Can anyone make comparisons between salaries in Big 4 M&A groups, vs mid-market Ibanks?
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For details on salaries in mid-market ibanks, you can check out the Salary section of the latest WSO Investment Banking Industry Report.
For details on Big 4 M&A salaries, you may have to do a bit of digging in the latest WSO Consulting Industry Report to separate out M&A roles from other consulting roles. However, here is a general picture of compensation in the industry.
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not sure but im guessing big 4 is roughly about half MM bank depending on location and profits. Big four is probably equivalent to banking salary, with no bonus. i bet the hours, work/life balance, and the culture/atmosphere more favorable.
This is pretty much correct. I came from Big 4 TS (not corporate finance, but at the lower levels they're compensated essentially the same) and moved to a MM bank.
Hours in Big 4 vary greatly - if you're not on a deal you're probably not staying past 5 or 6 (don't work on pitches), but if you're on a deal then it's the same as banker hours. Culture/atmosphere is going to be dependent on the firms, but I think the atmosphere at most Big 4 has gone to hell because of crappy raises and bonuses.
First year out of school in Big 4 you're probably looking at 60 base + almost nothing in bonus, compared to most MM banks being 70 base + 50-100% in bonus (wide range here).
I believe Big 4, depending on region and group (and how badly they want someone) ranges from about 40 (in low COL areas) to 60 (NYC, good group). Also, it's worth noting that if you have an MS degree of any kind, they'll usually give you 5 extra starting. There is usally a signing bonus of 3-5. Finally, big 4 may give an end of year bonus. However, at the lower levels, this bonus is trivial (think 1-2k). So, max total first year comp for big 4 would be about 70. Note that this is the absolute max, it's probably going to be closer to 60. However, Big4 has much better WL balance and is generally lower strees. But, you won't be "doing deals" you'll only be doing the due diligence or asset valuation (for accounting purposes, not pricing purposes).
MM Boutique, again depending on the COL of the city, will range from 55-60. Signing will be 5-10. Some may also include relo, but others will say that that's what the signing bonus is for. Finally, the top bonus can be anything from 25-60 depending on the firm. This makes total first year comp at a MM somewhere between 90 and 120, slightly lower than a BB. The bonuses are totally up to the company and I would hesitate to set any sort of rule. However, in exhcange for working more hours, I'd say MM definitely pays better than Big4.
That's BS, Big4 do deals... along with the other auditing bs...
BS BS BS
Big 4 will do deals - all the Big 4 have corporate finance in addition to the Transaction Services business lines.
Salary wise - bonuses in the UK are c. 30-40% with PwC and KPMG.
From the ghetto....
isn't corporate finance at big 4 for the company's finances, totally different from a Investment banks's corporate finance (M&A, etc.)
no- late post...
to clarify-
big four TAS/transaction services is NOT the same as their CF......CF=lower tier MM M&A in the us..............
You guys are all wrong.
-Big 4 M&A is different than TS -Salary pays Street and smaller bonuses, but still decent -Hours are much better than BB or even most MM -It's a full blown investment bank
There is a division in Big 4 that pays $70k base for 1st years?
Yes, their Corporate Finance groups, plus a bonus of 20-40%
http://www.deloitte.com/view/en_GX/global/services/financial-advisory/c… http://www.pwc.com/gx/en/corporate-finance-services http://www.kpmgcorporatefinance.com
Deloitte's bonus isn't 20-40%, hasn't been in the bast 5 years atleast..
1st year bonuses are roughly 5-15%, based on individual + group performance. expect larger bonuses as you progress...if your nut out by then...
anyone know what pay/bonus is like for BDO cap? www.bdocap.com
MM and BB investment banking compensation is essentially the same. So the question at hand is really just the difference between Banking and Big 4 M&A, which comes down to the bonus (maybe 0.25x vs 1.0x). This multiple will continue to account for a greater difference as your base increases 2nd year, 3rd year, etc.
There is a difference between firms on what the name is but to summarizes: Transaction Services is mostly Due Diligence / Big 4 M&A. BUT the Big 4 each have Corporate Finance houses that are essentially less prestigious MM i-banks.
What I believe you were talking about is the TS / M&A Pay which like people above had said $40k-60k with the possibility of a $5k CPA, $1-3K signing bonus, no relocation and the possibility of a small year end bonus $1-2k.
BIG 4 = $70k MAX all-in
MM = basically BB at $90-120k all-in
Never trust a poster discussing compensation who's name is literally "ProspectiveMonkey"
I can confirm one of the Big 4 Corporate Finance teams paid $90k all in to first year analysts last year..
I was specifically asking about compensation differences between BB IB and the Big4 investment banking groups (not TS, but their actual MM IB divisions).
MD8- has anyone that you know confirmed the (0.25x vs. 1.0x) multiple? Still, a 25% bonus on a 65-70k salary for a 65-70hr work week doesn't sound too bad.
No, I was just throwing out rough estimates to show the discrepancy. I suppose 1st year IBD analysts might earn slightly less than 1.0x, whereas 1st year associates would expect more than 1.0x. In that case the difference between Big 4 and IB would be smaller when first starting out post-college.
Pwc handled like the most mm deals in Europe last year. They definitely do m&a.
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