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Notes -
It’s also that even though analysts and associates are paid very well by general standards, they’re only paid a very small proportion of the deal fees the bank makes. On a big $20m fee (when apportioning based on bonuses and salary for the subsequent year), ‘the bank’ might make $10m, the ‘vice chairman’ (typically semi-retired senior banker still affiliated with bank because of their connections, some banks will have a different title) makes $2m, the head of the industry team (‘global head of industrials’) might make $1m, the two or three MDs involved may make $500k each, then you down from there through directors/EDs, VPs, associates and down to analysts. Of an analyst’s $60k or $80k bonus (maybe there are four or five staffed on the deal across an industry team and execution), perhaps $10k comes from this deal if one had to pick a number. (This isn’t how bonus pools work, but it illustrates how small the analyst’s share would be).
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