who are reporting here are the bottom buckets and middle buckets only? I'm also assuming there is only one person in the top bucket per group at a BB? (so one for TMT group, one for Healthcare group, etc.)?
Is the distribution for middle and bottom buckets about equal? or is it something like 10%/60%/30% for top/middle/bottom buckets?
The people posting in this thread are posting stub year numbers. Associate 0 (stub year) numbers are going to be 125k base and about 35k bonus.
First year associates (not stubs) at BB last year for middle bucket was 120k base 110k bonus = 230k total. First year Associate top bucket was 120k base + 150k bonus = 270k total.
I could go on, but you can search for previous posts from back around bonus time at the start of 2014 to see the other associate numbers. These numbers are going to change next year with the base pay increases. Most associate levels are getting a 50kish base increase. This could be offset by lower bonuses next year, but nobody knows for sure yet. Either way it's a good thing overall for associate pay, especially since the base is all cash, whereas most banks have a stock component of the bonus.
Thanks thagoodlife. I couldn't find a bonus thread from early this year for Associates, I've already searched pretty heavily. I found the analyst one a while back though and I remember it had little, if any, info on Associate bonuses.
Anyway, I think the information you provided is helpful. What is the distribution between these buckets like? Is it 10% bottom bucket, 80% middle bucket, and 10% top? Or is it 40/40/20? Or just evenly split 33/33/33? I understand it will vary based on firm-type, location, year, firm itself (and even individual groups), but what i it traditionally and which ones are known to vary significantly from the others?
There's a big difference in a firm paying a top bucket of 150% of base but only one person gets (and the middle bucket is only 100%) vs a firm paying a top bucket of 125% but half the people get it (and the middle is again 100%).
I've heard there may even be firms which heavily skew towards the top to get good "headline" results to show up in the papers and forums like these so the top bucket may be 200%, but then besides that one favorite associate, everyone else gets between 25% to 75% of their base as bonus....not a great situation to be in.
will absolutely love if brady got his mba and just to go into banking
I've heard BBs at $125k base...but I also know Moelis base is $140k
For people who are 1st year MBAs who would get the benefit of SA + FT Associate adjusted base... what would the breakdown of SA + A0 through A# be with the numbers going fwd.
Looking only at Base...
Summer Associate: comp based on A0 125k (?) A0: 125k A1: ? A2: ? A3: ? ...
(just assuming BB comp - maybe we could run a separate breakdown for boutiques, after this is answered)
do the figures vary significantly across the different regions? e.g. a GS M&A in London vs NYC vs HK/Singapore
Thanks TechBanking, that's very helpful. I wonder how similar that setup from years ago is today and how it is today for boutiques and MM's. Maybe someone else can chime in for that?
If for Analysts back then it was a $10k bump, maybe for Associates, these days, it's a $25k difference?
In that case (and combining the assumption that the bucket split is between 10/80/10 and 20/60/20), I would assume with the WSO 2014 Comp data showing median total income of around $160-$170k for Assoc 0s & 1s in NYC would mean the middle bucket at most firms was around $50k ($125k) base and that most who are reporting here got middle bucket. That would mean top bucket of only $75k? Or maybe the difference at the Assoc 0/1 level between the bonus is $35k....$35k/$70k/$95k....with most reporting here receiving low & middle buckets?
I know this is probably getting confusing. I'm just trying to reconcile the data found in the WSO report and all the information here on the forums. I just don't see how people are talking about $300k top buckets all-in for Assoc 0/1 if the median for the WSO report is only $170k. The only way that would be true is if the difference between middle & top buckets is huge (like $25k/$50k/$175k).
The numbers are probably messed up for A0 and A1 on WSO comp data because firms categorize them differently, so there are stub numbers included in the A1s. Lots of my friends and I are at different bulge brackets and the A1 numbers are what I mentioned above. As far as a break down of buckets, its about 20% top, 50% middle and then the rest spread around other buckets, depending on how different banks do their buckets (some 4, some 5, etc.). The median all in comp for A1 last year was around ~$230K.
WSO report is bs. Bases were also lower before the new kick this year/early next year.
How significantly does this differ for MM firms in NY or even in other cities (Chicago, SF/LA, etc.)?
I'm guessing about 15% lower for MM and then another 15% lower for cities outside NY? So instead of a median for BB in NYC for A1 of $230k, we're talking about $170k all-in median for Blair, Baird, Piper, Lincoln in Chicago? Or is that too much of a drop from the median for BB in NYC?
