DealBreaker BonusBumper 2007 UPDATE
Last week we urged you to send in those projected end of year analyst bonus numbers. Here's the info we received so far:
The sources for these range from staffers to analysts to just what random people have been hearing. Of course, SunTrust will inevitably top market, but right now Goldman and Merrill are the leaders of the pay pack, with Lehman, Piper Jaffray and Wachovia bringing up the rear. It's interesting to note that, aside from the projected third year payouts of Merrill and Goldman, banks are staying with a $20k step function for top analyst bonuses in the second and third year. This is a much smaller percentage increase to when there was a $20k step function applied to the median first year bonus of $45k back in 2004.
There are still some holes to fill in (BoA, Credit Suisse, Lazard, UBS, SunTrust), so...
Send any updates, additions or corrections to tips at dealbreaker dot com.
We also encourage any info concerning buy side base and bonus payouts for firms that don't graduate associates to a grown up bonus cycle, or from individuals who go straight to the buy side from college. I know my senior year the holy grail of recruiting pay-wise was to land one of the quant jock positions at Citadel or DE Shaw, which at the time paid $25k more base salary ($80k instead of $55k) and was rumored to provide $150k or so of total comp (opposed to the $100k you'd get if you got a $55k base and $45k bonus).
Comments
Tier XX - Jefferies - 90/110/130
Posted by: JEF | May 14, 2007 08:48 AM
Let's get some info on traders!!! You couldn't pay me enough to be a banking analyst...
Posted by: Anonymous | May 14, 2007 09:24 AM
We encourage anyone to send in trader comp info, although methinks the majority are on a grown-up bonus schedule, hence tis not exactly the season. For those that aren't - let's get your info!
tips at dealbreaker dot com
Posted by: Keith Hahn | May 14, 2007 09:32 AM
Keith, why would you compare 1st year IB Analyst to "quant jock at DE Shaw?" These two jobs are completely different. Quants have PhDs, for one thing. It is not like those undergraduate business students are trying to decide between investmenting banking analyst, constuling associate, or ... PhD in applied mathematics. You might as well point out that, "back in the day," the partners at Goldman were compensated more than the 1st year Analysts.
Posted by: Anonymous | May 14, 2007 09:57 AM
No, I'm talking about jobs straight out of undergrad. No, the kids did not have PhDs.
Granted these positions went to some pretty smart quant focused kids and the thus the applicant pool was narrower.
It's an entirely peer based comparison and not really like saying Goldman partners make more than 1st year analysts at all.
Posted by: Keith Hahn | May 14, 2007 10:07 AM
KH: Anyone straight out of undergrad is not a quant.
Posted by: Anonymous | May 14, 2007 10:21 AM
But the quant firms like DE Shaw and Citadel will hire direct out of undergrad and they do tend to pay better...
I remember Silverpoint also gave some ridiculous offers.
Posted by: AJ | May 14, 2007 10:52 AM
Trust me quant hedgies will hire out of undergrad if you're smart enough. And yes, the pay/hours/lifestyle is much better than IB and sell-side trading.
Posted by: BSD | May 14, 2007 11:54 AM
How much does Citadel pay in bonus? I have some friends that got FTAP offers there but the firm would never give a ballpark on comp.
Posted by: Crap! | May 14, 2007 01:31 PM
About 200K, so pretty much in line with the average.
Posted by: BSD | May 14, 2007 01:54 PM
SunTrust will top market? The same SunTrust RH that lost 50% to 2/3 of its bankers in 2006 for paying bonuses substantially below market???
Posted by: NY Banker | May 14, 2007 03:29 PM
Yeah, you didn't hear??? Because of that, Suntrust is paying a 50% premium this year! I've heard 150/200/250!
Posted by: AJ | May 14, 2007 03:36 PM
Can somebody tell me why ML is #2?
Posted by: ML 1st year | May 14, 2007 04:43 PM
Never doubt SunTrust, they get it done.
Posted by: BSD | May 14, 2007 04:45 PM
ML - do you really need to ask that?
Posted by: Anonymous | May 14, 2007 07:09 PM
Fact: Goldman hires quants out of undergrad.
Inference: So does everyone else.
Posted by: C Dan | May 14, 2007 07:13 PM
Wachovia numbers look low. I heard 100, 125, 150 at the top end.
They have to pay at least the median or all their analysts would leave Charlotte for NYC.
Posted by: Wachovia Analyst | May 15, 2007 12:19 AM
If they're in Charlotte it's because no one would hire them in NY.
Posted by: AJ | May 15, 2007 09:01 AM
beating the dead horse here, but speaking fom personal experience, prop desks for major banks and hedge funds do hire quants out of undergrad :)
Posted by: assqnt | May 15, 2007 09:26 AM
at least 100 in charlotte gets you a sweet pad.
Posted by: Anonymous | May 15, 2007 10:41 AM
Any thoughts on analysts in equities/fixed income (sales/research/trading)?
And Keith- as far as I know most of these kids are on the same June year end as IBD.
Posted by: Anonymous | May 19, 2007 08:24 PM
This is not true and if you want to succed in your career lying is not a way to get ahead... take my advice i am older and wiser!
Posted by: Mysterious Comp Professional | May 23, 2007 02:48 PM
Does anybody have an opinion on Citadel's FTAP? I just received an offer join next year. Any input is very welcome
Posted by: Daniel | October 3, 2007 12:49 AM