2023 Base Thread

By now, most should have gotten their 2023 base + bonus numbers. Just want to start a fresh thread to specifically see what 2023 bases in the sector are looking like, considering the economic noise. Hopefully this can be informative to others as well. Keep it short and simple. I’ll start. 
 

Market : SF/LA/NYC

YOE: 2

2023 Base: $125K

Role: Lending - 3rd Year Analyst

 

Market: Texas

YOE (Fulltime): 0

Base: $80k

Role: RE Appraisal/Valuation Analyst at Accounting Firm

 

Base: 80k

Bonus: 25%

Development Analyst

AUM 50B +

YOE: 1

LCOL market

 

Location: NYC

Base: 235k

Bonus target for 23: 20-30%

Role: Development Manager

YOE: 1 (10+ experience in the industry) 

Work for a smaller development shop

 

I do help the deal team by looking at development sites and doing quick zoning/ feasibility studies. But my primary role is managing the design and construction team on one project. We do get quite involved with the financing side of things, small updates to the model, working with the construction lender, reporting to the investors, etc…

 

NYC

Base: 220k 

4YOE, 1 year banking, 3 years HF

Expected bonus >100% in ok year but huge range obviously due to nature of industry 

 

Market : 

YOE: 4

2023 Base: $155K

Role: Lending / Senior Associate

I am ecstatic and pumped honestly (know others might earn more but keep in mind a big part of why I am here is because I work 35-45 hours most weeks so I love my $/hr pay), I was anxious leading up to the annual review and bonus season as I wasn't sure I would crack the $150K base mark and get the senior associate title yet. A lot of credit to my manager for advocating for me as I could have easily been kept at the Associate level for another year or two with a base of $125-$135K which is honestly already at the top end in the space I am in as our competitors pay a base of $70-100K and of course might pay higher bonuses than us and try to get to the same total comp but honestly the outlook is not looking too good for the next year so who knows how bonuses will look, that is why I really wanted that higher base at all costs. 

 

Thanks! I’m really excited. Very lean team with tons of upward mobility. Supposedly an associate who’s been there for 2.5 years is starting to get carry in some deals so hoping that could happen for me as well.

 

Base: $165k (Up from $150k)

Bonus: $100k (Up from $50k year prior)

Carry: 2% (should be worth $100 - $150k total over next two years, then probably 1-2 years of being mostly worthless followed by expectations of $100 - $200k per year)

VP, Acquisitions

AUM <1B

YOE: 7-8

MCOL Market

My hours are generally pretty good. In 2022, I probably had 2 weeks that I did 65 - 70 hours but typically they are 30-50 hours not including travel which is only 2-4 days per month and is regional 

 

I haven't gotten my base increase or bonus for 2022 yet (should be in next month). Currently I have slightly higher base, but contractual bonus is only 20% (although I have gotten random bonus hits here and there), and no carry.

Same years of experience and also in a MCOL, although we're national plus UK and have ~$5Bn AUM.

I know my comp package isn't fantastic and I'm going to bring this up to my boss soon, but the thing I have a hard time wrapping my head around is the hours. In slow times I'm working ~55-60 hours and that frequently jumps to 70-80+. If I take "PTO" I'm still never left alone and there is always the anxiety in the back of mind about something coming up. Very similar to where I was previous to my current role.

I guess my question is what kind of shops can pay you this well while having very reasonable hours? I feel like I see this quite often on WSO and it drives me nuts!

Rant over, I'm very happy that you're doing well and have a good work-life balance!

 
Most Helpful

Without giving away too much info, I work for a smaller shop and haven't been paid well until this past year. I started as an analyst and worked my way into VP and eventually solidified a spot for myself as a VP, and had a good year proving out my ability to source/close a few deals before them giving me this pay. I'm also always plugged in, even on vacation and weekends, but I don't spend much time in the actual office so that's why I say the actual hours that I'm working are probably 30 - 50 per week, though I'm often answering emails or thinking through deals from 7 am til 10 pm. I work really well this way and it doesn't bother me to always be "on" because I also control large blocks of my time during the middle of the day (when calls/schedule allows, I basically have no one watching over me so long as deals are getting done so can often take breaks, run errands, go to the gym, etc), and while I've never lost a full vacation day due to having to plug in, I usually always spend 2-3 hours per day while on vacation working though this also has never bothered me and I actually prefer it as I feel better the rest of the day when I know I knocked a few things out in the morning. 

