CRE Comp Progression
Let’s see what CRE comp progression looks like for everyone. I’ll start:
HCOL (not NYC, please specify if NYC since it pays substantially more in CRE)
Base & Bonus
Lending Credit Analyst - Year 1: $50k
Brokerage Senior Analyst - Year 2 (new company): $95k
Principal Side Associate - Year 3 (new company): $150k
You always jump ship after a year?
looks like its played out pretty well for him
None were lateral moves so wasn’t an issue.
Lol so this is to show your own comp progression?
Nope, I want to see what progression looks like in CRE, specifically REPE/REITs vs IB and traditional PE.
Isn't it common sense comp progression is worse than IB and PE?
very slow and then very fast
Curious if you could give a little more detail. I imagine this is how it goes for most but interested to hear individual accounts.
Not OP btw
Obviously not fully relevant, but I can give myself as an example (numbers are all total comp):
Construction Y1: $57k
Y2: $63k
Y3: $71k
MBA -> Dev Y1: $160k
Y2: $205k
Y3: $235k
Y4 should bring me to ~$300k.
That’s what she said
Are we talking base or total comp?
Total
REPE Analyst (LCOL) - Year 1: $60k + 10% bonus
REPE Analyst (HCOL) - Year 2 (new company): $67.5k + 15% bonus
Family Office Analyst (HCOL) - Year 3 (new company): $80k + 30% bonus
Family Office Associate (HCOL) - Year 4: $100k + 0-30% bonus
All base salaries -
75
110
150
150
175
Equity Acquisitions for first 4 roles. 1 life co, 1 investment manager. Most recent is debt fund
Just base->110, 90 (that is right I took a paycut), 110, 125, 155. 90-155 happened within 1.5 years. A temporary paycut was strategic and was to put me in a place where I could get to 155K base quickly with the base being almost the same as base+bonus (110+50K) I previously got, plus I work fewer hours.
Delete
Like our comp thread on here, I think including COL is important. My base might not look impressive but it translates to probably 200-225 in a HCOL.
4.5 year salary progression, HCOL. All Base numbers.
$60k
$72k
$80k
$100k
$120k
$150k
$157.5k
Role?
60/72 - analyst for a brokerage team
80+ - acquisitions for a developer
72 + 25
87.5 + 0 (took bonus in base for mortgage purposes)
130 + 30
160 + 25
185 (current year)
All-in comp numbers. HCOL. Idk why people are just showing base. You should be making your money in your bonus
$55k
$130k (start new job, half year)
$155k
$175k
$250k (started new job but both paid the same)
$275k
Wow impressive. What roles were those?
Debt brokerage -> IB -> REPE
Think we’re at the same shop for one of your last two jobs because that’s exactly how much I made
Doubt it, my firm is small. I ask friends for comp and I think many top REPE or debt fund pays in the $250-$300k range for associates. Eg the top firms, excluding the strangely high-paying firms like Baupost, blackstone, starwood, Oaktree, etc
Like CIM and Angelo Gordon are a couple others I know that pay that level. These firms all decide comp based on the same surveys / talk to each other so it makes sense that they pay similar
Y1 - Debt analyst: 66k + 6k
Y2 - Debt analyst: 72k + 8k
Y3 - Acquisitions Sr. analyst: 90k + 25k (new role)
Y4 - Acquisitions Associate: 150k + 75k (new role)
All in HCOL
Y1: 32.5
Y2: 47.5
Y3: 50
Y4: 70
Y5: 80
Y6: 110
Y7: 120
Y8: 600
Are you in REIB? How did you jump to 600?!
How did you get from 120K to 600K in one year? Commission role?
Sure happy to share.
Was in brokerage for many years and recently got brought onto a REIB team that does asset level deals as director of underwriting.
Interesting, what are your hours like in REIB UW?
