ER Compensation 2023/2024
Comp season incoming. Let's get this started:
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Title/YOE:
Rank:
Firm Type/Size:
Old Base/Bonus
New Base:
City Description:
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Title/YOE: 2 years out of undergrad
Rank: 2nd year analyst
Firm Type/Size: Bulge Bracket
Base/Bonus: $115/45k
New Base: $125k
City Description: NYC
Coverage?
1 YOE
70k + 5k bonus
Healthcare coverage
LCOL city
< 1 year (2023 grad)
$125k/$70k
Boutique (Healthcare - bio)
NYC
Congrats man. Thats sick
Thanks. I have an advanced science degree sI I’m sure that matters for comp.
Has to be Leerink
Title/YOE: 5 years SS experience, 7 years out of school
Rank: 2nd year VP
Firm Type/Size: Bulge Bracket
Base/Bonus: $205/50k - same bonus as last year
New Base: $205k
City Description: Remote
How did you negotiate remote work?
I've been with the team since before COVID. Kept things running smoothly during COVID and then when RTO came around I just never came back honestly. Got a few emails about from mgmt but eventually just made the formal request when I got the VP promote and got the ok. Boss was supportive which was key. I do client calls and stuff via zoom or phone. I travel (very rarely) for conferences/meetings. I will concede that training people while remote has been a little harder - can't see that a new analyst/associate is wasting hours doing something the wrong/inefficient way by noticing their screen when walking by for example, but in terms of my job duties I am doing the exact same thing as if I was in the office.
25% bonus seems low no?
Yeah, obviously would have liked higher. Bonus pool was down and team did pretty poor in II. Was told I was lucky it was flat.
Title/YOE: 5 years sell-side, 6 years out of school
Rank: 2nd year AVP
Firm Type/Size: Bulge Bracket
Old Base/Bonus: $170k/$30k - lower bonus vs. last year
New Base: $180k
City Description: NYC/hybrid
You hate to see it
Yeah, not thrilled about it
Mind sharing how well/poor your team did on II?
Decent, top quintile
5 YOE and total comp $200k? Sorry, was this particularly a bad year? Base seems very low and bonus as well. What sector?
How do biotech associates with 0 exp (but advanced degrees) make ~$200k first year comp? Just trying to understand the delta - thanks.
First off, biotech gets cred for advanced degrees/specialized skillsets.
Otherwise, kind of standard. Bonus was below-average and disappointing given internal rankings. Overall, firm pays below-average. That said, wasn’t a good year. Margins were squeezed, capital markets dead.
Title/YoE: 2 yrs. SS, 6 yrs. out of school
Rank: AVP
Firm Type: BB
Old Base/Bonus: $150/$50
New Base: $150 (got promoted and no change in base, not thrilled)
City Description: HCOL
Barclays?
6 YOE and 200k all in? Thought it’d scale a lot faster.
What I am hearing on the street is JPM has, on average, fared the best in the current bonus season. Most have seen base and bonus up YoY. While Goldman and MS has been far less generous across the board with most having seen bonuses down YoY, if any at all. Citi obviously has had the hardest time, think if you still have your job you are lucky.
Will be interesting to see what comes out of BoFA in the coming days. I expect it should be a good bonus season given how the bank performed in 2023. I am very interested to see what comes out of the smaller brokers (Exane, Redburn, Bernstein etc)
Hearing similar except hearing better absolute numbers at GS than MS.
GS London An1s got c40% across the board. Higher An2, assoc etc
Redburn this yr - few ppl (non-partners) got above 5k
Nomura - few ppl got above 20%
at UBS, seems like legacy CS did well and legacy UBS did quite poorly
1.5 YOE / 5 total
$155k/55k
NYC
Bonus up slightly y/y, base flat
which team? bonus as a percentage of base is good, biotech or semis?
TMT, was hoping the base would go up
Aso 2 - 4 YOE
BB
NYC
160/30
New Base 175
which team?
