What Perks Do You Guys Get in your IBD Jobs?

tempurask's picture
Rank: Chimp | 11

I'm finishing up my summer analyst stint in IBD at my BB bank and I was talking to some of my friends about their summers at their firms and the perks that we'll get as analysts.

My friend told me that at Houlihan Lokey they get Unlimited Metro Card for the mornings, Lunch, Dinner, Phone Bill Paid For, Gym Subsidy, and Cars Home at night. Apparently their meal expense limits is really high too like $40 or something around that. Is this true? Cause that just sounds crazy and I never heard of any IBD shop offering this many perks/benefits.

We don't get anything even close to that at my BB so it seems unfair that they would get all of this.

What kind of perks do you guys get at your IBD shops?

Comments (81)

Best Response
Aug 3, 2016

There are no such thing as perks in investment banking. If you call cabs home at 3am, sad soggy in-office seamless meals, and a metro card "perks" then you should reevaluate things

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.

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Aug 4, 2016
Will Hunting:

There are no such thing as perks in investment banking. If you call cabs home at 3am, sad soggy in-office seamless meals, and a metro card "perks" then you should reevaluate things

This times 100. I was just about to post this same thing.

    • 1
Aug 3, 2016

data room vendors will give you free tix to baller events if you work at a large enough bank...

Aug 3, 2016

I work in data room sales. If you play your cards right you can get that stuff even at a small firm.

Aug 4, 2016

Put the money on treating clients rather than designing a good bulk downloading function

Aug 4, 2016

There are a few providers that offer pretty decent bulk downloading but i get where you're coming from.

Aug 3, 2016

Houlihan has a $50 limit for a non-NYC office.

I'm pretty sure most firms offer free rides home past ~7?, but all of these perks are pretty insignificant compared to an extra $10k in your bonus at the end of the year. As Will Hunting said, most people aren't excited about these perks when they're running on 4 hours of sleep and about to get 3 that night.

Aug 3, 2016

Loyd Blankfein shines my shoes, minimum 2x a week. Senior management policy for grooming the best upcoming BSD.

I think- therefore I fuck

    • 3
Aug 3, 2016

It's Lloyd....sounds like somebody won't be receiving a FT offer

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Aug 4, 2016

Holy crap, you're right. I'll omit the 2 years from my resume, because of a typo. Sorry I couldn't be a baller like you guys...Off to find a bartending gig

I think- therefore I fuck

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Aug 4, 2016

Oh yeah, the Unlimited Metro Card. Baller.

Oh IB, what have thou become? You had the models and bottles until 2007.

The industry gets less significant by the year.

    • 4
Aug 4, 2016

What's more exciting than sitting with a $1K suit in a crowded metro smelling piss

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Aug 5, 2016

So true. Though I would add - why sit around anywhere with a $1k suit?

Aug 4, 2016

It means they have no real expenses. I wish I got that at my firm

I don't think they are skimping on bonus either. I hear that they get top of the street bonus as well

Aug 4, 2016

We don't get anything even close to that at my BB so it seems unfair that they would get all of this.

the carrot is so small it seems they don't even need to put something at the end of the stick anymore

Aug 4, 2016

HL is great IBD to work for

What concert costs 45 cents? 50 Cent feat. Nickelback.

Aug 4, 2016

HL does have some awesome perks relative to other banks

What I'm most jealous about is that they get to work from home on the weekends and don't need to come in to the office. That's the best thing you can ask for at the analyst level at any bank.

Aug 4, 2016

Never seen such good promotion for HL on this site before anywhere, and I have looked hard for it.

    • 4
Aug 4, 2016

"We don't get anything even close to that at my BB so it seems unfair that they would get all of this."

Goddamn you are a whiny little fucking bitch, aren't you?

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Aug 4, 2016

Many banks have these perks. I've never seen a free transit pass, but almost every place will let you buy them pre-tax, which basically amounts to a 30% discount. The more important questions should be "how much of my 401k contributions do they match" (probably the first 3-5% of your income), "how many days off will I get, and do I get separate sick/personal days" (especially in states where they have to pay out your remaining days off when you leave), and "do I have a pension" (no, you probably don't). Those other things are cool and save money but are also pretty standard across banking and finance.