Just posting this so there are more data points for folks. Not saying that any of the above is false/wrong, but based on what I was told it seems slightly off. For context: I went to a top 10 MBA and graduated in 2014. Off-cycle hire at a boutique M&A bank so I started in early July. Comp breakdown below, and includes what they communicated upon extending me my offer.
A0: - Signing bonus: $40k - Relocation: $5k - Base: $110k - Bonus: I get my stub # this week so who knows but I'm thinking somewhere around my signing bonus #. Very curious to see what my stub is given the off-cycle nature of my position... not expecting much though...
A1: - Base: $125k (hearing rumors of firmwide bump to $130k or something, but no clue) - Bonus: Guidance was that in 2013, median A1 bonuses were $150k and top bucket bonuses were $175k or higher (so median all-in comp for A1 was $275k and top A1s got $300k+).
Talking to my friends who were taking BB roles, they had the $40k sign on at end of summer plus whatever relocation and plus the early sign on kicker with a sliding scale the longer they waited to sign. Base was $105k for A0 and bumped to $125k for A1. They said their guidance on bonus was around 100% of base (but that they thought this was partly managing expectations).
Just repeating what I was told, for whatever it's worth. Personally, I'm skeptical of it all, but then again, I always am. Good luck to all associates w/ their numbers...
This is pretty much what I have heard too. For class of 2014 Associates the stub bump from A0 to A1 are as follows; GS 150/50 bonus Citi 150/35 MS 150/30 BAML 140/40
BAML and CS are both 150/35. MS is accurate.
Update - just got stub and it was $55k, for whatever that's worth. Bump in base was just to $125k, no indication of additional bumps throughout the firm.
BB or EB?
Boutique but not EB.
Anyone have any additional insight? Also was curious, but there was a website that would release bonuses by firm and do simple analysis it had something hat in the name? Can't seem to find it as I did not book mark it.
Bonus hat? I know I sound crazy, but if anyone knows what I am talking about and can share the link that would be great!
Yes, I tried googling for it...
Associate Salary (Originally Posted: 10/10/2006)
Rumor is that salary has been increased for new MBAs from 95k to 100k. How accurate is this rumor? Has anyone else heard anything?
yep, there was a post about it a few days ago, apparently Morgan Stanley started offering 10k more starting, and it snow balled to every other IB on wall street.
The signing bonus for most bbs was bumped 10k b/c of Morgan Stanley, but the salary seems to still be 95k.
Yeah, I posted about the $10k increase, but that was the signing bonus, not the salary. As far as I know, the salary is still $95K base across the street.
what's the expected bonus this year?
i hear for 1st years, who graduated in 05 and will work entire 06, top end is about 145
i want some
it may be more like 175 on the top
1st Year Associate Salary (Originally Posted: 07/13/2009)
what are the typical ranges across the street?
//www.wallstreetoasis.com/forums/2008-first-year-associate-all-in-comp //www.wallstreetoasis.com/forums/JPMorgan-1st-year-associate-base-salary //www.wallstreetoasis.com/forums/2008-first-year-associate-all-in-comp
...just to point out a few
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There has been a lot of talk lately about Analyst salary bumps. Can anyone confirm anything in regards to Associate salary bumps? I saw on one of the threads about UBS Associates getting bumped to 130/140/150. Can anyone confirm either this or other banks?
Those figures for associate base pay at UBS are true.
Heard directly from current associates there.
will that UBS pay scale affect new incoming associates... i have not heard anything about a pay bump
I assume the bump will take effect after stub year
that makes sense to me. i'll take that instead of some joke of a stub bonus
Anyone else have intel on any other firms?
Does the large Associate salary bump at UBS indicate that they intend to pay very little bonuses?
1st Yr. Associate Base Salary (Originally Posted: 05/11/2010)
What is the current First Yr. Associate salary across the Street?
WTF is it with these posts. Take a look around dude!
Like seriously, folks should only start a forum for issues that are new or have never been addressed.
just look around
http://www.glassdoor.com
Average in 2009 is $90,000 USD, varies from bank to bank
bulge bracket is 100k base for 2010 first year associate up from 96k for the past few years.
BB/Elite Whatever is 100K
most MM are at 90K
Thanks for the info. for those who had useful comments.
..Just wanted updated numbers. Didn't seem to find current numbers in other searches and sorry I don't have all day to make worthless comments and do comprehensive searches on this site.
Some banks have raised base for associates, for example: UBS $130k, GS $125k, MoCo $125k for first year associates (post-stub). There may be others but these are the only ones I can confirm.
