When do first years get paid their bonus?

Do they get them the summer after they start work? I.e July 2011 if you started july 2010.

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Comments (99)

May 11, 2010

That is correct. One year after you begin.

May 11, 2010

Depends on the bank and its bonus cycles...

May 11, 2010
brisbane:

Depends on the bank and its bonus cycles...

I was referring to BBs with the traditional intake class

May 11, 2010

can someone ban qiongyi

May 11, 2010

Yeah who the hell is qiongyi?

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Oct 6, 2011

..

May 11, 2010

At a BB where bonus is paid end of traditional year. Get actual payment in February. 1/2 bonus to start (6 months).

Oct 6, 2011

some banks got paid already.

For MS, I think it's around April-ish?

Oct 6, 2011

I haven't gotten my 10k from John Mack yet, so don't fret if you've signed with MS. My buddies with JPM and Credit Suisse haven't been paid yet either.

Oct 6, 2011

UBS gets paid shortly after Jan 1st, so probably next week (fingers crossed). Other banks may be similar

Oct 6, 2011

Morgan Stanley, JPM, Barclays, and Credit Suisse haven't been paid yet I know that for certain.

Oct 6, 2011

JPM S&T got theirs, actually

Oct 6, 2011

They get paid out a few months before the bank rescinds your offer.

We're about to enter a Great Depression.
Don't you want a president who's already dressed for it?

I'm making it up as I go along.

Oct 6, 2011

Speaking only for my own position next year, I was told it would be paid out my first week of working/training.

Oct 6, 2011

I was paid in mid-December, and my $10,000 turned into $6,000

Oct 6, 2011

Did they send you all a check or wire it to your account?

Oct 6, 2011

They wire it to the account they paid you with during the summer or to a different account if you specifically say.

Oct 6, 2011

For S&T at the BB I am working at, I am reading the signing bonus clause right now and I quote "You will receive a lump-sum relocation payment of $10,000, less applicable withholding tax,.....in the first half of 2009"

So I am not sure if that is just S&T or IBD as well but I found this next quote particularly controversial with this board's information:
"...A discretionary incentive bonus, if any, will be paid to you provided that you are still employed at the time which bonuses are paid, typically in the summer."

Everything I have heard on this board implies that S&T bonuses are stub however according to my contract that doesn't seem to be the case...any reason?

May 12, 2010

It's generally July-August; varies from bank to bank. I can't confirm February payment for end-of-year bonuses, as my bank does the July-August cycle.

Oct 6, 2011

I get mine in my first paycheck. Sucks.

Oct 6, 2011

This was 2 years ago but I think I got mine in April or so or shortly before training started in the summer. You have to wait awhile in some cases, sometimes they also only pay you with your first paycheck.

Oct 6, 2011

I got mine two weeks after signing. Depends on the bank. It is something that you should ask your recruiter after you receive your offer.

Oct 6, 2011

Mine also came in April (BB - CorpFin offer).

Oct 6, 2011

We were tentatively told to expect it around Spring Break (mid- to late-March). Early April wouldn't surprise me hugely. Ours is supposed to come with the finalized materials on benefits, program dates, etc.

Oct 6, 2011

I was told that they will be given at the first convenient time after starting, which I believe means the first paycheck, not sure though.

Oct 6, 2011

my BB said first quarter 2008...i am still waiting.

Oct 6, 2011

Got mine a couple of weeks ago. Gross of tax. Scary to have to owe taxes at the end of the year.

Oct 6, 2011

What?? Some of you aren't getting your sign-on until your first paycheck? What if your parents don't have money... how are you supposed to move? That sucks.

I get mine late April/early march. BB.

Oct 6, 2011

Got the first half of mine in late Jan, 2nd half will be with first paycheck

Oct 6, 2011

Told to expect to receive it between mid-March and mid-April with benefits package. BB IBD.

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Oct 6, 2011

I have been told that mine will have taxes withheld and will not be gross but net of tax.

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Oct 6, 2011

Gross of tax or net of tax does not matter for a couple of reasons.

1) Your bank might / should hit a paycheck at a later date for some of your signing bonus earnings - this will obviously reduce the amount you owe at the end of the year - but will make one or two of your training paychecks light.

2) If you're not working the first half of the year, it's going to be hard to owe taxes at the end. When you're getting taxed based on $60k and you end up making less than $30K for a calendar year, you get a fair amount of money back in the spring.

Oct 6, 2011

Getting mine with the first paycheck.

Oct 6, 2011

Did anybody receive their bonus as a wire transfer, or are they usually by check?

Oct 6, 2011

For those who have received theirs net of tax, how much was taken out as tax? I think mine is net of tax as well.

Oct 6, 2011

I received mine a week ago -- and wow, taxation sucks.

Oct 6, 2011

net i only got 56%... hopefully ill get some $ back

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May 12, 2010

You will typically find out your bonus 2-4 weeks in advance of payment.

Some person from HR will come up to your floor with a bunch of packets to drop off for your MD or SVP. Then, he will start calling people into his office. Nobody will throw out any specific numbers, but they'll give you a very abstract idea. You can usually tell by the look on peoples' faces when they walk out of the office.

May 11, 2010

Not regional/satellite offices

Oct 6, 2011

but same offices get them the same time? One of my classmates who will be joining the same firm/office got hers a few days ago. Still haven't gotten mine.

Oct 6, 2011

bottom line, should I be worried I messed up the background check or something?

