Hi all, Been curious about this for a while and thought I'd give it a shot here. I see so many different numbers thrown around (some outrageous and unreasonable) for compensation at CVP, and so many people just saying they pay super well with zero data points. I was wondering if any of you had information from reliable sources at what compensation looks like for analyst, associate, and principal, as I imagine for MD+ compensation is wildly variable. I heard from many friends the 50K signing for Anl1 is definitely true, but was wondering what compensation might look like for An2/3, Asso 1-3
11 Sep 2020
All- Long time lurker first time poster. Am latering from a BB to a mid-market shop next week (WB/HW/HL) as an associate. Wanted to see if anyone had any advice, any horror stories or success stories for laterals Thanks!
07 Oct 2020
Former Leveraged Finance / DCM Analyst -> Associate at a BB, left before COVID (thank goodness or else I then would literally have no soul). Here to help those that are looking to get some inside detail in the job role, what you actually learn, and what you need to know during interviews. Really glad I was part of a product group vs industry, as I was actually able to help finance a VERY broad group of industry agnostic deals (gaming, tech, healthcare, industrials, CPG, etc). Pretty much all except for RE. Looking to improve a self-help tutorial online that a colleague and I also created to
20 May 2020
It's anecdotal, but I've seen more IB analysts exit to other analyst/entry-level roles lately. I've also seen more people wait until they make associate and then try to exit to buy-side/corporate roles after the promotion. It seems like it's getting harder to make a diagonal move (promotion and exit) than it used to be, especially with PE firms and some big tech firms pulling from their own analyst/CF groups. Is this going to become more common? Does it make sense to grind for the A2A promotion before looking to exit, or will that pigeonhole you? FWIW, I'm also at a good but not elite boutique
06 Apr 2021
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though still RE-related, are like what corporate PE does (focusing on EBITDA rather than the assets). Is it possible to leverage these corporate-level deal experiences to join a corporate PE in the future? If the answer is "possible and very very difficult", how can I increase the possibilities? Any advice is
06 Apr 2021
Hello friends, several recruiting firms have reached out to me about what seem like unique roles at PE firms. The titles have been "Strategy Associate". They are basically pitched as a mix of firm strategy / portfolio operations / investor relations. The responsibilities include: fund reporting, LP relationship management, business development, working with portfolio executives on strategic projects, etc. The roles have generally been at high quality MM firms with large brand names, which is alluring. For context, I have generally been seeking more traditional deal team roles, and have made
15 Oct 2019
Any insights/thoughts on how this coronavirus madness is going to affect fall 2020 associate recruiting for MBAs (specifically for restructuring)? Don't want to hit the panic button yet, but it seems like all the shutdowns and supply shocks will have a pretty serious ripple effect. Theoretically would this help restructuring?
12 Mar 2020
Has anyone gone through a Goldman Sachs Associate Superday? Trying to prepare and I can't find much on the Associate Superday as much as Analyst. Thank you!
13 Feb 2021
What things would you consider items that constitute a bad group culture versus just being the "culture" of Bulge Bracket investment banking? 1st Year Analyst I am sure this list can go on and on but I am going to stop here. I think that this is 80-90% bad culture and sweatshop/crappy group and maybe 10-20% weighted to just banking being banking... What do you guys think? Do you guys have similar experiences? Bad culture or normal for BB banking? 1.) Getting staffed with new people you have never worked with and they don't take any time to introduce themselves, tell you about what the project
12 Feb 2021
I just stupidly bought another Saville Row suit in preparation for upcoming recruitment in Asset Management at the associate level. I am just thinking from previous experience that I was maybe too dressed up when wearing similar suits and applying for analysts positions. I get the impression that the MDs I was meeting to network, took me for an idiot/flashy git only interested in money and the trappings of being an IBD banker. So I am annoyed with myself because, I had wanted to buy a reasonably priced suit for circa £450 but impulsively bought a more expensive £2,000 one instead (it was just
16 Mar 2019
Hi all, Recently I was asked "what does an investment banker do at a junior level?" I know there have been many answers/variations to the types of answers available, but I would love to know what some people have experienced is the best way to approach an answer to this question. Appreciate it in advance!
09 Jun 2019
Despite having participated in on-campus recruiting, very few of my classmates know much about Liontree SF but we all find the company somewhat intriguing. Given that we are near the end of the recruiting process for 2021 internships, wondered if anyone can give insights regarding Liontree's associate experience in SF? Specifically regarding training (especially for a career-switcher), deal exposure, conversion to full-time, and salary+bonus info for stub year.
