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
2023 Base: $125K
Role: Lending - 3rd Year Analyst
Including firm AUM would be helpful too since pay varies so much across firms of different sizes.
Market: NYCYOE: Out of undergrad2023 Base: 90kRole: Acquisitions AnalystAUM: 30b
YOE (Fulltime): 0
Role: RE Appraisal/Valuation Analyst at Accounting Firm
dm me the firm? that's solid af for texas if there's a bonus.
Bonus for these roles will be 5-10k, maybe less. All of the Big 4 will pay like this.
can you pm me the firm as well? I work in a similar role
AUM 50B +
Out of Undergrad
3 yrs experience
Bonus: Varies, typically in the 60% range
Lending, repe , dev, AUM?
Bonus target for 23: 20-30%
Role: Development Manager
YOE: 1 (10+ experience in the industry)
Work for a smaller development shop
How's your carry look
What are your responsibilities? Do you just manage projects? Do you do acquisitions too? Only construction project management?
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…
When you say 10 years in the industry, what area were you in before development?
I'm a licensed architect and worked for as an architect before making the jump.
$450 trillion million
2023 Base: $160k
2022 Bonus: $100k
Role: CMBS lending
Damn that bonus is a lot higher than I'd expect this year. What firm you at? BB?
Yes, a BB.
How is Agency lending looking?
4YOE, 1 year banking, 3 years HF
Expected bonus >100% in ok year but huge range obviously due to nature of industry
Is this a REIT coverage role with a HF? Also curious on what type of HF in terms of size/focus?
Might be a HF that invests in private RE (Baupost, Sculptor, Two Sigma). Friends I have at those places make around that comp.
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.
2023 Base: £130k ($160k) - 40% projected bonus
I think you mean $125K USD
I think you need to google fx rates
What is your role/industry?
Base : 75k
Bonus : 25k
Role: Development Analyst
YOE: 0 - starting this summer out of undergrad
Market: LCOL mountain west city
Firm Size: 2 Billion AUM
Not bad for fresh out of college in development! Enjoy the job.
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.
No - not as big as Denver. (SLC, Boise, Reno)
Market: Hou / ATL / Dal
That's a solid base bro. Is this a debt fund? Hours?
I am very fortunate! Not a debt fund and hours are normally 50-60. But will obviously fluctuate during different circumstances.
AUM 10B +
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)
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!
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
2023 Base: 150K
Role: Associate - Doing MF Acq at a large (50bn+) shop that's primarily known for Dev. 40-50 hours a week
Carry: Automatic 1% on all deals, can increase up to 5%.
Firm: Family Office - MF Development (~$2B AUM).
Role: Manager - debt/equity for new developments, handle dispositions.
Market: Secondary in CA.
Anyone know the approximate salary range for a "Vice President of Commercial Real Estate" at a bank in Texas?
Banks like Wells Fargo, JPM, Amegy, Regions, Capital One?
Something like $225 - $300 all-in depending on experience and production
Firm: Large developer
Market: East Coast
YOE: 2 in development, 3 construction, plus MBA
Hours: 50 hours/wk
Firm: Top LifeCo
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.
What's brokerage comp look like
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.
Are you considered an senior analyst or associate here right now?
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.
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.
I have never heard of it so going to guess no at least at my shop
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.
What is the comp like for the title above the post-MBA hires?
I think cash comp looks something like 170-180k base + 50-60% bonus for the cash portion. By this point, carry and profit share (two different things at my firm) can vary by so much that it's a bit pointless to make a guess at all-in, but I think the range for total comp can be anywhere from 300-500k at that level.
Bonus: 20% + 3% promote on my deals
Market: London, UK
YOE: 4.5 years, all development
Hours: 50 hours/wk
Carry: Similar yearly comp to bonus
YOE: 12 (no MBA/masters)
Major 2nd tier city
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.)?
Carry: Can somebody explain what carry is?
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.
Carry = carried interest. Only applicable if you're working for a REPE. Typically your firm gets a share of the profits of a fund if it hits a certain preferred return.
Your carry would be your percentage split of the firm's split.
Market : NYC
2022 Base: $125K
2023 Base: $150K
Role: Associate 2
YOE: Out of Undergrad
Role: Lending Analyst at BB (C/JPM/GS)
2023 Base: 80k
Experience: 0 years
Carry: None, but can co-invest on every deal
Analyst at a family office (combination of acquisitions, credit, AM work)
YOE: <1, out of undergrad
Role/position: Investment Analyst (2nd year)
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)
Working hours: 35-50h/w, typically around 45h
Market : NYC
YOE: 7 (ignore title)
2023 Base: $250k
2023 Bonus Floor: 100% (could be higher if I do well)
Company: MF RE Debt Fund
VP? What do MF hours look like?
Market: HCOL (NYC/LA/SF)
Bonus: $0 first yr probably the same this year
Role: D/E Placement
What kind of lender? And bonus?
Role: Underwriting at BB
Market: Major west coast
Firm: 2bn in multi
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?
1st Year Analyst (Out of Undergrad)
Market: SF / Bay Area
Brokerage / Investment Banking
Lol only people who work at eastdil call themselves investment bankers when they do the same as anyone at other institutional shops. Looks like bonuses were slim for them this year.
Sr. RM at large regional bank
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.
Firm type: REPE
Market: 2nd Tier City
YOE: 5 yrs
Title: Senior Associate
Bonus: 50-75% (all cash)
Firm type: Debt Fund
Market: (Atl, DFW, etc.)
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.
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