NON-trad background, non- target school
Comp:
base: 52k
bonus: ??? (no clue)
Learned financial modelling, Anybody here come from a similar situation that can offer advice?
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What matters most when you start out your career is the experience and not the salary. Get two years under your belt and learn as much possible. You are lucky to start out in that position given your background. :)
I was in a similar situation when I got an offer with the firm I am currently with (asset allocation advisory and first job out of college). I received another offer with much better salary two days before I started. I called the MD at my office and told him I really wanted to work at his firm but this other offer was 10k more and asked him to match it. He did. That simple.
Depending how long you've been there, I would start interviewing other buy side firms - timing is key so I would start interviewing a month before you know they will really need you. Walk into your MD's office and start by saying how much you love working there/respect him, you're grateful for the opportunity, blah blah blah, then ask for a match.
This really works well at larger firms. Smaller firms might match (or not), but then will see you as unloyal.
Buy side is really where the money is at long term. You could go to sell side and make more money now, but you'll be another salmon swimming upstream after bus. school. With a non traditional background its gonna be that much harder.
I mean yeah, you are underpaid. But I don't think by that much. Smaller shop, south central US location. You are getting carry which isn't common at your level. I'd get the experience, hope for a decent bonus and then shop around in a year or two.
Edit: Just got bonus: 2500 for half year, told that was intended to reflect good performance. Demoralizing.
I think experience at this point is more important than Salary.
After two years, any idea where he could go from here? Would he search for an associate position... or just analyst at a better paying fund?
I'm not too sure.. But I'd like to think that there's a healthy market for young people with PE experience. You should be able to find a new gig.
Can anyone confirm or deny my assumption?
Wouldn't he most likely he'd hop to a senior analyst-esque position ("Experienced Analyst"? Not sure if buyside matches the sellside titles...) and then be promoted to Associate after a year?
Disclaimer: all from hearsay from friends; never worked in buyside :(
Seems like Business School would be the next best thing for him.
Hopefully he can get promoted to an associate position before b-school, then.
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