Bonus at PGIM RE
hey everyone. Does anyone know what the bonus is like at PGIM RE for the analyst level? I just accepted a job there
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It's typically listed on the offer letter and would probably be up to a certain % of your base based on your performance I'd imagine. I don't know why this would turn into a guessing game.
Regardless, there has been a plethora of PGIM analyst program comp threads already on this forum that you should check before asking something like this.
It’s a guessing game because the contract doesn’t mean a thing. My contract said 10% bonus…I received a 35-40% bonus ahead of the holidays. I was pleasantly surprised but I don’t think they give the best numbers in the offer/employment contract.
Would you say this is somewhat common to receive greater percentage bonus than what was listed on the contract IF you performed well and so did the company ?
35%-40% of base for analyst. Basing this off of a direct comp when I was an analyst at a competitor life co.
what about Associate / Sr Associate / VP? Thanks. If you know.
Associate 135-160k all in
senior associate 165-230 all in depending on level
director - 250-350 all in. Most will fall around $300k
MD 400 plus. Can can up to 500-650k if not in executive management.
The numbers above are all in, base plus bonus. Life Co. has about a 20% compensation difference to the downside than PE.
These seem like really low jumps tbh. If those numbers are accurate, LifeCo MDs make more than 20% less than REPE MDs. Probably closer to 50% less.
Im a first year associate making $225 in REPE so even at the associate level it’s a 45% pay cut
Seems kinda light for the MD level, are you including value of long-term comp? By MD (and id think before), comp should be nearing the 1/3, 1/3, 1/3rd rule. Meaning a 1/3 for each of salary, annual bonus, and long-term. So if you mean 400-600 for cash parts of first two, sure, but with LT I’d think a bit higher.
Haven’t worked directly for those firms, but my first boss in CRE was a PGIM alum and I feel like he said it was much more at those levels.
It could be light but I am just giving my understanding based on candid conversations with my bosses. All in comp, they made what I referenced. At my firm, the only people who made $750 plus, from what I was told, was executive management. Which meant heads of lending, acquisitions and than the executive team who ‘ran’ the firm. To my knowledge, the conversations I had with bosses included their long term compensation.
Without calling out exact name, was this for a place like PGIM/Nuveen or more like a true lifeco? Like NYL, Northwestern Mutual, etc.? I'm thinking from the PGIM/Nuveen types (like OP setup the question), but if you really mean "lifeco" I am far less sure.
What do you mean true Life Co? PGIM/Nuveen/NML/NYL and others like AIG / Met Life are all competitors and I would consider them all “Life CO’s”. Having interviewed at multiple of the above and having worked at a Life Co, I can confirm that they pay within a band and comp to each other. Your competitors on the equity and debt side will generally be these firms. With all that said, PGIM actually pays well and pays (from what I understand) a little higher than everyone else.
Anecdotally, Nuveen’s pay runs in a tight range but if you excel there, they supposedly will give you carry in the funds to assist in getting your pay higher and make up the difference. But nothing is guaranteed and you’re going to start at “Life Co” pay with no guarantee they try to get you higher.
I mean true lifeco as in primarily manages the money of life and other insurance policy holders of the firm. PGIM and Nuveen may manage house accounts, but they are substantially third party asset management firms and far more diverse. Lots of real estate and other asset mngt teams at lifecos have ventured into the 3rd party world, closed-end fund world, and everything else (money is money after all!), but still are more traditional lifecos at core.
My belief (to be clear, never worked for a lifeco, just worked deals indirectly with them), is the supposed "low pay" (which is high pay for 99% of the world.. rant of different day), came as a result of the structure (house account money) and low risk tolerance (i.e. the famed low leverage lifeco loans and core assets that they never trade or leverage)... hence the pay follows suit. Opposite are the equity and debt funds that utilize leverage and charge big fees to third party investors, and thus have big internal profits they can pay out (and justify high pay for analysts who work 200% to 300% normal office hours...).
I guess my main point is is that just like the REITs and asset managers (i.e private equity firms), there are size and class tiers amongst the Lifeco/SWF/pension fund/endowment (i.e. captive money allocators/managers), and I would expect pay gradations to exist here too (scale means a lot). PGIM is much more comparable to CBRE GI or LaSalle or Invesco than NYL or MetLife, so I would expect similar to play out in pay, etc.
..
Care to PM which Lifeco this was?
That would out me, so I won’t. But I have multiple life co comps, inclusive of my own. I’ve interviewed at 3 of the largest Life Co.’s for analyst/associate/senior associate positions.
Pgims offer letter does not give a % range due to the fact that it’s discretionary. But I’ve heard most first years are around 20-30k
Someone remind me after summer and I'll confirm what bonus numbers are
85k starting base, ~20-40k bonus for analysts. I am very confident in this.
~120k starting base (not sure if anything changed recently), ~40-60k bonus for associates. Heard from analyst who works there, may or may not be accurate idk.
I think PGIM does a weird thing where they have Sr analysts, so associate pay might even be for 5 years exp
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