11 Jan 2021
Everyone is always so concerned about group prestige and firm prestige, this seems to stem largely from an eagerness to move over to the buy-side and get into a top firm/MF etc... If you are an individual who wants to stay in banking when does your firm and group "prestige" on the street start to matter in regard to compensation? I.e. if you are a VP at a BB in a lower performing M&A group versus a VP at the same BB or a different BB in a higher performing M&A group in regard to larger aggregate deal amount and "clout" and "prestige" - does this mean that the "better" M&A group is compensating
01 Jun 2020
Hello, have you ever heard of Associates not getting a pay raise going from one level to another? I am rather shocked but my bank (2nd tier bank) has not raised front office associates salaries in my team (likely applied to higher ranks too) because of tough environment, but they rather pay bigger bonuses at the end of the year. To be clear, salaries are not at the top end of the bucket here, but rather average.
05 Jun 2019
I'm a Senior Associate at a MM PE fund in my mid-20s. I enjoy what I do, but want to try something different. I've had an entrepreneurship bug as far back as I can remember, so this would be the most logical place to jump, for me. Chances are I'll fail. I'm quite realistic about the probabilities of becoming a successful entrepreneur. I'm aware of the stats. Nevertheless, I feel as though there's no better time in my life than now – to try and to fail trying. I'm at a point in my career where my future could take one of two fairly different paths. I could see myself continuing to move up in PE
10 Dec 2018
Would love to get further insight into associate pay for A2A promotes, and how the compensation structured (%cash vs. %stock). Also, are there clawbacks on sign-on bonuses/year-end bonuses and how are those structured as well? Any details appreciated!
01 May 2020
Hey Everyone. This question is simply curiosity. At what age or amount of work experience is expected for one to start applying to associate roles? I have the feeling that around age 25 or after 3-4 solid years of experience is the prime range. Sometimes I see jobs that list the experience range of essentially 2-5 years, but some analyst roles have the same range. I feel like CRE is different in that sense compared to IB where it's two years as an analyst then jump ship to B-school or an associate role somewhere else, so I'm curious as to what others think is relative to the CRE industry. If
03 Apr 2019
Has anyone heard back/applied for this position? The original deadline was Oct 20 and campus recruiting sent out an email saying I'd heard back no more than 4 weeks after the deadline. I just looked at the app again and it now says "early process deadline Oct 20" and "standard process deadline Nov 24" Any insight as to why they changed? Possible lack of apps or just not good fits?
01 Nov 2018
HI All I'm an Associate in S&T on the sales side. I've had a good experience so far but changes have taken place at work which puts me at a disadvantage (reporting to not so friendly higher up). My resume looks a little hoppy given I've moved around almost every 2years, 3 times now and I want to avoid doing that. However, I feel staying here may be hurtful for my career if I don't develop into a value-added resource (i.e. get fired). Question: 1. Should I look for other opp internally? 2. Should I look for opp at other shop? 3. Should I try the buyside? 4. Should I go to b-school? 5. Should I
16 Sep 2018
This was the first round of interview done via Skype, during which the interviewers asked if I would be open to the idea of completing a written assignment as a next step (I said yes), a week has passed but I haven't heard back since. Could this be a case of it being interviewed for in the first round still, or something else? Also to mention the recruiter is on holidays when I tried to e-mail. I'm really uneasy about reaching out to the interviewers directly so was hoping to get an answer here.
31 Oct 2019
Hey all, I am in the final stages of the interview process for the Life Science Associate role at L.E.K., an entry level position for graduates with a bioscience background. I ultimately want to work in Biotech/Medtech (either in a startup or as a VC), and hence I decided to apply to this programme, rather than the generalist associate track. I was wondering if there were any other key differences (except for the industry focus), such as the type of engagements, compensation, MBA sponsorship and exit opportunities for this role? Thank you!
17 Nov 2020
I am currently working in small market at a family office as the lone associate/analyst in our acquisitions and development group. This is my 3rd year out of undergraduate and 1st year on the investment side. I report to the president of asset management (who is involved in the acquisitions and dev efforts) and the vp of acquisitions and development, who is essentially the department head. Our corporate structure is pretty flat. Primary tasks for my job are analytic, involving lots of underwriting, market research some transaction coordination and small project management functions. I
21 Oct 2019
I'm a 4th year M&A attorney at an elite law firm looking to pivot into investment banking. I'm interviewing for a post-MBA associate role in Houlihan's New York office in their Debt Capital Markets group. I'm expected to perform a modeling case study over a few hours in my next session. Anyone have any idea what type of case study it will be? I can't imagine it would be restructuring. I'm concerned whether it will be DCF or LBO and where I should focus my studies. Thanks!