Investment Banking Associate Salary at BBs (Originally Posted: 08/30/2010)
What is the current salary for 1st and 2nd year associates?
I've heard $100k for first years, but some other people are saying 125k. Does it go up to $125k after December. Let me know
100k is standard from those I know who just got offers. Not sure why it would all of the sudden jump to 125...think the most recent across-the-board increase was from 95k to 100.
Heard the 125k figure too. Specifically, heard it at DB. They bump you upto 125k from 100k at the end of your rotation period (DB has a 6 month group rotation period). Basically you get bumped to 125k at the same time as you get your stub of 40k-45k.
Not sure about other banks yet.
How much the bonus on average on top of 100K Salary?
Associate levels at DB go from 1-4. Not sure why that's the case since most BB have a scale from 0-3. Associate 1 is the stub year (Aug - Dec) during which the salary is 100k + the bonus of $40-$45k (median). Beginning next year, you are categorized as Associate 2 and the salary is 125k. The base increases by 25k at the beginning of each of the following years until you are Associate 4. So as an A4, you make $175k base + bonus. At the end of that year, you make VP and then the payscale changes completely.
BMO associate base is 125k with a stub bonus of around 50-80k
i know some summers getting 145k
donde?
He has to mean summers that are hired FT...
Associate salary bump (Originally Posted: 01/03/2011)
hello there
does anybody know when do the salaries for associates get bumped for the new year @ a BB?
thanks
street finds out promo's & bonuses end of jan, numbers take effect end of feb
thanks
What are the current post-MBA (Senior associate) salary/bonus numbers? (Originally Posted: 04/02/2011)
Just wondering what to expect to be raking in 6 years from now.
Anyone familiar with these numbers?
Average post-MBA (senior associate) salary/bonus for megafunds, large funds, and MM?
I'm thinking for megafunds it's somewhere around $150k salary and $150k bonus.
300k is pre-mba associate salary
Haha good luck breaking into PE bro.
ANYONE? No one here works as a Sr. Associate in a PE fund?
Heavily dependent on the fund. Are we talking megafund, top MM, mid-to-low MM, growth equity? Megafunds are probably upwards of $500-600k, top MM are probably slightly below that, mid-to-low MM is $300k or so (highly variable though) and who knows on growth equity.
500k for post-MBA megafund associate?
Not saying that's low... but consider this --> 2 year BB --> 2 year preMBA --> 2 year MBA --> megafund associate (500-600k)
So it takes 7 years for the megafund associate to get 500k.
On the other hand, assuming one stays in banking as a analyst promote and keeps going
3 years analyst --> 3 years associate --> VP1 (500-750k)
Doesn't the BB VP actually make more in the same amount of time?....not to mention the forgone income and tuition of the MBA
If you work for a shitty fund that carry might not be worth shit but if you really believe in the team you are on that 1-2% carry can end up being a few mill....which is the light at all of our tunnels.
I bet 500k is your cash salary. You'll get carry as well.
i mean... phantom equity that takes 7-10 years to vest, that may or may not be worth something. awesome.
It all depends on so many factors. Size, your importance, fund performance, your experience... If you are a star and they know you have the option to jump ship to another fund they will make sure you are happy. Way too many PE funds out there looking for senior associate/junior VP's to come in and hit the ground running.
I'll certainly agree with that! As you move up the seniority ladder, the "key" people start to get paid based on their value-add rather than their title.
Yeah and completely independent of where they got an MBA from.
Deleted
What is the salary of an associate? (Originally Posted: 08/11/2011)
I did research and it seems like the starting for an analyst is $70,000. What happens when you reach the associate level?
you get more $$$
OP you should first read all the FAQ, that should answer most of your basic question.
Salary of an Assosiate $300 K -$350K
//www.wallstreetoasis.com/faq-how-much-will-i-make-if-i-pursue-a-career-i…
http://www.wallstreetoasis.com/faq-how-much-will-i-make-if-i-pursue-a-c…
the higher numbers are all in comp and include bonuses.
Investment Banking Associate salary (getting a promotion) (Originally Posted: 10/09/2012)
To all you who would know,
What is salary range for 1st year Associates? I am getting promoted and have been asked to propose a number.
Thanks
In NYC $110-$120k and an additional ~$20k 'signing' bonus (even if you're a direct promote). If you're in a spot to negotiate, I've known associates who were able to lock in their bonus numbers too if they were getting poached.
Interesting. I know that NYC is usually higher due to cost of living. Is that range the same in other markets as well?
