Investment Management Compensation Benchmarks 2025

Numbers below represent average employees.

USA

Private Credit

Tier 1 Cities

Analyst: $120k base + $85k bonus = $205k total

Associate: $150k base + $150k bonus = $300k total

Vice President: $225k base + $280k bonus = $505k total

Principal: $265k base + $390k bonus = $655k total

Managing Director: $350k base + $700k bonus = $1.05mm total

Tier 2 Cities

Analyst: $100k base + $75k bonus = $175k total

Associate: $125k base + $110k bonus = $235k total

Vice President: $175k base + $195k bonus = $370k total

Principal: $250k base + $375k bonus = $625k total

Managing Director: $300k base + $600k bonus = $900k total

Private Equity

Tier 1 Cities - Lower Market

Associate: $125k base + $90k bonus = $215k total

Senior Associate: $170k base + $130k bonus = $300k total

Vice President: $215k base + $185k bonus = $400k total

Principal: $275k base + $240k bonus = $515k total

Tier 1 Cities - Middle Market

Associate: $130k base + $100k bonus = $230k total

Senior Associate: $190k base + $145k bonus = $335k total

Vice President: $235k base + $230k bonus = $465k total

Principal: $290k base + $320k bonus = $610k total

Tier 1 Cities - Upper Market

Associate: $165k base + $145k bonus = $310k total

Senior Associate: $190k base + $180k bonus = $370k total

Vice President: $240k base + $255k bonus = $495k total

Principal: $325k base + $405k bonus = $730k total

Tier 2 Cities - Lower / Middle Market

Associate: $110k base + $85k bonus = $195k total

Senior Associate: $150k base + $110k bonus = $260k total

Vice President: $200k base + $150k bonus = $350k total

Principal: $250k+ base + $190k+ bonus = $440+ total

Tier 2 Cities - Upper / Middle Market

Associate: $140k base + $125k bonus = $265k total

Senior Associate: $165k base + $145k bonus = $310k total

Vice President: $250k base + $270k bonus = $520k total

Principal: $300k+ base + $375k+ bonus = $675k+ total

Private Markets - Investor Relations

Tier 1 Cities

Analyst: $115k base + $40k bonus = $155k total

Associate: $140k base + $35k bonus = $175k total

Vice President: $190k base + $160k bonus = $350k total

Principal: $225k base + $325k bonus = $550k total

Managing Director: $275k base + $425k+ bonus = $700k+ total

Tier 2 Cities

Analyst: $80k base + $35k bonus = $115k total

Associate: $115k base + $35k bonus = $150k total

Vice President: $165k base + $135k bonus = $300k total

Principal: $200k base + $300k bonus = $500k total

Managing Director: $225k base + $375k+ bonus = $600k+ total

Public Markets - Investor Relations

Analyst: $100k base + $45k bonus = $145k total

Associate: $115k base + $60k bonus = $175k total

Vice President: $160k base + $215k bonus = $375k total

Principal: $215k base + $285k bonus = $500k total

Managing Director: $240k base + $610k+ bonus = $850k+ total

Private Markets - Asset Raising

Tier 1 Cities

Analyst: $95k base + $60k bonus = $155k total

Associate: $140k base + $60k bonus = $200k total

Vice President: $200k base + $225k bonus = $425k total

Principal: $240k base + $410k bonus = $650k total

Managing Director: $300k base + $825k+ bonus = $1.125mm+ total

Tier 2 Cities

Analyst: $80k base + $40k bonus = $120k total

Associate: $115k base + $40k bonus = $155k total

Vice President: $140k base + $185k bonus = $325k total

Principal: $200k base + $325k bonus = $525k total

Managing Director: $265k base + $610k+ bonus = $875k+ total

Public Markets - Asset Raising

Analyst: $105k base + $40k bonus = $145k total

Associate: $115k base + $65k bonus = $180k total

Vice President: $165k base + $210k bonus = $375k total

Principal: $225k base + $275k bonus = $500k total

Managing Director: $250k base + $650k+ bonus = $900k+ total

Public Markets - Hedge Funds

Junior Analyst: $165k base + $180k bonus = $345k total

Senior Analyst: $190k base + $420k bonus = $610k total

Strategist: $140k base + $105k bonus = $245k total

Economist: $250k base + $375k bonus = $625k total

Junior Execution Trader: $150k base + $70k bonus = $220k total

Senior Execution Trader: $250k base + $190k bonus = $440k total

Sub-Portfolio Manager: $190k base + 10% PnL cut

Portfolio Manager: $250k base + 17.5% PnL cut

Senior Portfolio Manager: $250k base + 22.5% PnL cut

Traditional Public Markets

Junior Analyst: $140k base + $50k bonus = $190k total

Mid-Level Analyst: $175k base + $125k bonus = $300k total

Senior Analyst: $215k base + $185k bonus = $400k total

Junior Execution Trader: $135k base + $40k bonus = $175k total

Senior Execution Trader: $200k base + $150k bonus = $350k total

Head of Research: $250k base + $500k bonus = $750k total

Senior Fund Manager / Head of Asset Class: $275k base + $550k bonus = $825k total