10 Best Benefits on Wall Street

by Derek Loosvelt | August 22, 2012

Although Wall Street banks don't offer their employees on-site bowling alleys, community-supported fisheries, more than two dozen dance classes, and unlimited amounts of locally-grown organic produce (like one illustrious firm in the tech industry does), they do provide their staffs with some pretty nice benefits.

And, to that end, during our 2012 Banking Survey, we asked some 3,500 banking professionals which benefits were their favorite. Below you'll find the results of this question, in descending order, from favorite to least favorite, along with a corresponding quote from a banking professional who took our survey. (Note: check back in two weeks when we'll be releasing all the results of the 2012 Banking Survey, including the new Vault 50, our annual ranking of the best investment banks to work for in North America).

1. 401(k) match
“The firm has been 50 percent matching 401(k) contributions the last few years, which adds another $7,000 to your compensation."

2. Vacation time
"Analysts and associates get four weeks vacation per year and are encouraged by managers to take their vacation.”

3. On-site fitness center
“There’s not a strong culture of face time here. If I finish at 7 p.m., I go home at 7 p.m. There’s strong camaraderie among the analyst class. All of the analysts eat lunch and dinner together in the kitchen. Also, we have kitchens and cupboards full of free cereal, milk, water bottles, soda, and snacks, in addition to a free gym, fully stocked with workout clothing and toiletries.”

4. Medical coverage
“I work in our headquarters in New York. We have a full fitness center, medical center, and day care center right in the building. The convenience is unbeatable. I was able to get stitches right in our building when I cut my hand in the gym last year, and I was back at my desk in an hour. There’s medical staff on site to deal with any issues, and they give great references if you need to see a specialist. I was sick last year and required surgery and follow-up treatments. A medical team here at the firm helped me every step of the way, including researching and referring specialists and helping me get appointments for in-demand doctors.”

5. Free food/beverage
"There is always food around the office, with bagels every morning and pizza the last Friday of every month.”

6. Flexible hours
“The people at the firm are generally team players and will help you out with your individual quality of life matters. Over the years I have put in a lot of hours at the firm but have always made family a priority and have generally never missed a key family function, kids sporting events, etc. For nearly a decade I also coached my kids in various sports. That being said, we understand this industry includes a lot of hours, thus you need to be a good juggler of priorities.”

7. Telecommuting
“Senior bankers don’t care if you’re in the office as long as you’re getting your work done, and even that can be done at home much of the time.”

8. Casual dress policy
“Business casual, unless we're seeing a client. Analysts and associates generally don't wear a tie in the office. We don't have a casual Friday policy, but summer Fridays are usually more casual.”

9. Gym/lifestyle reimbursements
“We receive discounts on travel/vacation; car purchases, including hybrids and green-friendly cars; discounts on select electronic products; and reduced or free admission and discounts at various institutions.”

10. Education reimbursements
“The firm encourages outside learning and continuing education and has a very favorable reimbursement policy."

Read More:
More Firms Bow to Generation Y's Demands (WSJ)
Do You Fit Into Google's Culture?

Filed Under: Finance | Job Search | Salary & Benefits


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