20 Oct 2020
Investment Bankers have a secret way of communicating with one another. Whether it's a discreet nod or those matching Ferragamo shoes/ties, bankers have a fraternal pact with one another that everyone outside the industry just wouldn't understand. However, you'll soon realize not only is there a lot of group think going on, but everyone likes to use the same jargon. From MD's to Analysts, here we go: "Let's add some color" "Stet" "Need more thought" "Can we beef this up?" "thanks" "thx" "tx" "thank you for your hard work" "thanks for pulling a late night" "ETA?" "Guys, what's the timing on
29 Dec 2017
Many of us first year MBA students are starting to ramp up recruiting. Part of that process involves narrowing down a list of groups to target during the networking period before interviews. To avoid the discussion on Coverage vs M&A (for which there are already a number of helpful threads), please assume that the student has already decided to pursue industry coverage groups (incl. Sponsors). For those that have been in our shoes: Which group did you choose and why? For anyone working in IB coverage group: Which industries do you think are most interesting to cover/analyze? I am aware that
17 Oct 2020
Disclaimer This post isn't meant to be a salty venting, but more of a sharing some of my self-realizations from the past year on things that I wish I had fully understood 12 months ago. "Congrats on closing your deal!" "You were a rockstar on this one – we couldn't have done it without you!" "You were the keystone of this transaction. This deal would have been dead in the water without your insights." "Congrats. Is that project I asked you to do last night (while you were up at 2:30 am closing this deal) done yet?" A Lost Rockstar Ah, the closing of another sellside, one which is very
31 Dec 2017
Hi All, I currently work as an Associate in S&T Capital Markets covering Fixed Income Institutional clients on the sales side. Over the years I have gained a strong appreciation for real estate (through a little bit of capital market txn and personal endeavors). Is there any possibility to move into real estate acquisition style roles with my experience? Should I think about pursuing a graduate degree to bridge that gap or would a real estate modeling course work as well (Urban Lands or REFM)? Experience: 2-3yr: middle off debt capital markets 3yrs: CDO/CLO modeling (1 major RE txn) 3yr
05 Aug 2019
Here's a question for everyone. How many associates in your bank are married, and how many have gotten divorced? It seems that every senior banker I know is on their 2nd or even 3rd wife.
20 Dec 2017
In all industries, particularly Investment Banking, people struggle with the idea of perception. Sticky images, self-fulfilling prophecy, you name it. Ultimately, it really comes down to one concept: Metaperception. People fail to realize the inherent traits of human nature and therefore form fundamental behavioral flaws that may ultimately lead to an undesired culture Metaperception: How an individual perceives others' perceptions of themselves Analyst: You think you're the lifesaver of the firm. Underpaid and undervalued. You want to be respected and do only the work that you think
27 Aug 2017
Attending an M7 in the fall and looking to recruit for IB. Can anyone provide insight to Summer Associate class sizes across banks? Looking for NYC and possibly Chicago or LA.
22 Aug 2020
Hi all, So I'm currently in the process of preparing to go into IB (am a junior in college). I obviously know that your "story" is crucial for the interview process and can make you or break you. However, I've read conflicting suggestions on how long it should be. Some people have told me that it should be between 45 - 60 seconds. Others have said 2 - 3 minutes, and one person even said to go for a full 5 minutes. Can anyone tell me what's worked for them in interviews in terms of "story" length? I feel like 60 seconds is the sweet spot but I'm not sure... Thanks in advance!
15 Jan 2018
Hello Friends, I currently am an associate at a private equity mega fund (previously an IB analyst at Goldman). I was hired on for a "career-track" role (meaning not a 'two-and-out' program), so I can stay at the firm as long as I would like. I generally enjoy the firm and the people I work with, but I am totally on the fence about leaving for an MBA or not. I graduated from a state school, and I can't help but feel like I'll be at a disadvantage on paper as my career progresses without an Ivy to provide "credibility." Question is: Would you leave PE to get an MBA, just to try and recruit back
26 Oct 2018
I joined a large investment firm out of college and am considering whether or not I should do banking for a year. Background: I interned at a bulge bracket bank for three summers (senior year of high school, sophomore year, and junior year) and went to a target school. I lack family connections in the industry and recognize that I got very lucky along the way. I made the jump to the buyside for my full-time job given the exposure and learning experience I foreshadowed getting. While the firm makes traditional PE investments, our sourcing mechanism has not benefited my team and I have been
12 Apr 2017
Background: ~3 years M&A analyst at a large bank (not 'BB') working on big deals… 1+ years now at a young boutique TMT IB firm (wanted more industry and direct client and MD facing exposure)… considering an MBA from Columbia Business School's January Entry program or Kellogg's 1-Year MBA. Should I apply in the following cycle, I will have approximately 5 years of investment banking experience. Say I want to go back to banking at a BB – would they be willing to take me on as an experienced Associate 2 instead starting all over again as an Associate 0/1? Don't think I'd need to go through a full
11 Jan 2018
Now that Evercore's M&A NYC Analyst class is getting bigger (~50 Analysts) and they are placing Analysts into groups earlier - I was wondering what the top groups at Evercore are considered to be? I'm interested from a deal flow perspective, prestige perspective, and best exit opportunities into PE mega-funds (Blackstone, Apollo, KKR, Warburg, Carlyle, Bain, TPG). Specifically for NYC and specifically for M&A.
