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Your road to the RFD $100k individual Salary!

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  • Jan 18th, 2019 3:57 pm
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Deal Fanatic
Dec 11, 2008
9030 posts
938 upvotes
DumbAlpha wrote:
Jan 7th, 2019 9:53 am
An associate in wholesale banking would. But associate hires out of school usually come from a masters program.
Correct. So an undergrad making $100k is of interest since it's super rare.
Member
Sep 28, 2013
496 posts
136 upvotes
speedyforme wrote:
Jan 7th, 2019 10:51 am
Correct. So an undergrad making $100k is of interest since it's super rare.
Undergrads in 'wholesale' banking make up to $150k in their first year out of school but their base is 'only' $80-95k ($95k for the global banks, not big 5)
Deal Fanatic
Dec 11, 2008
9030 posts
938 upvotes
angrybanker wrote:
Jan 7th, 2019 10:58 am
Undergrads in 'wholesale' banking make up to $150k in their first year out of school but their base is 'only' $80-95k ($95k for the global banks, not big 5)
Perhaps his co-op experience allowed him to be near the top of the pay scale range.
Sr. Member
Nov 10, 2018
700 posts
419 upvotes
angrybanker wrote:
Jan 7th, 2019 10:58 am
Undergrads in 'wholesale' banking make up to $150k in their first year out of school but their base is 'only' $80-95k ($95k for the global banks, not big 5)
What about eyebankers? I know little about this.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Newbie
Jan 6, 2019
3 posts
4 upvotes
speedyforme wrote:
Jan 7th, 2019 9:21 am
Well unless that poster is lying, not sure what other postion he has to make $100k base at big 5 bank
I'm a first year associate at the bank's capital market group (Can't reveal specific position). A lot of the capital market "front-office" entry level jobs starts at 85k+.

It's a bit rare to hire someone fresh out of undergrad for my position (usually reserve for MBA grads), but I guess almost 2 years of co-ops and internships paid off.
Member
Sep 28, 2013
496 posts
136 upvotes
angryaudifanatic wrote:
Jan 7th, 2019 11:18 am
What about eyebankers? I know little about this.
speedyforme wrote:
Jan 7th, 2019 11:00 am
Perhaps his co-op experience allowed him to be near the top of the pay scale range.
Wholesale banking is CIBC's term for 'capital markets', which includes i-banking, sales and trading, equity research, etc. All positions across capital markets in front office pay the same base regardless of whether you're in i banking, corp banking, research etc. The bonuses are where the difference is.

I banking bonuses are $50-60k on top of base for first year analysts (out of undergrad). The other groups are half or less but have better hours (sometimes much better). So $150k would be a mid-bucket first year analyst at a good coverage ibanking group (think consumer, diversifieds, TMT, mining, energy) or m&a.
Sr. Member
Nov 10, 2018
700 posts
419 upvotes
angrybanker wrote:
Jan 7th, 2019 12:02 pm
Wholesale banking is CIBC's term for 'capital markets', which includes i-banking, sales and trading, equity research, etc. All positions across capital markets in front office pay the same base regardless of whether you're in i banking, corp banking, research etc. The bonuses are where the difference is.

