在北京金融街走一圈，碰到的券商投行人士十有六七都拥有“副总裁”或“董事总经理”的头衔。他们的同行也一样拥有眼花缭乱的职务：董事正副总经理、正副执行董事、高级副总裁、常务副总裁等等。虽然叫“董事”、“总裁”，但并不一定意味着他们是公司董事局的一员。

In the Beijing financial street take a round,Met brokers investment bankers have six or seven out of ten"Vice President"or"Managing director"title.Their peers also have dazzling position:Deputy director of the general manager/Deputy executive director/Senior vice President/Executive vice President, etc.Although that"director"/"President",But does not necessarily mean they is the company a member of the board of directors.

　　不只是外行人看着困惑，就是券商管理层也不太舒服。试想一位公司高层和投行部门的员工一起外出，投行部的“高级副总裁”比公司的副总裁更受礼遇，这让公司总部的副总裁们情何以堪？

Not only the laity look confused,Brokers management is also not too comfortable.Just think a top company and investment banking department staff to go out,Investment banking department"Senior vice President"Than vice President are more courtesy,It makes the hq of the company's vice President are what about me?

　　一家合资券商的董事副总经理向《投资者报》记者抱怨说：“不光投行级别五花八门，而且每家券商的设定还都不一样，这对外界来说是挺乱的。有时候这家券商的项目经理，换到别家券商就等同部门经理，这弄的我们有时自己都不搞清楚。”

A joint venture securities trader director deputy general manager to[Investors to]Reporters complained that the:"Not only investment Banks is multifarious level,And each brokers setting also is different,The outside it is a mess.Sometimes the securities trader project manager,Change to another securities trader is equal to the department manager,This make we sometimes don't make clear."

　　头衔通胀 Title inflation

　　实际上，投行部真正具有行政管理职能的领导往往只有董事总经理，至于高级经理，不过是个项目专员而已。

In fact,Investment banking department really has the function of the administrative management leadership often only managing director,As for senior managers,But it is a project commissioner.

　　香港把这种现象称作“头衔通胀”（Title Inflathion）。在海外，投行实行的基本是“MD制度”，内地券商大规模流传的正是这种外来的文化。

The Hong Kong this phenomenon called"Title inflation"(Title Inflathion).In overseas,Investment Banks implement basic is the"MD system",The mainland brokers large-scale popular it is this exotic culture.

　　太和顾问公司近期专门对内地32家券商进行了一个调研，结果显示有高达六成的券商采用MD制度。太和顾问的人力资本数据咨询业务副总监/首席顾问蒲世林告诉《投资者报》记者，今年将会有更多的券商进行MD序列机制设计，上一次推广MD制度设计的高峰期大约在3年前。

Tai consultant company in the near future to the mainland in 32 home brokers had a research,The results showed that as much as sixty percent of the securities trader using MD system.Tai consultant's human capital data consulting business vice director/chief adviser PuShiLin tell[Investors to]reporter,This year there will be more brokers for MD sequence mechanism design,The last promotion MD system design peak at about 3 years ago.

　　蒲世林梳理了各类投行级别的序列，从高到低划分出这样一个层级：董事总经理（MD）、执行董事（ED）、总监/董事（D）、高级副总裁（SVP）、副总裁（VP）、高级经理（SA）、经理（A）、助理（AS）。

PuShiLin combed the all kinds of investment banking levels of sequence,From high to low divided into such a hierarchy:Managing director(MD)/Executive director(ED)/Director/director(D)/Senior vice President(SVP)/Vice President(VP)/Senior manager(sa)/The manager(A)/assistant(as).

　　也就是说，董事总经理相当于部门总经理；执行董事相当于部门副总经理；董事或高级副总裁相当于一个项目组的头；至于副总裁或高级经理，其实与项目组头的副手无异。

That is,Managing director is equivalent to department general manager;Executive director is equivalent to department deputy general manager;Director or senior vice President is equivalent to a project team head;As for vice President or senior manager,In fact and the project team head the deputy.

　　在国外，上述8个层级中，后4级基本可在5～6年内晋升，要想爬到金字塔顶端董事总经理的位子上，则至少需要15年。但在内地，高一些的级别有时候比较容易获得，尤其是当你从一个大中型投行跳槽到一个小券商时，“惯例”就会让你直升两级，这样的话，什么执行董事、总监，甚至董事总经理都可以快速拿到，而跳槽在内地投行非常普遍。

In foreign,The above eight hierarchy,After the basic level 4 in 5 ~ 6 years promotion,If you want to climb to the top of the pyramid managing director seat,It needs at least 15 years.But in the mainland,Some of the high level sometimes are more likely to win,Especially when you from a large and medium-sized investment Banks job-hopping to a small when securities,"practice"Will let you helicopter two stage,so,What executive director/director,Even director general manager can quickly get,And job hopping on the mainland investment Banks is very common.

　　弱市送头衔 Weak city send title

　　不过头衔虽有通胀态势，但各家券商还是有一套考核措施的。蒲世林告诉记者，考核对象基本是针对SVP以上级别人员的，考核依据主要是过往业绩，包括承销家数和业务收入。

But title although have inflation situation,But each brokers or a set of assessment measures.PuShiLin told reporters,The basic assessment object is for SVP above level staff,Assessment basis was mainly past performance,Including underwriting number and business income.

