Comp in Multi-Asset Credit

Based on the most helpful WSO content, here's what you need to know about compensation progression in multi-asset credit (MAC) seats:

Analyst-Level Compensation:

1. Base Salary:

   • Year 1 analysts typically start with a base salary in the range of $65k to $75k, depending on the firm and location.
   • Annual increases of around $10k are common in the first few years.

2. Bonus:

   • Bonuses for analysts generally range from 5% to 20% of the base salary in the early years.
   • As you gain experience, bonuses can scale up to 45-65% of the base salary for mid-level analysts (2-7 years of experience).

3. Senior Analysts:

   • With 8+ years of experience, senior analysts can earn bonuses in the 65-100% range, with total compensation (base + bonus) reaching $400k-$700k at top-performing firms.

Progression with Years of Experience (YOE):

• Junior Analysts (1-3 years): Total comp typically ranges from $75k to $150k.
• Mid-Level Analysts (4-7 years): Total comp can grow to $200k-$400k, depending on performance and firm size.
• Senior Analysts (8+ years): Total comp can exceed $500k, with some reaching $1m+ if they are on the portfolio manager (PM) track.

Best Firms for Multi-Asset Credit:

• Firms with strong MAC groups often manage $5bn+ AUM and focus on high-fee, discretionary capital. Examples include:
  • Farallon Capital
  • Silverpoint Capital
  • King Street Capital
  • Monarch Alternative Capital
  • Knighthead Capital
  • Sculptor Capital Management
  • Redwood Capital

These firms are known for their robust compensation structures and career growth opportunities. Analysts at these firms often target $400k+ total comp by their second buyside seat or after a few years of experience.

If you're evaluating offers, consider the firm's AUM, fee structure (high-fee vs. drawdown vehicles), and the potential for long-term growth in compensation.

Sources: CLO Asset Manager, Salary Progression in Asset Management, Multistrategy / distressed credit compensation, LO Asset Management Comp Update (At Top 10% Shops), Large hedge fund analyst compensation