Ready to quit
We got our comp figures, early I know.
Anyway... I seriously bust my fucking ass and get kudos from most people I work with, our fucked up review system obviously doesn't facilitate this dissemination of performance to the powers that be. As a result, I'm getting about 30-40K below what I should be getting. I determine what I should be getting by what other, slightly more senior analysts have gotten, taken down about 15%. The slightly more sr. analysts are mid-bucket, I know for a fact Im top bucket from the deals Im getting staffed on, the feedback I get from everyone I work with, etc...
I'm not pissed about 140K all-in (3rd year analyst), I would have been fine with that if that was slightly above my peers. But after literally killing it, and getting killed in the process, I'm coming in head and shoulders below my peers comp-wise while they were not stepping up like I have been all year. I'm here till 1AM minimum every night and they're out of here by 8 or 9. Im in restructuring, this is not slow times.
I've got 2 options, I can either slump down my work ethic, not try as hard, and justify my mediocre comp, or I can GTFO and go to a shop that appreciates my contribution. If I wanted to take it easy I'd be at Pierce and Pierce listening to my walkman and pretending to be on the phone.
Seems you're not happy to be there so I would go with option 2
GTFO
Anyway, its def option 2. I had a few other options I didn't pursue cuz I really love where I'm at and didn't want to take that for granted by leaving for the unknown, but obviously this aint all I chalked it up to be.
Yea man, if you're really busting your balls, then start looking for exit opps now. Any reason why you stayed for an extra year?
If it truly is a one-man compensation committee, why don't you go say something? If you're actually seriously considering quitting, what's the worst that can happen? Walk in there, give him a piece of your mind, and he either comps you appropriately or you walk out (which you were planning on doing anyway, right?).
I used to work for a bulge in the midwest and now am moving to another one in NYC, and I agree with the comment above ... if you are really valuable and there is a small "committee" then go for it. In my midwest office, I did the same and scored an extra $20k bonus so good luck and let us know how it turns out.
Wow... looks like 1st yr analyst pay is going to be pretty rough this year then. Good luck with your next step.
I would suggest that you stay on and hope for a direct promotion, but it seems that chances are low given your status in the comp. pool? Might I ask if this is a BB? Also, I'd wait until you find out what the other analysts are getting before you exit stage.
In what area of your review are you messing up? you might be scoring 5s on how hard of a worker you are, but how are you with interpersonal skills? i was wonderin if that affected pay...
Go and find out what's going on. Surely your line manager/staffer whoever it is who gives you the talk has a decent idea of how good you are and whether what you're getting is fair or not. If you are under no doubt you are good and particularly if you can get some more senior ppl to admit you were underpaid you have a good chance of getting more, particularly if you signal you're willing to move. Before that you need to definately get all the info you can to be certain for this yr you were paid shit and it's not just a perception based on 1 or 2 datapoints.
Market is nowhere near as bad as a yr ago, there are much more ops out there today (though maybe restructuring was always alright) so if they don't recognise your contribution you may need to move. If you stay you'll feel resentful in any case and it's a downward spiral (sorta got into that myself a year ago but situation changed).
Hi i've got 2 questions: - Who are the more senior analysts given that you are a 3rd year analyst and by definition should be the most senior analyst around...
Agree with the above poster though that you should definitely speak up on this point if you are ready to leave - if you are truly the "star", then I am sure your managers will bat for you push comes to shove...
Sucks, broseph. If it makes you feel any better, I'm about to finish 2 years on the trot with $0 in bonuses.
Sigh mine too. Large banks > boutiques.
I'm going to take it up with the powers that be.
I really like it here, but I resent having to jockey for fair compensation. Its awkward and discouraging. No one else has to have a conversation about compensation in order to be dealt with in an equitable fashion, why should I? Its obviously as a result of poor organization.
BTW, what is actual compensation? for Yr1, Yr2, Yr3? Not in a down year, not in a boom year... but what is a reasonable all-in comp at these levels? If you were a career adviser telling a bunch of people what they could expect to earn in their 1st, 2nd and 3rd years in investment banking(M&A, Restructuring), what would that be?
I came from an unconventional path and this is my first full year that this firm.
Well I have three questions.
First since it is your first full year with the firm, are you sure you did not come in as say a second year analyst or somehow were set back given that you had come from "an unconventional background?"
Second, all in 170k - 180k seems pretty high for a third year analyst, I do not think you can just say ok what are the "senior analysts" getting and discount that by 15%, because if you do the math on the high end your telling me that they are getting close to 190k which seems extremely high. Additionally, are you considered part of their analyst class, because if so there definitely a disconnect.
