Got a lateral offer for a senior associate role at a MM fund in NYC (~$1Bn AUM) and wanted to get a check on the comp. Salary is $160k, target bonus is 1x for total comp of $320k. Carry is offered at the VP level and it's a 3-year promotion track. Feels solid, but anyone have any thoughts?
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Based on gobuyside's 2019 comp report for senior associates that comp is market for funds between 750m-1b. I'm assuming your fund size is that size or likely smaller given the 1B aum.
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Comp is solid, maybe even a bit above market if total AUM is $1b but fund size is smaller. Three years to VP feels a bit long, but not insane.
For context, I’m at a shop with last fund roughly in that size range (but larger AUM) with cash comp of $285k, but carry at work that could add another $70k or so a year (assuming standard performance and full vesting). 2 years to VP is standard here, though top performers will get a slightly accelerated track at 1.5 or so
That comp is good for the fund size certainly. You’re also not post-MBA correct? Not having to go back to school makes it also sound good, if applicable. ~$300-320 all in for something of AUM around $1b with latest fund size in the $500-750 range is great from what I know at least
IMO that's above market comp wise, especially if that's $1B total AUM and not last fundraise size. Feels above market in both scenarios either way.
Looks market for comp, but three years is a lot of time to spend as a senior associate before getting the VP promotion. I feel like most people I see who get promoted without an MBA do 2 years as associate, 2 years senior associate.
Does the MBA change that promotion path? E.g. only one year as a senior associate?
You shouldn't have to spend any time as a senior associate if you do an MBA. Most MBA hires are VPs, with the exception of a few places
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