S&T analyst years pay across BB's

MJP338's picture
Rank: Orangutan | banana points 280

Considering a few offers...can anyone comment on the pay differences in a normal year at the following BB's for an analyst all else equal?:

GS
MS
Barcap
Citi
UBS

Thanks.

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Comments (16)

Oct 8, 2010

lol I hope that isn't how you are trying to determine where you want to work as an ANALYST IN AN S&T PROGRAM. Christ dude... first off, even as an analyst (granted probably not until your 2nd/3rd year), the biggest difference is going to come from the bonus, which is related to the quality of your desk, how early/aggressively you are allowed to trade, etc. Second, the salaries are all about the same and early on you should be focusing on trying to learn the most. Even the difference between the highest paying props (some of which pay significantly higher starting salaries than BB S&T) and the worst S&T program should not be the determining factor when you're starting out.

Oct 8, 2010

I have a mountain of debt to pay off. Obviously I care more about being best positioned for the 250k job in 3 years than 20 or 30k difference over 2 years I would see between banks. FWIW, I would do sales, not trading..

So the bottom line is, pick the best desk I have an offer from?

Oct 8, 2010
MJP338:

I have a mountain of debt to pay off. Obviously I care more about being best positioned for the 250k job in 3 years than 20 or 30k difference over 2 years I would see between banks. FWIW, I would do sales, not trading..

So the bottom line is, pick the best desk I have an offer from?

Is you're in sales, make sure you're on an institutional desk (as opposed to retail or corporate).

Oct 8, 2010
JCI:
MJP338:

I have a mountain of debt to pay off. Obviously I care more about being best positioned for the 250k job in 3 years than 20 or 30k difference over 2 years I would see between banks. FWIW, I would do sales, not trading..

So the bottom line is, pick the best desk I have an offer from?

Is you're in sales, make sure you're on an institutional desk (as opposed to retail or corporate).

Just curios, why institutional over corporate?

Oct 8, 2010

It's not going to make any significant difference. Also you are missing some big shops.

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Oct 8, 2010

I don't care how much debt it is, you still don't get the fucking point. The salary differences are practically negligible for first years, let alone what happens after that. Even if you somehow make $10k more at one place in salary (unlikely, esp. in sales), there is a chance that you could be royally fucking yourself even over the term of 2 years for a whopping $5k extra or so after taxes.

Oct 8, 2010

Ok, good advice all, thanks. Do buy-siders or MBA programs care about the brand of the firm, or do they just focus on the work you actually did? What is your thought process when considering several seemingly equivalent offers (other than 'work with people you like'....I like all of them)

Oct 9, 2010

at the end of the day if your a top performer at any of the 5 above mentioned banks there simply is zero difference. I cant seem to comprehend how people are able to get these jobs that are so coveted yet cannot put a simple logical career path together.

I would like to point something out about GS and that is it seems to be the most flexible with the placement of their people and if exit ops concern you then lets hope you dont end up on a money market sales desk or something goofy/highly specialized.

Try to get an idea at what each firm has a comparative advantage in and combine that with the people the pay just doesnt matter in the beginning like the above have mentioned.

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Oct 8, 2010

It's not that I'm intellectually incapable of putting together a 'simple logical career path,' it's that I have been so focused on getting the offers themselves that I hadn't considered how I would weigh/compare them. Just looking for guidance.

A couple of banks have rotational analyst programs (usually 1-2 rotations within the 2 years). When it comes to exit opportunities, would you say this sacrifice of depth for breadth is valuable/detrimental/neutral?

Oct 8, 2010

In my opinion, if you have any idea of what products might interest you, I would steer away from the rotational program, as all its doing is setting you back 1-2 years from someone who was dedicated to a desk. On the other hand, if you are completely unsure about what type of desk you want to be on, it might be better than ending up somewhere you hate.

Oct 8, 2010

Firstly, thank you all for the advice. Much appreciated.

I think the key question about the rotational program is what the learning curve typically looks like over the lifetime of an analyst program (I would be equally happy in cash credit, equity derivatives, fx, or commodities). That is, how much is learned in the second year as compared to the first year, and is the gain in breadth of knowledge more valuable than that lack of depth of knowledge?

Oct 8, 2010

I'd be inclined to say that the potential upside of staying a second year in a rotational program outweighs the potential downside. The longer you're with the bank, the more your credibility gets solidified. This translates into more meaningful work being given to you and a stronger network, which will often lead to you finding your permanent spot on the floor. The only good reason anyone should have to drop out of the rotational program is if they're able to secure a permanent spot early, which doesn't happen too often.

To answer your second question: Try to spend at least 4 months on each desk in order to get some meaningful experience/work that you can leverage to secure a permanent spot. Variations of some rotations I've seen are: 8/8/8, 6/6/6/6 and 12/12. It can take anywhere between 1 to 2 months for someone to really settle into a desk, hence the recommendation of at least 4 months.

There are also some cases where a desk might want to hire someone full-time, but there's no headcount for them. This was the case two years ago on the cash desk of the bank my friend used to work at. The recruit was hired under the umbrella of the rotational program but they just did all their rotations on the cash desk until there was headcount.

Oct 8, 2010

JCI, thanks for the insight. The rotational program I'm strongly considering is a 12/12. I'm also assuming the 2nd 12 month is much more robust than the first, because you hit the desk with 12 months of experience on the trading floor.

Oct 8, 2010
MJP338:

JCI, thanks for the insight. The rotational program I'm strongly considering is a 12/12. I'm also assuming the 2nd 12 month is much more robust than the first, because you hit the desk with 12 months of experience on the trading floor.

Correct. The new desk will typically ask your old group about you (i.e. quality/quantity of your work, attitude, skill-sets, etc). As a result of a good reference, the new desk will often give you the benefit of the doubt when assigning projects, roles, responsibilities, etc. Definitely pay close attention to the attitude aspect and the way you carry yourself day-to-day, since it's typically the driving factor of whether a desk likes you or not. This is of course on the basis that you do relatively well on any work they assign you.

Oct 8, 2010

Thanks for the valuable advice all.