S&T FICC Salary - NOT in NYC
Hey ya'll,
Currently going through the interview process for an agency mortgage desk. From what I've found, S&T analysts make around 120,000 TC their first full year. However, this data all seems to come from Manhattan salary data. Does anyone have any insight on what TC would be for a first year analyst in other cities? COL calculators seem way off. (Think Houston, Miami/Tampa, Charlotte, Chicago, Minneapolis)
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If you are working at a BB in one of the regional offices you will get paid the same as if you were in NYC. If you are working at a regional dealer you will be paid less, I'm guessing 80-100K is the comp range for first years at one of the regional dealers.
Seriously? The position is at a bb, I’d be really surprised if comp didn’t change at all considering the differences between HCOL and MCOL. From what I’ve found on the self reported salary data on wso, moving to a medium/medium-high COL location dropped S&T total analyst comp at least 20k. Are you speaking from experience?
Not the guy you asked, but my experience within a BB is that the comp is consistent regardless of where you're based. That said, location may play an indrect role in your comp. For example, the group you're in in Chicago/Houston/Charlotte may not have the same sales volume or P&L as what you could be doing in NY. Say you could sit on an MBS desk in NY and make 10mm in pnl. If you moved to Charlotte to have better access to some of those regional accounts, maybe you only make 8mm in pnl because flows are different. Then, your comp is different but if you had made 10mm it would have been the same. Obviously this is a super simplified example, and a lot of other factors go into your final comp, but I would be surprised if location is one of them. My discussions with comp have always had that component (especially since I've been offered moves to different cities), and never have I see a COL adjustment.
Most of my anecdotal data points are people who moved from NY - I'm not sure if a bank would pay less to somebody who started out in a satellite office, but I have a hard time believing it.
I started in a satellite office and comp was the same as my counterparts in New York. I would not worry about comp and more about growth in terms of desk P&L and the actual product you are covering.
AverageJoe1 PlsFthx Great info, thanks guys. I found out I passed the 2nd round interview when a lady from HR called and asked me what I expected comp to be. She prefaced this by saying that since they've never hired for the NY desk in a location this remote before that it'd take them awhile to factor in things like COL into what I'd be offered. I hadn't done my research by that point, and regrettably threw out a number for my base that was about 20k less than what I knew Manhattan analysts would make. Hopefully I didn't torpedo myself.
I should add that I worked in a BB. Not sure if you are in an MM they could adjust comp down lower. Also even if you are not in NYC but the position is based there - not sure if you need to pay New York City and State taxes.
The position is at a BB. I'd be surprised if I'd have to cough up NYC taxes; if that was the case, I'd imagine the lady from HR wouldn't have even brought up COL adjustments. I'll be reading the fine print of the offer very carefully regardless.
I'm a bit lost here, you will be working on a trading desk where all your co-workers will be in NYC but you will located somewhere else? Is this just a temporary thing until COVID is over? I have never heard of a BB having an analyst on one of its trading desks work out of a different office full time. This is a learn by osmosis job you need to be on the desk with everybody especially as an analyst.
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