What is average market pay for an Assc. at a $1B+ MM fund in a T2 city?
Think hubs in Texas, South Carolina, Florida, etc.
Currently making <$70k base, no guaranteed bonus structure and just a few bps off of any deal I manage to source (I'm both execution and sourcing). $1B+ MM fund that has us working avg. 70+ hours a week, almost always some weekend work. No real benefits, just a small health stipend. I came from a non-IB background so I assumed a pay cut was reasonable but when I do the math my hourly earnings are barely cracking $20/hr which seems a bit unreasonable. Comp discussions coming up soon so I figure it might be time to broach the topic of at least getting to the street average unless my employer tells me to my face I'm a below average employee which I'm certain I'm not.
What is a good way to approach the conversation w/ a supervisor?
Bruh. You should lateral immediately. A2 comp at +1Bn fund is ~300k cash comp with additional fringe benefits/comp depending on comp. Positive that they took a chance on you given unconventional background, but that is yuge discount to mkt
I've been approached by recruiters for roles at firms like TA, Diversis, and some other MM/LMM firms that are in my sector but I haven't made the jump because all the roles are in NYC/SF/LA and I have 0 desire to move to any of those locations.
You are definitely under market.
Had to get into the market somehow but now that I'm in, totally agree.
One of these things is not like the others… associate at a fund with $1B fund size should be $200k-$225k, even in Tier 2. If it’s $1B AUM across a few funds, maybe $175k or so. Family office with $1B could be as low as $140k… highly variable
It's a single fund that's $1B+, not spread across multiple smaller funds. You could argue my firm is like a hybrid multi-family office. A group of UHNWs and few larger family offices for LPs + a large chunk of the fund is the managing partner's own capital. I know I'm well below market just gauging how to approach the conversation w/ my MD since they run a super lean operation (10 headcount).
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