There's a lot of chatter happening online about Mahua Moitra and her VP-ship at JP Morgan 6-7 years ago, which she resigned from to join politics. Her stans are saying that a VP at JPM is a very senior and well-paid position, so she can easily afford to buy dozens of expensive shoes, bags, diamonds etc with her savings. On the other hand, her haters are saying that banks like JPM have "hundreds" of VP posts and VP is an "entry-level" rank there with average salaries. I personally don't believe the haters and I think it's just BJP IT cell propaganda. IMO a VP at JPM would probably be earning at least 2-3 crores a year, at par with partners at Big 7 law firms. But just wanted to know what others here think?
Also, is it better in terms of money and prestige to be a VP at a bank, even desi ones like Axis or HDFC, in comparison with being a law firm partner? And do they hire lawyers? Or should we do an MBA?
As far I know, it's a senior position but the pay isn't up there. And yes, there are hundreds of VP in JPM. Since they deal with clients, the vice president designation gives them a sense of reliance on the person involved in the dealing.
The ranking is like:
Graduate Analyst - Fresher
Analyst - 6-12 months
Senior Analyst - 1-3years
Associate - 2-5 years
Senior Associate -3-8 years
VP usually: 8-10 years
And the pay does not exceed 60 LPA in most cases and ranges from 20-60 LPA.
But it's also expensive to rent there, remember that. Don't think that 1 million USD is Rs 8 crore. 1 million USD is 1 million USD. You may NY prices for everything, not Mumbai prices. This is why IIMs and IITs are dishonest when they say that their grads are getting 1 cr average salary. They convert USD to rupees.
But just one point in Mahua's defence: her ex husband Lars Bronson is also a banker in London and she stayed with him, so her rent would have been lees. If she is currently receiving alimony then that adds to her savings. She also does not have kids and says rent-free in Delhi. Thus, it is equally possible for her to spend on so many luxury items without relying on Darshan Hiranandani.
The bottom line is this: the password-sharing issues and the cash-for-bribes issue have distinct trails. The first trail is established but not the second one as yet, beyond Darshan's affidavit. Darshan needs to prove he bought all of this for her.
So here is the front end Investment Banking Hierarchy -
Analyst (2-4 Years) = 100-125K US$ Base Pay
Associate (3-7 Years) = 175-225K US$ Base Pay
VP (7-11 Years) = 250-300K US$ Base Pay
ED/SVP (9-15 Years) = 300-350K US$ Base Pay
MD (12-15+ Years) = 500-600K US$ Base Pay
Bonus Money - This ranges from 50% - 200% of their Base Pay. Entirely depends on the performance of the bank and the market scenario.
These figures are only for the Global Bulge Bracket IBs such as Goldman Sachs, JPM, Morgan Stanley, Barclays, Bank of America, City Bank, etc. Also, these figures are only for front-end Investment Banking roles such as M&As, IPOs, LBOs, etc. This figure is especially for cities like NYC, London, Singapore, etc.
In India, the scene is very different.
These same banks pay are -
Analyst - 40-60LPA
Associate - 75 - 100 LPA
VP - 125-150 LPA
ED/SVP - 200-250 LPA
MD - 300-350 LPA
Bonus = 50-150%
Again for the Global Bulge Bracket Banks only.
In India, these banks only hire a handful of 5-10 people from the top 5 IIMs and IITs only in their front-office IB analyst roles.
Boutique firms pay way less as compared to the Global Bulge Bracket banks.
Also, he/she may be working in some other division of these banks which pays way less like Asset management, wealth management, retail banking, sales & trading or back office roles.
Also, one more thing. IB is more terrible than Corp Law. Here analysts and associates on average work from 80-120 hours per week. Almost, every year the banks witness some suicides in this levels. From VPs and above the hours are about 70-90 hours per week.
Also, is it better in terms of money and prestige to be a VP at a bank, even desi ones like Axis or HDFC, in comparison with being a law firm partner? And do they hire lawyers? Or should we do an MBA?
The ranking is like:
Graduate Analyst - Fresher
Analyst - 6-12 months
Senior Analyst - 1-3years
Associate - 2-5 years
Senior Associate -3-8 years
VP usually: 8-10 years
And the pay does not exceed 60 LPA in most cases and ranges from 20-60 LPA.
But just one point in Mahua's defence: her ex husband Lars Bronson is also a banker in London and she stayed with him, so her rent would have been lees. If she is currently receiving alimony then that adds to her savings. She also does not have kids and says rent-free in Delhi. Thus, it is equally possible for her to spend on so many luxury items without relying on Darshan Hiranandani.
The bottom line is this: the password-sharing issues and the cash-for-bribes issue have distinct trails. The first trail is established but not the second one as yet, beyond Darshan's affidavit. Darshan needs to prove he bought all of this for her.
Analyst (2-4 Years) = 100-125K US$ Base Pay
Associate (3-7 Years) = 175-225K US$ Base Pay
VP (7-11 Years) = 250-300K US$ Base Pay
ED/SVP (9-15 Years) = 300-350K US$ Base Pay
MD (12-15+ Years) = 500-600K US$ Base Pay
Bonus Money - This ranges from 50% - 200% of their Base Pay. Entirely depends on the performance of the bank and the market scenario.
These figures are only for the Global Bulge Bracket IBs such as Goldman Sachs, JPM, Morgan Stanley, Barclays, Bank of America, City Bank, etc. Also, these figures are only for front-end Investment Banking roles such as M&As, IPOs, LBOs, etc. This figure is especially for cities like NYC, London, Singapore, etc.
In India, the scene is very different.
These same banks pay are -
Analyst - 40-60LPA
Associate - 75 - 100 LPA
VP - 125-150 LPA
ED/SVP - 200-250 LPA
MD - 300-350 LPA
Bonus = 50-150%
Again for the Global Bulge Bracket Banks only.
In India, these banks only hire a handful of 5-10 people from the top 5 IIMs and IITs only in their front-office IB analyst roles.
Boutique firms pay way less as compared to the Global Bulge Bracket banks.
Also, he/she may be working in some other division of these banks which pays way less like Asset management, wealth management, retail banking, sales & trading or back office roles.
Is your bf from top 5 IIMs/IITs?
And No he works with of the sectors you mentioned. No Analyst or even associate at JPM makes 40-60 LPA
Also, one more thing. IB is more terrible than Corp Law. Here analysts and associates on average work from 80-120 hours per week. Almost, every year the banks witness some suicides in this levels. From VPs and above the hours are about 70-90 hours per week.