After a record breaking year, bonus season is upon us. Wanted to get a thread going to share what banks are paying so we can see which banks are low balling the juniors. If you guys got your numbers, please disclose in the following fashion: - Bank (Specific Bank Disclosure Encouraged) - Group (Coverage, Product, etc) - Position (Analyst 1, Analyst 2, Associate 1, etc) - Rating (Top, Mid, Bottom) - Bonus Amount (For BB let us know how much of that is stock) Look forward to hearing from all of you!
12 Jan 2022
Alright UK / EU team, it's that time of the year again. Setting up this thread to get numbers and expectations across the street Word on the street is that numbers will be high - https://www.efinancialcareers.co.uk/news/2022/01/… Rumor has it that even HSBC will be paying 100% - quite an increase from their historical 20% - 40% range Please post your number, rank, role and type of bank (US BB, European BB, Large Cap Bank, EBs, Mid Market, Specialist / Boutiques etc.) I'll know mine in Feb. (Edit, if it's not at least 100% pro-rata, I'm out)
07 Jan 2022
Comment any new/missing/incorrect info. Seems like firms are responding to information on the internet/social media, and it's also helpful for those seeking opportunities. Not tracking one time gifts/bonuses, only permanent, trustworthy increases in pay going forward. My list so far: Guggenheim A1: $85K --> $100K (+$15K) A2: $90K --> $110k (+$20K) A3: $95K --> $125K (+$30K) AS0/AS1: $150K --> $175K (+$25K) AS2: $175K --> $200K (+$25K) AS3: $200K --> $225K (+$25K) Bank of America A1: $85K --> $95K (+$10K) A2: $95K --> $105K (+$10K) AS0/AS1: $150K --> $175K (+$25K) AS2: $175K --> $200K (+$25K)
07 May 2021
It has been great to see comp rise across various levels over the last year - hopefully bringing in new talent and retaining those passionate about the industry for longer. For those of us that have been at this for a while, we can all appreciate how different this year is from an M&A activity perspective - requiring more sacrifices to the grind than typical. All levels (particularly analyst and associates) deserve to get PAID this year, and there has been multitudes of helpful data points on here for the "junior" banker levels. Now that we are about to transition into Q4, I would be
23 Sep 2021
I thought it would be a good idea to start a thread on 2020 public finance bonuses. If you could specify BB or MM I think that's a pretty important factor for PF. Title/Base/Bonus would be awesome to hear for anyone who has gotten their number so far.
12 Jan 2021
I am an incoming JP Morgan Trading SA in the Markets division (JPM's S&T). I'm new to the industry and wanted to know how the desk placement process works, what desks to try and be placed on (most lucrative, fun, etc.), and what I could expect for total takehome pay (base is currently $100,000). If anyone has some recommendations for desks to check out, I would really appreciate it. I have a semi-quantitative background (Comp Sci/Math majors) but don't want to be an all-out quant since I'm quite extroverted and enjoy working with people. Probably looking for something somewhat high flow with
11 Nov 2021
Apologies for the misleading title, this is more of a personal finance question. I'm a 2Y MBA student at a good school, blah blah. I'm financing bschool & associated living/drinking/traveling expenses through student loans. This is the only debt I have. Most is with private lenders, although some is through federal loans. The federal loans do not currently accrue interest so I don't intend to repay them in the near future. I was fortunate to secure a full time offer which came with a meaningful signing bonus. Curious how others navigated similar situations. My primary concerns are (i) personal
16 Sep 2020
Your feedback will be critical in determining some key points our build out of a HF. I'll be showing this to the largest owner of the GP. TLDR: 1. What is the lead PM (design, trade, manage, research, and market) portion of a 20% performance fee for a high return/high vol but with a very attractive sharpe ratio HF? I've seen numbers such as half (50% of the total performance fee, or 10% of the excess performance for a 2&20). 2. What is the typical length of a non-compete is such a scenario, and what pay should be provided during the non-compete period? Story: I currently am a portfolio
06 May 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
Didn't see an existing thread, so wanted to get one up to chat about bonuses in this hellscape of a year. Depending on the sector, some firms are still really hurting, while some have escaped relatively unscathed. I would typically have received a bonus+raise by this time of year, but have heard nothing yet. The senior leadership at my shop took preemptive pay cuts back in March, but things have really not turned out to be that bad (one could even argue a lot of our positions have been bettered). Wanted to hear some anecdotes from around the industry before I initiate the conversation.
