2024 HF Bonus Thread
Don't know about you guys, but I'm feeling on top of the world after bonus discussion. I'll happily kick things off this holiday season:
Strategy (SM / MM / Asset Class): TMT L/S (MM)
Buyside Experience: This was my 5th year
Total 2024 Comp (Base + Bonus): $2.5M (200 base 2.3 bonus)
Total 2023 Comp (Base + Bonus): $950k (175 base 775 bonus)
Notes / Performance: I was senior associate in 2023; 2024 was first full year as an analyst with my own carve-out. Solid year. Happy to answer questions if anyone has but let's get a thread going. Big year for a lot of the TMT crowd.
Wishing everyone a safe, happy, fun, PnL rich 2025
Edit w/ summary of responses: (2024 comp, 2023 comp, strategy, YOE)
2.5M, 950k, L/S MM (TMT), 5 (me)
7M, 1.5M, L/S MM (TMT), 11 ("senior analyst with sub-book")
400k, 275k, L/S MM, 2 ("Grad program, not P72")
875k, 600k, L/S SM, 2 (2+2 prior to that)
8M, 1.7M, L/S SM (4-8B), 5 ("6 YOE including PE/IB")
175k, 250k, L/S MM, 3 ("got screwed by netting")
500k, 375k, L/S SM (1B+), 3 ("5 YOE including PE")
500k, 800k, L/S SM (sub 1B), 5
2M, 525k, L/S MM, ~4 ("3 YOE IB before. +25% on his sleeve's GMV")
1.7M, 1.1M, Distressed Credit SM, 5.5
400k, 1M, L/S MM, 5
Strategy: L/S MM
BS years: 11
24' comp: 7mm
23' comp: 1.5mm
I'm probably older than most here (mid 30s), but I'm a pretty senior analyst and run a large sub-book. 24' was fun, 23' not so much. Probably the most fun mkt neutral L/S environment I've been in throughout my career
Congrats, why is it the most fun environment?
Man oh man I'm peanuts compared to this guy...well done you seem to be crushing it!
Could you share coverage sector?
TMT not saying specific
What level of P&L do you need to put up to warrant 7M bonus? $70M+?
What level of P&L do you need to put up to get $7M bonus on a pod? $70M+?
How much of the $7mm gets deferred? Not familiar with MM model
Congrats on the big year!
.
Strategy: MM
Buyside Experience: 2 (grad program)
TC 2024: 400
TC 2023: 275
Notes: Don't stop the party
P72? And 2023 your first year of out undergrad?
P72 academy first year is no where near 275 lol
Not P72
Strategy (SM / MM / Asset Class): SM L/S
Buyside Experience: 2+2 and this is 2nd year at SM, so technically 4 years on the buyside if you count PE
Total 2024 Comp (Base + Bonus): $875k
Total 2023 Comp (Base + Bonus): $600k
Notes / Performance: I'm happy with my bonus, we had a pretty big year / we're in a few of those BBG tables. Kind of expected higher bonus but there's always next year
Thanks for sharing. How does bonus work? When you got your job offer did they set a target or is it completely discretionary?
What sector do you cover?
Congrats man, you're in a position I dream of. Would you mind sharing if most of your alpha was on the long or short side? Do you think that the growth of your sleeve was mostly driven by market beta or idiosyncratic growth in your names? Hope you get 8 digits in 2025!
Thanks
- Slightly more long alpha but had a few great shorts that I sized well
- Idio
congrats! are you getting paid based on % pnl cut or mostly discretionary?
Can I ask you which specific subsector and what you did before joining a MM?
Wow, congratulations! What did you do before L/S TMT?
Strategy: L/S SM generalist (specialize a bit but don’t want to give too much personal info away)
HF YOE: 5
Total YOE: 6 (did IB/PE before)
Total 2024 Comp: $8mm (400k base)
Total 2023 Comp: $1.7mm (400k base)
Notes: Got a promotion in the fund structure and monster year in the names I hold. Fund finally sprinted past HWM for first time since 2021 after barely reaching it in 2023. Had been treading water below HWM for a couple years before that so glad I stuck it out.
seems like a tiger cub
You're 6 years out of undergrad and getting comped $8mm? Sounds fake. Even at a Tiger / Coatue / D1 / Viking / Lone Pine, without a pod-style P&L agreement, partners take all the economics and leave $1-2mm to a junior.
