Salary Survey 2011

SEARCH
2011
SALARY SURVEY
BBM Search is pleased to announce the results of its 2011 salary survey.
We have a close relationship with a wide range of clients including international investment banks, boutique advisory houses,
brokerage firms and independent research companies. We specialise in the following financial products:
Mergers & Acquisitions/Advisory
Equity Capital Markets
Debt Capital Markets
Equity Sales
Debt
Project/Structured Finance
Private Equity/Venture Capital
Commodities
Business Support Services
And in the following locations:
London
Moscow
Frankfurt
Hong Kong
The last year has seen a dramatic change in fortunes for those working in the global financial markets. Of all respondents,
80% considered that 2011 would see an improvement in their career prospects, and 75% felt secure in their job. Just 1%
thought this year would be worse for their career, and only 2% feared losing their job. 25% had moved jobs this year and a
significant 40% planned to do so in the next 12 months. The main drivers were an increase in remuneration (73%), a step up
in responsibility (48%). Also, a surprisingly large number (37%) were looking for a better work/life balance.
The post global crisis boom was made clear by the fact that 58% of respondents teams had grown in size, and 40% had
needed to increase the salaries offered to hire. Of those moving, 20% received a guaranteed bonus, 18% a signing-on bonus
and 5% received stock. A fifth of new employees had a pay rise of between 10-20%, and a third increased their base salary by
over 20%.
Stephen J McCarty
Managing Partner
Our questionnaire was sent to over 7,000 professionals during March 2011, and using the data from more than 1,300 respondents, 3,000 registered candidates,
and over 500 vacancies registered over the last 12 months we have created the most comprehensive survey of its kind. The success of a few of our respondents
(in terms of basic salary) had led to some erratic spikes in the charts, so we have not included the results of those lucky enough/good enough to fall outside of
our tables as it made the results less easy to interpret. We have some unpublished data at this level which we would be happy to share upon request.
SEARCH
2011
SALARY SURVEY
TABLE OF CONTENTS
Page
You and Your Team................................................................................................................. 3

Your Future ............................................................................................................................... 9
Investment Banking - Mining & Metals ......................................................................... 13
Investment Banking - Oil/Gas/Energy/Utilities........................................................... 16
Investment Banking - Alternatives/Renewables/Biotech ....................................... 19
Investment Banking - FIG ................................................................................................... 22
Investment Banking - TMT ................................................................................................. 25
Investment Banking - Infrastructure/Property/Transport ..................................... 28
Investment Banking - Industrials .................................................................................... 31
Investment Banking - Healthcare/Pharma/Chemicals............................................. 34
Investment Banking - Support Services/Retail/Generalist..................................... 37
Debt - DCM ............................................................................................................................. 40
Debt - Structured/Project Finance ................................................................................. 41
Hong Kong .............................................................................................................................. 42
Moscow .................................................................................................................................... 44
Germany .................................................................................................................................. 48
Business Support Services ................................................................................................ 50
Contacts.................................................................................................................................... 51
SEARCH
You & Your Team

Have you changed jobs in the last 12 months?
26%
38%
74%
10%
52%
Yes
No
SEARCH
You & Your Team

Are you intending to move jobs
in the next 12 months?
Yes
No
41%
38%
59%
10%
52%
SEARCH
You & Your Team

How would you describe your feeling of job security?
1%
My job is safe
I am unsure of my long term future
I fear redundancy
25%
38%
52%
74%
10%
SEARCH
You & Your Team

What has happened to the size of your team
in the last 12 months?
Grown
Stayed the same size
Reduced
12%
38%
29%
10%
59%
52%
SEARCH
You & Your Team

In the past 12 months, the quality of the candidates
we have interviewed has...
12%
20%
38%
52%
68%
10%
Improved
Stayed the same
Reduced
SEARCH
You & Your Team