21 Dec 2020
Let's talk about the 2015 - 2016 year bonus. Please list the firm, level, salary, bonus using the following format: JPM, S&T, A0, 150k base, 175k bonus (75% cash, 25% stock) investment banking pay 2016 Feb 1st update: Here is a compilation of the salary & bonus #'s thus far (pulled from comments). Citi, A1,150k base, Mid Bucket 100k bonus (80% cash, 20% stock) Citi, A1, 150k base, Top Bucket 130 bonus (80% cash, 20% stock) Credit Suisse (CS), IBD, A1, 85k base, stub 25K (100% cash) CS, IBD, A2, 90k base, Top Bucket 67.5k bonus (100% cash) CS, IBD, A2, 90k base, Mid Bucket 50-55k bonus (100%
06 Sep 2018
Hello everyone, A bit of context: * I am Part of a new HF with small sized but very experienced people. in Hong Kong * We are currently not active in private equity, but we are open to opportunities. Thus no clear framework * We had a terrible year in 2018, no bonus. Some senior partners left. But the company is holding on. * We don't have a clear rule on deals and fees since we never have done a big one yet. Although some senior partners are experienced from IB, The company is in growth mod and we need to build reputation and a few millions to stay in the black, (not yet fully profitable) So
20 Dec 2019
Hi, I work at an equity LS hedge fund with about 200mil AUM (20% PM's money+80% client money) as an analyst. I worked at bulge bracket IB for 2 years after graduation until last winter and joined current firm in April. Our return was OK (+13% from fund's inception in April) and I currently earn 120k base. We are small team of 2 analysts+1 PM+4 OPs and have 2/20 structure. Although I don't have independent book, I would say I was involved in at least 50%-60% of portfolio construction(and also trading) and performed well. What base and bonus do you think I should negotiate? Thanks.
13 Jan 2020
I am a 3rd year analyst at a London based HF, we do global l/s equity. AUM is a couple hundred million GBP, say 400m. ~2 years ago (beginning of 2019) I negotiated a direct linkage of my bonus to fund's P&L at 2.5% of the fund's performance fee. So in a good year, with a return of ~15%, my bonus would be ~300k GBP (400m * 15% * 20% * 2.5%). My base is on the lower side (75k GBP), as the PM emphasizes the 'you eat what you kill' philosophy. Is my current deal a good one? I am wondering about renegotiating it slighlty after performance review in early 2021, as my contribution to the fund's P&L
03 Dec 2020
Let's get a nice chain of 2020 comp data from folks in the credit and equity research space. I'll start: Title: Credit Research Associate (1st year) Rank: Bottom, first post-MBA job Firm Type/Size: Buy-side, $200B AUM Base/Bonus: $110/45 City Description: low COL city in U.S. Looking forward to seeing how everyone fares for 2020. 2019 thread: https://www.wallstreetoasis.com/forums/equitycred…
18 Feb 2020
Seeing how there's so much talk recently about bonuses / comp, I'm wondering how everyone typically spends their bonus? How much do you save / invest, and how much do you actually spend right away? If you're an associate or above, did your spending / saving / investing patterns change over time?
15 Jan 2022
All, anyone know what the bonus numbers were like at those firms? I think they killed it this year right? Was wondering whether the numbers went up vs 2020 (e.g. Evercore laid of a ton of people in Jan-2020). Thanks!
11 Mar 2021
Sup Now that the threads on bonuses have started and are being populated with 90% useless info and no numbers, thought I'd see what people are doing with theirs this year. Saving? Probably smart. That's the route I'm taking this year. Spending? Less smart but probably more fun. What are you buying? Maybe that new Rolex you've been eyeing, the new consoles, workout equipment, whatever. Would love to hear your bonus plans.
29 Dec 2020
Does anyone have numbers on current base / bonus rates for HF analysts out of IB programs (1-2 years out of college)? Since HF pay is less uniform than banking / PE gigs, it'd be useful to collect some data points. Given the variability in HF pay, it would be great if you could include AUM / fund size as well as a description of the fund if possible (single vs multi manager, long vs long/short, etc) so we can get a sense of what the current figures are like across the board.
