Young bankers on $300k given extra $3k for vacations
If you're already earning $300k+ as a 24-year-old associate at PJT Partners, will an extra $3k in holiday allowance really make much difference to your motivation to work?
Apparently, yes. Financial News has noted that boutique firm PJT Partners has begun offering a "vacation stipend" of $3k to its already very well remunerated junior bankers, as per its newly released annual report.
The stipend isn't available to PJT's analysts, but is on offer to its associates and VPs. An insider tells us it can only be claimed once during an individual's tenure at each title. The move accompanies what PJT says is intense competition for staff, both in terms of pay and culture.
Paid holidays aren't the only thing on offer: "We continue to make significant improvements to our promotion process and our commitment to mentoring our rising talent, including through partnering with external coaches," PJT says.
Where do you go with your extra $3k treat? The PJT insider says people don't seem to have gone anywhere yet, possibly because they've been too busy - although this may change as war in Europe dampens the appetite and ability to do deals.
PJT juniors are highly compensated, but their working hours that are commensurate with that. Insiders say weekend work is the norm, days and nights are long and sleep is minimal. In mid-2020, one VP at the firm was widely criticized for complaining that junior colleagues weren't responding to his emails at 3am. "I sleep average [sic] of 5 hours or less. Expect the same or more of my junior team, especially on live deals. Please turn my comments and work as fast as you can," he added. Last time we looked, he was still at PJT.
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