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by ylee
807 days ago
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>Goldman Sach's IB Analysts starting salaries at the SF office were $90k with minimal bonuses in 2020. These same people could have worked at Google or Microsoft (and most of them legitimately had that option) When I graduated from Columbia in 1999, I interviewed and got offers at various tech startups, but entry-level jobs on the "PM track" for those without a CS/engineering degree didn't formally exist at the likes of Microsoft or Yahoo as far as I know. I had a technical background, but was almost entirely self-taught, and had no interest in writing code for money anyway. <https://news.ycombinator.com/item?id=36027171> Of my offers I chose Goldman, where I worked with tech companies. Thank goodness for that; I got to participate in the dotcom bubble without being directly swept up in its popping, and saw the Valley immediately post-bubble collapse. <https://news.ycombinator.com/item?id=34726735> My GS starting salary was 40K. During that first year, because of the dotcom bubble, Goldman raised the salary to $55/65/75K for first/second/third-year analysts, and my end-of-year bonus in 2000 was close to 100% of salary. Then the full effect of the recession/market crash hit and the 2001 bonus was, well, much smaller. |
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Exactly!
The bonus plays a massive role in Analyst compensation, and during 2020-present, the bonus was slashed severely due to a lack of late stage dealflow.
The work hours at GS and JPM were still as crappy as before, but the bonuses were trash when factoring stock and bonus compensation their peers were getting.
A bunch of my mentees made the switch to PM, SWE, VC analyst, or Founding explicitly because of that.