jerryben12:

I am starting this thread to collect information for every curious mind on what peers in similar industries take home. Also, this will help prospects/job seekers know the industries to target more for job offers. This is an open forum.

What title and salary?
Bankers
Oil workers
[b]Lawyers[/b]Pharmacists
Doctors
Lecturers
Telecoms
IT
CBN/NDIC
NNPC
etc

Thanks for your contribution.

jerryben12:

What title and salary?

Bankers - 170k
Oil workers - 350k
Lawyers - 30k
Pharmacists - 170k
Doctors - 220k
Lecturers - 100k
Telecoms - 80k
IT - 50k
CBN/NDIC - ?
NNPC - ?
etc

Thanks for your contribution.

yamakuza:

Entry level for LAWYERS is in the neighbourhood of N20k to N30k per month.

Zelinjo: Mckinsey Lagos - 85000 dollars entry level- with a brand new car

cityofsin: Misleading. No Mckinsey office anywhere in the world pays a basic salary of $85,000 for ENTRY LEVEL and definitely not in Nigeria and trust me, I know this very well.

more like 120,000 naira monthly and 3million naira sign on bonus

tanimola22:

120K naira ke? This sounds poor now. Even some local companies pay more than twice of that at entry level.

120K Naira=763USD. This is not impressive.

cityofsin:


Dont forget the 3million sign on bonus, which no one else pays and there are other perks, travel allowance, car allowance, end of year bonus etc. Also, this 120k as a 1st year is youth service. Youth service and 1st year analyst is no different, so it shoots up after your service year. However, oil companies still pay more, but Mckinsey is the best experience one can get at the junior level.

When they initially came, yes they were paying millions, 5 - 7million, for entry level but after a while they realized the local market pays nowhere close to that, accenture KPMG and co, so they cut their salaries. The only industry that might pay above the oil industry depending on the offer, is the private equity industry, which can range anywhere from 400k to 1million per month. Mind you, they usually require 2 years of M&A experience, and the vast majority of those getting these roles, have foreign investment banking work experience (not to say it not possible for investment banking locals but extremely rare at the junior level)

I know all this because I got offers with some of these companies and know the executives.

Vikin: Oil and gas servicing( multinational eg. Schlumberger, franks casin, Expro, baker judges, Halliburton etc): entry level 60000 to 130000 per month

Experienced : 350000 to 1.200.000 per month

tanimola22:

Correct and well said. I am happy with the s at the end of the offer. Great! You know, it is nice to hear once again that some people are getting offers from good companies.

Could you throw more light on the PE firms in Lagos? A brief descriptive analysis would be more than enough.

Thanks,
T22

cityofsin:

Well I will make it brief and just give general information, but you can check their respective websites to know what exactly they do and read profiles of their employees. They usually have all employees on their website so you can get an idea of their background.

There arent too many PE firms in Lagos but some of the more prominent PE firms are Actis, ACA, ECP, Aueros, The Carlyle group and one or two others. ACA is the oldest and probably the best as far as performance goes but others are doing well too. As far as getting in, as previously mentioned, they usually hire 1 or 2 people each year and usually people who have 2 years investment banking experience (preferrably within M&A). The reason they do this is because these PE firms are very small, employee number wise, maybe 10 - 20 employees with about half of that the investment team, so they do not have the time to train people to model. Im sure you know, but most of what you will be doing is modelling and valuation and ibanking experience is key for that. Again, the only reason foreign candidates are preferred is because they usually have more merger experience than their local peers as mergers are not really prominent in Nigeria. After two years of working at the junior level, you are advised to get a top MBA to move up the chain.

Pay is between 450k naira (smaller PE firms like Aureos) all the way to 1million+(bigger firms like ECP). You will mostly be valuing different companies and taking care of the nitty gritty of getting a deal done (due diligence, correspondence with lawyers/accountants etc). As far as the interview process, it is extremely tough. You will be grilled a lot on valuation and in most cases will take valuation tests (some take home, some done on site). This is the most important aspect of the interview. Other parts will be grilling on your knowledge on the economy and general business knowledge and behavioural type questions (least important)

All these points are pretty uniform across all the PE firms.

If you dont mind me asking, what is your background and where are you trying to be?

deenee: I think it is misleading to assume that O and G pays the most. There are disimilarities in various sectors thus a balanced comparison will be quite hard to achieve. I have followed with keen interest discussions about this on another thread but refrained from active participation. I know architects that have been paid 150million for certain projects and project managers with JB that earn 30-40million P.A for a structured tenure. We don't get to hear about this everyday so the tendency is to believe otherwise. No doubt, O and G are top of the echelon in this aspect but the best paying? Well this a debate that will occur in a continuum.

deenee: I think it is misleading to assume that O and G pays the most. There are disimilarities in various sectors thus a balanced comparison will be quite hard to achieve. I have followed with keen interest discussions about this on another thread but refrained from active participation. I know architects that have been paid 150million for certain projects and project managers with JB that earn 30-40million P.A for a structured tenure. We don't get to hear about this everyday so the tendency is to believe otherwise. No doubt, O and G are top of the echelon in this aspect but the best paying? Well this a debate that will occur in a continuum.