Good luck in PE
Yeah this is fake lol
Wow congrats! Do you mind sharing the AUM of the SM?
4-8bn
Huge year, congrats! Out of curiosity, is the $400k base standard for analysts (or whatever post 2+2 title is) at your fund? Seems pretty high, but awesome since you’re not as stressed about day to day expenses
Our hiring is very ad-hoc so I don’t have visibility into what 2+2 comp looks like. With that said, my base comp the first 2 years and stub year was 175k and 200k, so similar to others funds. The 3rd full year (this was 2022 so right after a very good 2021) was when I got bumped up to 400k which I suspect is the terminal number for base comp.
SM paid you $1.7M in 2023 despite "barely reaching" HWM? This normal?
Most MM books don't close until the end of the calendar so may want to take these bonus #s with a grain of salt..
I was going to say if these numbers are as common or accurate as they seem...then GOOD LORD what in the world is anyone doing in Corp Dev/Strategic Finance or any other IBD or PE exit. Excuse my ignorance as I come from IB/PE corporate life bubble, but you can get 10 years of worth of corp dev comp in one year of grinding at an HF????
Requirements to crush it:
1) Be good
2) do not be risk averse
this precludes 90% of people in finance
I always wondered how much of the HF forum is just MM BD astroturfing
A lot of LARPing here...
I don’t get my bonus until March…trust me pal I’m protecting my bonus until then…
Same. You're out of your mind if you think there's a chance I'm risking my bonus from now until Jan 31
And if you’re wondering what the left tail looks like
Strategy (SM / MM / Asset Class): MM
Buyside Experience: 3 years
Total 2024 Comp (Base + Bonus): $175 base, left fund
Total 2023 Comp (Base + Bonus): $250
Notes / Performance:
2023: +3% on gross (1B+ book), but was netted against others PNL. Team ended down.
2024: +4% on gross in first 8 months (1B+ book), but again was netted against others PNL. Team was shut down. Worst part is I asked for a carveout Jan 1 and no netting and was told I’m too junior - fund didn’t track performance so used years on buyside as arbitrary proxy.
Currently sitting out a 1 year noncompete that my fund wouldn’t waive when I decided to leave for a competitor.
Super tough to hear man. To be up for 8 months then end the year in the red is rough. What do you think caused the netting? Was it other members of your former team and their names feeding into PNL or were names in ur sector getting squeezed? Would love ur thoughts.
When I say netting, I just mean other people’s losses offset my wins, which is part of the game if you don’t have a carveout.
Netting is great if you’re below your team’s average but sucks if you’re above it.
Ouch sorry to hear on the netting. Tier 2 or 3 MM?
Dude if it makes you feel any better your story sound almost exactly like mine. It is what it is and while I am still getting paychecks, the NC has been rough on me mentally. Knew this was what I signed up for coming in (I was prev at a high quality seat at large SM) but the experience really deterring me from wanting to go back to a MM. However looks like I won't really have a choice given the job market
you should talk to a lawyer. im very skeptical of a 12month noncompete being enforceable, so you should be pretty free to get back in the mix. unless you have garden leave, which you should clarify b/c youd be getting paid for it...
its garden leave. generously getting paid my obnoxiously low base salary for a year.
You’re right, in general non competes aren’t enforceable. But there are specific circumstances under which they are at the moment:
If the company has a legitimate interest in delaying your move to a competitor, such as access to client contacts or access to confidential information, then your non-compete is likely enforceable. The non compete also cannot prevent you from earning a living, hence the garden leave. How much are you willing to spend to have a lawyer defend you? I’d bet by the time you even get a court date, it’ll have already expired… so instead of making money, you wasted it. On the flip side, if you’re trying to move to another hedge fund, they’re not going to take the risk of being sued over questions that they’re using the other firm’s IP. It’s not abnormal for HFs to hire a year ahead, so don’t sweat it.
FTC’s ruling is being challenged. Until a ruling is made by the court, this won’t see the light of day.
Also, does not apply to any non competed signed before the announcement.
since you're anon, which platform? strange for them not to track performance when you were up
"Currently sitting out a 1 year noncompete that my fund wouldn’t waive when I decided to leave for a competitor."
They didn't fire you immediately when the team got shut down?
