Didn't see an existing thread, so wanted to get one up to chat about bonuses in this hellscape of a year. Depending on the sector, some firms are still really hurting, while some have escaped relatively unscathed.
I would typically have received a bonus+raise by this time of year, but have heard nothing yet. The senior leadership at my shop took preemptive pay cuts back in March, but things have really not turned out to be that bad (one could even argue a lot of our positions have been bettered). Wanted to hear some anecdotes from around the industry before I initiate the conversation.
I'll find out on my 12/31 paycheck. Haven't had any discussions about it, but that's not abnormal for my company.
Forgot about this. Full bonus received. It helped that we ended the year with a bang.
Posted a thread a few months back, hope this helps.
https://www.wallstreetoasis.com/forums/ye-bonus-salary-bumps
Expecting a $1MM carry check.
Keep dreaming breh
Nothing yet either, hopefully before NYE
You'll get -20% bonus for trolling.
At the end of the year, your firm asking you for money back
Same. Is this normal?
Nah. Probably means its zero
60% bonus. Better than I expected.
What range would you be expecting in normal times?
Supposed to be around 30-40%. There were other factors at play such as the team being short staffed and getting a pretty positive review.
What’s the typical timeline for bonus/ raises to come through? Ours seem pretty late as we don’t get them until the end of February/ early March.
I feel like Q1 is more typical than end of Q4 like me.
This year mine was halfway through March so assuming something similar.
You sure it's pretty late as opposed to not coming at all? Just saying ...
Institutional shop here. Don’t find out until Feb but rumors are around ~50% of our normal target.
A manager was let go and one of the PM guys is moving to Acq but PM isn’t getting a replacement, and everyone paid rent soooo really hoping for something nice.
60% of max on bonus and no increase in comp for next year. Portfolio consists of 90% office. Took a hit on leasing fees but otherwise rent collections were solid the whole year and fee's were per usual. Hoping for the best next year
I hope to get 100% ...
I was told it was a tough year company wide (flat to slightly down across the board) even though my specific fund put up a ridiculous return this year. Ended up flat cash comp wise, but was given 35bps in carry on an in the money fund, so not complaining.
Do you give carry to anyone under VP level?
No carry below VP at my firm, you just get cash comp.
Do you know of any firms that do give carry to associates and what that might be? I am in negotiations to get carry, but am set to get a promotion in the next year. I am currently an associate, so I'm not entirely sure what I should be aiming for?
I don’t know of any firms that give associates carry, but I imagine there are somewhere.
really though, it is going to depend on how big the fund is and therefore what the projected carry is. If the projected carry is 100mm, getting 1% is pretty good. If it is 15mm, then getting 1% may not make you actually stay for 5 - 10 years to get paid out.
I know some firms that give you carry as associates. They are out there, but it’s not many. It’s a nice gesture, but truth be told most associates won’t be with the firm in 7 years. Don’t focus on carry so early in your career, focus on getting cash comp up. You can’t spend carry.
Well the firm I'm with is offering me carry as an associate as we aren't very big, but I don't really have a basis for what I should expect. I am being promoted in the next year to Director level, but we have performance and salary/bonus adjustments at the end of the year. On top of that, there is no contingency to employment after a 1 year vest, so while I might not be there in 7 years, I could potentially have a few years of equity and I'm hoping to making at least worth something. Our fund sizes aren't huge, about $100M - $150M and we have a 8% hurdle. We only have 5 people sharing carry as well, 3 founders, CIO, and myself. Is it too much to expect 1% of the 20% considering we are pretty small?
My guess would be that Analysts / Associates will be less impacted
25% down from about 50% last year. Still happy to get a bonus / have a job lol
Got a prorated bonus since I started in the middle of the year (recent grad), in line with what it would have been in normal times, about 10%.
70%
Lower than it was last year but our calculation heavily favors positive absorption and mortgage financing, we started the year at 99% occupancy so positive absorption was not happening.
Also an industrial shop so we skated by COVID.
Just happy to be working
10% raise and 60% bonus. In-line with my expectations. Also was bonused about ~30% through random add-on bonuses throughout the year (for total bonus in 2020 of 90%)
Friend in RX almost 100% base, not surprising given he was absolutely crushed this year
10% bonus and no raise while the company did fine. Working on resume now.
What were your expectations going into the year? Target bonus range?
Tough market, just be glad you have a job and got anything at all. Think lots of firms have the same mentality, just hang in there and see what happens next year
I liked your 1st response better ;)
shit dude
Goose egg, but 30% of the company got laid off so it was always a possibility. Target bonus is only 25% anyway, but still sucks.
Once smoke clears I assume most people will be on the move. What a crazy year. Part of working in CRE is the upside. If that’s not there what’s the point?
If you're so shortsighted that you think one atypical bad year is reason enough to quit the industry, you neither deserve nor will get to that upside.
I've seen people complaining well before this "bad year" Chill out ....
100% cash
What positions are paying 60-100% bonuses? Have been in CRE for a little while now (~5 years including internships) and have a decent network built up at large and small shops on acq and dev teams and best i ever really hear is 25%. Am i missing something?
REPE opportunistic firms
Most institutional shops pay this, whether is acquisitions, IS/DE, AM, etc. But again highly dependent on market. This is per usual for Tier 1 makers such as LA/NYC/SF
Brokerage (investment sales and debt/equity) at top shops in top markets.
Analysts on our team can expect $85k base and 80% bonus on a good year.
Would this count for the DC market
Agree w others. Nyc/la/sf + opportunity fund/repe, you expect to see bonuses match or exceed base once you’re out of the analyst ranks
cmbs, most debt funds... at least at ~2 year associate and upward (in NYC)... at least in more normal years... likely down this year.
we’re projecting about 70% of normal target bonus. I’m at a large public REIT.
Given that I've worked 1.5x typical hours in this year anything less than 100% of typical would be ultra disappointing.
Bonus this year is double what it was last year, a 15 % raise came with it to. I will say though that business really kicked in the last 4 months of this year, which ended up with me working late nights, more weekends and even over some of the recent holidays.
% of base?
Interesting that in the US (where most responders seem to be here) bonuses and salaries come through in December. In London most firms generally tend to do these in around Feb-March time.
Bumping to see if any additional data points are available for those on CY end. Our company is on a FY and notifies us ~Feb/Mar.
80% bonus, 25% increase to base salary. I started at this company in the middle of 2020, though, so not indicative of a full year.
How much do you make?
Waiting for February pay checks to find out....large REIT
Do they not tell you before the pay check hits?
You would think...1/25 here and no one has told me anything....eeek..same goes for the head regional acquisitions guy in my office. I think they are just not that organized.
2nd year acquisitions/AM analyst at regional owner/developer here. Guidance is 15% of base, but not sure when comp discussions are coming. If I go by last year's timing, it will happen in late Feb, with March payout.
REIB Analyst
75k bonus
95k Base
Bumped to 175k Base as a first year associate
Wow nice. What kind of shop
Although I consider myself a RE person more than an investment banker, the place I work is a traditional investment bank so maybe more reflective of IB pay than RE pay
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