Comp. in Switzerland

[Zonker]

Does anyone know about the typical comp. (base / bonus) for a junior FO quant (HF or prop. desk, algo trading, entry-level) role in Zurich? I just finished a Ph.D. in physics about simulation & modelling of PDEs from a top ten engin. school.



Is the percentage bonus of base comparable for Zurich and London? Is 30-50% of base realistic?



If London pays a base of GBP60K for junior quants, should CHF140K be realistic? Seems so, cause I've heard Ph.D.s in the engineering industry already get CHF100K (w/ low bonus of course).



Thanks

[NS]

Caveat: I only have one recent data point for this.



FO quant in a top tier bank, based in Zurich:


[list]

[*]1st yr base of CHF95k, 50% bonus.
[*]2nd year base CHF100k, bonus expectation 100%+
[/list]



As with any other role in finance, my advice is that in the first 2-3 years your focus should firmly be on quality of institution and the team there, and what you will learn . First 2-3 years is always about learning, then you can expect some decent reward for it after that. Don't let CHF30-40k here or there swing your decision.

[Zonker]

I agree with what you mean about seeing the first years as a learning phase and to compromise with salary. What would you say about the following:



I have an offer as a (FO-) research analyst from a small stat. arb. prop. desk (not in an IB, more something like a HF) for a somewhat higher base but a smaller bonus (30-50% under normal circumstances, 100% if you're really doing well). Plus the base is apparently capped at CHF150K (is that normal?). According to them, they are one of the big players on the market, but it's kinda hard for me to assess that.



I am told that I will get to do a lot of different things (since it's a small shop), so it seems this should be a plus for my job experience. However, I'm wondering if I should seek to get into a major IB for the contacts and ``prestige''?



Also, is a one-year non-compete acceptable for a first job? Wouldn't that bar me from my next move in the job market in the future?



Thanks



P.s.: I don't quite understand the bonus scheme in your quoted job. Is that a guaranteed bonus of 50% in the first year, and then it can be expected to double in the second (and stay put) under normal circumstances? Wow!

[NS]

[i]"P.s.: I don't quite understand the bonus scheme in your quoted job. Is that a guaranteed bonus of 50% in the first year, and then it can be expected to double in the second (and stay put) under normal circumstances? Wow! "[/i]



Those are actual figures, not guarantees - this individual took home those figures in year one, is now in year two and expects to get at least a 100% bonus in early 2008.



[i]"Also, is a one-year non-compete acceptable for a first job? Wouldn't that bar me from my next move in the job market in the future?"[/i]



A one year non-compete sounds excessive, you need to get a lawyer to look at the wording. Yes it will bar you from your next move, and as I understand it that is why it may not stand up in court (in the UK at least) - because unless your employer is going to compensate you during the term of the non-compete then they are restricting your right to earn a living. It all depends on the wording.



On the IB point - if you haven't tried with the big shops then you should give it a shot. The prop shop / HF route could work out, but a major IB will give you a more solid base to start with - put it this way, guys from IBs always can move to HFs, small shops etc but the opposite is not always the case.

[Zonker]

Hm, so I guess I should negotiate the non-compete down to 6 months. BTW, is is customary to have paid non-competes for junior positions (in the sense that you get paid after the termination of your job until it expires)?



Can you recommend a good HH for Zurich?



Thanks a lot!



P.s.: Just heard from a friend in the business of hiring freezes.