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Originally Posted by California
Let's take 'many many times' to equal 3x or more (though it's very debate-able whether or not 3 even counts as 'many many', I'd think it would be something more like 10x). Let's also assume that the good financial companies pay around $40-50k for their average fresh-grad analyst hires. This would imply their counterparts (average new analyst hires in good financial companies) in in New York make $120-150k? (for the sake of simplicity, we let tax and exchange rate cancel out, though this is in favor of the US). I think $120-150k is a pretty far stretch for an average fresh grad, from past experiences and interactions the number should be closer to $60-80k.
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Bulge bracket investment banks in New York have a pretty standard package for graduates. It used to be USD100K base, but has risen to about USD120K after the global financial crisis because salaries were adjusted upwards to compensate for lower bonuses (required by the Fed, which now regulates the investment banks turned commercial banks). For graduates, bonus is usually fixed for the first one-two years and then varies on performance when you move from graduate to Associate. It's typically USD100K as well, so if you are starting at a bulge bracket investment bank in NY, expect USD220K for the first two years. After that, if you survive (about 10-20% do), you can finally make some serious money. However, entry into BB in New York is very competitive, even if you are an Ivy graduate.
Summer Interns at Goldman Sachs in New York are paid USD6,000+ pm. Its similar for the other BB IBs. Ask around.
Come to think of it, starting base salaries for graduates at New York investment banks 30 years ago were already about S$80K. Wonder how I know
