Comments on: Mexico Investment Banking: Recruiting, Careers, Salaries, Exit Opportunities, and More

By: M&I - Brian

M&I - Brian — Fri, 07 Apr 2023 14:02:36 +0000

In reply to Alonso.

OK. I don’t know what to tell you – even if they are total compensation, those numbers still sound high based on any compensation report. I’m sure that some VPs and MDs could earn in that range, but I doubt it is the average or median across all banks in Mexico.

By: Alonso

Alonso — Fri, 07 Apr 2023 04:06:10 +0000

In reply to M&I – Brian.

I also listened to that episode, but Moris interviewed Jorge because he is the founder of investment bank DD3 Capital Partners and fintech/proptech DD360 – not just to find out how much a VP or MD at Goldman earns at those levels. Moris wanted to understand Jorge’s experience transitioning to entrepreneurship from a highly privileged position at one of the world’s most prestigious financial institutions. Moris explicitly asked Jorge about VP/MD salaries, and only then did Jorge respond. It’s important to clarify that the numbers Jorge provided were not base salary but total compensation.

By: M&I - Brian

M&I - Brian — Wed, 05 Apr 2023 21:28:55 +0000

In reply to Oscar. I haven't listened to this podcast or reviewed his exact comments, so I can't really say, but those numbers sound extremely high to me. Salaries and bonuses are almost always lower in emerging/frontier markets, with some exceptions (e.g., there was a period of a few years in Brazil a long time ago where bankers were earning more than in NY because of supply and demand). I can't really say why this person stated those figures without the full context, but I generally trust compensation reports and surveys more than a single source...

By: Oscar

Oscar — Mon, 03 Apr 2023 07:31:16 +0000

During a podcast, Moris Dieck interviewed Jorge Combe, former Co-Head of IBD at Goldman Sachs Mexico City Office, on VP and MD compensation. According to Jorge, the 2017 salary for a VP was between 500K-700K USD and for an MD it exceeded 1M USD, similar to US compensation. I understand that Goldman Sachs is likely among the highest-paying firms, but the salaries reported by Michael Page’s remuneration survey appear to be significantly lower. Can you speculate on the reason for this discrepancy?

By: M&I - Brian

M&I - Brian — Mon, 30 May 2022 03:57:50 +0000

In reply to R. We don't track compensation in Mexico each year, but this interview was published about 8 months ago, so I don't think the numbers have changed by a huge amount since then (worldwide changes usually lag increases in the U.S.). You can look up Michael Page's new report whenever it's released to check.

By: R

Thu, 26 May 2022 00:12:59 +0000

Does anyone know if compensation has increased (as in the US)?
If so, has there been an increase in:
1) Total comp?
2) Only base comp?

If the answe is yes in either scenario, by how much has it increased at each level of the hierarchy (Analyst, Associate, VP, Director, MD, etc.)?

By: M&I - Brian

M&I - Brian — Wed, 03 Nov 2021 16:29:20 +0000

In reply to Esteban. No data, but I would assume about the same or maybe slightly lower.

By: Esteban

Esteban — Thu, 28 Oct 2021 10:04:27 +0000

In reply to M&I - Brian. Okay, that makes sense. What about base salaries?

By: M&I - Brian

M&I - Brian — Wed, 06 Oct 2021 00:26:27 +0000

In reply to Steve.

Thanks.

1) Yes.

2) Bonuses at boutiques are probably half the levels quoted above. So more like 40% of base for Analysts and maybe more like 100% for MDs. But there’s huge variability with MDs depending on deals closed in the year.

By: Steve

Steve — Sat, 02 Oct 2021 14:03:48 +0000

So…
1.An Analyst could expect to make $104k USD and an MD could expect to make $780k all-in (maximum compensation estimate)?
2. What range would be realistic for boutique IBs?

BTW, this site has been VERY helpful