Originally Posted by CushyCouture
I doubt 250k your 3rd year is the norm in ibanking. I've never even HEARD of any third year making that much. If a 3rd year is making 250k, how much is his boss with 10+ years experience making? C'mon.
Originally Posted by newinny
3rd year associates made 250k +/- 50k total comp last year. 125k base plus 125k bonus.
this. survival bias. most people don't make it to third year associate--they transfer out to something slightly more lucrative than 2nd year analyst but not as lucrative if they're bad, something more lucrative if they're good, business school if their disillusioned, etc. the people with 10+ years of experience at an ibank are either masochists or making 500k+ or 1mil+. greg smith (that lame gs guy who published the nyt oped) was making 500k at 26 and wanted to make 1mil+ at ~30.
the variance of pay in buy-side is enormous--you have HF managers that pull in 1bil+ per year, but most are not making anything near that. banking you are pretty much guaranteed a high salary if you put in the hours and are competent.