When the **** are Moelis / PJT / PWP / Evercore going to increase base pay?

Didn't join this bank for the lifestyle... 

Anyone else frustrated at lack of response from EBs? 

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Comments (115)

  • Intern in IB-M&A
Jun 30, 2021 - 11:57am

Agree, also don't understand why one of them wouldn't want to be the first mover and lay a marker down?

Way better optics for recruiting to jump rather than it seem you've been pushed 

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  • Intern in IB-M&A
Jun 30, 2021 - 1:25pm

Do you (or anyone) know who PJT benchmark themselves against? 

Was under the impression they sought to be the 2nd highest payer after Centerview? 

  • Analyst 2 in IB - Cov
Jul 2, 2021 - 3:03pm

I don't think that's right. Know for a fact that Qatalyst and LionTree both pay significantly more than PJT at the junior level.

  • Analyst 2 in IB - Gen
Jun 30, 2021 - 5:43pm

Only if you're at the high end / top bucket of the bonus range. Middle bucket (and lower) will walk away with less all in too

Most Helpful
Jun 30, 2021 - 12:33pm

MBA associate checking in, and this guy gets it. Yeah my analysts do all of the modeling, ppt, meeting scheduling, comps, etc. but do you know how many footnote and formatting mistakes I catch?

The fact of the matter is that if I didn't respond 'will do' within seconds of receiving an email from my VP, before forwarding to the analyst, who would?

  • Analyst 1 in IB-M&A
Jun 30, 2021 - 1:32pm

At one of those firms, honestly don't care if base pay increases as long as total comp stays at top of street. Should be getting bonus numbers shortly so I can decide if I should be angry or not.

  • Associate 2 in IB-M&A
Jun 30, 2021 - 4:48pm

If you're complaining that your bank hasn't matched a competitor's increase in base salary, then whatever happiness you experience when your bank finally matches salary will fade 1 second after it's over. 

A little piece of advice: while we wait for the Street to catch up (and they will - for time immemorial they always have, whether it's in the new few weeks, a few months or a year from now), don't impart your internal professional issues on to an exogenous event in the banking industry. You get paid so much already that your satisfaction won't improve. If you don't believe me, ask BAML if the pay bump has changed their lives in any way.

But if you exercise patience and find something else to put your energy into, when your bank matches, it'll be that much better. In the meantime, try to learn something new on the job, catch up on industry news, try improving that relationship with your Associate or VP, or go hit the gym.

  • Analyst 2 in IB - Gen
Jun 30, 2021 - 10:19pm

That's the point - if they want to keep it that way, they need to increase to maintain their higher pay rate. At the analyst level, the gap wasn't much more than $15k

  • Associate 1 in PE - Other
Jul 2, 2021 - 1:04pm

Unfortunately the pay differential is already $50-70k at the AN1 level (top bucket GS vs top bucket EB) and only increases further down the line. All hail the absolutely useless "prestige".

Jul 1, 2021 - 11:12am

While extra base bump is nice, I guarantee you that extra ~7k post tax will make no difference in your life in the long run. You should never choose your first banking gig based on pay.

Learning experience, exits, and mentorship are far more important early on in your career and will add much more value than a few extra thousand added to your 6 figure pay check.

In my opinion, if you should never choose Baird, Barclays, etc. over the likes of EVR and Moelis because they raised base pay.

  • Analyst 2 in PE - Other
Jul 1, 2021 - 3:09pm

About to join one of these banks in a pretty niche group in the IB as a 2nd year... am anticipated to make between 220-240k in my first year with pretty huge bumps every year afterwards. And hours pretty much never go above 70/week.

That's why they aren't all that worried about bumping base 10-15k. From what I can tell its still pretty far ahead of competitors even with the bumps

Jul 1, 2021 - 10:49pm

What's crazy is how greedy people are acting nowadays… complaining about getting paid 180-200k a year (top of street) with 1-2 years of work experience. The audacity to be whining about a lack of pay bumps is absurd.

  • Analyst 1 in IB - Gen
Jul 2, 2021 - 1:10pm

What you don't understand is 1) working 100h isn't exactly a piece of cake And means sacrificing... everything else and 2) if competitors are increasing salary why should accept to be underpaid ?

  • PM in HF - EquityHedge
Jul 4, 2021 - 2:17pm

People should be paid what they're worth, and that's gone up of late.

You're really calling analysts "greedy," vs. the managing directors whose pockets the bump would come from?

Jul 1, 2021 - 11:13pm

Not really, "buddy." Even if every other bank gets a pay bump, the EBs will still be top of street and people still find a reason to complain. Also it's not relative… salary of ~200k out of college is damn near in the top .001% of global earners with that amount of work experience.

  • Analyst 1 in IB-M&A
Jul 2, 2021 - 12:23am

It is relative. Who tf cares about "global earners" bro. Im not comparing myself to third world inhabitants or the bums in america who went to a shitty/no college

  • Analyst 2 in IB - Gen
Jul 2, 2021 - 12:25am

Explains it's not relative by citing relative percentile... story checks out

You're ignoring that there's a few variables involved when people decide among banks. In many cases the reason people chose a given EB over a household BB name is materially better comp. That's it.

So when the general public outside of high finance is unfamiliar with your employer (which social ramifications aside, has an impact on potential career opportunities) for the pay variable, and then the pay advantage is substantially removed, one would feel like they could've had their cake and eaten it too and have some buyers remorse

Jul 2, 2021 - 1:20pm

That's the beauty of at-will employment. If you're unhappy with your top of the market salary and the bonus for your reduced ability to be recognized at a dinner party is now less than $40,000, you can move to any other company you want. But complaining about it on a forum is so soft.

  • Analyst 1 in IB-M&A
Jul 4, 2021 - 9:27am

HR departments read / track popular WSO threads I'm fairly sure. Hopefully some might have come across this thread

  • Intern in IB-M&A
Jul 4, 2021 - 9:50am

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  • Analyst 1 in IB - Gen
Aug 1, 2021 - 7:20am

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Aug 2, 2021 - 11:41am

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