Posted by guest , Jan 21, 2009 10:29AM

The high end (annualized) is only down 23% from what Lehman payed sales & trading analysts in the '97 class. Just FYI

Posted by guest , Jan 21, 2009 10:32AM

if u are a first year what do you do.
stick it out and hope u will get paid one day or career change or back to school?

Posted by guest , Jan 21, 2009 10:33AM

if u are a first year what do you do.
stick it out and hope u will get paid one day or career change or back to school?

Posted by guest , Jan 21, 2009 10:39AM

i was a second yr and career changed ~2 months ago. inv banking is so fcked... even if the business comes back, compensation probably won't.

Posted by guest , Jan 21, 2009 10:41AM

you bend over and say "thank you, can I please have another". That or become a doctor.

Posted by guest , Jan 21, 2009 10:43AM

6 This has been discussed before. The bottom line is that the risk/potential reward tradeoff in banking is hard to beat. In this environment its not the slam dunk that it used to be, but I still don't see a better alternative. As far as going back to school, that's just a delaying tactic. Your thought? I assume youre not working in Starbucks.

Posted by guest , Jan 21, 2009 10:44AM

3 There's some justice in that, if you consider say where the S&P500 has gone over 10 years: essentially flat

Posted by guest , Jan 21, 2009 10:55AM

8 - this is 6. my thoughts are your opinion has been valid until now. down years were down and good years were up. however, the investment banks didn't vanish in the past. there were still independent banks that had mgmt willing to take outsized risks and cost structures that enabled high comp.

today, you have banking operations focused in bigger and bigger institutions. these banks have disparate operations and are much more interested in true risk mgmt (or at least they will be after this passes). mgmt teams came up through different ranks (i.e. ken lewis). the banks are more intertwined and will inherently be less independent. advisory services will fall significantly. capital raising will slowly be more and more of a commodity. compensation has fallen and will have a much harder time rebounding in the future. all in all, i think boutiques will benefit and large cap bankers will see their position and pay crippled.

for a young prof, banking is still a good place to start. experience is good, but the sacrifice (especially with bonuses like the rumors i've heard) is pretty stiff. my recommendation is stick it out for at least 1 year. learn what you can from working in this economy. leverage it to whatever extent you can and move on. easier said than done though in this job mkt.

and no, not at starbucks... yet.

Posted by guest , Jan 21, 2009 11:00AM

I think you can qualify for food stamps and section 8 housing with numbers like that....jesus....

Posted by guest , Jan 21, 2009 11:01AM

10 Thanks for that, which is extremely insightful. But begs the question: move onto what? Everything I can think of - PE, VC, asset management, corporate finance (i.e. treasury work at an industrial) - is flawed as well.

Posted by guest , Jan 21, 2009 11:02AM

@11 - that's about right. With those numbers, 1st years can pay maybe a month's rent in their shared-with-5-other-recent-grads shitty downtown apt.

Posted by guest , Jan 21, 2009 11:07AM

10 This is 12 again. I read carefully, and it sounds like you're advocating developing some skills at a big bank then moving to a boutique. Good strategy. Problem of course is that by nature, boutiques don't hire very many people. So this is not gonna be a good option for most.

Posted by guest , Jan 21, 2009 11:22AM

doubtful associates know anything about the real bonus payouts.

Posted by guest , Jan 21, 2009 11:24AM

8 and 6/10 - I have been having this conversation with my partner quite often resently. He would agree with 6/10 and I would agree with 8.

All I see for ibankers is a tonne of friggin' hard work and very little return going forward.

I hope my partner is correct and comp levels return, however I can't help but think everyone is in for alot of pain and disappointment

Posted by guest , Jan 21, 2009 11:56AM

IB is not very hard work at the moment so the risk/reward point is moot. I work 10 hour days, no weekends and still get a massive base salary.

Posted by guest , Jan 21, 2009 12:00PM

That should serve as a warning... your hours are probably either going to 80-100/week or 0.

Posted by guest , Jan 21, 2009 12:10PM

@17 - massive base salary? you're either lying or have really small ambitions...

Posted by guest , Jan 21, 2009 12:14PM

@17 you are full of shit. fuck off.

Posted by guest , Jan 21, 2009 12:17PM

@17 - massive base salary ? yeah right, massive compared to your bonus ! you are a complete nut.