The $175k base in 2024 is for 8 months, or annualized?
How do you think comp is in Dubai as more and more HF opening a Location?
Interested to know this as well.
Any Dubai Analysts/PMs?
Schonfeld and Millenium have a few Analysts in Dubai and are slowly growing.
Strategy (SM / MM / Asset Class): SM
Buyside Experience: 3 years of HF, 2 years of PE prior
Total 2024 Comp (Base + Bonus): $500k
Total 2023 Comp (Base + Bonus): $375k
Notes / Performance: Fund is scaled ($1bn+ AUM, $500mm+ AUM / IP). 2022 received well below market stub compensation but actually put points on the board. Fund had great year in 2023, I neither contributed nor detracted meaningfully. Fund had okay year in 2024 and I was a huge positive contributor. How boned have I been thus far?
I don't think you've been boned. You seem young, just give it time.
I'm in my 30s, did banking before PE...
What kind of HH did you get the role through? Struggling to get inbounds on my end
I think it's because you work at vasdfvdfvazd maybe?
Hope this helps man!
Honestly, this is terrible. Look for something else.
Strategy (SM / MM / Asset Class): SM
Buyside Experience: 5 yrs, all L/S HF
Total 2024 Comp (Base + Bonus): $500k
Total 2023 Comp (Base + Bonus): $800k
Notes / Performance: Tougher yr this yr but equity share in the fund went higher. Returns just much tougher for us this year (we run reasonably low net exposure) and we're sub $1bn in AUM...
bold to pay out bonuses before today
Ive never understood this either, at my SM they used to pay out in December but our bonuses were coming out of excess mgmt fee for the most part anyway. Not sure how a MM could do this unless they are talking the one large platform that has October year end
Guys it’s not that complicated. The guys above with big paydays have sleeves. It’s formulaic - you can calculate it approx yourself. The junior guys - we’re close enough to year end that the PM can give them their number since they aren’t formulaic. Whether you’re up or down from here most likely won’t change the outcome that much, and if it does, they eat it
Strategy: L/S MM
Buyside Experience: ~4 years
2024 Comp: $2 million
2023 Comp: $525k
Notes: didn’t make any real P&L in 2023 but PM still paid team out to avoid turnover. Had a big year in 2024 - made 25% on avg GMV of my sleeve.
Assuming you did ~2 yrs IB? This seems outstanding for 4 YOE
3 yrs of IB beforehand
Wow +25% is incredible - how does one do this in the MM model? 10x sharpe?
Honestly makes me suspicious - this would have required an insane streak of positive compounding trades given risk management will force you to liquidate positions if certain positions blow up too much. Maybe some of their picks got meme stock'd or some other +100% gain in a single day type gains?
Other option is biotechs in which case you are much more likely to get these kind of outcomes...
Strategy (SM / MM / Asset Class): SM Distressed
Buyside Experiebce: 5.5 years
Total 2024 Comp (Base + Bonus): $1.7mm (300 base 1.4 bonus)
Total 2023 Comp (Base + Bonus): $1.1mm (300 base 800 bonus)
Notes / Performance: Solid year. Bonus was paid out of November-end performance, but I / we had huge performance since (up nine digits in 3 weeks, majority of which is my names). Tried to argue for a comp adjustment, but was told it’s already “fixed” and that “it will factor into next year”.
Prior role and yoe?
Congrats! At your fund, what do you expect to be comp'd next year (assuming youl can hold those gains / layer on whatever typical PnL contribution your names have)? Are you paid a % of your PnL? How high is that % as a SM distressed fund?
.
Gee IDK maybe a $1bn position goes up 10%, or a $500m position goes up 20%, or imagine this: 2 $500m positions go up 10%? Jesus christ you PE kids are idiots
Yeah, that’s not happening
wdym up nine digits? lol, +100,000,00%? I'm I missing something here?
Pretty sure he means on a dollar basis not percent basis. I.e., $100MM+
Strategy (SM / MM / Asset Class): mm
Buyside Experience: year 5
Total 2024 Comp (Base + Bonus): around ~400K
Total 2023 Comp (Base + Bonus): 1000K
Congrats, curious what the change in circumstances / performance y/y? $1m as a 4th year is great
Would just add a note of caution here to those reading, none of the tier 1 MMs have paid bonuses yet. These don't get paid until Jan/Feb at Citadel, MLP & Baly so you can assume the above posters are not at these funds. Books don't close until 31-Dec and bonuses aren't approved until after the New Year.