Base plus bonus below HCOL
0 (full commission role)
70+25
73+27
78+30
mid year raise to 90
promotion 3 months later to 100
general raise cycle gets me to 105
switching teams internally 2 months later gets me to 120
new job: 120+65 + carry worth about $110K total. Would pay in 5 or so years. Basically counted it as zero
new job: 150+55
160+60
170 + tbd
Yr 1: $65k + $10k
Yr 2: $70k + $20k
Yr 2 (New Job midway through year)): $90k + $25k
Yr 3: $100k + $25k
Yr 4 (New Job): $90k + $25k + promote (didn't end up paying out this year)
Yr 5: $90k + $10k + promote (didn't pay, no salary increase and bonus was low because of COVID)
Yr 6: $120k + $25k + promote (paid $15k this year)
Yr 7: $160k + $100k + promote (will pay $80k this year)
MCOL City, 2020 grad:
Job 1 (analyst level, non-RE role):
Job 2 (roughly Sr Asso level in strategy-esque role at a bank, switched mid year)
Job 3 (switched late year at approx senior analyst level to a big RE investment shop)
Jumped around a few roles after college before I found something I was passionate about. Did well in those previous roles (old bosses still joke about bringing me back), but just was bored with the work, even if it paid well and was a better WLB. Happy now as I am in a fun (for me) role with a good mentor and lots of visibility.
First Job (JLL/CBRE; LCOL market)
• 2018: $48k + $7k bonus
• 2019: $55k (left in the fall)
Second Job (boutique debt shop, NYC)
• 2019: $75k, no bonus (left shortly after a year)
Third/Present Job (debt brokerage, NYC)
• 2020: $82.5k + $15k bonus (joined firm in winter and received pro-rated bonus)
• 2021: $86k + $70k bonus
• 2022: $92k + $80k bonus
• 2023: $100k + ??? bonus
As you get promoted, is the base going to keep progressing? Like 115, 125, 150, etc, or will your base be essentially capped at some point as your bonuses in brokerage tend to be 50-100%+?
My current base is at the cap for non-brokers/support staff. Bonuses usually capped at 100% but cash tips may vary dependent on team and your value to it.
Only way to get higher base is if you are truly a career analyst for one specific team/broker. I have a few at my firm who are in their 40s or older who I presume have a $150-200k base + less than standard bonus percentage.
Y1 - LifeCo LCOL Analyst - $93k
Y2 - LifeCo HCOL Senior Analyst - $157k
Y3 - REPE HCOL Associate - $300k
Total Comp (HCOL):
Y1: 75K
Y2: 100K
Y3: 90K (moved to principal side in a role that would advance skills)
Y4: 105K
Y5: 150K
Y6:165K
Y7: 300K
Y8: 600K
Y9: 900K
This yr will be a down year...
*edit got the years mixed up
what's the split for base, bonus, carry in your years 7-9? that's a pretty huge jump so just curious to know when your carry kicked in and what amount it was annually. thanks!
Hit some big promotes. Base is mid - assume mostly deal participation
Brokerage analyst years
Y1: $60k base + $132k bonus (team went absolutely ham that year)
Y2: $62k base + $72k bonus
Y3: $64k base + $84k bonus
Y4: Left brokerage; stub year
REIT senior associate years (I like to call this the "promotional discount" period)
Y4: $90k base, $12k bonus
Y5: $92k base, $12k bonus
Y6: $104.5k base, $30k bonus
REIT VP years (same company, they decided they like me)
Y7: $200k base, $50k bonus, $40k restricted stock
Y8: $210k base, ???TBD bonus, $30k restricted stock
The REIT job and the comp cut was a bit of a leap of faith but in hindsight I am so glad I did it. Brokerage at a top capital markets team was an absolute meat grinder and I do not miss the hours or the work at all.
Thanks, really helpful when comparing the sell side and the buy side.
What were the brokerage hours like? I am assuming HCOL market?
You bet, glad to help. Brokerage hours were not bad by banking standards (think like 70 per week on average) but pretty bad by real estate standards. The worst part about it for me though was working for clients. Not all were bad, but after seeing both sides I'd rather be the client than work for clients any day of the week. It just takes a different attitude and adds a dog and pony show component to what would normally be simple tasks. Edit to add: yes correct HCOL market.
70 isn't too brutal considering you were an analyst. I hear you, I'm sure you don't miss the tedious tasks that make no sense.
Y1 - Bank lending - 73
Y2 - Bank lending - 83
Y3 - CMBS lending - 175
Y4 - CMBS lending - 250
I thought CMBS markets were basically shut down in 2022? Am I wrong ?
yeah, I thought the same.
Year 3 was 2021, a great year for CMBS. Year 4 was my first year as an Associate so I had a higher base and slightly higher bonus. It is generally a bad business practice to hit your Analysts and Associates with a big decrease in comp rather than the VP's, Director's, and MD's.
