Revealing my BANKER SALARY for the first time
Published: 2023-07-09
Status:
Available
|
Analyzed
Published: 2023-07-09
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker predicted a starting salary of £35,000 per year for a first-year analyst in the middle office.
"my starting salary in 2013 was 35 000 pounds"
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The speaker predicts that staying in the same banking organization and division for another four to five years would have resulted in a maximum salary increase of 15-20%.
"four or five years later maybe it would have increased 15 to 20 percent maximum"
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The speaker states that the largest salary increases were achieved by changing employers, rather than through internal promotions or raises within the same company.
"The biggest jumps in salary came from when I switched jobs"
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The speaker predicts that an individual's salary is determined by their negotiation skills, not necessarily by their actual worth or contributions.
"you don't get paid your worth you get paid your ability to negotiate"
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The speaker predicts a general hierarchy of pay within banking, with front office roles earning the most, followed by back office (especially technology), and then middle office roles earning the least.
"those working in the front office earn the most as they are Revenue generating meaning they make the bank money Then the back office particularly technology is probably the next best paid and then it's middle office"
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The speaker predicted a 6% salary increase to £40,000 per year upon moving to transaction banking.
"my salary went up six percent to 40 000 pounds per year"
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The speaker predicted a 30% salary increase to £52,000 per year after successfully negotiating as a first-year associate.
"my pay was adjusted and I got a 30 pay rise so my salary went up to 52 000 pounds a year"
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The speaker predicted a 7% salary increase to £96,000 per year as a second-year vice president.
"it was seven percent so my base salary was now 96 000 pounds on an annualized basis"
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The speaker predicted a 20% salary increase to £90,000 per year upon promotion to first-year vice president.
"this time it was 20 so my salary went up to 90 000 pounds for the year"
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The speaker predicted a 7% salary increase to £37,500 per year as a second-year analyst.
"as a second year unless I got a seven percent pay rise so my salary went up to 37 500 for the year"
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The speaker predicts that an individual remaining in the same banking organization, division, and team for an additional 4-5 years would have seen a maximum salary increase of 15-20%.
"had I stayed in the same organization and having spoken to people who are still in that same organization still in the same division still in the same team my salary wouldn't be looking a huge amount different today Four or five years later maybe it would have increased 15 to 20 percent maximum"
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The speaker predicted a 45% salary increase to £75,000 per year after switching to a new investment bank.
"I got a 45 pay rise so my annual salary was now 75 000 pounds"
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Starting salary as a first-year analyst in investment banking in 2013 was £35,000, with a net monthly income of £2,218 after taxes and contributions.
"as a first year analyst my starting salary in 2013 was 35 000 pounds which after tax and state contributions National Insurance was 2218 pounds per month"
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A 7% pay rise for a second-year analyst in investment banking resulted in an annual salary of £37,500, with a net monthly income of £2,371 after taxes and contributions.
"as a second year unless I got a seven percent pay rise so my salary went up to 37 500 for the year and after tax and other contributions it was 2 371 pounds per month"
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Moving to a front-office role in transaction banking led to a 6% salary increase to £40,000 annually, with a net monthly income of £3,523 after taxes.
"my salary went up six percent to 40 000 pounds per year on a monthly basis after taxes that was three thousand five hundred and twenty three pounds per month"
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Negotiating a salary resulted in a 30% pay rise for a first-year associate, bringing the annual salary to £52,000, with a net monthly income of £3,135 after taxes and contributions.
"my pay was adjusted and I got a 30 pay rise so my salary went up to 52 000 pounds a year again after taxes and other contributions that was 3 135 pounds in my bank account each month"
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For a second-year associate in investment banking, the salary remained flat at £52,000 annually, with a slight net monthly increase to £3,161 due to changes in the personal allowance tax bracket.
"my salary stayed flat it didn't increase at all not even in line with inflation so I made again 52 000 pounds that year and after tax per month it was slightly higher it was 3161 pounds and that's because the personal allowance tax bracket changed that year"
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Switching to a second-tier investment bank resulted in a 45% pay rise, increasing the annual salary to £75,000, with a net monthly income of £4,297 after taxes and contributions.
"I got an offer at a second tier Investment Bank so not one of the largest anymore not as well known it was about a quarter of the size a similar skill set required different division but still in the front office and I got a 45 pay rise so my annual salary was now 75 000 pounds and after tax and other contributions it was 4 297 pounds per month"
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Promotion to first-year vice president in investment banking came with a 20% pay rise, bringing the annual salary to £90,000, with a net monthly income of £5,061 after taxes and National Insurance.
"I got promoted to a first year vice president and I got another pay rise and this time it was 20 so my salary went up to 90 000 pounds for the year which after tax after ni was 5061 pounds per month"
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A 7% pay rise for a second-year vice president in investment banking increased the base salary to £96,000 annually, with a net monthly income of £5,359 after taxes and National Insurance.
"as a second year vice president I still got another pay rise a smaller pay rise but greater than the rate of inflation at the time and it was seven percent so my base salary was now 96 000 pounds on an annualized basis which on a monthly basis after tax and ni was five thousand three 359 pounds"
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Staying in the same investment banking organization and team for four to five more years would have resulted in a maximum salary increase of 15-20%.
"had I stayed in the same organization and having spoken to people who are still in that same organization still in the same division still in the same team my salary wouldn't be looking a huge amount different today four or five years later maybe it would have increased 15 to 20 percent maximum"
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If an individual is not being paid their worth and sees no career progression, they should seek employment elsewhere to be compensated appropriately.
"as I've said a number of times on this channel if you don't think you're getting paid what you're worth and you also don't see any career progression or opportunities worth staying for then move and find somewhere that will pay you what you're worth"
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The most significant salary increases in investment banking were achieved by changing employers.
"the biggest jumps in salary came from when I switched jobs"
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Salary is determined by negotiation ability rather than inherent worth; therefore, individuals should not hesitate to negotiate.
"don't be afraid to negotiate because you don't get paid your worth you get paid your ability to negotiate"
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Bonuses in investment banking are discretionary, dependent on performance and economic conditions, and can range from 0% to over 100% of the base salary.
"I haven't included my bonus in these numbers this is discretionary and it is heavily reliant on your performance and the economy and it can range from zero to over a hundred percent of your base salary"
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Front-office roles and higher seniority in investment banking are associated with a larger percentage of base salary as a bonus.
"typically those in the front office will see a bigger percentage of their base salary as a bonus and the same goes as you climb up the corporate ladder the more senior you are you can broadly expect a higher percentage of your base salary as a bonus"
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Bonuses for middle-office roles in investment banking were at most 15% of base salary, while front-office roles offered a higher bonus percentage.
"when I started in Middle office my bonus was at best 15 of my base salary and then when I moved to the front office that percentage was a lot higher"
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Employer pension contributions in investment banking can match up to 10% of an employee's contribution, in addition to basic salary, and this benefit was fully utilized in most years.
"the last one I worked for offered up to 10 of what I put in so that was in addition to my basic salary and in most years I completely maxed out"
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Salaries in the banking industry have decreased in value compared to the period before the 2008 financial crisis.
"banking doesn't pay what it used to pre the 2008 financial crisis"
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Certain front-office areas within banking, such as Mergers & Acquisitions and Trading, offer significantly higher compensation than the figures presented in the transcript.
"there are other areas in the front office that get paid a lot more than the numbers you've seen here so mergers and acquisitions trading"
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