23 Aug 2019
Hi All, currently looking into a role as an Equity Research Associate at Bloomberg Intelligence. -Is the experience comparable to typical sell side research associate? i.e. industry research, modelling, meeting with management teams etc. -Has anyone actually the read the research they produce, what are your opinions? -What is the compensation like, what can one expect as a 1st/2nd year associate? -It seems that some of the Analysts have are ex-BB/ Buyside, while others have less impressive backgrounds, any reason to this? Any other info regarding culture and hours would be greatly appreciated
07 Jan 2018
Hi All - I'd be interested in hearing where the associates at your buy-side shops are going these days after their two years? I've had the opportunity to work at three firms that have spread venture, middle market PE and lower middle market growth/buyout with AUMs of 0.5-1B, 3-5B and 5-10B. I'm noticing an interesting dispersion of associate moves and namely, business school is not too popular. Here is the path I've seen of the individuals I've worked with directly: 31: Associates I've worked with who have completed their program 29% / 9 lateraled to positions at other firms 29% / 9 were
20 Jul 2018
Hi Guys, Looking for some insight on how to break into Canadian IB. I am planning to immigrate to Canada and have admissions secured at Queens and Schulich. The main question for me is how important is a two year MBA program for me to break into IB. I understand that the Queens MBA has a better reputation and possibly leads to stronger networks due to small class size, has some interesting opportunities for getting exposure to VC and Hedge Funds through student run funds (added bonus), strong IB recruiting ground but Schulich is in Toronto, allows me to develop a network over two years, allows
01 Aug 2017
Hey chimps. Just wanted to share my experience from earlier today. Wondering if others find themselves in the same position? "You're good, but you just need more revs, and that's our fault. We need to get you more revs before you can be an associate", says the VP in his feeble attempt to get me to stick around for a 3rd year. Mind you, this request to stay came no more than 45 seconds after him cussing me out about his own error in front of others. I had made it clear that in order for me to stay, I wanted the associate role. No more profiles, PIBS, spreading comps or sending meeting invites.
10 Apr 2016
There's a really cool blog post I found of a VC guy who analyzed 600+ VC professional bios and sorted their background data. According to the findings, Want to Get Into VC? Go to Stanford, Study Engineering, and be Named David
09 Apr 2018
Currently been working as an investment sales broker for four years specializing in multifamily, mixed-use, and development sites in the 1-30 million space in NYC. Go ahead, fire away. Oh, and if it counts for anything, I worked for three years at a prop trading desk in Chicago.
29 Feb 2016
tl;dr: Assessing career next steps. Pros / cons of IBD associate vs. Corp dev. Like many of you, I've been following WSO over the years and am in need of some advice. I've done 3 years of banking and am now thinking about next steps for my career. I enjoy my job but I want some outside perspective on how to think about what my next move should be or if I should continue along my current path. 1. Recently promoted to Associate @ TMT IBD ($250k all-in comp). 2. Option to move into a Corporate Development role at a Tech / Media company ($150k comp). (sidenote: Long term goal is to learn to find
07 Nov 2016
Hey Monkeys, How many years are typically spent at the Associate level before promotion to VP? It seems like it differs from firm to firm and competency of the individual, but is it safe to say as follows: Analyst: 2-3 years Associate: 2-3 years Thus, are there many 28 year old IB VPs out there?
18 May 2016
For fellow MBAs out there who are interviewing with IBD or taking an IBD offer, what numbers have you been hearing? Seems like most banks are offering $125K base+$50K signing bonus.
10 Oct 2014
I'd like to start this thread to assimilate compensation numbers for associates in PE megafunds and MM funds. Base + Cash bonus + stock bonus + any carry if offered. Private Equity Associate Compensation Starting a career in top private equity fund is a goal for many young financiers. There are two ways that most people get into private equity firms. One, after a successful two years as an analyst at a top investment bank. Two, as a post-MBA candidate. This is why associate level pay is more relevant than analyst pay. So let's take a look at compensation at the first year associate level. The
20 Dec 2014
For anyone who missed the latest GoBuyside compensation report, it looks like the numbers are in: $125k is the current standard in base pay for 1st year pre-MBA associates for the middle market on up. This makes sense given that 1st year IB associates now make $125 base w/ ~$225+ of all-in comp. However, unlike in banking where everything is standardized, there are plenty of exceptions in PE, both on the high end (Kelso, Apollo) and low end (KKR), for funds of any size. Now that most of the mega funds and upper MM funds have filled their 2018 classes, I figured it'd be helpful to get some data
04 Feb 2017