equity research pay in NYC

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numi

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PwC, i remember you posting about something similar to this seeking job advice a while back (that position sounded like ubs...maybe bofa).

sounded like you were ready to make a move to research and just needed some reassurance. congrats on the offer...sounds like a good decision for you



Edited 1 time(s). Last edit at Tuesday, April 24, 2007 at 10:25AM by numi.
 
yo, PWC, good for you, bud....

what you bought yourself with this gig is an opportunity to make multiples of that 150k in a few years, just like that vp you mention. you got your foot in the door and if you make the most of it, you should be on track to half a stick within 4-5 years with HFs, PE firms and even on the sell side.

my point earlier is that in nyc, 150 can never be a goal but rather, an important first step that some will consider a sacrifice, myself included.... but that sacrifice is probably worth it. couple of years of inconvenience are worth potential early retirement. plus, you gonna be so busy the first couple of years, you are not gonna see them fly by....

good luck, man...
 
PwC_2_IB Wrote:
-------------------------------------------------------
> I recently accepted (and will soon start) a
> position at an investment bank in NYC. The title
> is "Associate Equity Research Analyst". I do not
> have an MBA, but was told I was put in the "MBA
> bucket". The compensation structure laid out for
> me - which I did not negotiate or counter in any
> way - was:
>
> Salary: $100,000
> Bonus: guidance of 25% to 75% for the 1st year as
> being typical, however the bank decided to
> guarantee a $50,000 bonus for the fiscal year
> ending November 30th due to the fact that they
> wanted me to have an idea for what expenses
> (housing, etc.) I could afford since in my
> previous industry I had little experience with
> 'performance-driven compensation'. They said they
> felt this arrangement was in my best interest and
> should not be taken in any way as a reflection of
> anyone's expectations of how I will perform or not
> perform once on board.
> Relocation: a modest relocation package, including
> 2 months in a company-owned furnished apartment in
> Midtown.
> Signing bonus: none. I think I could have
> negotiated for this but was so pleased with the
> position overall and the compensation package I
> did not attempt to barter.
>
> It appears to me that, at least in this bank,
> post-MBA candidates are not typically given the
> "Analyst" title. They are hired in as Associates.
> There are no hires into the Equity Research
> department from undergrad. I understand some
> banks have something called a "Equity Research
> Assistant" that they hire into from undergrad, but
> my company does not.
>
> "how can anyone survive in NYC on 150k?" (nailit)
>
> --I can't believe I've come to empathize with
> this, but it's really true. I also have a child
> and a wife in law school. Beyond the corporate
> housing in Manhattan, we won't be living in the
> city. One of the younger analysts I spoke with in
> my interview (a Vice President) who lives blocks
> from the building said, "it's possible to live in
> Manhattan with two kids; it's just insanely
> expensive!".
>
> We didnt' talk about compensation for long. But
> basically everyone I did speak to stressed that it
> was less than in investment banking and nothing
> like it once was. My boss did say that he now
> makes multiples of what he made when he started 5
> years ago.



well I'm single..does this helps my odds of living of this??
 
I have no kids either. You dont "need" $150 if you are single.
 
nailit Wrote:
-------------------------------------------------------
> yo, PWC, good for you, bud....
>
> what you bought yourself with this gig is an
> opportunity to make multiples of that 150k in a
> few years, just like that vp you mention. you got
> your foot in the door and if you make the most of
> it, you should be on track to half a stick within
> 4-5 years with HFs, PE firms and even on the sell
> side.
>
> my point earlier is that in nyc, 150 can never be
> a goal but rather, an important first step that
> some will consider a sacrifice, myself
> included.... but that sacrifice is probably worth
> it. couple of years of inconvenience are worth
> potential early retirement. plus, you gonna be so
> busy the first couple of years, you are not gonna
> see them fly by....
>
> good luck, man...


Thanks, man. This is completely amazing. I'm really looking forward to it. I feel like I've talked a good game and now is the time to walk it. I start next Monday. I will feel a lot better with some of these exams / designations behind me. Right now, I'm just potential, so that makes me a little nervous going into it. Once I'm there, getting in the swing of things, and with the CPA exams and Series out of the way, then I'll be a lot more confident. Like around January. Then, CFA studying.

The picture you paint of a few years down the line is incredible. I've figured as much. The firm I'm working for is basically on the border of bulge bracket. I used to think it was one of the very top, but know now it is definitely up there but not the creme of the crop. But it still would make really no sense to switch to any other bank except maybe a lateral transfer to Goldman because the alumni network and exit opportunities you mentioned are of course greater there. That will be my decision to make. I either stay at my bank as a Sr. Analyst five or so years down the road if the position is open and I get it or switch to another bank when one opens up for my sector. That's if I stay in equity analysis. The alternatives are tantalizing. I figure at least 4 years with this new firm, enough to see me through the CFA.

Still, I feel like I've got to perform at work and study&pass all these exams first before I've even earned the right to dream about what's beyond this job, though. I mean, a couple months ago, this job itself was the dream job!
 
numi Wrote:
-------------------------------------------------------
> PwC, i remember you posting about something
> similar to this seeking job advice a while back
> (that position sounded like ubs...maybe bofa).
>
> sounded like you were ready to make a move to
> research and just needed some reassurance.
> congrats on the offer...sounds like a good
> decision for you


Thanks for the congrats, numi. I believe you were one of the ones giving me the swift kick in the ass back then. Looking back, I was an idiot to have waffled on this. In fact, in my first phone interview, my reservations came through so stongly that I almost didn't get invited for the interview at their HQ in NYC! Thankfully, I did and am very happy about my decision.
 
Congrats PWC....you'll love NYC, although probably not quite as much as you would if you were single.

What industry are you speaking about here out of curiosity?
 
PwC - I'll make it even better for you... if you are with the right shop and do well there in the first couple of years, you might not even need to bother with the charter, unless the shop made it a condition that you do. if you are in the industry already and have a half good track record, a decent network, and half a brain, you shouldn't have to bust your a$$ for 3 years to get this.... unless you want to... nothing wrong with it... and it is sort of a very nice hedge for a few years out... but you might just do better evolving from within the biz since you are already in...
 
hey nailit, just wondering how it is the case that you're going to "make it even better" for PwC_2_IB. Are you going to be his boss?
 
nailit Wrote:
-------------------------------------------------------
> PwC - I'll make it even better for you... if you
> are with the right shop and do well there in the
> first couple of years, you might not even need to
> bother with the charter, unless the shop made it a
> condition that you do. if you are in the industry
> already and have a half good track record, a
> decent network, and half a brain, you shouldn't
> have to bust your a$$ for 3 years to get this....
> unless you want to... nothing wrong with it... and
> it is sort of a very nice hedge for a few years
> out... but you might just do better evolving from
> within the biz since you are already in...

I definitely want the charter. I borderline covet it.
 
actually.... I'd be cool as a boss LOL.... I was gonna spare him the pain of studying for years and instead suggest that the free time from an 80 hour work-week (they told you that, PwC, didn't they?) might be better spent with the family.... but if one covets it, one gotta gets it.... I covet it too.... no borderline....
 
Hi,

How much should you expect (Base, signing bonus, bonus) if you are hired as a 2nd year Equity Research Associate in the energy sector, and you have passed the CFA exams but dont have the experience as yet. Can you negotiate for higher amounts or is it pretty much a closed deal? Assuming the firm is Credit Suisse?
 
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