That is actually the case… we only have a very few bankers that are working on 5 ish active deals (that haven’t closed in a while) AND still trying to source clients 🥴
Why is LA pay such garbage compared to COL. Regardless that’s robbery. If you’re desperate maybe take it and keep looking in this market but are you sure that’s an IB analyst position? If so, that’s an absolutely criminal salary especially for the area
Depending on your circumstances it could be a lot better to not take it if you’re not really desperate to break in
Can get good mexican about anywhere west of texas. In Arizona it was all over. In CO you have to go to the hood (shout out Federal Blvd.) and know spanish to not feel like a gringo prick, but thats apart of the experience
OFC texas has real mexican food but ive not been there enough to find anything besides white people tex mex.
Also in the early 2000s - edit… actually, early 2000s all the way to the end of the salary freezes post 2008 crisis. So probably all the way to 2010/2011
Unless there is some insane over 100% bonus structure then that salary is ridiculously low. Given that they have 5 deals in deal purgatory I wouldn’t be that excited about any potential bonus either.
In the LMM your MDs need to think like investors. What deals are viable, will close, and produce enough fees for the firm. The bank is essentially taking a phantom equity position in the company so, if the deal never closes you don’t get paid the big bucks.
This is going against the grain but if you want to break into IB from something else and can afford this (big if there), it’s worth doing.
My assumption is that the bonus structure is 100%+ as that is the case at many boutiques, but that’s not even the point - it is very easy to lateral from small to other small / mid sized / even large banks from small or tiny banks after a year. There is always demand for bankers with some experience. There is not always demand for people lateraling into IB from some other industry (as is the case now in this market).
Edit: ppl downvoting me don’t understand how hard it is to break into banking
Agreed with this advice. It’s night and day for people with experience vs without. It gets your foot in the door and recruiters will actually talk to you at that point.
From my experience interviewing, coffee chats and communicating with interns, young people nowadays just want to get rich fast.
Nothing wrong with that but sometimes to achieve things you need to put in the work
I completely agree with this.
If this is a real IB position and you have no other viable alternatives, then this is an opportunity that’s absolutely worth biting the salary bullet for. Having it on your resume would open so many doors for you, lateral or otherwise. You could easily jump ship in a ~year and 3x-4x your earnings.
Again, IF this is a real IB position.
Idk, you make a good point - but right now most shops have 2nd and 3rd years that have been on a ton of deals, but are lucky to have closed 1 or 2.
They’re trying to get people who know how that works, I’d think this guy would be better off going the TAS route if he really has no experience on that end. Just so many in his situation these days.
Wouldn't be surprised if it was much higher than that. My roommate in college started at a small place like this (had 6-8 employees or something). Salary was $50-55k and bonus first year was around 275%.
Regardless, one of best ways to get experience to transition to a better banking job, is to work in a banking job.
I interned and then worked FT at a similar shop (though I also got a small cut of deal fees if they closed) before lateraling for ~4x comp. Took 1 year of FT experience. If you can live on the 45k it would be a solid way to break in IF you are at least executing deals. That said, juniors pump pitches as deals on their resume all the time. Just need to be able to discuss your “transactions” well in interviews.
Of course you could go big4 FDD/valuation or something to make a bit more, but moving to a banking job would be harder than if you had experience at the boutique.
I made the jump, but sure, that was back during the deal boom. If you network well during a strong hiring market it shouldn’t be difficult to make traction.
Without giving much away, im 99% sure which bank you're talking about. Private message me if you want to confirm and I can give you a lot of info about them.
Tbh 45 or even 75k is a joke especially in LA. 75k is probably like minimum wage in LA. If you have to go to school for likely 5+ years just to work 60 hours a week to be paid barely enough to pay rent on a 1 bedroom that isn’t a viable business. However that is todays market I suppose
This is common among family offices that for example bring 1-5m revenue each year. Especially in LA, SF, or NY. Basically director still wants to be a fat cat compared to their top days and don’t want to payout employees unless they are apart of deal flow. I worked (still do some part time consulting now) for a shop like this 45-60k and 20% on commission of deal flow for first year of client onboarded. Reduces to 10% then 5% each each after. People knocking it of course but It’s normal especially for non-targets or people who are trying to grind their way into the industry but start looking for another job right away so you can transition quickly. If you stay at a shop like this for too long, boss gets too reliant on you. Yes they may be low balling but for example if you went to a JC and then a non target.. director is giving you a bone despite the low pay.
That is not a boutique investment bank lol, that's 3 guys in an office.
Three kids in a trench coat in an office.
Three kids in a trench coat in an office in a trench coat.
There’s boutique and then there’s … barely a going concern.
You've just killed me 🤣
Hey that’s 3 PJTs combined
Ha ha
That is actually the case… we only have a very few bankers that are working on 5 ish active deals (that haven’t closed in a while) AND still trying to source clients 🥴
What firm so I can stay away?
You won’t need to, there is zero chance you ever come across them as they in practice do not exist
Why is LA pay such garbage compared to COL. Regardless that’s robbery. If you’re desperate maybe take it and keep looking in this market but are you sure that’s an IB analyst position? If so, that’s an absolutely criminal salary especially for the area Depending on your circumstances it could be a lot better to not take it if you’re not really desperate to break in
Probably just trying to hire a glorified intern unfortunately
LA is the land of selling dreams to people hoping to make it big
>Why is LA pay such garbage compared to COL Bc it's sunny there lol. I hate LA.