Posted by guest , Jan 21, 2009 12:18PM

@17 I assume you're joking. If you're not, you're an idiot

Posted by guest , Jan 21, 2009 12:19PM

@ 16 - think about working for the gov't or a regulator and use that to feed into something else once (hopefully) the market turns.

Posted by guest , Jan 21, 2009 12:20PM

17 here, massive compared to any other 1st year graduate job. Think 2x.

Posted by guest , Jan 21, 2009 12:38PM

@25 - what other first yr grad job? consulting / industry? are you making 300 base?

Posted by guest , Jan 21, 2009 12:39PM

Anyone based in UAE? What are first year assoc numbers in Dubai?

Kidding - seriously is anyone based in Abu Dhabi? Need to insight into life/work there.

Thnx

Posted by guest , Jan 21, 2009 12:40PM

@26 - I don't understand you.

But no, not 300k.

Posted by guest , Jan 21, 2009 12:41PM

Anyone based in UAE? What are first year assoc numbers in Dubai?

Kidding - seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.

Thnx

Posted by guest , Jan 21, 2009 12:42PM

@26- he's an analyst. He means 2x the avg salary of some kid out of undergrad.

Posted by guest , Jan 21, 2009 12:43PM

Anyone based in UAE? What are first year assoc numbers in Dubai?

Kidding - seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.

Thnx

Posted by guest , Jan 21, 2009 12:43PM

#29 - Surprisingly they dont celebrate the same conquests over there that they do in the western world.
signed, Vince (it seemed like a good idea at the time) Acors

Posted by guest , Jan 21, 2009 12:47PM

Anyone based in UAE? What are first year assoc numbers in Dubai?

Kidding - seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.

Thnx

Posted by guest , Jan 21, 2009 1:05PM

My question [27,29,31 & 33...sorry for the re-post] is not comp related. May have an opportunity to go over there and want some perspective.

Posted by guest , Jan 21, 2009 1:21PM

Forgive me for being naive, but as a soon to be (fingers crossed that my offer is not pulled) banker, what is a "stub bonus?" For the 1/2 year worked, assuming July start?

Posted by guest , Jan 21, 2009 1:45PM

I worked in Dubai significantly over the past year and had several (american) friends in the PE sector as well. The UAE is a disaster right now. They are in a complete standstill frozen by fear. They never thought that the global recession would hit them and when it did, they were caught with their pants down. The country is like a deer in head lights right now.

Posted by guest , Jan 21, 2009 1:50PM

@35

Yes

Posted by guest , Jan 21, 2009 2:05PM

@37

Thanks. Much appreciated.

-35

Posted by guest , Jan 21, 2009 2:22PM

I work in Dubai PE as a first year analyst. My base is 275,000DHS or about 75,000 USD non-taxable. Bonus was 110,000Dhs or 30,000 USD. Total was about 115,000 USD non-taxable.

Posted by guest , Jan 21, 2009 2:25PM

I work in Dubai PE as a first year analyst. My base is 275,000DHS or about 75,000 USD non-taxable. Bonus was 110,000Dhs or 30,000 USD. Total was about 115,000 USD non-taxable.

Posted by guest , Jan 21, 2009 2:30PM

Did you ever wonder what it was like during The Terror of the French Revolution? Like this.

Posted by guest , Jan 21, 2009 2:39PM

see 35: I too remember those heady days. In your last year in school, offer in hand, dreaming of moving to NY, working and playing hard and at the end of the month being rewarded with a big fat check. And at the end of the year an even fatter bonus check. Unfortunately a different reality has set in.

Posted by guest , Jan 21, 2009 2:55PM

@42

so true and so sad ...

what do we do now

Posted by guest , Jan 21, 2009 2:55PM

@42

so true and so sad ...

what do we do now

Posted by guest , Jan 21, 2009 3:19PM

@43/@44: you'll actually have to work & think for your pay dumb@ss... not just sit around mindlessly waiting for the next coffee-order from your MD.

Posted by guest , Jan 21, 2009 3:37PM

@39/40

75+30=115???

I would have thought they used arabic numerals over there...or maybe you're just practicing to play Madoff with the Dubai Shakespeare company once you're fired?

Posted by guest , Jan 21, 2009 11:41PM

115 includes sign on bonus 75+30+10 = 115
forgot to specify that

Posted by guest , Jan 22, 2009 5:35AM

@40 does that apply to AD? Tax free? You're always accountable for US federal taxes....

Posted by guest , Jan 28, 2009 7:12PM

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