11 Oct 2018
I want to get ideas from the WSO community on what type of bonuses and or perks people would want to help them stay in IB. I know Apollo gave a massive $200K bonus (with clawback), CS gave $20k and Jeffries gave out Pelotons. A couple of ideas: Cash bonus (10k-20k?) Gift card for a 2-3k to buy fitness equipment etc. Additional enforced vacation to be used this year (1-2 weeks) RSU sweetener with a small vesting period at bonus time I'm going to be in a meeting with senior bankers to come up with ideas around retention bonuses/gifts and I'd love to get people's feedback on what would make them
01 Apr 2021
This job at JPMorgan is in the CIB and shows "Investment Banking" category. However, it seems like it's a MO role, especially since it's not in New York. Any insight would be appreciate. What could salary and bonus look like for this group? TIA! CIB – Structured Products Group Database - Analyst Location: Plano, TX US Job Category: Investment Banking Employment Type: Full Time The SPG Residential Mortgage Loan Advisory Team is responsible for advising clients on the sale of re-performing and non-performing residential mortgage whole loans as well as portfolio optimization. Analyst/Associate
25 Feb 2020
With direct lending becoming an increasingly popular field, I was curious if anyone had any insight into what typical comp looked like on the junior level. My understanding is that it's slightly lower than PE and carries a lower base but higher bonus (at least as a proportion of total comp) to banking but would really appreciate some harder data points given the lack of information out there. Does anyone have any insight into this topic? I'm specifically curious in the delta between comp at the top shops that recruit almost exclusively LevFin IB talent like Golub, Ares, GSO etc. compared to
18 Feb 2019
I know it's a while away from July/August, but do second-year analysts / current associates have any suggestions on how to impress in the weeks/months leading up to the decision? I guess what I'm wondering is whether the decision is based holistically on year-round performance or if the most recent months carry more weight since it's just fresh in people's minds. I have been giving it my all these past few months. I know there's room for improvement always but I am trying to have as positive of an attitude as possible around my team and be as helpful as I can.
09 Jan 2022
Hey everyone, long-time lurker/poster but recently made a new account. My dilemma is as follows: got an offer to be an analyst for an infrastructure investment firm, the day I went to sign the contract they said they'd need me to help the advisory team too (they do advisory, direct investments, and asset management), and I said okay. Although I was unhappy about I tried to look on the bright side since I'd be getting a more varied transaction experience. Now my involvement on the deal team is deplorable, I honestly feel cheated, I came to invest in infrastructure and rejected other offers for
10 Jul 2018
Hi all, Anyone have intel on base pay / bonuses for first-year analysts @ Landmark Partners? It's a secondaries PE firm based in CT, I know they're one of the biggest players in the space but haven't seen any figures on comp on here yet. Just trying to get an idea of how it stacks up against BBs, direct PE, etc. Thanks.
28 Sep 2020
It is no secret management consulting--especially in the financial services--has had a bad year. KPMG, however, set aggressive goals (~16% top line AND bottom line growth. Just let that sink in for a company that size/age and its competitors/market) and missed--obviously. The firm had a respectable ~10% growth, but bonuses/salary increases have been dismal from staff level to senior members including forced retirement for Partners. To give more color, ~40% received no bonus at all. A lot of promotes were given title and no salary increase. There were massive layoffs, but senior management
12 Oct 2016
Let's share bonus numbers you've heard on the street. Please list bank, level, and bonus figure (in USD). wall street sales and trading bonuses 2017 Mod Note: You can find the Ib and ER bonuses forms below. IB Bonuses ER Bonuses The following are some highlighted examples of compensation from the thread. from certified user @lolusernames" A0 (analyst stub): 85k base, 25k stub A1: 90k base, 75k/70k/55k/50k/?k bonus (majority at 55k) A2: 95k base, 80k/75k/60k/55k/?k bonus (majority at 60k) Ao0: 125k base, 35k stub Ao1: 140k base from certified user @ironlawofoligarchy" BB S&T A2 - 140k Base &
02 Feb 2017
Hi everyone, I have been lurking on this forum for quite some time now. Throughout most of my time as an undergraduate, I have aimed for roles in investment banking, but it appears that an REPE analyst role has fallen into my lap and I have been trying to gauge what compensation is for the past few months. I have read the previous compensation threads and was left with many more questions than answers as it appears that compensation is very firm-dependent. However, in my research, I came across the following compensation study: http://www.rhodesassociates.com/wp-content/upload…
23 Feb 2019
Hi all, I am an analyst in a BB IB who has just accepted a Buy-side role and want to hear your opinions regarding logistics. My specific doubts are: (1) Is it ok to announce my resignation after the bonus number is announced but before it hits my account? Given that it is a BB, I am thinking that once the number has been cleared with HR, Group Head, etc. and has been communicated to me, they would not modify it following my resignation; (2) Should I offer to continue "working" for a 1/2 weeks? (Perhaps better to let them decide?) What are your thoughts? Also, if you have any recommendations on
27 Jul 2018
Hello, looking for some advice on how to react to bonuses. The way it works at my firm is that you get to put in a self review and then later on you get a meeting with your manager and they pretty much break it to you what your rating is and what your bonus is as well as some feedback they've gathered about your strengths and weaknesses from people you've worked with. I'm pretty sure at that point the bonus is non-negotiable but wanted to ask what would be the best reaction that would increase chances of a good bonus the next year. For instance, if the bonus is underwhelming... what should you
15 Apr 2021
I'll be working FT as an analyst at a top MM IB this summer, and was promised a $10k signing bonus. Thing is, it's April already and no word on when the bonus is going to be dispersed....I interned at a BB last year and by March this time already had my bonus in my bank account. Does anyone have any insight into this? Have other BBs and top MMs already given out signing bonuses?