I would think so. For reference, thats not an enormous increase from 3rd year analyst base at 90k. As far as I know, that was the level in diff locations as well.
~$130k-$150k
Isn't that really pushing it for an IB associate?
I know the average for IB associates coming from top schools (I just looked at Wharton, Tuck, and HBS) is only around $100k/year.
$100k is definitely low
Really depends how much your current salary is, size of the firm, and where you're located.
100k coming out of bschool until year-end, then bumps up to ~120k on Jan 1. All bulge brackets pay the same thing. Evercore pays a bit more.
Signing bonuses are 40K + relo.
This sounds pretty much dead-on from what I've heard.
How much does not coming out of B-school and getting bumped to an associate negatively affect those average salary numbers (if at all)?
thanks for all your inputs!
It doesn't, but I'm getting this sense that you're trying to negotiate for the low end of the range for some reason...
balls,
I just want to be armed against the push-back that I get in my negotiation. Felt that the MBA could be one of those.
F that. Have you ever worked with someone fresh out of an MBA class? Especially if you're at a small shop, it would be very difficult to get a quality MBA grad who has banking experience... Nothing against MBAs, but it takes them a while to get upto speed if they are new to banking. From the analyst view, they mostly function as a lightening rod in case you fuck up something they don't catch. (says the liberal arts guy...)
Never have worked with them but I can see how someone completely new to banking coming in at Associate level could draw the ire of Analysts.
Appreciate all your responses. I've put in my proposal.
Yep, and fwiw - I just spoke with another friend of mine who is an associate and he confirmed that in his first year all in comp was high enough that he had to be paid partially in stock. I didn't pry for exact numbers and the threshold for cash bonus max differs place to place, but you still get the idea that its more than $100k... Even if you're assuming a generous bonus at 100% base, it's safe to assume the stock comp isnt a consideration until you're north of $200k.
Now I'll fax you some docs so I can get paid on this compensation consultation
lol thanks balls. Is he at a BB or Boutique?
I'm glad we're on a first name basis. Its not a BB, but bigger than your shop from what I gather. At the associate level your pay expectations should be based on what your next best option pays, not the size of your bank.
Yeah that makes sense, but i don't have any other options currently because it's through the same firm. I'm not ready to leave just yet to test the market. Btw, first name? lol funny guy
Sheesh, you take things so literally. I don't mean to you need to have another offer in hand to verify your worth, I was just explaining free markets 101...
I take it all back, you're lucky if they pay you 100k ;-)
Professor Balls, I do because the Internet is the truth.
Don't forget about the stub after first 6 mos...
What's a typical salary for a 30 year old BB associate with a H/S/W MBA (Originally Posted: 12/20/2014)
Just like the question asks. I've heard numbers thrown around, but I wanted to hear from you guys, since you probably know best. Like the question says, BB associate with a H/S/W MBA (we'll assume this hypothetical person spent 2 years as an analyst immediately after undergrad, went to one of the aforementioned B-Schools, and has four years as an associate straight out of B-School)
The same as any other BB associate
Associate Compensation (Originally Posted: 01/18/2016)
TL;DR: How much do Associates make?
I am currently going through the MBA recruiting process. I have a few offers (Wells, Barclays, Jefferies). Leaning towards Wells because I have heard great things and enjoy the folks there.
My understanding is that A1 pay is 125K Base + 125K Bonus; however, I don't actually have a clue. Can anyone clue me in as to how much and in what manner (Cash/Options) I will be paid? Does Associate pay come from a general pool? What do the typical high and low performers make? What is the likelihood of bonus expectations not being met (due to group/firm performance)? What is expected stub year pay and bonus? What can I expect to make as a senior Associate?
The range of bonus you noted is for a top or 2nd bucket associate (depending upon the firm). You can generally expect that 20-25% of your bonus will be deferred (cash, stock, or some blend of both) vesting over 3-4 years. At any of the big banks, salary will go 125 (A0), 150, 175, 200 (A3). This year at my firm, top bucket bonuses were 130 for A1s, 175 for A2s, and 225 for A3s. Most banks will be clustered around the same ranges, with some exceptions (see below). Expect a stub of ~35k (all cash) your first year. Be realistic: top bucket rankings typically go to less than 10% of performers.
All banks do rankings differently. Wells, for instance, ranks only within groups, whereas Barclays will rank you across all of IBD. If you're looking to get zero bonus, then go to Jefferies, which has a reputation for blowing people out with goose eggs on the reg. I know they'll give you the hard sell about how they work harder, blah blah blah...there's no honor in not getting paid. PM if you have any more specific questions.
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