I banking bonuses are $50-60k on top of base for first year analysts (out of undergrad). The other groups are half or less but have better hours (sometimes much better). So $150k would be a mid-bucket first year analyst at a good coverage ibanking group (think consumer, diversifieds, TMT, mining, energy) or m&a.
Thanks! I'm surprised ibanking 1st year folks make so little for having no life! I thought those kids cleared $300K in a year! Good to know.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Member
Sep 28, 2013
496 posts
136 upvotes
angryaudifanatic wrote:
Jan 7th, 2019 12:03 pm
Thanks! I'm surprised ibanking 1st year folks make so little for having no life! I thought those kids cleared $300K in a year! Good to know.
on an hourly basis, they make very little for the first couple years. However with the 2-year associate program now in place at most banks, they'll hit the 300 mark within 5 years of graduating and work less than they did at analyst. If they continue to stick around (most don't), their pay continues to go up and their hours down....unless they get canned, of course.
Member
Jan 1, 2017
346 posts
206 upvotes
angryaudifanatic wrote:
Jan 7th, 2019 12:03 pm
Thanks! I'm surprised ibanking 1st year folks make so little for having no life! I thought those kids cleared $300K in a year! Good to know.
I think $200k starting is for the ibankers with a fresh MBA not just an undergrad.
Member
Sep 28, 2013
496 posts
136 upvotes
ProductGuy wrote:
Jan 7th, 2019 1:03 pm
I think $200k starting is for the ibankers with a fresh MBA not just an undergrad.
Pretty much - though to clarify, not 200 base. Base salaries range from $95k (Scotia) to $150 (global i banks in Canada ie BAML, JPM, Credit Suisse). Bonuses range again, keep in mind most people from MBA/masters start halfway through the year or later, so they get a lower 'stub' bonus (even after accounting for pro-rating it for the year). The following year they get a first year bonus, which is $125k - $150k. First year associate comp is generally around $240 for big 5 (higher for CIBC) and $30-40k more for the globals.
Deal Expert
User avatar
Apr 21, 2004
47458 posts
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angrybanker wrote:
Jan 7th, 2019 12:02 pm
Wholesale banking is CIBC's term for 'capital markets', which includes i-banking, sales and trading, equity research, etc. All positions across capital markets in front office pay the same base regardless of whether you're in i banking, corp banking, research etc. The bonuses are where the difference is.

I banking bonuses are $50-60k on top of base for first year analysts (out of undergrad). The other groups are half or less but have better hours (sometimes much better). So $150k would be a mid-bucket first year analyst at a good coverage ibanking group (think consumer, diversifieds, TMT, mining, energy) or m&a.
Sounds like ibanking is the bread and butter going forward because many companies need to raise cash at one point or another

I read there's a lot less demand for sales & trading with algo trading and with sell-side equity research, we all kinda know the purpose and quality
Member
Sep 28, 2013
496 posts
136 upvotes
alanbrenton wrote:
Jan 7th, 2019 2:51 pm
Sounds like ibanking is the bread and butter going forward because many companies need to raise cash at one point or another

I read there's a lot less demand for sales & trading with algo trading and with sell-side equity research, we all kinda know the purpose and quality
Yeah, pretty much. Your three main lines of business are capital raises (debt or equity), IPOs, and M&A. It's a pure consulting business other than when you lend money on your balance sheet or do bought deals - as you noted, s&t isn't what it once was for various reasons. If you're just the middleman on something, basic supply chain says you can get squeezed from both sides. at one point those guys were making as much or more (much more in some cases) than i bankers with much fewer hours. There's one comfort in ibanking; you may get paid higher than other jobs but the demands on you as a junior is equally high. You're working for your keep - now you compare that you asset manager PMs and that's why as an ibanker you have less existentialist worries than other finance jobs.
Deal Expert
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Apr 21, 2004
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^ doesn't help that a lot of buy-side asset management firms AUM are shrinking too, likely in the face of passive and active ETF's.
Newbie
Apr 22, 2015
63 posts
35 upvotes
Ottawa, ON
Damn I only make like 85k I am such a pleb
Sr. Member
Sep 7, 2009
550 posts
172 upvotes
alanbrenton wrote:
Jan 7th, 2019 2:51 pm
Sounds like ibanking is the bread and butter going forward because many companies need to raise cash at one point or another

I read there's a lot less demand for sales & trading with algo trading and with sell-side equity research, we all kinda know the purpose and quality
My GF was in Ibanking (M&A and underwriting) before moving to PE. She said that so much of her time was spent in Excel doing financial modelling and that lots of it could eventually be automated or done by AI.

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