Additionally, the remuneration for the PE sector quoted is just base salary alone. There is also the performance incentive which is what I would term an 'off balance sheet item' and is largely determined by the transaction capacity of the firm. The highest that has been paid out in this regard is three quarters of a billion naira (circa) for a LBO/MBO deal involving a major telco. This is of course a one off transaction. Hence, it is not strange to see PE analysts earning twice what their contemporaries earn in total package as performance incentive alone. Whilst IMs earn three or four times that amount as transaction incentive alone. We don't get to hear of this because most of these firms are closely knit privately held partnerships.

Finally, I want to opine that building a career around an endeavor that we have passion for is perhaps the best way to ensure financial security in the future. After all, stories are abound of O and G employees that have gone bankrupt despite the fat pay checks they receive. If you are in doubt ask Mark Z CEO of facebook and other tech billionaires and closer home Aliko Dangote, Tony Elumelu, Jim Ovia, Mike Adenuga, Hakeem B Osagie just to mention a few. All the best!

AjanleKoko:

Bros, O&G pays the best. Those instances you mentioned are one-off. For example, I work in telecoms. Some people get salaries close to $1m a year, but the lowest paid employees earn less than 100k a month.
What's the entry level in JB or any other architectural firm? Compare that to any of the O&G upstream companies, and you will drop this argument.

deenee: I think it is misleading to assume that O and G pays the most. There are disimilarities in various sectors thus a balanced comparison will be quite hard to achieve. I have followed with keen interest discussions about this on another thread but refrained from active participation. I know architects that have been paid 150million for certain projects and project managers with JB that earn 30-40million P.A for a structured tenure. We don't get to hear about this everyday so the tendency is to believe otherwise. No doubt, O and G are top of the echelon in this aspect but the best paying? Well this a debate that will occur in a continuum.

Additionally, the remuneration for the PE sector quoted is just base salary alone. There is also the performance incentive which is what I would term an 'off balance sheet item' and is largely determined by the transaction capacity of the firm. The highest that has been paid out in this regard is three quarters of a billion naira (circa) for a LBO/MBO deal involving a major telco. This is of course a one off transaction. Hence, it is not strange to see PE analysts earning twice what their contemporaries earn in total package as performance incentive alone. Whilst IMs earn three or four times that amount as transaction incentive alone. We don't get to hear of this because most of these firms are closely knit privately held partnerships.

Finally[b] I want to opine that building a career around an endeavor that we have passion for is perhaps the best way to ensure financial security in the future[/b]. After all, stories are abound of O and G employees that have gone bankrupt despite the fat pay checks they receive. If you are in doubt ask Mark Z CEO of facebook and other tech billionaires and closer home Aliko Dangote, Tony Elumelu, Jim Ovia, Mike Adenuga, Hakeem B Osagie just to mention a few. All the best!

cityofsin:

Well I will make it brief and just give general information, but you can check their respective websites to know what exactly they do and read profiles of their employees. They usually have all employees on their website so you can get an idea of their background.

There arent too many PE firms in Lagos but some of the more prominent PE firms are Actis, ACA, ECP, Aueros, The Carlyle group and one or two others. ACA is the oldest and probably the best as far as performance goes but others are doing well too. As far as getting in, as previously mentioned, they usually hire 1 or 2 people each year and usually people who have 2 years investment banking experience (preferrably within M&A). The reason they do this is because these PE firms are very small, employee number wise, maybe 10 - 20 employees with about half of that the investment team, so they do not have the time to train people to model. Im sure you know, but most of what you will be doing is modelling and valuation and ibanking experience is key for that. Again, the only reason foreign candidates are preferred is because they usually have more merger experience than their local peers as mergers are not really prominent in Nigeria. After two years of working at the junior level, you are advised to get a top MBA to move up the chain.

Pay is between 450k naira (smaller PE firms like Aureos) all the way to 1million+(bigger firms like ECP). You will mostly be valuing different companies and taking care of the nitty gritty of getting a deal done (due diligence, correspondence with lawyers/accountants etc). As far as the interview process, it is extremely tough. You will be grilled a lot on valuation and in most cases will take valuation tests (some take home, some done on site). This is the most important aspect of the interview. Other parts will be grilling on your knowledge on the economy and general business knowledge and behavioural type questions (least important)

All these points are pretty uniform across all the PE firms.

If you dont mind me asking, what is your background and where are you trying to be?