Industrials
Aso 2 - 5 YOE
BB
160/40
New base 175
NYC
mind sharing the team? seems like a good outcome; total comp up y/y?
Under tech umbrella, TC flat Y/Y
VP1
BB
NYC
200/130
New Base 225
Mind sharing the team? TMT? Also, how many stock do you cover as lead?
Keen to see some data points from anyone in Australia as bonus season rolls around soon. Suspect I’m below Street but am at a smaller/more lifestyle shop.
65k + 5k
Went to the target school too… whyd I buy into their empty promises. Hope the company burns tbh…
Your base is like half street, why would you believe this company wanted to pay fair 😂
That’s gotta be like hedgeye or whatever that retail company is called.
Title/YOE: 3 years (‘21 grad)
Rank: Top
Firm Type/Size: JPM/BOA/Evercore/MS
Base/Bonus: 120/80
City Description: NY
3 years and your base is that low?
Title/YOE: 2 Years in ER, 3.5 out of undergrad
Rank: Associate
Firm Type/Size: MM
Base/Bonus: $110K/$40K, flat Y/Y
City Description: NYC
Title/YOE: VP / 8 YOE on sell side
Firm Type/Size: BB
Old Base/Bonus: $200/ bonus ~75% of base (down 20% y/y)
New Base: $210
City Description: NYC
Blown away. The vibes here were very negative and before today I'd only had one solid bonus... was expecting something like 20-40k.
Title/YOE: VP, 6 YOE
Rank: middle (I think the force ranking here is very aggressive - you only really see top bucket in promotion years)
Firm Type/Size: BB
Old Base/Bonus 225 + 100
New Base: 230
City Description: NY
Title/YOE: 2 years out of undergrad
Rank: 2nd year analyst
Firm Type/Size: Bulge Bracket
Base/Bonus: $115/25k
New Base: $125k
City Description: NYC
Thought my bonus was okay compared to last year....but looks a little light judging from some posts here...ffs
Giving a range here instead of exact numbers, so I don't out myself. I know I'm one of the lucky ones with my level of experience.
Title/YOE: Associate (2-3 Yrs in ER, 6-7 Yrs Total)
Rank: N/A
Firm Type/Size: Large Firm
Old Base/Bonus: $140-$160k base / $100-$120k bonus (with some in deferred)
New Base: Unchanged
City Description: NYC
Who tf is deferring 100k bonus?
Some banks start deferring part of the comp once it gets above a certain amount. So if $120, $100 might get paid and $20 deferred. Lame but better than nothing.
Lol how would you 'out' yourself with exact numbers? You haven't disclosed the bank name or sector.
How come there is such a disparity in bonus compared to a relatively tight range in base? Seems like most base here are $120-160k, but bonuses range from $20k-80k?
Welcome to research
Title/YOE: 3 YOE (2 in ER)
Rank: 2nd Year Analyst
Firm Type/Size: MM
Old Base/Bonus 85/20
New Base: 90/25
City Description: MCOL
Feel like I'm being offered the door.
Title/YOE: VP1; 3 sell side and 4 buyside
Rank: N/A (Although top ranked team in the firm)
Firm size: MM (Exane, Bernstein, Redburn etc)
Old base/bonus: £100/30k
New base/bonus: £125/5k
The bonus pool was down almost 40% y/y. Makes me cry
City: London
2 months ago you quoted different numbers?
When? My numbers are the same
5k is brutal are you trying to leave?
7 years out of school and equivalent of USD 165k comp in ER? That's wild.
Yeah it’s brutal (sorry not trying to be rude). That pay for the experience in London is some Canada/europoor pay. 1st year biotech ER guys make ~$200k all in US. But this is also with an advanced degree
I am actively searching for a role on the buy side. Will likely look to move to a pod shop where I can co-manage a book focusing on consumer/leisure. But not in a rush since my base got bumped 25% YoY.
