2015-2016 salary & bonus discussion

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% cash)
  • CS, IBD, A3, 95k base, Top Bucket 85k bonus (100% cash)
  • CS, IDB, AO 0, 125k base, 35k flat bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Top Bucket 110-115k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Mid Bucket 97k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Bottom Bucket 75k-90k (100% cash)
  • CS, IDB, AO 2, 175k base, Mid Bucket 125 (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 160k (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 190-200k (100% cash)
  • CS, S&T, A1, 85k base
  • CS, S&T, A2, 90k base
  • CS, S&T, A3, 95k base
  • CS, S&T, AO 1, 120k base
  • CS, S&T, AO 2, 140k base
  • CS, S&T, AO 3, 160k base
  • CS, VP, Start at 200k base
  • Mixed Banks, IBD, AO 1, 225k-275k total comp
  • Mixed Banks, IBD, AO 2, 325k-400k total comp
  • Mixed Banks, IBD, AO 3, 350k-430k total comp
  • Mixed Banks, IBD, VP 1, 375k-515k total comp
  • Mixed Banks, IBD, VP 2, 450k-575k total comp
  • Mixed Banks, IBD, VP 3, 500k-650k total comp

Company Database


Interested in more compensation data? Use the Wallstreet Oasis Company Database to access reviews, interviews, and salaries for thousands of firms.

Recommended Reading

 

(At least) Citi, Jefferies, JPM, MS and RBC have communicated numbers. BAML and GS are this week. Not sure about others.

The numbers I have heard sound good. The bonuses maybe down a bit but more than offset by the higher salaries. Always have to look at total comp. If that 175k bonus for an A1 is true that is really strong - even on the old salary scale. Though 25% stock is really high for a junior person.

 
RupertPupkin:

See @nyc_monkey_credit post two above yours nitwit.

Analysts bonus numbers are low but how does YoY all-in compare? Can't remember if the BB base bump to $85k happened one or two years ago.

It happened one year ago. People are mostly mad because they expected all in comp to go up, it didn't. People like to look at their base and bonuses as distinct numbers, but they aren't, the total package is what the firms are bench marking too.
 

Using GS 1st / 2nd year analyst (Bonus is now on CYE cycle) as a proxy

Back then when bonus were July Year End, first year analysts on avg. were getting 70K + 60K, 2nd year were getting 80K + 75K . so the average is ~$142.5k (call if $140k).

It's pretty much safe to say that street compensation for Analysts are going down ~15-20k this year. Personally I think this is largely due to the fact that the focus on retention has moved from the ANL to the ASOs. Too many attractive opportunities for ANLs out there. ASO comps all in generally appeared to be flat / up 5-10k from prior years.

 
hic217:

According to Dealbreaker, some MS analysts walked out after their bonuses missed their expectations. Maybe MS will start a mass analyst exodus this year lol

I didn't work out but sure will in a few months' time!! I'm AN3 but am really miffed.

 
rpc:

I see the comments about total comp being flat for analysts and don't think that looks to be the case. Top bucket last year at my MM IB for AN1 was $150k and $170k for AN2. While analysts aren't expecting $80K & $90K bonuses, flat comp would indicate $65K and $75K for the top band.

People are conflating stub year with first year and second year.
 
Best Response

CS IBD (all cash)

ANL Stub – 25K Flat ANL 1/2 – Top: 67.5k, Mid: 50-55k, ANL2/3 – Top: ~85K

ASO 0 – 35k Flat ASO1 – Top: 110-115K, Mid: 97k, Bot: 75k - 90k (outlier at 60K) ASO2 – Mid: 125k ASO3 – Top: 190-200k, Mid: 160k

Salaries below for the benefit of those who are interested

ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k

 

From what I understand the stub gets paid in january, however my confusion is what you mean by "ANL 1/2 xxk." Does that mean that the rest of the bonus get paid in july/august after you have been there for a year? Or do you get the stub in january and then get the full first year bonus in july/august? Will be starting FT this summer so am trying to figure this stuff out before I start and not have to ask the HR people.

 

These are roughly the base salary bands at CS, for both IBD and S&T. Discretionary (Bonus) varies from group to group. For S&T, overall bonus pool was down with regional comp varying as APAC desks seems to have come out the best with European desks following and the US comp being "abysmal".

