gixxer1000 wrote:
terp06 wrote:
From what I know, 275 bonus + 95 base + 40 signing/relocation = $410k is about what many BB IBs were paying first year associates in '07. This will obviously change radically with market fluctuations, but I think it's safe to say that you can count on somewhere between 350-400 all-in in a good market for your first full year (not stub year). Big Law compensation probably does not fluctuate as widely with market conditions.
This was from '06:
https://www.nypost.com/seven/12112006/photos/biz037a.jpgThe base and signing/relocation numbers both look spot on but the $275 bonus is what's throwing me off. Why isnt this number represented in any employemnt report. For example, Wharton reports signing bonuses and year end bonuses both at $40,000. Considering just about everyone got bonuses I dont see how the median can be $40,000 when GS hired 29, MS hired 25, LB hired 18, JP hired 14 and ML hired 13. Maybe a couple people got a $200+ bonus but that seems to be rare. To me it seems the average starting salary is about $200k with a little lower for the people on the low end and upwards to around $375 for the top performers.
Heck even the PE bonus median was only $86,500. Althought the base salary range reached as high as $392,000.
They only take into account guaranteed bonuses in those employment reports. Some banks and PE firms will guarantee you a bonus of $40,000 or $80,000 as an absolute minimum, but the real expectation on both parts is that the firm will outperform that and you will outperform that and earn more in the ballpark of 200-300.
PE firms and Hedge Funds tend to make larger guarantees than Banks do. Sometimes this is listed as "Other Guaranteed Compensation" in employment reports - with an emphasis on Guaranteed.