One of the big perks to the 80-100 hour work weeks is that investment bankers get paid a lot. Let’s face it, if you’re going to work 7 days a week you better be getting paid well for it.
Summer interns will receive a pro-rated salary of $70,000 per year and will generally be paid hourly for anything over 40 hours a week. The overtime can really add up. Base salaries for the longest time were $60,000 across the street but in order to retain employees during the financial crisis most of the bulge bracket banks increased base salary to $70,000 around the start of 2010. Associate level pay was also bumped.
First year investment banking analysts typically receive a $10k signing bonus and $70k base salary.
First Year Investment Banking Associates out of an MBA program will receive a $30k signing bonus and $95-105k salary depending on the bank.
Salary exhibit taken from Investment Banking Interview Guide:
Are there any other perks? Yes. All investment banks will allocate anywhere from $25-30 for your dinner if you stay after 7pm (which you always will). You will also get the benefit of free car service home from work.
Street of Walls provides a very detailed breakdown of salaries plus bonus during 2009 and 2010 for all Bulge Bracket and Advisory banks in the FREE Guide: all you do is sign-up and the guide is emailed in your registration email.
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