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Aug 4, 2016

^Yes exactly this is the important stuff. Although the working from home on the weekends sounds cool

From talking to my friends there, I think they also get to wear jeans on Fridays or during the summer or something along those lines which is also very cool. Seems like a really lax culture to me from everything I've heard

Aug 4, 2016

Yeah,"culture" things like WFH are cool too, especially if your hours are going to suck. And casual Fridays aren't uncommon, either.

Aug 4, 2016

Free lunch is nontrivial. For $8/day at 252 trading days per week that's about $2000/year. Most Chicago prop shops offer this.

Salary also matters and the going rate for starting developers in the tech world and in HFT is now at $140k plus stock options or (FO style) bonus and 401k etc.

    • 1
Aug 4, 2016

True to the free lunch comment, but it seems that that's really only offered in tech companies and trading, and it's fairly standard across all companies in those industries (correct me if I'm wrong on that). So, someone choosing between one tech co and another won't necessarily have to spend much time thinking about that perk when they choose.

Aug 4, 2016

Fellas, first lesson of economics, there's no such thing as a free lunch.

Aug 4, 2016

I always heard HL was a sweatshop

Aug 4, 2016

Definitely Group Dependent, from my understanding.

Aug 4, 2016

Man these are some depressing perks.

At Zenefits, we had hella perks.
Unlimited PTO.
They rented out the entire AMC theatre for premier of Star Wars.
Weekly company paid happy hours (up to $100) per person.
We had a nap room for if you just wanted to take a nap.
Kegs.
The most bad ass free food kitchen ever.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller.

"Live fast, die hard. Leave a good looking body." - Navy SEAL

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Aug 4, 2016

Tech companies are a different beast. There is significant supply shortage (particularly for devs) that forces companies to do these things to attract talent.

Banking is incredibly competitive, firms can get away with the basic "perks"

Aug 5, 2016
Big_Red:

Tech companies are a different beast. There is significant supply shortage (particularly for devs) that forces companies to do these things to attract talent.

Banking is incredibly competitive, firms can get away with the basic "perks"

Only part of the equation. Making the workplace "fun" tends to attract people who aren't entirely motivated by money....and therefore are content to get paid less.

Aug 4, 2016
UTDFinanceGuy:

Man these are some depressing perks.

At Zenefits, we had hella perks.Unlimited PTO.They rented out the entire AMC theatre for premier of Star Wars.Weekly company paid happy hours (up to $100) per person.We had a nap room for if you just wanted to take a nap.Kegs.The most bad ass free food kitchen ever.

Did your perks include condoms in the stairwells as reported by Bloomberg?

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Aug 8, 2016

That was in SF. We have a no Latex policy in our office. So we just pulled out. Just like all the investors wish they could.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller.

"Live fast, die hard. Leave a good looking body." - Navy SEAL

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Aug 7, 2016

Unlimited PTO is a trap. The reason start-ups do it is so they don't have to pay you out on accrued time when you quit and they save time/money/effort on the accounting/finance side. It also, generally, makes it significantly harder to actually take time off due to the fact employees often fall into the line of thinking "oh i have unlimited of this, I can use it whenever" and then never do, whereas if an employee had to use accrued days by the end of the year or lose them, then of course they'd actually take time off.

Aug 4, 2016

Why do people want to do banking again?

I see your GS IBD, free Yale Club membership, and free rides home, and raise you 50 hours/week of free time and a higher total comp.

    • 1
Aug 4, 2016

Maybe people don't want to be a quant. They want the suits, work hard play hard life where they can flash it on instagram. All that time spent to get into a target school and then ace the interviews has to pay off somehow.

Aug 4, 2016
Name Of Profit:

Maybe people don't want to be a quant. They want the suits, work hard play hard life where they can flash it on instagram. All that time spent to get into a target school and then ace the interviews has to pay off somehow.