Third, what did your review say? What were the areas of improvement that were highlighted? What were the items you had received praise for? It is possible since you are working so late and "killing it" that it may take you longer to do things vs. an analyst that has been working there for three years. So while the hard work is appreciated, I am sure it is partially related to you getting up the curve as well and therefore you might not be viewed as a "full 3rd year analyst"
How do you know your firm doesn't just pay way below market?
Fair points.
1- When I look at my base + bonus for partial last year, its almost exactly the same as this year.... marginally up, not even up commensurate to street standards. And last year was an 'okay year' for the firm according to my Sr. MD. This year I've been told was a blockbuster year and indicative of a major turning point for the firm.
2- we're very unstructured with respect to titles. So when I say sr analysts, I generally mean 1st/2nd yr associates (non-MBA). I think considering the firm killed it, I killed and, and i've been praised for my work throughout the year, on 2 separate occasions being pulled aside in private and told by a VP "i really hope all the great work you've been doing is acknowledged come year end" and at another point told by a MD that my "extraordinary contribution is appreciated by everyone at the firm". That being said, I dont think 160-180K all in for a 3rd year is unreasonable. Considering we as a firm killed it, and I, as an analyst presumably killed it. I know people who at other firms pulled in 70+115k bonus as a 2nd year, top bucket, in restructuring, in the current environment.
3- and I think this may be one of the biggest factors, we have no structured review process. My review consisted of you did some great work and some hard work this year. Keep up the good work, you may want to consider working on additional profession certifications in the upcoming year. If I had the people in the trenches chiming in on my behalf, perhaps my contribution would be better appreciated.
I'm very critical of myself, and I've thought of all these things myself too... what if Im just slower than everyone else etc... but when Im being staffed on more deals, better deals, and even when staffed alongside other my peers, I'm given a more significant and prominent role (client exposure, responsibility, etc...) I dont think it supports the supposition that Im mistaken. As others have said on this forum, if you're a top analyst, you know it.
I was in a similar situation as you and I ended up jumping ship to another bank
Our reviews are coming up. I'm not expecting any mishaps, but when would be the best time to bring this up? During the comp/review conversation? Or after at some other time?
That's still a shit ton of money and people are going to get paid total dog shit this year.
With that said, take the money and bounce. No reason to keep killing yourself, especially if you've completed 3 years and think you are undercompensated. Go have some fun.
Well I do not think it is a fair comparison to compare yourself to an associate...pre or post-MBA, because they should be making about the same...Are you working at one of the top restructuring shops?
You are a "third year analyst" but have less than one year experience at your bank. How can you realistically believe that you are getting shafted? You are comparing yourself to other firms and people with higher positions than you. C'mon son.
1- Try learning how to read, it says last year was a partial, this year was full, thats a year and a half, which makes this year a FULL year.
2- Im comparing myself to someone at another firm thats lower than me (2nd year vs. 3rd year, or in a language you can comprehend: 3 bigger, 2 smaller)
You're obviously a complete fucking moron with no reading comprehension, thats why you'll be a prospective monkey for life. I'm not exactly sure why you think anyone would give a shit as to what you have to say anyway.
1) I missed one word. 2) It doesn't matter. 1st years at some firms pull more than 3rd years at others. 3) Lashing out anonymously on the internet won't make you jump from bottom to top bucket.
My suggestion to anyone who finds themselves in the same situation is to definitely bring it up. It may very well just be a disconnect between sr. management and the street, especially if you work at a small firm. The feedback was definitely well received, appreciated and acted upon. Its a pretty awkward/nerve racking process, but once you break the ice its completely casual.
So you talked to them?
Dude they're paying you less than a 1st year analyst at a good bank.
Go to a non-TARP bank.
140K all in for a first year... maybe in 2005/6.
Cleared that in my first year (2007).
^ It sounds like he is at a boutique, since BoA, C, WFC all paid back TARP so I don't think he is those or another BB since all BB's have now exited TARP.
Sounds like HLHZ.
Yup, talked to my MD and he came back and said they discussed internally and asked others in the mkt and increased my year end by 25-50K.
Sanders, congrats; do I get a bonus for giving you great advice; I am your agent now. Please send me 10-15% and I'll keep giving good advice :) LOL!!!
So they uped it by 25k? wow, nice.
Planning on staying?
A little more than 25.
Yup, planning on staying, couldn't be happier.
That's good news, good for you man. Keep up the good work and things will only get better (and bigger).
Congrats man.
Congratulations!
Hope you keep doing what you love...or at least enjoy.
Good stuff man...go out and get shitfaced this weekend. Hit up Scores too.
congrats dude.
Perhaps..
..the only feel-good story I've ever seen on this damn site. Regardless, kudos on the bold move.
--repost
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