02 Apr 2018
I'm looking for responses from people who have gone through this before. Let's say I'm looking to lateral from my current company (company A) to a different company (company B) doing the exact same job as I am currently. For example, at my company, you receive your bonus 4 months after the end of year performance upon which it is based. Let's assume company B has the same bonus schedule and you lateral immediately after you receive your bonus. That means that in your new role, your bonus will be prorated to your start date and you will effectively lose out on 4 months of bonus. So herein the
01 Oct 2016
I'm considering accepting a higher level back office operations role at a small hedge fund (~2B AUM) and am curious how firms generally structure their bonuses for roles that don't directly impact fund performance. Is the bonus tied to your performance through some kind of rubric or tied to fund performance? If so, what might be a reasonable expectation for bonus as a % of whatever bonus I'm eligible for? I've also heard of guaranteed bonuses but am not sure how common those might be.
27 Jun 2021
I feel like it is bottom of the field, dont have clear comps, but curious what you'd say (also no promotion after 3 years an an associate). Thanks!!!
14 Jan 2020
All- Discussing some new roles which would would allow me to structure my own package. Within the hedge fund world, at the PM level, is there a typical formula (or at least framework) for annual bonus based on performance? % of total P&L? % of profit above a hurdle rate or benchmark? Any thoughts would be helpful. Thanks everyone. - Billy Ray
22 Aug 2019
A long time ago I remember the senior VP talking about some mining guy who had made a fortune and was broke. In case you were wondering, this is a common occurrence in the annals of resource speculation. He continued by saying he asked the guy what had happened, to which the mining speculator replied: "I spent my money on women, booze and cars; and I wasted the rest of it." When you enter the field of finance you will be surrounded by all kinds of people with a plethora of wants and desires. There will be many blowing smoke up your ass about all the cool new toys they have and you will be hard
03 Jun 2013
Anyone know what the typical bonus band is for an Investment Banking Associate (1) in a sector coverage team? Based in London and a large IB but not Bulge Bracket.
06 Dec 2021
I'll make this short - currently finishing up my first year in BB S&T, and have interviewed for IBD in a bunch of other BBs, and my own BB internally. Got a call from HR from one of the other BBs, and they said before they give me an offer letter, the need me to fill out a past compensation questionnaire before they give me my official contract.
29 Aug 2013
A couple of stories have hit the tapes recently which both make fairly depressing reading for those looking to jump into a new 2/3 year analyst programme at a bulge bracket bank. 1 - Bonuses are down. Way down. I can only give UK figures here but the average 1st year salary is now around £65,000 all in (20k bonus) which, after tax, is more like 35-40k. Numbers are similar in the US. 2 - Banks are slimming and trimming faster than an anorexic teenager. First Goldman announces it is cutting it's 2 year programme, then UBS lays off most of it's London bankers. Across the board the bulge bracket are cutting middle-management, promoting less partners and hiring less grads.