To attract candidates,
the value of the packages offered...
3%
Increased
Stayed the same
Decreased
39%
58%
38%
10%
52%
SEARCH
Your Future
If you moved position in 2010, did you receive...
(more than one ticked)
A guaranteed bonus
A signing on bonus
Stock
A basic pay rise of 0% - 10%
A basic pay rise of 10% - 20%
A basic pay rise of over 20%
10
20
30
40 %
SEARCH
Your Future
What are your motivating factors
in considering opportunities?
An increase in compensation
A better work/life balance
A step-up in title and position
A different industry
A move abroad
Other
10
20
30
40
50
60
70
80 %
SEARCH
Your Future
I think my career in 2011 will...
Improve
Stay the same
Decline
SEARCH
Your Future
If you are based in UK, has the current tax / political /
social attitude towards high earners made you
consider relocating?
More likely to leave the UK
No effect
Would never leave the UK
Investment Banking Oil/Gas/Energy/UtilitiesMining and Metals
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Investment Banking Mining and Metals
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Investment Banking Mining and Metals
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Investment Banking Oil/Gas/Energy/Utilities
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Investment Banking Alternatives/Renewables/BioTech
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
Bonus %
Analyst (0 3yrs)
2009
2010
2011
Associate (3 7yrs)
2009
2010
2011
VP/AD (7 10yrs)
2009
2010
2011
Director (10yrs+)
2009
2010
2011
SEARCH
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking FIG
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking Telecoms/Media/Technology
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking Infrastructure/Property/Transport
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking Industrials
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking Healthcare/Pharmaceuticals/Chemicals
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
Investment Banking Support Services/Retail/Generalist
SEARCH
Research
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Corporate Finance
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2010
2011
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
SEARCH
SEARCH
Sales
Basic Salary 000
Analyst (0 3yrs)
2010
2011
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2010
2011
VP/AD (7 10yrs)
2010
2011
Director (10yrs+)
2010
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
SEARCH
Debt
SEARCH
Debt Capital Markets (Corporate & SSA)

Basic Salary 000
Analyst (0 3yrs)
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
SEARCH
Debt
SEARCH
Structured/Project Finance
Basic Salary 000
Analyst (0 3yrs)
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
SEARCH
Hong Kong
SEARCH
Corporate Finance
Basic Salary HKD000
Analyst (0 3yrs)
2011
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
3000
3200
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
SEARCH
There has been huge growth within the Emerging Markets. China, India and Indonesia have shown rapid development, and subsequently there has been a demand for high
quality candidates. There is a strong need for talent in all sectors, but especially within Financial Services. A number of new entrants have come to market in Asia, and in time we
shall see which of these institutions manage to make a footprint in the region. Investment Baning, Private Equity, Equity Research and Sales and Trading have demonstrated a
thirst for international applicants with specific skill sets, in particular within the Natural Resources sectors. Overall, Asia is continuing to expand at a phenomenal rate attracting
top candidates on a global basis.These numbers are based on compensation figures in Hong Kong in 2009 and are quoted in HKD.
Hong Kong
SEARCH
Equity Research
Basic Salary HKD000
Analyst (0 3yrs)
2011
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
3000
3200
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
SEARCH
There has been huge growth within the Emerging Markets. China, India and Indonesia have shown rapid development, and subsequently there has been a demand for high
quality candidates. There is a strong need for talent in all sectors, but especially within Financial Services. A number of new entrants have come to market in Asia, and in time we
shall see which of these institutions manage to make a footprint in the region. Investment Banking, Private Equity, Equity Research and Sales and Trading have demonstrated a
thirst for international applicants with specific skill sets, in particular within the Natural Resources sectors. Overall, Asia is continuing to expand at a phenomenal rate attracting
top candidates on a global basis.
These numbers are based on compensation figures in Hong Kong in 2009 and are quoted in HKD.
Moscow
SEARCH
Corporate Finance
Monthly Salary RUR 000
Analyst (0 3yrs)
2011
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
40
80
120
160
200
240
280
320
360
400
440
480
520
560
600
800
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
Annual Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
SEARCH
The Russian economy remains stable, and is steadily growing due to the natural resources sectors, primarily oil, and the liquidity within the banks. Institutions have been hiring
across all levels within the financial services sectors; this is due to expectations of market growth in 2011, especially within the anticipated privatisation of national public
companies.
Moscow
SEARCH
Equity Sales and Trading