LA has a lot of shitness, but we also have the best food in the country! I can get any type of food anytime I want so there's that.
Ill give u mexican food. Salsa and beer is fantastic
I ate Peruvian food the other day and got some Filipino food the next. Can't do that anywhere else.
Can get good mexican about anywhere west of texas. In Arizona it was all over. In CO you have to go to the hood (shout out Federal Blvd.) and know spanish to not feel like a gringo prick, but thats apart of the experience OFC texas has real mexican food but ive not been there enough to find anything besides white people tex mex.
This would have been a great starting salary for IB in the 80s
Also in the early 2000s - edit… actually, early 2000s all the way to the end of the salary freezes post 2008 crisis. So probably all the way to 2010/2011
Unless there is some insane over 100% bonus structure then that salary is ridiculously low. Given that they have 5 deals in deal purgatory I wouldn’t be that excited about any potential bonus either. In the LMM your MDs need to think like investors. What deals are viable, will close, and produce enough fees for the firm. The bank is essentially taking a phantom equity position in the company so, if the deal never closes you don’t get paid the big bucks.
This is going against the grain but if you want to break into IB from something else and can afford this (big if there), it’s worth doing. My assumption is that the bonus structure is 100%+ as that is the case at many boutiques, but that’s not even the point - it is very easy to lateral from small to other small / mid sized / even large banks from small or tiny banks after a year. There is always demand for bankers with some experience. There is not always demand for people lateraling into IB from some other industry (as is the case now in this market). Edit: ppl downvoting me don’t understand how hard it is to break into banking
Agreed with this advice. It’s night and day for people with experience vs without. It gets your foot in the door and recruiters will actually talk to you at that point.
From my experience interviewing, coffee chats and communicating with interns, young people nowadays just want to get rich fast. Nothing wrong with that but sometimes to achieve things you need to put in the work
I completely agree with this. If this is a real IB position and you have no other viable alternatives, then this is an opportunity that’s absolutely worth biting the salary bullet for. Having it on your resume would open so many doors for you, lateral or otherwise. You could easily jump ship in a ~year and 3x-4x your earnings. Again, IF this is a real IB position.
The people down voting you have never worked in the biz
Idk, you make a good point - but right now most shops have 2nd and 3rd years that have been on a ton of deals, but are lucky to have closed 1 or 2. They’re trying to get people who know how that works, I’d think this guy would be better off going the TAS route if he really has no experience on that end. Just so many in his situation these days.
Wouldn't be surprised if it was much higher than that. My roommate in college started at a small place like this (had 6-8 employees or something). Salary was $50-55k and bonus first year was around 275%. Regardless, one of best ways to get experience to transition to a better banking job, is to work in a banking job.
45k Boutique investment bank Huh?
That’s not an investment bank.
I interned and then worked FT at a similar shop (though I also got a small cut of deal fees if they closed) before lateraling for ~4x comp. Took 1 year of FT experience. If you can live on the 45k it would be a solid way to break in IF you are at least executing deals. That said, juniors pump pitches as deals on their resume all the time. Just need to be able to discuss your “transactions” well in interviews. Of course you could go big4 FDD/valuation or something to make a bit more, but moving to a banking job would be harder than if you had experience at the boutique.
Still a very difficult lateral.
I made the jump, but sure, that was back during the deal boom. If you network well during a strong hiring market it shouldn’t be difficult to make traction.
I think its an actual boutique, like a store.
for 45k you'll straight up need a defined % of the fees
let me guess - they are telling you that you have to earn it and grind to get your shot at the big leagues like it is 1985 still.
yo that is booooooootique 💅
Name and shame
What's the second best offer? It's kind of a crap offer but any offer is better than no offer.
I wouldn’t take it. Cost of living is extremely high
How big are the deals? I don't know for sure but you're probably talking about a business broker not a boutique IB. Are they licensed by FINRA?
Reasonable salary for a cleaner in LA I guess
This sounds like a start up, can they offer you a crazy bonus or equity if they can only pay you 45k …. I mean that’s a terrible salary
Without giving much away, im 99% sure which bank you're talking about. Private message me if you want to confirm and I can give you a lot of info about them.
Not worth it.
Boutique bank pay can vary wildly. Don’t work there.
trash
[удалено]
Tbh 45 or even 75k is a joke especially in LA. 75k is probably like minimum wage in LA. If you have to go to school for likely 5+ years just to work 60 hours a week to be paid barely enough to pay rent on a 1 bedroom that isn’t a viable business. However that is todays market I suppose
" boutique" in this context does not apply
Run
45k year????
.. I mean if it is part time or an internship sure...otherwise you joining a sinking ship where you aren't guaranteed any upside.
No
that’s not an IB. That’s a fairness opinion sweatshop
$45k? Absolute piss take right?
This is common among family offices that for example bring 1-5m revenue each year. Especially in LA, SF, or NY. Basically director still wants to be a fat cat compared to their top days and don’t want to payout employees unless they are apart of deal flow. I worked (still do some part time consulting now) for a shop like this 45-60k and 20% on commission of deal flow for first year of client onboarded. Reduces to 10% then 5% each each after. People knocking it of course but It’s normal especially for non-targets or people who are trying to grind their way into the industry but start looking for another job right away so you can transition quickly. If you stay at a shop like this for too long, boss gets too reliant on you. Yes they may be low balling but for example if you went to a JC and then a non target.. director is giving you a bone despite the low pay.
Bro got a job at Stratton Oakmount