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Just so I don’t get a million follow ups tried to be direct. 14Y experience. 2 IB, 12 MMHF. PM for ~5 years. Been at 2 firms (both big 4 pod shop), so NOT counting the guarantee I got:

Analyst lo - $125K bonus ($250k all in). Sr Analyst hi - $3.5M all in

Analyst lo was actually my first year and I was somewhat upset/nearly left firm. Analyst hi - I had a pretty large sleeve with decent take…worked for fantastic PM.

PM lo - $1.5M all in.  PM hi - $7M

I haven’t had a down year as a PM yet which is why lowest PM comp is still 7 figures. Lowest PM comp year was an okay year. Average PM comp excluding guaranteed comp/upfront $ has been a little over $5M. By no means do I put up outstanding #s, many guys who do much better than me. This industry (especially big 4 pod shop) tends to attract type A highly competitive people. As you get older you’ll see comp isn’t nearly everything. It’s just a bonus. I like to think I have the greatest job in the world, if you love what you do the $ will follow.

Still learning the ropes.

 

I’d have to think about the actual numbers. I really wish someone had stats on this. Biz Dev does but who cares we can guesstimate


I’m probably a ~ top quartile PM/outcome (msd M). Not top decile. Top decile would probably be the PMs that make well over $10M, and in between top quartile and decile would probably be those in the consistent hsd - ldd $M range. The average PM still gets paid a lot...not like the average pod is losing $


I think a top quartile Jr analyst (I was an above average jr analyst but not one of the best) that can become an above average sr analyst can then become a top quartile PM. NOW… it’s a very difficult question to answer because an average Jr analyst can be an average Sr analyst and then become a PM with time/average perf on their sleeve, but then kill it as a PM and be in the top decile group. So it’s a bit of a flawed analysis/question really hard to answer. But generally there’s some strong +ve correl between being a good sr analyst and an above average PM.


It’s quite a few levels to jump through but much of the fizzling out takes place at the jr analyst level I think. Long way to say, I know many PMs with outcomes like mine or much, much better. My outcome is what you’d expect for a young above average PM… I think. Some may say average / 60th %tile.


I worked for a great PM, did well with my own sleeve, and got a shot at PM. On a bn $ book you could easily achieve what I make, even with a take

 

$40-$70. There are (probably a handful of…under 10 in L/S) teams at my firm that can do 150+ on bigger books with higher take than me. Then incr larger cluster of teams in 100-125 range…talking about medium to good performance ranges

 

The things that you do, how does it actually work? Do you handle an equity sector (Telecom in this case), get deeply obsessed with the companies, follow news and catalysts/events and act swiftly when new information is published? If so, is this done all by yourself and your analyst, or do you have a team of quants or equity research people providing strategies to PMs?

 

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