Doesn't work hard play hard imply having free time? I mean would you rather play hard at 150 mph on the track or play hard by getting sloshed at Emmett O'Lunney's after a long day of banking**?

**:My answer at 5:30 PM on a Friday is sometimes different than my answer at 8:00 AM on a Saturday

Aug 5, 2016
IlliniProgrammer:

Why do people want to do banking again?

I see your GS IBD, free Yale Club membership, and free rides home, and raise you 50 hours/week of free time and a higher total comp.

Are we really comparing quant qualifications with some guy with a finance/accounting/econ major + (Maybe) MBA? lol.

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Aug 5, 2016
QGKZ:

IlliniProgrammer:Why do people want to do banking again?I see your GS IBD, free Yale Club membership, and free rides home, and raise you 50 hours/week of free time and a higher total comp.

Are we really comparing quant qualifications with some guy with a finance/accounting/econ major + (Maybe) MBA? lol.

Because tech firms and prop shops treat everyone like part of the team, including their (excellent and well-qualified) accountants and finance people.

Furthermore, most of the people reading this thread are college students excited to stay late and get a free car ride home at 10pm. They can still change majors and be excited to get a free lunch and be out the door to catch some waves at Santa Cruz before sunset. TURN BACK AND STUDY ENGINEERING NOW ITS NOT TOO LATE!

You guys basically get a better deal than I got, just going in the opposite direction. (Finance -> Tech)

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Aug 4, 2016

I can confirm everything you said for HL is correct

Aug 4, 2016

My boss once told me "good job," that was a pretty chill perk.

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Aug 4, 2016

One time, my boss gave me a high-five. It was awesome. AND we get free K-cups and napkins.

Aug 9, 2016

"There are no two words in the English language more harmful than 'good Job'" ;)

Aug 4, 2016

I don't work in IBD, but from your description I'd say some people would rather not have those perks (e.g. free cab after 3 a.m.).

Aug 4, 2016

I work in audit, and that is pretty standard even in accounting. So I don't tink that is too crazy for IBD

Aug 4, 2016

free Nespresso

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Aug 4, 2016

Nespresso?!? You guys fancy AF. We've got shit k-cups.

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Aug 4, 2016

it's a European bank, so yeah

Aug 5, 2016
juniormistmaker:

Nespresso?!? You guys fancy AF. We've got shit k-cups.

You all should try working at a European office. The standard office includes a bean to cup coffee maker loaded with both espresso beans, regular beans, hot chocolate, and milk paired off against a carbonation machine (that works great with sodastream flavor bottles).

    • 1
Aug 4, 2016

Servicing coffee and picking up the dry cleaning is a big perk for me

Aug 4, 2016

Everyone back in college wants to be working at a bank and enjoying the perks of money

Everyone working at a bank wants to be back in college and enjoying the perks of free time.

Working in IBD basically feels like the day or two before finals on a fairly continuous basis. You are working like crazy.

Working in S&T feels like the day of finals on a daily basis. You are well rested but there's a lot of pressure.

Now you understand why so many 25 and 30 year olds in banking are happy about the prospect of winter or summer vacation.

    • 1
Aug 5, 2016
IlliniProgrammer:

Working in IBD basically feels like the day or two before finals on a fairly continuous basis. You are working like crazy.

Working in S&T feels like the day of finals on a daily basis. You are well rested but there's a lot of pressure.

Complete with the periodic crisis where you close your eyes, put your face in your palm, and wonder if peacing out of there for good is that bad of an idea.

    • 1
Aug 5, 2016

My friend at a small boutique has all of his lunches paid for.
I don't eat lunch though. Lunch is for wimps.

    • 1
Aug 5, 2016

How's healthcare benefit at BBs.

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Jun 22, 2017

bump

Aug 5, 2016

I'm not in IBD so I get the perk of leaving the office at 2pm today b/c I have a weekend trip. I also dont have to worry about receiving a single phone call from my bosses.

