Chicago RE Compensation - 2022
Firm Type: REIT
Job Title: Analyst
YOE: 1.5
Asset Class:
Hours: 45-50
Base Salary: 65,000
Bonus (%): 10-20%
Comments:
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About 20k short there. Should be somewhere in the 80s I think, or you could easily jump to a M&A or PE
Firm Type: REPE
Job Title: Analyst
YOE: 1
Asset Class: All
Hours: 55-65
Base Salary: 85,000
Bonus (%): 20-30%
Comments:
Firm Type: REPE
Job Title: analyst
YOE: 2
Asset Class: all
Hours: 45-65
Base Salary: $86k
Bonus (%): 55%+
Comments: feel very underpaid based on conversations I’ve had with recruiters for roles in every other major midwest/east coast metro
Depends on the AUM & type or REPE but that feels like solid comp for analyst level, especially on the bonus front. Much higher than that is ibanking or megafund comp for an analyst with 2 YOE.
No - IB pays out easily 160-180K all in for a first year analyst now.
I’m not saying this to make the other guy feel bad but that comp is subpar and I know for a fact he could be making $200k+ in NYC. First year analyst comp is at $150k to $200k at most major players. That’s what we’re paying our first year analyst and he confirmed his peers are making that at other shops too. This climbs to $250k to $300k with a few years of experience. I’m not at a megafund for the record.
I don’t see why people are MSing posts that say the comps listed are low. We should be encouraging higher pay. I want to get paid more and I want to work with smart and hard working people (who tend to want to get compensated for their intellect and work ethic). Let’s not lose all the talent to IB and consulting.
Firm: Developer
Hours:40-50
Title: Analyst
YOE: 1.5
Total comp: $120k
Feel like comp is all over the place.
You guys hiring?
What asset class?
Firm: Brokerage - DCM
YOE: 2
Asset Class: All
Base: $65k
Bonus: 20% plus around $15-20k in commission sharing
All in: this year just under $100k
Which shop?
Capital markets at one of the national firms
Firm type: repe, value-add fund
Title: Associate
YOE: 4
Asset Class: all, national
Salary: $125k
Bonus: 50-75%
Hours: 50-60 on average but evenings / weekends could be blown up
Seems very, very solid
Could you share where this is at? Could provide list of 2 or 3 to remain anonymous
Firm type: Bank, balance sheet CRE lendingYOE: 5Asset class: allSalary: $125kBonus: 15-30% (all-in $155k this yr)Hours: 40
Jeez my guy, might be time to make a move, I would personally take this as an insultingly low amount of pay with 5 YoE
Chi comp is bad, because the top shops don't pay out
I feel like pay brackets in Chicago financing (Except Ibanking) you are in similar brackets of the Big4 accounting firms in terms of YOE and all in comps across a few different industries.
Firm Type: REPE
Job Title: Analyst
YOE: 0
Hours: 40
Total Comp: $100k
Firm : REPE/ Asset management
Analyst
1 YOE
Multi Family
Hours: 40-60
Base: $90,000
Bonus : 30%
That’s pretty good comp for a first year. Is that a HS, Walton, Heitman type firm? Or more like Oak Street?
Does anyone have a sense of Associate and VP comp at top Chicago shops like Harrison Street / LaSalle / Walton Street?
Interested in this too
Associate comp at Walton Street is ~$100k base salary and 100-150% bonus.
Firm Type: REPE
Job Title: VP
YOE: 9
Asset Class: Diversified
Hours: 55-65 (slightly higher when a deal is heating up)
Base Salary: 225,000
Bonus (%): ~75% - 100%+
Comments: I'm also entitled to carried interest, but that takes years to vest and is highly uncertain so I don't personally count that as part of my personal comp until I get the check. In theory it should be as impactful my bonus. I just qualified for this program, so TBD how that plays out over time.
Nice! What is your firm’s AUM/ fund size and what does carry look like at the VP level?
how does carried interest work? could you do a numerical example?
50% of the carried interest/promote goes to the "house" the other 50% is distributed to employees. As part of your comp discussion you negotiate for a portion of the 50% that goes to employees. Numbers are tough b/c the carried interest at a MF means a couple basis points can become a very significant part of your comp whereas a smaller developer or fund manager might give out 5% - 10% of the carry to a key employee. I took a stab at your request below.
$100 of total promote: $50 goes to the house, $50 is sent to the employees. You receive your ratable share of the $50 sent to employees based on how much carried interest you were allocated. If 10 employees each had a 10% stake in the employee pool, they would each receive $5.
Firm Type: Sponsor
Job Title: Acquisitions Analyst
YOE: 3
Asset Class: Multifamily
Hours: 40
Base Salary: $73,000
Bonus (%): 15-25%
I know I'm underpaid, I made a lot more at my old job but the hours were brutal and this is so much better.
Firm Type: REPE
Job Title: Associate
YOE: 3
Asset Class: All, National
Hours: 55-65
Base Salary: $100,000
Bonus (%): 100-150%
Firm Type: LifeCo/Debt FundJob
Title: Analyst
YOE: 0
Asset Class: All
Hours: 45-55, more when on live deals
Base Salary: $90,000
Bonus %: 10%
Comments: Market?
PGIM?
Not PGIM
Firm type: REPE
Title: Associate
YOE: 4
Asset Class: all prop types & US markets
Salary: $135K
Bonus: 40% - 60%
Hours: 55 - 60 avg. but frequent 75+ w/ weekends & evenings
Mind PMing where you work? That’s better than anywhere else I’ve heard in Chicago
Firm Type: Owner/Operator/Developer
Title: Vp
YOE: 6ish
Salary: 170
Bonus: 30-50% cash; plus 1% of promote
Hours: 50-60 typically
Jumping on this thread for advice. Currently negotiating pay for several Associate positions based out of Chicago and want to get a sense of what market comp looks like. Currently have 3 progressive YOE in CRE doing acquisitions at the same firm. The positions I am looking at are either Cap Markets, Acquisitions, or Development. Hours across all roles seem to fall within the 50-60 range.
Keep us posted on the pay ranges you are quoted by them.
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