<p>I do not think I have read anywhere on here information about a "common starting salary"at an ibank upon graduation. I have read about pay for summer analysts at banks and for starting salaries for corporate lawyers graduating from top law schools.</p>
<p>Is there a common basic salary offer for banks? Is it different for front or back office or desk? </p>
<p>Any info?</p>
<p>I heard the more common problem today is “if you will get/keep your job” than what is the salary going to be.</p>
<p>I don’t know…maybe it’s just a rumor though. Maybe they’re not laying people off…</p>
<p>Starting salary is $70K plus bonus. They get a signing bonus of about $10K and what the regular bonus will be this year is in flux. It had been about $30K-$70K, down for 2008 and probably on the low end for 2009 unless there is extraordinary performance in a highly profitable area.</p>
<p>Hiring is still very much happening though reduced numbers.</p>
<p>it’s less a salary than a transaction where they pay you 60k+ and you give them your happiness and your soul.</p>
<p>Which bank do you work at IB? As a 30 year veteran, I can not have imagined a more fun and fulfilling career with amazing international travel, working with some of the world’s smartest, most interesting people… not to mention the lifestyle the unusual financial rewards have allowed our family . So sorry your career is unhappy, try another bank.</p>
<p>hmom5, do you know what exactly the industrial group within an IB firm does? And, what do you think the offer rate is going to be like for summer analysts this year?</p>
<p>It’s an industrials coverage group… they deal with the industrials lol. What are you looking for? Assuming things stay like this, it will probably be a little higher than last year at most firms since the SA classes were cut by like 40+%</p>
<p>Industrial groups generally deal with smaller cap companies in construction related industries. Anmd no, salaries won’t be higher than last year, but I’m out of touch with intern salaries. If no one else can help PM me during the week and I’ll check.</p>
<p>I spoke to a first year analyst in M&A at Merrill, and she told me that after taxes, she ends up with a little more than $3000 per month in her bank account, half of which goes to rent.</p>
<p>So basically your ending up with $1500 a month after rent, plus you still have to pay all your other bills. For some reason I’m starting to think Investment Banking isn’t worth it, especially getting this kind of pay with little to no bonus while working 100 hours a week. Hmom5 said that the starting pay will be 70K for full-time analyst, but I’m getting 60k pro rated this summer, and that’s suppose to be based on full-time salary.</p>
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<p>If you’re doing banking for the money, you’re in it for the wrong reasons.</p>
<p>A friend who works in the industry told me that TARP banks are going to increase and in some cases doubling the salaries of most IB personnel in lieu of big bonuses. Entry level analysts probably won’t see too much of an increase.</p>
<p>I also spoke to a first year analyst at RBS who is in emerging markets FX derivatives trading, and, although he didn’t disclose how much exactly he made, he seemed to be doing quite well, better than $3k per month. Apparently currency desks have been doing well this year</p>
<p>Alright, I understand that one must have the passion and so forth when pursuing a career. Never the less, when one is working a monstrous 100 hours a week with no social life, one should be compensated very very very well. I don’t know about you but if I’m not getting paid a lot of money, I’m not giving my life up.</p>
<p>UT, I think you don’t get it. First, the compensation is likely much better than you’ll get anywhere else. More importantly, you’re paying your dues the first several years, your investment pays off later. With your attitude, I sincerely believe this is not the job for you. I have kids begging for the opportunity daily who will happily pay their dues without attitude. I’ve mistakenly hired some with attitude over the years who sneak out early because the investment is more than they bargained for. They never get to the high pay years.</p>
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<p>Do you mean kids who drop out of the industry entirely or kids who “sneak out” to HF and PE shops?</p>
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<p>This.</p>
<p>Look, regardless of the profession, being myopic is dangerous. If you are in it for the end game of seven figure salaries, a couple thousand in the short run means absolutely nothing. Banking isn’t supposed to be some “get rich quick” scheme; it takes time, persistence, and a willingness to work hard to be successful (as with any career).</p>
<p>you might want to look into S&T if you don’t like long hours</p>
<p>Okay. as the op I have to give the “story.” My D has always wanted to be a lawyer. However, last summer she worked as a summer analyst at GS in Compliance. This summer she has been offered an analyst position at JPM in S & T, most likely FX desk. She loves this stuff and has the personality, ie smart, ambitious and a workaholic. She has a high GPA at an Ivy. (Not HPY)</p>
<p>I was wondering if it would be worth it to take a banking position for a few years to help pay for law school. I think she really wants to be a lawyer, even if not practicing. However she loves the finance world and is willing to work the 65+ hour week schedule.</p>
<p>So I gathered from info, the past starting yearly income is between $110.000-150.000??? (Including bonus and signing bonus) Yes?</p>
<p>Miley, there are always a few in every analyst class who resent the hours. By sneak out I mean they literally leave their peers to do the work and take off at 6PM hoping no one will notice. They don’t make it past a year in the business. No PE firm will hire them without excellent references from us. It’s a very small community…</p>
<p>Morrismm, sure, if she enjoys it why not? I do think there’s a good chance that working in a bank she’ll change her mind about law school. S & T, who knows, but the kids who work in corporate finance/M & A get a birds eye view into the long hours the corporate lawyers put in for less money. They all want to jump over to our side! I’ll add that she will have to be pretty unusual and not have an active social life like her peers to save significant money for law school, the young kids don’t/can’t save.</p>