14 Nov 2012
http://www.forbes.com/sites/kenrapoza/2013/03/13/how-much-do-wall-stree… Any #'s you've found interesting? If you haven't seen the report yet, all you have to do is submit 3 entries into the company database (http://www.wallstreetoasis.com/wso-company-database), even if you've only had three phone interviews you have enough info to submit. More info: [quote]Here's how you get access to the full 108 page report:
13 Mar 2013
Ahhhh....bonus season. What used to be the best time of year has become a stressful nightmare since 2008. Bonus pools have been steadily shrinking, and black swan events like the rogue trader at UBS even have some banks rolling a donut. What's a banker to do? If you're a senior guy at Jeffries, apparently you threaten a walkout if your bonus isn't up to snuff. I've actually seen this happen once in my career, and it was effective. But in order for it to work, the entire office had to walk out, and it was the #3 office in the firm. The walkout so hobbled the firm that the firm was acquired by a
09 Jan 2012
Everyone has a part of their job that sucks, no matter how satisfied they are overall. When it comes to my work here at WSO, this is the part of the job that sucks. After two and half years, the most tiresome thing I have to write about is the stupid shit Wall Street firms have done to contribute to or exacerbate the 2008 crisis. If you want to know the truth, the only reason I still write about this stuff is the sense of obligation I feel to you guys to make you aware of some of the pitfalls of the business in the vain hope that at least some of you will be able to avoid them. In this
29 Dec 2010
Really though? From the bank's perspective, a comp scheme emphasizing bonus over base salary has a number of advantages. Most obvious is (i) incentivizing performance, of course. But another, of which we've seen quite a bit in recent years, is (ii) externalizing some of the cost of a bad year. Benefit (i) is what we probably think of first when we consider "bonuses," in part because it is aligned with a meritocratic pay-for-performance regime - All this will do is make the banks increase the base salaries, which means they will be in even more sh*t when things go bad...
28 Feb 2013
If there's one thing that gets bankers up in arms this time of year it's the notion of rolling a donut. Imagine working all year long and not being handed an envelope at bonus time. That seems to be the big fear on the Street this year, with upper management at many banks preparing their employees for the worst. [quote]Wall Street bonuses are likely to be down 22% to 28% this year, according to Options Group, an executive-search and consulting firm. The drop follows last year's much-criticized surge in banker pay and highlights growing uncertainty on Wall Street ahead of regulatory scrutiny
04 Jan 2011
What do you think? Should this be how bankers and buy side guys are paid or is it a complete disincentive? [quote]Almost two-thirds of U.K. financial services firms have boosted salaries to retain employees before the introduction of European Union limits on bonuses, according to a survey. Companies increased salaries by an average of 20 percent, according to the report, published by recruitment firm Robert Half (RHI) today. More than half the survey participants expressed concern the limits will create an "unstable" cost structure. Two in Three U.K. Financial Services Raise Salaries, Survey Says
19 Aug 2013
The news of Goldman Sachs bowing to public pressure (even though Kenneth Feinberg takes credit for the move) and announcing no cash bonuses for senior executives came as a bit of a shock to me, I must admit. Receiving all your bonus in heavily restricted stock defeats the purpose of a bonus if you ask me, but I'm a notoriously short-term thinker in matters of compensation. Now a lot of financial journalists are saying that Goldman's decision is the death knell of the cash bonus, period. That banks will increase salaries across the board and that year-end bonuses will no longer represent 60% of
16 Dec 2009
I had to stop and think about this one for a few minutes. Eric Dash wrote this piece for Dealbook outlining how partners at Goldman Sachs (among other banks) have been hedging the non-cash portions of their bonuses since 2007. On the surface, it looks like an attempt to circumvent the "safeguards" put in place to keep top bankers focused on the long-term health of the bank and not just taking huge risks to juice a year-end bonus. Basically what's going on is that top bankers whose bonuses include a hefty portion of illiquid stock are buying puts on their own bank's stock to offset the risk of
10 Feb 2011
Associate Salary Post MBA: $100,000 (30% tax)...$70,000 Signing Bonus (50% Fed+State/Local): $50,000...$18,000 Revenue: $88,000 Apartment in New York City: (2,000x12+Utilities): 30,000 Paying off your Bschool Interest and 10% Principal: 20,000 Coffee, Eating Lunch, Drinking, Prozac due to your Neurotic VP: 15,000 Drycleaning: 1,000 1 week vacation: 2,000 Net Revenue Per Hour: $22/hr (Equivalent Career: Gaming supervisor, Subway operator, Urban Planner) Net Profit Assuming Modest Lifestyle: $20,000 Net Profit Per Hour ($4.90) ... Having Pursued that Princeton BA, Harvard MBA, and getting shat
13 Jan 2010