ER graduate/AN1 comp in London
Not seen one for London ER so thought I'd start a thread with current grad salaries... comment base salary / expected bonuses and I'll update the post.
Point72: 100k + 30-100%
MS: 70k + >50%
Jefferies: 70k + 50-70%
Citi: 70k + markets bonus (>60%)
JPM: 70k + markets bonus (60-80%)
CS: 70k
T Rowe Price: 65k + 30%? (buyside)
GS: 65k + 35k bonus
BNP/Exane: 65k + >50%
Barclays: 65k
BAML: 65k
Bernstein: ?
UBS: 65k
SocGen: 62k
RBC: 60k
HSBC: 55k ?
Redburn: 53k
Berenberg: 50k + 0%...
Baillie Gifford (Edinburgh): 45k (buyside)
Capital Group: no grads but ~80k base at assoc-equivalent level... suspect they will raise next year as sell-side equiv is at 110k base
Numis, Peel Hunt, Investec, Liberum, Stifel?
These bonus figures are definitely not correct. No one's getting an 80% bonus in ER as a grad.
Have a buddy at Citi ER, who received 65% last yr as mid-bucket... 80% possible
I'm talking as a grad. Citi does not have an ER grad scheme afaik, they have a rotational markets scheme, so that seems more plausible.
I think for GS base is 70k GBP.
starting is technically 65k + 6K sign-on, but normally ppl join as AN1 in summer, become AN2 by December (70k base) and receive 35k stub bonus
P72 ~100k gbp base , 30-100% bonus for grad scheme. Idk analyst 1.
What clown MS'd me, the base is literally around 95/100k for the academy.
Damn these bonus numbers look great. I didn't realise they were that good for ER. Any info on how this scales with progression?
I've heard it slows down considerably on the sellside
issue with SS ER, it caps out considerably at VP-level... and very hard to become MD in ER
progression until VP level is same as other markets roles
in London, plenty of scope to be at £400k... but not many at 1m
Thanks! So am I right in saying in terms of maxing out comp, ER is pretty decent to start out with but best would be to eventually move to buy side?
Yes - same with any sell-side role... ER -> HF path is equivalent to IBD -> PE
I'd say 99% of ER grads have the intention to move to the buy-side after 2-3 years... and probs 90% of them do
I'll be interning at one of the MMs this coming summer (P72/Citadel) for L/S and was wondering how buy-side coverage differed from sellside coverage. I'm assuming at funds you'd be covering a greater universe of names in a given sector but what duration does the sell-side typically use for recommendations? I'm aware the MMs are more short-termish and was wondering how sellside research can compliment a thesis if they're more long-term/value focused. ty
yea from what I've seen, typical SS is 5-15 names per coverage analyst vs 20-50 on the buyside
depends on the firm - they'll state in their disclosures... but Most BBs rate on a 1-year, relative to sector scale. Very few do absolute performance (otherwise i.e. during +rates periods, growth sectors should all be "Sell"...)
Some of the independents (Exane, Redburn, etc) focus on much longer-term research w their black tops, more value focused
did you mean scope to achieve 400k in general (i.e it will come with time, across buyside and sellside roles) or specifically for VP level on the SS ER? If the latter, am struggling to reconcile how you would be able to get 400k on 110-150k base (100%+ bonus for SS research?)
Does Equity Research AN1 get paid the same as IBD/Markets base? I see firms such as GS, JPM, BAML paying equivalent???
yes, ER base is generally same as markets/IBD. For JPM, ER is part of their “Markets” division and not classified separately
Is the Redburn comp accurate??
I know they have just been acquired by Rothschild and salaries were rebased to BBs. The 53k is likely outdated
I’ve spoken to some people there, hasn’t changed yet for grads - maybe it will change after the Rothschild base/bonus cycle in mid Feb?
would be unusual to get acquired and still paid less vs everyone else in the same division on 70/80/85 for AN1/2/3…
I have a friend that works there and AN 1 base is £65k. They do not follow a traditional IB type organizational structure (AN, AS, VP etc) so tough to work out comps. Their structure starts at support analyst (grad) moving to covering analyst (AS 2/3) then full coverage/sector head (VP/D). From my friend, a covering analyst base pay is roughly £95-110k. Depends on analyst ranking, team ranking and coverage load (more for full coverage - tends to be 10 stocks).
They definitely need to rebase pay otherwise they're at risk of many analysts exiting either to buy-side or IR type roles.
Surprisingly high grad comp in ER nowadays … so JPM entry level pays £120k?
wtf JPM ER pays £60k for AN1 ahaha where did you get £120k from
The list in the OP says JPM is 70k base + 60-80% bonus ... seemed high to me
Sorry OP, but no ER grad at Jefferies is making £120k lol... you'd be lucky to clear that as an AN2 in M&A.
I don't think you saw the % sign lmao
70% on a £70k base is £120k.
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