Comp expectations
MM analyst with no carve yet. Up about $30M in my portion of the book but team is just flat. What should I be expecting here assuming no changes rest of the year? Never run into this situation before.
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Been there multiple times earlier in my career, and was disappointed each time. Depends heavily on the context of your situation though (PM generosity, YOE, did you really generate the P&L, vol you oversee relative to the team, are you replaceable, etc). I can DM if helpful.
If you have a track going (even if not officially a sleeve) and have been delivering performance in that range with some consistency, I would highly recommend making a move. Based on incentives, a competitor will almost certainly value your bonus and future career more than than your PM. You can comfortably move to a Sub PM role with consistent performance in that range (especially this year), and have some chance of getting a full PM seat. You will have the most leverage to negotiate terms before your bonus is decided (though will likely be staying long enough to collect it).
If it is the first time your are putting up P&L in that range and you don't have much of a track yet, expect something low, a few % of P&L. Regardless, tell your PM you are thrilled with the outcome / enjoy working together, but would like a sleeve to continue to grow in your career. In either case, mentally prepare to recruit in the coming years and be prepared to pull the trigger if you are at risk of getting netted down, or if your PM rejects the sleeve idea.
This has happened to me before too. Was paid based on how team did which was flat / nothing. It sucks ass but the reverse has also happened to me. I was flat but team was up a bunch and i got paid well. Moral of story is:
1. Do u have a track?
If you have track of decent pnl that u can attribute to urself - $20-30m for last 3 yrs, some competitor will pay you out very neatly.
2. If u have no track, do u trust yourself and your process over the midterm to be able to swing with total ownership?if yes, then leave.
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