I work at one of those funds. I can tell you right now with 90-95% confidence what I'm going to be paid. I posted my #s. Carve-out deals / economics vary PM to PM...
As do I, that’s fair enough, just think it’s bold to post your # until it’s actually official. Never know what could happen but you do you.
lol people putting up 7 sticks posting on WSO
Realistic MM post here:
Strategy: MM (don’t want to disclose sector)
Buyside exp: 3 (2 pod + one 1 SM before)
24 comp: $175k (all base) + team blown out
23: $240 ($165k + $75k)
Pods suck.
One of the few true posts in here.
that is completely normal and of majority
most posting here because they feel they did well (they did!)
What would you guess the distribution is?
Curious if you don’t mind explaining what your next move will be? Will you be reposed or something else?
Strat: SM L/S
YOE: 5
2024 comp: $450k
2023 comp: $200k (MM pod blew up last year)
This implies you went MM —> SM, right? How hard was that transition, did people label you as a pod guy?
Strat: SM L/S
YOE: 3 in L/S (did 3 years in IB first)
2024 comp: $750k
2023 comp: $500k
Fund ahead of benchmark by DD
.
Was your new fund a start-up fund or something?
Any datapoints for FIG books?
Strategy (SM / MM / Asset Class): Risk Mgmt and Portfolio Construction (Multistrat - equities, event, credit)
Buyside Experience: 2.5 (5y since UG)
Total 2024 Comp (Base + Bonus): $350k (150 base, 200 bonus)
Total 2023 Comp (Base + Bonus): $305k (150 base, 155 bonus)
Notes / Performance: Disappointed when I heard the number. Even more so after reading some of these posts. Fund had a top decile year and don't feel I benefited much from it. Need to get in an actual investing role w/ PnL attribution.
Strat: Macro, MM, name brand
Buyside Experience: 3 (1 at HF)
Total 2024 Comp: $200k + $60k bonus
I feel like my pod had one of the toughest years out of anybody in 24. Reading these other numbers makes me want to cry aha. Especially given 25 doesn't look easier.
Did your pod lose money?
Tiny amount yes. Pretty mediocre year and then a stupid end of year trade wiped out pnl.
Strategy: SM L/S
Buyside Experience: 3
Total 2024 Comp: $635k
Total 2023 Comp: $545k
Notes / Performance: decent performance at a scale ($1b+) fund with individual contributions a little bit behind but not much
Could you share prior / total yoe and what coverage sector? Thanks
Do the large bonuses (~$1M+) get paid out immediately or are they deferred over a couple years?
Depends but usually deferred. Some will get cash
Is deferred cash common?
How does deferred comp work if your pod blows up and you get let go the following year?
Do they claw back the deferred from the previous T-2 and T-1 years?
Strategy (SM / MM / Asset Class): L/S (pod)
Buyside Experience: 6
Total 2024: 4.2m
Total 2023: 2m
Notes / Performance: Haven't finished year yet and don't get paid for another 2 months, but obviously protecting big gains so should be 3.8 - 4.2 through 1Q25. As stands today, 4m. I'm on 200k base. Cover internet
damn, congrats! mind sharing background before going into a pod?
Exposure to APP?
:))))))
Any numbers from macro folks ?
Strategy: Macro / Macro MM
Buyside Experience: ~10 years
Total 2024: 550k
Total 2023: 200k
Notes / Performance: It has been a difficult two years in Macro for more directionally-oriented strategies following what was a few unbelievable years in 2020 and 2022. I am a sub-PM working with a senior PM with a very large book and a close to stand-alone PM type deal that is highly formulaic. I had an ok year following a small negative year in 2023 that I had to work my way out of. Had some turbulent personal life developments that made the year more challenging to navigate, but married without children which makes it far easier to navigate some income volatility. Macro landscape is a bit more volatile with feasts and famines so it is what it is.