Aug 5, 2016

Perks: Stress knots, weight gain, pale skin, existential crises, life path regrets, feelings of inadequacy, career switching fantasies, reading "I'm OK-You're OK",

********"Babies don't cost money, they MAKE money." - Jerri Blank********

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Aug 5, 2016

lol you guys are the most negative group I have ever seen

Aug 5, 2016
BankingChimp678:

I worked at HL for two years in IBD, All the perks listed above are correct. Also, there are jeans and casual shirts on Fridays, free gourmet lunch on Fridays, ping pong tables that are brought out at 6 pm every day (which people actually get up from their desks and use), free snacks that are refilled twice each day (trail mix, popcorn, soda, etc.), Keurig that is free, Nspresso that is also free (in maybe 10 different flavors), laptops provided to each analyst, working from home on the weekends, leaving the office at roughly 10-11pm each night (in HQ) and 7-8 pm on Fridays, rare if ever all nighters, comp that is about $5000 - $10,000 higher each year than street average, and a culture where it is typical for a VP to hide in the cabinet of another VP and jump out after 5 minutes, scaring the shit out of him while all the analysts / associates watch, beer / cocktails provided by the firm for random parties (i.e. St. Patrick's Day), champagne and brunch provided to everyone on the day the firm IPO'd last year, etc.

And management actually gives a shit about analysts / associates' career development and happiness. THey don't need to mandate protected Saturdays because managers wouldn't staff up someone to the point they need to have one day a week mandated off in the first place.

Oh, and PE funds recruit analysts like crazy because they do so many LBO transactions (middle market).

Your last post 3 weeks ago specifically states you are a 1st year IBD analyst starting in NYC.

    • 1
Aug 5, 2016

Yep. Interned for 2 years while in school. But thanks for pointing it out.

Aug 5, 2016

At my BB, the only perk that I think worth having is the global hotel discounts. I can stay 5* hotels in Paris or any big cities for half the price or sometimes up to 60-70% off. Though I get to travel only 2-3x a year.

Aug 7, 2016

One time, after working 40hrs in 2 days, I got a "Thank You" instead of the usual thx. I was so ecstatic that I went and bought some ice cream to celebrate.

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Aug 7, 2016

I get free lunch everyday. My boss gave me some stuff when I started. I work 40 hours a week.

On Friday at 5:30 my coworker asked me if I was "moving in" because I was still working. That was my cue to leave.

Engineering you make a bit less (enough to still be super comfortable), but you also work 1/2 as much.

Array

Aug 7, 2016

Siiiiick what color soccer mom van do you drive to work

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Aug 7, 2016

I take my hover board that me and my friends designed in our free time.

Array

Aug 7, 2016

Non-IBD. 40-45 hr weeks, 12-1pm release summer Fridays, box season tickets to sporting events, 6 weeks paternity leave, sponsored HHs every few weeks (leave at 3-4pm), 8% 401K match on 6% contribution, flexible work from home policy, 22 vacation days, & 100% paid part-time MBA. Very good, imo.

Aug 8, 2016

PE Firm:

--50-55 hours a week max
--Monthly travel (may or may not be a perk depending on your perspective)
--Free goodies (think North Face apparel)
--No Saturday/Sunday work
--Jeans and Sneakers every day
--iPhone Macbook and iPad
--Fully paid phone bill
--Fully stocked gourmet kitchen
--Nespresso/Keurig Machines
--4 weeks paid vacation (technically "unlimited" PTO)
--Full health/dental
--401K Match
--FSA
--Company off-site to an exotic place once a year
--Company outings to sporting events
--Corporate Discounts
--Contests for groups within our firm, where the winning team gets an all expenses paid vacation
--Company Happy Hours
--Dinner/Cars when working late
--Free lunches on Friday
--Work from home policy
--Fully paid MBA/Continuing Education

Aug 7, 2016

HOLY SHIT

    • 1
Aug 7, 2016

Salary or GTFO.

Good for you.Crawls back into cave of empty seamless bags

    • 1
Aug 8, 2016

Where do you work? Heaven?

    • 1
Aug 8, 2016

Hahaha. No, not quite. =)

Aug 8, 2016

Please tell me where you work jesus christ

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Aug 8, 2016
Comment
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Aug 10, 2016