My advice would be to find a smaller shop that has growth potential (with strong sources to capital - I wouldn't go run to join a multifamily syndicator that's slinging deals left and right with HNW money that could go under at any time) and work your ass off for a couple years to solidify yourself. If you're producing in a smaller shop, they'll usually never risk losing you over you wanting to take more control of your schedule so long as the deals are getting done. Also, a lot of these shops can be light on the pay at first (and understandably so, by nature of being smaller with the growth potential in front of them probably means they don't have the funds to be dishing out big salaries to new guys), but again if you prove yourself to be an asset that's producing for them, they usually end up finding the money to increase your comp to keep you but sometimes it takes a couple years of grinding it out for below market pay. Finally, these shops are never going to be the top paying. I know others my age that are already making $400k+ plus carry that has already started to pay out handsomely, but I also know that none of those shops are going to give me the freedom I'm looking for. I'd rather make less, have my freedom, and hopefully in 10-15 years the shop I'm at will have grown into one of those top paying players, except for now I'll be one of the executives calling my own moves instead of the new VP they're bringing on that's going to be working long hours in the office every day. 

Before my recent pay raise, I was actually out interviewing for other positions, and I can tell you they're out there, especially in mid-size markets (Seattle, Denver, Austin, Nashville, etc.). I think the best thing to look for is founders that have background with some of the big institutional players that spun out to start their own shop and already have somewhat of a track record by themselves and are now in position to start growing the firm

 

Base: $125k

Bonus: $33K

Firm: Top LifeCo

Market: NYC/SF/LA

YOE: 6mo brokerage (Marcus & Millichap lol), 1yr middle market REPE acq, and 1yr at current role (debt originations).

Hours: 35-40 hours/wk. Insane WLB but thats mostly a function of how slow the capital markets are right now. 

 

MM (Marcus and Millichap) for 6 months… I made nothing lol. My other offer got rescinded cuz of covid so I worked there so I wasn’t sitting in my hands for 6 months. Basically spent the whole time looking for another job and effing around. 

 

Just to give a datapoint from a large Dev shop (at this firm but more junior).

2022 Cash comp for our new hires out of MBA (so Associate / senior associate level) was 150k base + 30% target bonus for 195k all-in not including signing. Profit sharing isn’t much first year, but likely tacks on another 15-20k depending on office / business unit.

2023 cash comp for at least one of these hires is now 156 + 35% I believe. So all-in comp for first full year looks something like 210k cash comp. In a good year profit share could add (alot) to that and know that it’s possible to clear 300k at that title in some years.

 

Anonymous Monkey

Just to give a datapoint from a large Dev shop (at this firm but more junior).

2022 Cash comp for our new hires out of MBA (so Associate / senior associate level) was 150k base + 30% target bonus for 195k all-in not including signing. Profit sharing isn't much first year, but likely tacks on another 15-20k depending on office / business unit.

2023 cash comp for at least one of these hires is now 156 + 35% I believe. So all-in comp for first full year looks something like 210k cash comp. In a good year profit share could add (alot) to that and know that it's possible to clear 300k at that title in some years.

Second datapoint is for a lateral hire senior analyst / associate (so pre-MBA, but on the more experienced end for their title at ~4yoe when joined). 2022 Cash comp was 120+25% (150k) increasing to 130+30% (170k) for 2023. Again, profit sharing / carry could add to this in a good year but focusing on cash.

I am at the same job title technically as the second data point, but less experienced (~2yoe when I joined last fall). 2022 cash comp was 120k including signing. Haven't had 2023 talk yet but hoping for something in the ballpark of 110+20% (132k). Profit sharing should add ~10k to my year end total in 2023 if I understand correctly.