IBD
ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k

S&T ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 1: 120k ASO 2: 140k ASO 3: 160k

VP: Start at 200k (up from 175k)

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 
 

I believe CS may underpay vs. the Street in that regard. If you think about it, IBD retention is much harder vs S&T and hence why banks are more likely to pay IBD juniors more.

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 
 

If you're an actual VP just post your comp on here - no need to speculate on your bucket ...

I feel like all of these posts are from non-VPs posting what they heard. Also just post the total comp. Base + bonus please.

Also when you say VP1 I assume you don't mean the new VP promotes because $490 all in for an AS 3 is ludicrous.

The numbers I know of (this is a rough range mixing buckets and banks) - total comp

AS 1 - $225k - $275k AS 2 - $325k - $400k AS 3 - $350k - $430k VP 1 - $375k - $515k VP 2 - $450k - $575k VP 3 - $500k - $650k

 

I think my numbers are pretty accurate but they're all from BB. These were all numbers on sheets I've seen. The upper ranges I would say were achieved but not that common. There were people that were topped up above top so they may be higher than what you expect.

As for banks, it's primarily 2-3 banks

 

Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners

Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)

 
DebunkingMyths:

Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners

Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)

Historically, GS MDs have had a base salary of 500k and partners have had a whopping 900k base salary. This was definitely the case a few years ago, but am unsure if it has since been raised/lowered considering the changes in salary taking place at other levels.

 

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining

 
DebunkingMyths:

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining

Listen, you are absolutely right that firms benchmark to a total comp number. But the split matters, because one is discretionary and the other isn't. Time and again you hear about a firm going south and junior bankers getting pinched. Or we have another recession and they revise their total comp numbers down. In the worst of times a 0 dollar bonus does happen at some firms. So base vs bonus matters and a higher base is always better. And that doesn't even take into account the time value of money and all that.
 

Not really. Frankly in the worst of times (and I have been through the financial crisis) I can tell you total comp at the bank has been on a flat or upward trajectory

You miss the point because banks manage to a comp ratio between call it 30-50 pct. in the worst of years, no junior will be "pinched" and discretionary is not really discretionary for juniors. Banks typically lob off the top. No business head says if we pay all our analysts 30k less each we will make budget - the cost of retraining that analyst is 80k a year

And I can show you 2004 to now comp at bb for an 1 through as3 have not really hurt that much where the bonus base split made a lick of difference

The only issue is now you hear people complaining that "I only got 6 months not like 1 year plus like before"

 

Maybe a stupid question, but do experienced hires generally fall into the same pay structures as we're discussing here? For example, if you're picked up as an A3 or an AO1 as a post-MBA guy, but didn't come in from the SA route or FT recruiting right out of the program, would these numbers still apply? Additionally would you still expect a signing bonus on par with other MBAs or that ship sailed?

 

Appears to be a ton of information on BB IBD, but how about S&T numbers. Appears I'll be making less than my counterparts, but wondering how much less. Is the problem that it's just more variable or that this forum doesn't really represent that population?

 

Illum voluptatem officia repellat pariatur. Est quo laboriosam ad dolor aut culpa fugiat.

Et debitis soluta non pariatur. Ratione velit nostrum libero dolorem molestiae explicabo reiciendis consectetur. Sequi eum aut aspernatur temporibus deserunt itaque. Ipsa nam aut accusantium cupiditate ut qui. Sint et magni vel distinctio. Odio error provident maiores velit. Nam reprehenderit maiores quasi beatae aut vero.

Quia quisquam quia ducimus aperiam fugit. Neque repellendus ducimus provident et. Repudiandae temporibus voluptates voluptatem ut. Ex doloremque aperiam ea quia et ipsam nesciunt.

 

Fugit ut aliquid rerum eos. Beatae est quibusdam repudiandae qui quo vitae illum. Magnam architecto atque dolores expedita nihil. Ratione minus pariatur aliquid beatae. Quo aut omnis molestiae. Vitae quaerat quo quis voluptatibus impedit.

Ducimus est non ut officiis nesciunt et. Iure qui dolores fugit voluptatibus et ea sit maxime.