Analyst (0 3yrs)
2011
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
40
80
120
160
200
240
280
320
360
400
440
480
520
560
600
800
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
Annual Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
SEARCH
companies.
Moscow
SEARCH
Equity Research
Analyst (0 3yrs)
2011
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
40
80
120
160
200
240
280
320
360
400
440
480
520
560
600
800
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
Annual Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
MD (10yrs+)
2011
SEARCH
companies.
Moscow
SEARCH
Private Equity
Monthly Salary RUR000
Partner
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
2011
Senior Portfolio Manager
2011
Portfolio Manager
2011
Portfolio/Investment Analyst
2011
Annual Bonus %
Partner
40
80
120
160
200
240
280
320
360
400
440
480
520
560
600
2011
Senior Portfolio Manager
2011
Portfolio Manager
2011
Portfolio/Investment Analyst
2011
SEARCH
companies.
Germany
SEARCH
Investment Banking
Basic Salary 000
Analyst (0 3yrs)
15
30
45
60
75
90
105
120
135
150
165
180
195
210
225
240
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
Bonus %
Analyst (0 3yrs)
2011
Associate (3 7yrs)
2011
VP/AD (7 10yrs)
2011
Director (10yrs+)
2011
SEARCH
Following the crisis year of 2009, the German economy experienced a strong economic recovery in 2010. There has been a strong upturn in the market, and increase in volumes
of deals within Investment Banking and Private Equity in Germany. To date, there have been 45 noted Private Equity transactions which is a result of pressure to invest as well as
sell. There are also a number of strategic buyers from Asia such as India and China looking at Technology opportunities. Investment Banks and Private Equity firms have been
steadily hiring over the last 12 months. Overall compensation has improved by approximately 10-20%. Overall, there is a conservative confidence that is growing in Germany.
These numbers are based on compensation figures in Germany in 2010 and are quoted in Euros.
Germany
SEARCH
Private Equity
Basic Salary 000
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
Analyst
2010
Investment Manager
2010
Bonus 000
Analyst
2010
Investment Manager
2010
SEARCH
Following the crisis year of 2009, the German economy experienced a strong economic recovery in 2010. There has been a strong upturn in the market, and increase in volumes
of deals within Investment Banking and Private Equity in Germany. To date, there have been 45 noted Private Equity transactions which is a result of pressure to invest as well as
sell. There are also a number of strategic buyers from Asia such as India and China looking at Technology opportunities. Investment Banks and Private Equity firms have been
steadily hiring over the last 12 months. Overall compensation has improved by approximately 10-20%. Overall, there is a conservative confidence that is growing in Germany.
These numbers are based on compensation figures in Germany in 2010 and are quoted in Euros.
Support Services
SEARCH
PAs, EAs, Roadshow Coordinators & IR
(000)
Low
2010 2011
Average
2010 2011
High
2010 2011
Average Bonus
2010 2011
Executive Assistant
Office Manager
Team PA/Desk Assistant
Senior Administrator
Bilingual Secretary
Junior Secretary
Administrator
Receptionist
Roadshow Manager
Roadshow Coordinator
Roadshow PA
Investor Relations Manager
Investor Relations Coordinator
Investor Relations Support
35
32
27
23
25
23
20
21
42
28
24
48
32
25
41
36
32
28
31
24
23
25
51
38
28
62
40
27
52
44
40
32
36
27
25
28
65
45
31
85
48
31
28%
21%
26%
15%
20%
15%
11%
12%
41%
33%
28%
45%
35%
22%
35
32
27
23
25
23
20
21
42
28
24
48
32
25
41
36
32
28
31
24
23
25
51
38
28
62
40
27
52
44
40
32
36
27
25
28
80
50
31
85
48
31
28%
21%
26%
15%
20%
15%
11%
12%
41%
33%
28%
45%
35%
22%
SEARCH
SALARY SURVEY 2011
For further information or to discuss the results of our survey, please contact
Stephen McCarty
Investment Banking
stephen@bbmearch.com
Louisa Booth
Equity Research
louisa@bbmsearch.com
Nicola Jennings
Debt
nicola@bbmsearch.com
Julian Skipwith
International
julian@bbmsearch.com
Emily Beaumont
Business Support Services
emily@bbmsearch.com
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Salary Survey 2011

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SEARCH

Equity Capital Markets

Debt Capital Markets

Private Equity/Venture Capital

Business Support Services

And in the following locations:

You and Your Team................................................................................................................. 3

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You & Your Team

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You & Your Team

Investment Banking Oil/Gas/Energy/UtilitiesMining and Metals

Investment Banking Mining and Metals

Investment Banking Mining and Metals

Investment Banking Oil/Gas/Energy/Utilities

Investment Banking Oil/Gas/Energy/Utilities

Investment Banking Oil/Gas/Energy/Utilities

Investment Banking Alternatives/Renewables/BioTech

Investment Banking Alternatives/Renewables/BioTech

Investment Banking Alternatives/Renewables/BioTech

Investment Banking FIG

Investment Banking FIG

Investment Banking FIG

Investment Banking Telecoms/Media/Technology

Investment Banking Telecoms/Media/Technology

Investment Banking Telecoms/Media/Technology

Investment Banking Infrastructure/Property/Transport

Investment Banking Infrastructure/Property/Transport

Investment Banking Infrastructure/Property/Transport

Investment Banking Industrials

Investment Banking Industrials

Investment Banking Industrials

Investment Banking Healthcare/Pharmaceuticals/Chemicals

Investment Banking Healthcare/Pharmaceuticals/Chemicals

Investment Banking Healthcare/Pharmaceuticals/Chemicals

Investment Banking Support Services/Retail/Generalist

Investment Banking Support Services/Retail/Generalist

Investment Banking Support Services/Retail/Generalist

Debt Capital Markets (Corporate & SSA)

Equity Sales and Trading

PAs, EAs, Roadshow Coordinators & IR

SALARY SURVEY 2011

Business Support Services

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