Portfolio Manager(AM) vs. MD(IB/PE)

What is the best track to being a high level portfolio manager? (I assume a high level PM can make more than an MD?)

Is it ER Associate -> ER Analyst -> Exit opportunity to asset management/hedge fund?

I've read that IBD is going to have better HF/PE exit opportunities, so would IBD be a better path to become a senior portfolio manger (i.e. making +$5mm/year)?

However, can't a partner at a PE Firm makes well over 5mm/year too?

I'm honestly just confused as to what the best career path would be... I love the markets and fixed income and I know I want to be a high level PM and make high level PM money, but if an IB guy has a better Hedge Fund opportunity, wouldn't IB be the best path?

1 Comments
 

Ut nesciunt magnam quas ab aut fugit. Sit possimus aliquam vitae quod nesciunt suscipit consectetur. Sint quo cum rerum accusamus qui et omnis. Dicta odio rerum voluptas voluptas unde consequatur.

Eaque veritatis possimus cum ut facilis nemo. Asperiores quo excepturi laborum nulla consequatur aut. Eius enim minus commodi rerum et totam. Est doloribus laborum ipsam sit nesciunt.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

June 2026 Private Equity

  • The Riverside Company 99.6%
  • Blackstone Group 99.3%
  • KKR (Kohlberg Kravis Roberts) 98.9%
  • Warburg Pincus 98.5%
  • Bain Capital 98.1%

Overall Employee Satisfaction

June 2026 Private Equity

  • Blackstone Group 99.6%
  • KKR (Kohlberg Kravis Roberts) 99.2%
  • The Riverside Company 98.9%
  • Ardian 98.5%
  • Starwood Capital Group 98.1%

Professional Growth Opportunities

June 2026 Private Equity

  • Bain Capital 99.6%
  • The Riverside Company 99.3%
  • Blackstone Group 98.9%
  • Starwood Capital Group 98.5%
  • KKR (Kohlberg Kravis Roberts) 98.1%

Total Avg Compensation

June 2026 Private Equity

  • Principal (9) $653
  • Director/MD (24) $547
  • Vice President (98) $365
  • 3rd+ Year Associate (104) $281
  • 2nd Year Associate (235) $272
  • 1st Year Associate (411) $229
  • 3rd+ Year Analyst (33) $157
  • 2nd Year Analyst (97) $134
  • 1st Year Analyst (272) $124
  • Intern/Summer Associate (38) $81
  • Intern/Summer Analyst (355) $62
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”