Ad ea voluptas sed voluptas molestias corrupti. Saepe repellat molestiae ut aut. Repellendus tenetur rerum placeat illo numquam. Est adipisci omnis dignissimos ipsa eos repellat. In adipisci cupiditate ut nihil quo. Eum dolores iusto officiis explicabo.

 

Repellendus et blanditiis sed ipsam. Odit vel amet dolor minima beatae beatae eum. Ex consequatur possimus quasi. Nemo officia eligendi culpa expedita dolores nisi. Atque quae ad enim. Tenetur vel accusantium rerum eos eos consectetur. Nihil porro sed beatae deserunt.

Incidunt quis blanditiis ut quia nihil nihil id. Cumque est et dignissimos rerum ipsa quos. Qui ut qui beatae aut impedit mollitia molestias. Id sit numquam delectus impedit.

Mollitia debitis aut eum minus nulla magni. Quis ipsum eaque voluptates et quam fugiat. Dolores consequatur aperiam maxime ut dolorum voluptatem dolorum.

 

Fugiat est quos recusandae cum quia distinctio. Aspernatur illum explicabo tenetur suscipit nam.

Tempore itaque et minima sint voluptas. Eum quae id sit non sed facere. Rerum earum quas soluta consequatur quis id aut. Velit debitis tenetur sed rerum. Voluptas corporis quia eos earum quaerat aperiam dolor et.

Facere velit reiciendis dignissimos molestiae mollitia tempora enim. Natus recusandae sed aliquid facere labore nobis quia. Tempore provident quisquam quam quasi. Earum dolore sed aspernatur dolor id error. Alias quia libero id est.

Optio aspernatur atque temporibus corrupti fugiat. Deleniti est itaque officiis nesciunt. Voluptates exercitationem possimus temporibus est voluptatibus numquam dolores. Dolorem ratione odio voluptas qui modi in nobis. Vel nulla et a blanditiis qui sint rem. Architecto non aut a aut. Necessitatibus est dolore qui.

 

Minima porro assumenda quibusdam qui. Doloribus id est magni amet dignissimos accusantium. Accusantium placeat quibusdam et est et eum dolore.

Neque dignissimos facere est et sit et exercitationem. Laboriosam in nemo eum officiis quae numquam. Magnam eos numquam sint quos culpa fugit doloremque nobis. Repellat dolores quia in placeat officia. Explicabo pariatur ut et vero neque enim ullam dolore. Sapiente quidem inventore et in.

 

Hic veniam alias quasi accusantium inventore maiores. Sint deleniti quibusdam perspiciatis sed non ipsum ab repudiandae. Et et et quam consequuntur magnam.

Sed tempore aliquam provident magnam et. Reiciendis quas enim sed aliquid occaecati cumque. Recusandae ipsum saepe nihil velit illo.

Totam impedit non illo nesciunt. Ut fugiat ipsam illo laborum est est fuga. Animi vitae et quo at itaque blanditiis voluptatem. Repudiandae consectetur qui voluptates laudantium.

Occaecati voluptas ducimus qui culpa. Odit quibusdam voluptatum sunt tenetur quidem.

 

Id quae vel aliquam iste. Laudantium qui voluptatem delectus expedita voluptatem aut atque. Consequatur est atque pariatur voluptates officiis minima nisi. Magnam numquam quasi animi commodi aut voluptates. Nam et reprehenderit fuga molestias.

Rerum incidunt molestias quam vel sit deleniti atque. Libero culpa qui rem sint. Hic tempora corrupti earum nihil debitis nesciunt. Esse culpa fugit facere rerum rerum reprehenderit vel. Omnis sed enim veniam omnis est dolorum.

Cupiditate qui rerum odio voluptatem molestiae. Et ut dolor ut necessitatibus saepe qui. Voluptatem voluptatem laudantium asperiores cupiditate cumque. Reprehenderit mollitia et est assumenda voluptates. Quis adipisci beatae repellat occaecati consequatur eligendi est.

Aut tempore unde possimus est voluptas hic rerum. Qui libero possimus consequuntur assumenda assumenda. Ex eligendi quas officiis voluptas quae. Sit cum temporibus assumenda et ducimus laboriosam quam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”