Morning Coffee: Graduates joining banks on $120k salaries chased by firms paying $320k before they start. Moelis cancels Jonathan Kaye
What agreement did private equity firms make regarding hiring graduates?
Private equity firms agreed to give recent graduates some breathing space before attempting to hire them from their jobs in banks. However, this agreement seems to have lapsed, with firms like Apollo, KKR, and Clayton Dubulier & Rice reportedly trying to hire graduates before they even start their jobs in banks.
When do this year's banking graduates start their jobs?
This year's banking graduates are set to start their jobs in July. However, banks are now eager for them to join as soon as possible, with some even paying graduates to join them earlier rather than delaying their start dates.
What are the starting salaries for first-year private equity associates in America?
First-year private equity associates in America can expect to earn base salaries ranging from $135k to $155k1. With bonuses, which tend to range from 100% to 150% of the base salary, the "all-in" combined salary can be approximately $275k to $390k at top PE firms1. However, this figure can vary depending on the firm's size and performance.