　　他给出的调研报告显示：要做到MD，起码一年内自己的团队要保荐过2家企业，平均数为3家。业务收入平均要达到5500万元，少的也要达到3800万元。ED平均要保荐2家企业，业务收入的平均数大约在3000万元。D的业务收入平均数则为1000万元。

He gave research report:To do MD,At least one year of their team to sponsor in two companies,Average for three.An average of business income reached 55 million yuan,Few will reach 38 million yuan.ED average to sponsor two enterprise,Business income average about 30 million yuan.D average business income is 10 million yuan.

　　不同级别的薪酬结构也不同，有的和固定薪酬联系密切，也有的和项目津贴及各种福利联系更多。

Different levels of salary structure are different,Some and closely related to fixed salary,Also some and project allowance and various kinds of welfare contact more.

　　蒲世林说，之所以今年有更多的券商采用MD制度，部分原因是行情不好，给不起那么高的薪酬，投行转而主抓内部管理体系建设，以“给头衔”的做法来激励员工。

PuShiLin said,The reason this year have more brokers using MD system,Part of the reason is bad market,Give not that high salary,Investment bank eco-agricultural to internal management system construction,to"To title"Practice to motivate employees.

　　警惕舶来品变味 Alert imported product stale

　　由于按传统的券商管理结构的金字塔模式，员工很难获得晋升机会，而投行文化更多是一种近似合伙人的文化，所以如何保证员工获得确定的上升通道就成了一个问题，而MD制度提供了解决办法。因此，高盛、摩根士丹利、瑞士银行、JP摩根等诸多海外投行都采用MD制度。

Because according to traditional brokers management structure of the pyramid pattern,It is difficult to obtain employees opportunities for advancement,But investment Banks more culture is a kind of approximate partner culture,So how to ensure that employees get certain rising channel became a problem,And MD system provides the solution.therefore,Goldman sachs/Morgan Stanley/Swiss bank/JP Morgan, and many other overseas investment Banks are using MD system.

　　在内地投行也引进MD制度后，投行的管理序列和技术序列并行发展，这使薪酬水平不按行政级别而是按业务水平划分，行政级别较低的专业人才如果在业务能力方面具有优势，其薪酬水平完全可以超过行政级别极高的人。

Investment Banks in the mainland has MD after system,Investment banking management sequence and technical series parallel development,This makes salary level is not according to the administrative level but also in business level division,Administrative level low professional talents in the professional ability if advantages,The salary level can more than high administrative level of the people.

　　这为投行利用通胀了的头衔让利益最大化提供了便利条件。例如在香港，美林银行经常把它当作一个招聘诱饵，给年轻员工提供副总裁的职称。

The investment Banks use inflation the title let benefit maximization provides convenient conditions.For example, in Hong Kong,Merrill lynch bank is often put it as a recruitment bait,To young staff provide the vice President's title.

　　目前，内地MD制度最完备的是中信和中金两家公司。记者注意到，除了投行，近来券商的经纪业务和资产管理部门等也开始效仿，甚至公募基金等机构也附庸风雅。

At present,The mainland MD is the most complete system is citic and zhongjin two companies.Reporter noticed,In addition to investment Banks,Recently, the securities brokerage business and asset management department and so on also began to emulate,Even public offering funds agencies also pose.

　　对很多人来说，MD制度是一个新鲜的舶来品，但内地广泛引进后，就要警惕变味。

For many people,MD system is a fresh imported product,But the mainland widely after introduction,Will alert off-odor.

　　蒲世林认为MD机制设计的初衷主要用于评价及体现能力差异，与固定薪酬关联，其中业绩只是能力体现的一方面，并非全部。但在实际操作中，大多数内地券商都直接将MD机制用于评价业绩差异，过于偏重结果，忽略了对投行人才能力的培养开发。

PuShiLin think MD mechanism design of original intention is mainly used for evaluation and reflect differences in capacity,And fixed salary association,The performance is the ability to reflect on one hand,Not all.But in practice,Most of the mainland brokers are directly will MD mechanism used to evaluate the performance difference,Too much emphasis on the results,Ignore the investment banking talent ability cultivation and development.

　　譬如有时候项目太多，人手不够，为了显得重视客户，公司常常给派驻的层级低的投行员工戴上“高级副总经理”和“总经理”之类的帽子。

Such as sometimes project too much,shorthanded,In order to appear customer,The company often give their level low investment bank employees wear"Senior vice general manager"and"The general manager"Hat and so on.

　　这种晋升惯例终于使如今的高职级含金量骤降，MD和ED越来越多。5年前，一家合资券商的MD可能不到20人，如今人数翻几番的也不少见。

This kind of promotion practice finally make today's high rank gold content dip,MD and ED more and more.Five years ago,A joint venture securities trader MD walkman may be less than 20 people,Now turn a few number were not rare.

　　德意志银行亚洲区投资银行部主席蔡洪平曾在接受媒体采访时表示，其在瑞银集团时，旗下一些投行员工出走的重要原因，就是国内部分投行能够给予其MD的头衔和待遇。在他看来，很多投行从业人员越来越看重职别和薪酬，而非责任和承诺。

Deutsche bank Asia chairman, k, investment CaiHongPing once, when being interviewed by the media said,When in the ubs,Its some investment Banks out of the important reasons for employees,Is the domestic partial investment Banks can give the MD title and treatment.In his view,A lot of investment bank employees more and more value level of position and salary,Instead of duty and commitment.