Opinions on this Corp Dev All in Comp Number? Have LMM PE Offer, might take it
Just finished 1 year in Corp Dev. Base is $150k, just got paid $115k bonus. $265k all in (my experience is 2 years IB at bottom tier BB NYC, am 24). Hours ~35-45 a week. 0 weekend work.
I got some serious grass is greener and comparison is the thief of joy mentality to my friends and rest of IB analyst class at good PE shops and felt like I "downgraded" going into Corp dev.
I recruited in late winter and just got a LMM PE associate offer. However, I was genuinely surprised by my bonus today and might stay now. I assume this corp dev comp package is on the higher end.
Should I leave? I know only I can answer this but I just want the "option" of higher earnings and carry as my current job will definitely scale way lower.
What’s your title? This seems generous for corp dev at junior level
Corporate Development Associate
What's your hour range during a deal vs not? I'm assuming your yearly average 35-45 hours a week is just during slow periods?
Cash comp $265k is better than LMM and on an hourly/stress-adjusted basis you're probably making 2x more than your peers at IB / LMM (or MM PE). Based on the comp sounds like a F500 (if not F100) company.
Personally if I were in your shoes I'd probably put 0-10 more hours weekly to try to get ahead and get promoted faster and see if you can fast track your career. PE (or IB) isn't the only way to generate high earnings. However, if you do want to make a lot of money in corporate you will need to hustle which requires a certain level of self discipline given its easy to get complacent with the 35-45 hours work a week.
Thanks, this is helpful and helps inform my decision. To your question, it is not F100 it is a decacorn. We are not public.
You should take the offer and let me have your old job
In all seriousness I’d never leave a role like that.
Why do you say that? Sorry if obvious. I assume just low stress low hours and still pretty good comp right?
Yes. You’re doing more comp for less hours than most ASO1s in LMM
Bro you made more than me all in……what’s your job and when are you leaving it? HMU when u do so I can take it. Thx
What do you not like about your PE gig? Do you plan to stay there or what do you want to do?
OP making more than me working less than half the hours. Take a good guess…
How in the world are you all finding these comped corp dev gigs? And then you have the audacity to ask if MM PE is better?? I mean this in the most respectful way, but you are insane truly.
Almost 100% sure this is a shit post. Also have a hard time believing OP actually has a job like this and is thinking of looking elsewhere.
I think I'm going to agree. These kind of posts are getting ridiculous.
Understand why you think it would be BS, but like I said really just getting in my head and seeing all my peers in PE and HF and feel like I "downgraded" to corp dev even though hours and pay are stress levels are good. Really just me overthinking etc. I am not Bsing about the pay, I know it is on higher end but as mentioned in other comments it is a decacorn and they are known to pay pretty well.
Thanks, and I got lucky and came across it on a linkedin posting randomly. Not headhunters or through networking.
There's no way corp dev is paying this
It's a decacorn, EV is around $15b. Thats most likely why pay is definitely on higher end.
What size company is this? Industry? These #s seems surprisingly high for an associate--level hire.
..
It is a decacorn, around $15b EV. Industry is non-tech.
Play the long game here. That’s excellent comp/WLB at 24.
You think obviously considering the switch to LMM / MM PE would be really stupid right and I should just remain in my spot? If so, would like to hear why (understand the hours, stress) etc but it would be helpful if you do not mind.
You’re in an ideal spot. Switch after 4-5 years because employers like to see a bit of grit and longevity. If you left now it looks like you aren’t committed to anything
For most companies outside of a very narrow set of fields, that is incredibly good compensation. Assuming you are in NYC, $150k base is towards the higher end for an associate but that is certainly within normal bounds. That bonus is huge. Most companies tie a bonus to something like 10% your base salary and I would budget/expect/etc for a similar level budget going forward.
What specifically about your job do you not like? Are you saying a ~$165k total comp going forward (and we can add a 2-5% cola) is not enough money (which is not meant to be a dig but a genuine question)? Does the corp dev team not do deals? Is there a lot of hierarchy above you that will limit your career path?
What specifically about this LMM opportunity interests you? Do they invest in an industry that you prefer? Is it in a better location? Are those types of deals more interesting to you? Do they pay better?
Thank you, I appreciate you writing this all out for me and its great questions to think about.
Job is great but I worry about scale / my path to higher earnings. We can all agree that pay in PE and carry (which I know is hard to materlaize and path to partner / principal / VP is brutal aswell) will scale way faster and has a way way higher ceiling than corporate. I think at this stage in my life and sure may be greedy thinking is just maximize how much I am earning by any means necessary.
The LMM offer does not pay more. However it is a direct investing role. My current job is kind of weird in that my direct boss is our CFO and I serve as his "right-hand man" and I just do any requests that he needs. Random analysis, random scenario creations, etc. Not that I dislike the work per say, but its a weird role where I just do random tasks all day. I like that PE is an investment job and a bit more "glamarous".
I am sort of rambling but I think the main point is I am scared my earnings here will kind of fall off a cliff and I could be stuck at earning like $350k-$400k all in (which is still a great amount) for like years and years on end. I plan to raise a family in NYC with private schools etc, so really just looking to maximize earnings to be completely honest.
Again, appreciate the discussion you bring up great points. Cheers.
I think everything you said is reasonable. It sounds like you have an actually legitimate reason to be looking for a new job in that the work is not what you want to be doing.
One thing that I would... reframe is the benefits of being in this role. If the org chart is literally you then the CFO, and you basically are his chief of staff (as what you described as your role is how chief of staffs have basically worked at the companies I have worked at), you can significantly accelerate your career path. It is entirely within the realm of possibilities that by 30 you can be in the job market for c-level opportunities. It will depend on the company you are at now (ie - how big it is, the industry, etc), but you can be lining yourself up for a c-level job that pays $1 million cash comp per year and $2-5 million in stock-based comp that vests over 3 years, or something along those lines. In which case, what generates actually higher comp? Your LMM salary+bonus+potential carry or that c-level earnings? Now, you'd need to be a bit assertive in forcing at least promotions-in-name-only (ie - from corp dev associate to corp dev manager to corp dev director even if your actual job tasks don't change). You'd likely have to be a lot more assertive, but based on what you said I think this is an entirely reasonable progression.
This is a long way of saying, while it does seem like the job itself isn't exactly what you want it to be, your primary focus seems to be money. Depending on how aggressive you are in pursuing promotions, the actual compensation you receive from leveraging your current role will likely be higher. But this depends on how aggressive you are in pursuing promotions which may not be what you want to do, and this would clearly impact the math
I know many people in PE who would do anything to have your role. The amount of comp you're getting especially relative to the hours at your age is insane, it would be very difficult to find a position like that elsewhere, under normal circumstances you would have to give up a lot of comp to get that WLB.
I'll be honest with you and say that I wish I'd made that much money, I was formerly at a large PE firm and even at an associate level wasn't making anything near your all in comp (around $120k base and all in only around 150, we were getting paid significantly under market), and it simply wasn't worth it with the crazy hours.
The constant 80+ hours a week ruined my health, so I left to credit research for better WLB. My hours are now in the 40-50 range and yet I only make around $125k all in, and all the similar corporate finance/corporate development roles that I interviewed for had similar levels of compensation, and most of them were even lower in terms of total comp (this was all in NYC), and that this is what people would normally get for associate equivalent level roles working these kinds of hours.
You say that you're struggling by comparing yourself to peers who work in PE, but I just want to emphasize to you since it seems like you don't realize just how good of a situation you're in, to have the kind of worklife balance with so much potential upside and high pay at your age, you're in a unicorn scenario.
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