Bonus for an Executive Assistant Position in Private Equity Firm - what to expect
Hi All,
A small (30 ppl) PE firm in NYC that manages about $2 billion is offering me 65k + bonus to be an EA at their firm. I'm planning on going to school while working and want to avoid as much tuition debt as possible, so knowing what kind of total package I am really being offered is very important. I know it's difficult to speculate how much a bonus at a firm can be, but does anyone have experience with PE firms and have an idea of what range their EA bonuses are? IF it helps, they did mention that 6% profit-sharing would be part of my package, although I do not know if they meant my bonus or towards my 401k. IF you can fill me in on PE cultures too that'd be great. thanks~
No one on this forum can credibly opine on bonus for admins. Its also highly dependent on firm, culture etc, so you're best off just being upfront and asking what you can expect in the bonus department.
PE culture is dependent on the shop/people, so its not really possible to give you any intel in that department without knowing which firm it is. And, it goes without saying, but I'll say it anyway: I wouldn't advise disclosing which PE firm it is publicly.
It is highly shop dependent. Some shops give their EAs very meaningful bonuses and others give out the standard "few thousand dollars." As Marcus pointed out it will be hard for someone on this forum to truly help you.
What I might suggest, if you're up for it, is to ask. You can be creative. Say that for planning purposes you want to get a better idea of what you can expect from the annual bonus. You could even ask what the previous EA got paid last year for at least one data point.
thanks guys! Really appreciate the advice.
On a second note, would you be able to tell me what profit-sharing is? Does this have something to do with my 401k?
The way its always worked in my comp structure is that in addition to my bonus, I also get a discretionary contribution from my employer into my 401k account. Not sure how this varies from investment professionals to support staff, but generally (between banking and PE) they just max out whatever contribution they can make. Max employee 401k contribution last year was like $17k, but the total max contribution is like $50k, so come year end they'd contribute another 33k deposited into your 401k account. At another shop, they just matched 100% of the max individual contribution... so while the max employee contribution was $16k and the max total was $50k (leaving room for 34k profit sharing contribution), they just matched the individual max of $16k. It varies based on the comp structure, also its a discretionary contribution (or has always been in my comp structure).
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