Incredibly rare for a first year Associate to get 400-450 outside of Apollo, but rest seems right

 
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I think also important to differentiate contract / typical pay vs what people might’ve gotten paid last year.

Typically contracts have a target bonus or a range (or it’s given verbally when you get an offer) - I’d say $320k+ here is really good for a UMM/MF. Have heard of contracts get up to a $350k target at the usual suspects but this is the ceiling of what I’ve seen / heard.

In 2021 there were lots of spot bonuses, random payments, and huge bonuses because every fund had a monster year and everyone worked very hard. It’s common for these UMM/MF to have a target of $330k or whatever and actually pay a bigger bonus to get you to $350-$370 range, and maybe there were some other random retention bonuses too that brought up the total comp number. Wouldn’t anticipate that in the future though, only in great years / very busy years.

 

Are UMM / MF firms typically willing to match comp? Say you have offer from a competitor or an HF that is willing to pay significantly more (50-100k). Any stories of success with this? 

 

No. It’s all standardized at our levels even through Vp

 

Point of curiosity, would appreciate all insight:

How do you think about a comp package for UMM/MF on the low end of the 300-400 range for cash but with vest-able perks like options/levered co invest/etc.

Does it bump things up a notch?

 

There are definitely a lot of small variances. For example, there are many firms that have really relaxed lunch / dinner stipends (e.g., unlimited) or YE profit share to your 401k. In a year like 2021, the latter could have been as high as 20-30k. The base comp, co-invest, and bonus are obviously most important, but definitely don’t ignore the other day to day items. 

 
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