Oct 6, 2011

You will be paid your base as well.

Oct 6, 2011

Don't worry - in addition to your sign-on bonus, you get paid your regular base salary during training as well.

Oct 6, 2011

SAs also get regular pay during training right? Although I am guessing the training period is much shorter?

Oct 6, 2011

can't wait to visit your local street pharmacist eh?

I am also curious...

Oct 6, 2011

In my case it was a "relocation bonus" so I didn't get it till April.

Oct 6, 2011

You get it when Obama tells you that you get it.

Oct 6, 2011

my letter stated march.

Oct 6, 2011

I think different firms do it differently. My contract said first month from start of work.

Oct 6, 2011

mine is getting paid out this month. i think a lot of them come during 1Q. this has been discussed before, pretty recently i think. you may try the search feature to gather some more data points.

Oct 6, 2011

my contract said february

Oct 6, 2011

I get mine by the end of 2Q.

Oct 6, 2011

It varies by company. My offer letter said I will receive my signing bonus sometime during 1Q09.

Oct 6, 2011

my contract said february

Oct 6, 2011

my contract said february

Oct 6, 2011

Got mine back in October. Contract stated within ~100 days of returning the offer letter. Just varies by company.

Oct 6, 2011

Why dont you just call and ask them? Every bank is different. Some get it within weeks of signing, im getting mine 1q of this year even though i signed in November. Some get it 30 days after they start. Just call and ask

Oct 6, 2011

No - but they knew I already lived in NYC. I'm curious to know if some people get a $10k signing bonus AND a $10K relocation bonus. Doesn't seem fair that they would give $20K to some and only $10K to others.

Oct 6, 2011

"Doesn't seem fair that they would give $20K to some and only $10k to others."
Not really...finding an apartment and moving to NYC is pretty expensive

Oct 6, 2011

Been wondering about this as well...I got the offer in mid-February, and was told by various people who had been in my position previously that they got their signing bonuses between March and May. Mid-may now, and haven't heard anything...do they normally wait this long?

May 11, 2010

They often wait this long so that you can claim it as a relocation allowance for a tax return (deductible). I would wait until the 21st and then send a check-up email

Oct 6, 2011

its 5k...dont worry, in the worst case they put it into your first paycheck.

May 11, 2010

^That isn't accurate, some are 10k... big difference.

Oct 6, 2011

thank you youngblood i was referring to your actual AT amount.

you get taxed at ~50% and when its said and done, it is not that huge of a deal a month or two difference. You will make purchases on your credit card and have anywhere from 25-60 days depending on when your making the purchases to pay them off. im just trying to say that you will get paid sooner than later, but at latest its not even that far away.

also, they usually pay when they say they will so it should be in the mail any day now.

Oct 6, 2011

mine came 4 weeks ago..

Oct 6, 2011

I wrote HR and got it almost after that but I felt that I wasn't welcome. You can send them an e-mail, asking on the timeline but dodn't push for it.

Oct 6, 2011

Wait until end of this week 12345 and then contact them - my bank said last week as well and I got it this morning.

Oct 6, 2011

Last year at my former BB, we were given our letters (which had the number in them) on July 1. The money was deposited in our accounts on the next pay day which was July 14th.

Oct 6, 2011

Do you mind saying which BB it was?

Also, anyone else?

Oct 6, 2011

And received the money in my bank account in the middle of July.

They usually stick to this schedule every year.

It's actually very anti-climactic. I remember thinking it was going to be amazing and then boom, what do you know, there I was pulling all-nighters again only had $50-60K more in my bank account (after taxes).

Not to be depressing or anything. :)

Oct 6, 2011

So is July 1 pretty consistent across the street then, or do banks spread it out over several weeks or the whole summer?

Oct 6, 2011

50-60K more after taxes! Obviously you made top, but was it in NYC? I hear they literally tax bonuses by almost 50%, so getting 60 in the bank is almost too good to be true...we will probably get more like 30 in the bank. sucks. oh well whatever. im getting tanked tonight before another shitty weekend in the office.

Oct 6, 2011

It appears that no one on this board has every actually gotten a paycheck or a bonus in NY. You guys are way way way overestimating taxes. Your paychecks will be taxed in the 38% range and your bonus in the 43% range. Until a democrat takes power again, then it will be 50%.

For reference, the top federal bracket is 35%
NY State 7.7%
NY City 4%

So if you make over $500k a year in nyc you get taxed at 46.7%

You don't however make that much, so its closer to 43%

Oct 6, 2011

If you work in NYC, but do not live there, do you still have to pay the 4% city tax?

Oct 6, 2011

You pay city taxes based on the number of days you worked in the city vs the number of total days you worked. If you work more than a certain threshold you pay the whole year and then that would decrease your liability for other city taxes like Philadelphia.

This is one of those interesting things for consultants, my fiance works in multiple cities and lives in NY and you have to file and pay city and state taxes in each of those places.

Oct 6, 2011

http://www.nyc.gov/html/dof/html/services/business...
If you don't live within NYC limits, in most cases, you do NOT owe NYC income tax.

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"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Oct 6, 2011

If you live in NJ and commute to NYC, do you pay NY state taxes?

Oct 6, 2011

you pay state tax but not city tax

Oct 6, 2011

anyone??

Oct 6, 2011

I even searched, does anyone know specifially about Barclays

Oct 6, 2011

.