The comp round at my firm was brutal for most. Many received 5k or less bonuses with no bump to base. Leaving total comp significantly down YoY. I expect to see several resignations in the coming months. Unfortunately our parent Co had a rough year so we didn’t receive much support on the comp side. Hopefully the ECM markets see a revival in 2024
RIP Rothschild
Title/YOE: Associate (0 years of experience)
Rank: Top 20 II team
Firm Type/Size: MM
Base/Bonus: 125K/TBD (+30-40K mix intern bonus/sign on)
New Base/Bonus: N/A
City Description: HCOL
How do you find out what your analyst is II ranked besides the top 1-2?
For firms that subscribe to II research, DOR and mgmt team get detailed vote/ranking analysis by region/voter/sector.
Associate, 3 yrs on SS Top 3 Base/Bonus - 120/50 New base - 140 HCOL Area
Currently applying to Cantor for their equity research team. Any idea of comp?
You gave us no real info to work with here and NY posting should tell you a range. LinkedIn says $130-150k for the semi role and $150-$250k for pharma.
There are tons of comps above that you can look at + WSO data + Glassdoor + dick the toad survey
Those are both BS. Got an offer for that pharma role with an MD and they said 135k take it or leave it lol
I heard the Cantor Linkedin salary range is BS. $150 - 250K but they are not offering more than 140K I hear.
Second this
Title/YOE: 2 YOE (2 years out of undergrad)
Rank: Associate
Firm Type/Size: MM
Old Base/Bonus: 90k/12.5k
New Base: 100k
City Description: HCOL
Yikes
Title/YOE: 5 years SS Biotech experience, 7 years out of school
Rank: 3rd year VP
Firm Type/Size: Boutique
Base/Bonus: $225/125k - same bonus as last year up from (110K last year)
New Base: $230k
City Description: NYC, but WFH 3 days a week
No desire for Buyside??
The temptation is always there. I've seen too many of my friends and collogues who were far better than me at this job, get sacked after a year. Only to bounce around, until they become stale and ask me for an associate position on my team. For me I like the stability of the sell-side, its certainly not glamorous pay compared to other verticals, but it affords me peace of mind, for now.
Title/YOE: 6 YOE (3 years in SS ER, 3 years at big 4 accounting firm before that)
Rank: Associate
Firm Type/Size: MM
Old Base/Bonus: 120k/60k
City Description: HCOL
Title/YOE: 1 YOE (Graduated last year)
Rank: Associate
Firm Type: BB
Base/Bonus: $130 / 30k
Coverage: Tech
All figures AUD
Title/YOE: Associate (8mths ER/1.5Y finance role prior)
Firm Type/Size: MM
Coverage: Industrials
Old Base/Bonus: $90k / $12k stub
New Base: $90k (unchanged)
City Description: Australian capital city
First year in the industry so unsure of the usual bonus season machinations/conversations. Understand it’s my first year and it wasn’t a full 12 months, but isn’t it standard to see yearly bumps to base, especially at junior levels? And is a 20% bonus low-ish (was expecting 25-30% of base)?
Passed another level of CFA + received good reviews so overall surprised with the lack of increase to base. Granted, hours are pretty good (50hrs/week ex. earnings) and people are generally nice. Is this just Aussie MM range? Curious to hear any data points from other Aussies at BBs.
Normally a base bump is table stakes. 20% bonus isn't *that* low. It's on the lower end range of acceptable for a 1st year imo.
BBs probably pay a higher base, could be a similar bonus %, maybe slightly higher.
Idk anything about Aussie market though but in my head it's basically equivalent to a MCOL US type gig (in terms of comp, oops etc)
Any idea about MM pay scaling? Got a ft offer for $100k base and probably 20-30% bonus was wondering how that changes during the first few years.
Hard to use data points here since the recent base pay bumps make a lot of the data inapplicable.
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