Caveat that I don't know how location affects comp other than that I am in the lowest COL of my datapoints

Thanks for the insight. Do you know if any of these larger Dev shops sponsors visas at the levels you mentioned? Looking to make a lateral move.

 

Getting sponsored is just tough in general. Already so much competition for these spots. People with 2-4 years of experience are sometimes willing to take analyst spots.

 

Base: £80k

Bonus: 20% + 3% promote on my deals 

Firm: Developer 

Market: London, UK

YOE: 4.5 years, all development 

Hours: 50 hours/wk

 

That's fantastic comp. Is most of your experience in the same side of the business you're currently in? If not, can you provide a rough breakout of # of years experience by segment (debt, owner/operator/developer, etc.)?

 

Base: 160k

Bonus: TBD

Carry: Can somebody explain what carry is?

Development Associate

Florida

YOE: <6,5 MF brokerage, less than one in Dev

Work at a two man shop, with me being employee two. Great experience and mentorship opportunity that I enjoy. 

 

Market: Houston

Experience: 0 years

Position: SA

110k prorated

 

Market: Scandinavia/Nordics

Role/position: Investment Analyst (2nd year)

Base: €75k

Bonus: ~30%

Carry: don't know details yet, however starting from now I will get a carry allocation

Years of experience: 1 year full-time, other than that just internships whilst studying (age 26)

AUM: €5bn

Working hours: 35-50h/w, typically around 45h

 

Not JLL/CBRE was a one-off shop sub 5 employees.

Bonus was not something I think the shop could afford at the time / I also did not fight for it which was a mistake on my end. Was a good place to get foot in the door but got to the point where they could not pay a full-time analyst market comp.

That being said already left and comp significantly higher at new shop.

 

Market: Charlotte/Nashville/Atlanta

YOE: 1

Role: Underwriting at BB

Pay: $88

Bonus: 10-15%

Hours: 35-40

 

Market: Major west coast

Firm: 2bn in multi

Role: Acquisitions

Base: 130k

Bonus: 15%

YOE: curious how others would view my industry experience as I transitioned after 2yrs public actg > 2yrs real estate fund management (minimal exposure directly to the real estate but would learn tidbits working w capital markets, AM, and Acq) > 1yr asset management > 1yr acquisitions (low deal volume in 2022)

- would most firms view as 2 or 4+ YOE?

Hours: 45~60

 

1st Year Analyst (Out of Undergrad)

Market: SF / Bay Area

Brokerage / Investment Banking

Base: 80k

Bonus: 30k

 

Sr. RM at large regional bank

YOE: 10

Base: 150k

Bonus: 95k

Stock: 25k

Hours: 30-40

 

Is that typical comp as a Sr RM at a commercial bank?

I think it’s a little light, but I’ve been at the same bank for a long time which makes it harder to get to market. If you can get to the next level the compensation can get really good but it just takes time in commercial banking. 

 

How did you end up at a small debt fund with 1YOE? Did you have prior real estate experience?

The sentiment I have found is that small debt funds only recruit people with prior real estate experience.

 

Adding mine now that 2023 comp is set.

Firm Type: Development

Size / Market: >5Bn, nationwide

YOE: 2.5YOE (0.5 in RE), joined firm in November from non-RE prior role

Title: Senior Analyst 

Base: 95k -> 103k

2022 Bonus: 15k signing + 10% for 2022

2023 Bonus: Expecting somewhere around ~25% for 2023 (I have a guaranteed bonus floor of 10% if I understood correctly)

All-in all pretty happy with an ~8% increase since I joined at the very end of 2022. My boss told me it was the most he was allowed to give me given my 2mo of tenure for 2022 (as I understand in most cases year 1 raises and bonuses are prorated when tenure is <6mo typically, and I had neither of them prorated). Firm-wide raise recommendation was 4% for full-year, so 8% for 2mo feels like a win.

 

Market: HCOL (not NYC or Cali)

Base: $120

YOE: just under 3 years

AUM: between $20-30b

Role: front office (not specifying for animosity)

 

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