Are you in agency CMBS?
No
waiting for more updates about it........
Analyst Year 1-1.5 72K base + 12K Bonus
Analyst Year 2 (New Job) 110K base + 15% Bonus
Associate/Team Lead Year 3 129K base + 20-25% Bonus + 3K Revenue Share
This thread hurts...live in a HCOL and many of my friends who are 3 years out of college are clearing +$300k in different investment roles that aren't RE (retail, tech, energy PE)
We can comfort ourselves by saying we work fewer hours. And buying properties tends to be less risky than buying companies.
Same. Are you in RE ? How much are you making / what are your plans. I can't stomach the low pay of this industry tbh. I work at a very well known RE shop and get paid 100k including bonus first year. Work about 70 hours a week and have been reminded a few times how the firm is making an investment in me. I like RE, but I also like finance in general and think I could do well in other non RE , traditional finance roles. Probabaly would need to get an MBA. Issue is I already have a MRED. not sure how much more time I can waste in school
Have to pick the right firms to work for. I just signed a 140-160k total comp REPE analyst role out of college
The RE forum skews towards smaller unknown shops and family offices in middle to low cost of living areas. Not completely sure why that is but I can guarantee none of these numbers are from NYC megafunds.
Bump. NYC UMM/MF pay in line with IB and PE. Maybe a 20% discount because it’s RE but still clearing 250k at Associate levels. Most of these comments are not representing that.
In RE at a very large shop in a HCOL. Expecting mid-2's this year. However, friends in other industries at much smaller firms are making that as their base at my same level. You just won't hear about it since not many of those types who are comfortable in their roles making that much at 70 hours a week will come here to post about it.
Generalist model monkey
$55k + $15k
$65k + $30k
$90k + $25k
$110k + $20k
$130k + ??
Bank analyst
60k
70k
Debt broker analyst
75k
105k
Bank portfolio manager
115k
140k
Bank lender
145k
225k
245k
325k
Is this bank lending as a relationship/client manager at a team that sits within the commercial bank?
Regional Bank
y1-50k+5%
y2-60k+5%
National Brokerage (CB/JLL)
y3-65k+30%
y4-75+30%
National REPE (30B+ AUM)
y5-100+35%
y6-110+35%
y7-125+35%
y8-135+50%
y9-165+50%
National REPE (300B+ AUM)
y10-185+50%+LTIP(another 20% of TC)
D&E Brokerage
YR1 - 75k + 30%
YR2 - 80k +35%
YR3 - 90k + 30%
REPE Acquisitions
YR4 - 110k + 25%
Hotel Co
YR5 - 145k
GP / Dev
YR6 - 200k
YR7 - 200k
YR8 - 300k + promote & fee participation begins (50-200% annualized)
HCOL
95
120
210
YR1 (HCOL west coast)
$65k All-in (family office)
YR2 (midwest)
$100k All-in (PE)
YR3 (midwest)
$135k All-in (PE)
YR4 (HCOL west coast)
$250k All-in (PE)
Yr5 (HCOL west coast)
$330k All-in (PE)
Year 1 - $80k
Year 2 - $100k
Year 3 - $120k
Year 4 - $135k
Year 5 - $150k
Year 5 - $175k
Year 6 - $200K
Year 7 - $325K
Year 8 - $875K
This represents real expectations if you are successful. Just my opinion.
I don’t think people making $200k should expect to make $875k in two years. There’s usually 6-8 more years in between those numbers, even for successful people
How much of the $875k is from a promote check? Is that a yearly expectation or once every few years?
50% Promote / 50% Cash Comp. Expectations for next 5 year around $1M per year with promote - 50% / cash comp 50%. Some years will have promote some years will not.
Are these salaries strictly W2 related or are there broker salaries for CRE in this thread?
Class of 2020: MCOL
YR 0: 25 hr (contract) - non real estate financial services consulting
Yr 0.5: $70k base - Converted to full time (non real estate financial services consulting)
Yr 1.5 : $73.5k base - Raise (non real estate financial services consulting)
Yr 2.5: $77k base - Agency CMBS New Issuance Trading Analyst
Total comp (Canada)
Y1 95
Y2 120
Y3 135
Y1 (brokerage capital markets analyst) - 98k
Y2 (Analyst at a developer) - 110k
Year and a half at brokerage before leaving.
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