MM PE Comp/WLB
Current 1st year analyst contemplating if it's worth recruiting for PE this year. Interested in the TMT space, so also considering GE as an option. I'll likely get some MF PE looks from HHs given my group/bank, but I wouldn't consider myself a cream of the crop candidate and frankly don't have enough desire to actually convert the offer imo.
I'm pretty confident I can land a MM PE or GE offer at a decent fund. I have several questions before I start preparing for recruiting.
1) Do MM PE funds recruit on-cycle or is that reserved for MF/UMMs? Think 1-3bn latest fund size.
2) What does AS all-in comp look like at MM PE and tier 2 GE shops?
3) How much better is WLB in the MM? If I'm going to be treated like a slave in all cases, I might as well go all out for MF/UMM. Don't see the value in lower comp if hours are comparable.
1 - most do some don’t. The ones that do typically reserve a decent amount of spots for off cycle. In my experience, the better (ie more name brand) MM shops did more on cycle which makes sense because they’re competing for UMM/MF talent. The more random MM shops (especially in non-NYC) did more off-cycle.
2 - comp is super variable. Some pay close to
MF/UMM salaries, most do not. I’d say “market” for a reputable MM is probably 270-300 all in based on what I heard this cycle vs 330-350k range at UMM/MF. However, definitely some MM shops paying closer to $200-250k all in which sucks, especially if they’re decent shops.
3 - hours are extremely varied. Some MMs work as much if not more than UMM/MF, which is awful especially if they pay less. On average hours are slightly better but really need to diligence the shop to see if they actually are vs if it’s just a pay cut with same hours
this is super helpful. following up on point 3, is networking the way to get a sense for hours/wlb? Was thinking it would be harder to gauge culture as you have to go through HHs
The best source of info for this is gonna be former Associates (e.g., if they're at B school or lateraled, etc). I've found that speaking to current Associates is less helpful, as they're kind of in "sell" or "recruiting" mode to save their egos, whereas former Associates will tell u the horror stories, if any.
One of my buddies is at an MM shop made like 280 or something year 1 which is a meaningful discount to MF but his life is unbelievable think 9-6 and minimal weekends. No MBA needed and decent runway for promotion
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