Thanks for the post - super helpful. Any chance you can expand on what those good years look like? It's obvious that most of us in macro land are playing for that right tail payout, but this post was a good reminder of how volatile the space can be. Sorry to hear about the personal stuff too
Strategy: Macro/ Macro MM
Buyside Experience: ~6y
Total 2024: 950k
Total 2023: 200k
Notes/Performance: 2024 was first year as a solo risktaker although with a very "small" book by mega MM standards of ~250mm. Was on garden leave all of 2023. Very difficult year in macro as noted above, some positive outliers but most of the larger PMs in my business had a tough year while the RV PMs paid the bills. Trump/election trades saved what was a very disappointing year heading into November. Have gotten a bit unlucky comp wise in my career (PM i worked under blew out in 2022 killing my personal '22 comp, was too junior in '20 to make any real money) but finally feel like I'm in the seat to make a step higher.
Thanks for sharing. Mind if I pm you?
Any chance you could expand on the type of macro? Guessing from your post you’re more directional? Any hints of RV in there?
Strategy: Discretionary macro
Buy-side experience: 1.5
Total 2024: 980k
Total 2023: 200k (first half of the year in gardening moving from sell side)
Having full autonomy of a small book this year.
What did you trade on the ss?
Can you explain your sell side role please?
is comp calculated similar to a L/S seat at a MM
My friend just made PM at a large well known MM. what do you all think his total comp range would be?
how should we know ?
lol
200k to 20m
Ask him
Strategy: l/s equity (mm)
BS years: 12
2024 comp: $300k
2023 comp: $9.5m
On non-compete until 2H25. 2023 was biggest year. 2026 should be bigger with payout timing at new shop. Happy gardening
Coverage?
Guessing TMT or consumer. Very rare to find someone who covers anything but those and earns that type of comp.
Strategy: SM - Commodities
HF YOE: 2
Total YOE: 3 (1st year at physical shop)
Total 2024 Comp: $280k (180k base)
Total 2023 Comp: $200k (150k base)
Notes: I had a flat year in 23 and a stellar year in 24 (was expecting more bonus). I don't own my economics yet... I am looking to get a % so I can get paid what I am worth.
how big's the fund?
100-200m AUM.
.
can I pm ?
sure thing
How old is too old to enter hedge fund land?
Lots of guys got paid today
Strategy: MM L/S
HF YOE: 7
Total YOE: 9
Total 2024 Comp: 5.5
Total 2023 Comp: 3.9
Notes: Not all cash (some gets deferred). Not saying how much as that'll give away shop. Good year in my carve + centerbook.
Congrats, mind sharing how long it approx took you to run a sleeve? Joining grad program and curious what different runways look like
Took ~3.5 years.
Hey "Incoming Analyst in HF", joining grad program, I think you were the one who commented on the post about the different courses for learning about pods and provided very useful color. The post has now been removed...... Do you mind DM-ing me please? I have a few questions. Thanks so much
Nice! Congrats! What kind of p&l are you putting up? Just curious - what are thresholds to become pm?
He’s not a PM he’s likely either a Jr pm at one of the other MMs or a sr analyst at citadel
$30-50m in my sleeve. Biggest chunk of comp comes from cut of sleeve PnL. I also get small % of my team's centerbook PnL.
.
Strategy: L/S MM
BS years: 4.5 yrs
24' comp: 825k (made ~25% of team pnl; 175 base)
Team did not that great (~0.9 sharpe) but I was able to be ok with putting up 25% of the pnl. Also had a ~120m carve where I put up ~9% on GMV so that helped.
In this scenario where your pod made $40-45m of PnL, how much did the PM and other team members take home? If this was a bad year how much do they usually make?
Also are you at one of the big 4?
u got paid sub 8% on a carve PnL w/ full discretion?... that's robbery unless u work for one of those platforms where team take rate is not 20%.
unfortunately a lot of these cases
HSD carve is pretty common at pods. it ranges from msd to ldd from my experience , rare cases where you've been running a carve for years and you/pod keep putting up numbers u can negotiate with ur senior pm up to more mid teens type econmics
full discretion is also a very vague and fluid concept under a lot of these carve setups. some truly have it others not so much.
Strategy: L/S SM
YoE: 5-6 YoE total. Did 2+2 before.
'24 comp: $1.5-2.0mm
Cover TMT at concentrated single manager. Had a lot of winners (think advertising, streaming, eComm) and fund set new HWM and was generous. For fund type, think large multiple $bns tiger cub with lean headcount.
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