Cushy Job Compensation - Should I be complaining?
I've got 5 years experience and am an associate at a commercial bank focused on agency/CMBS originations. Prior to my 2 years in my current role, I worked at one of the major brokerages on their debt/equity team. I'd say I'm very good at my job and would be regarded as one of the top 2 analysts for the entire team (10 analysts in total). The group does very well and we are consistently beating our goals. I'll help originate $700M+ this year alone (no sourcing, but handle a big chunk of the execution). The job is really not that hard though and I really enjoy it. I'm only working 45 hours a week (Fridays are chill so hours don't seem that bad) and my bosses are very understanding if I want to leave at 5 to go to a gym class, go on a date, etc. during the week. My base salary is $100k and my bonus (in a non-covid year) would be around $50-60K. I'm in NYC and in my late 20's so I feel like this isn't great. The group is bringing in a ton of fees so I feel like I'm a little underpaid. Should I be complaining about making $150k while working 45 hours a week?
Not really for anyone else to say, you know? If you're not feeling fulfilled, it's up to you to make the change. Easier said than done during COVID, mind you, but still.
Peel away everything else you said, and with the above info, I would say your fairly compensated (given NYC, maybe a base of 120-130 with 160-180k all-in, would be closer to median) but on the NYC low side. Not all firms really 'adjust' for NYC market, and commercial banks are often the type.
I'm factoring/guessing you do not have a grad degree, and as such, you are not doing bad by any measure. If you wanted to go get a grad degree and try and 'level up', you are probably at a good place to do it.
Not sure how your bank is, but I get the impression that senior level MD types at commercial banks make like base 250-300k with bonus that may bring total comp to 500-600k (depending on year, team, etc.). So not sure how far you are from that track, but commercial banking is not the highest paid deal in the world.... but hours and lifestyle (and maybe perks like stock compensation or equity purchase terms??) are the trade off.
Here is possible move..... Leave NYC! You may be able to get a higher title/role based on your experience and get better comp at the same time in another tier city. That plus differential in taxes/COL would be a huge raise. But you have to leave NYC..... decisions decisions.
If you leave, can I have your job? Seriously though, it can’t hurt to look around. If you were to go to a BB Originations gig, you would probably be looking at a bump in your base to around $120k, but you would likely be working 60+ hours somewhat regularly depending on the shop.
I am also an associate at a bank in NYC with similar experience, get paid 110K base with a 50K bonus last year, so pretty much in line with you. To be honest, this is about market on the debt side of real estate in banking. Not impossible but unlikely you will be making significantly more by switching banks. Best bet is to hope for a promotion to VP or Director (which should not be hard given your experience and your quality of work) and you will then get a bump in pay. The other option is to transition to a life co or the equity side. I am more confidant you will get a bump in pay there compared to another bank. You are experiencing some of the pros and cons of CRE banking particularly in non production roles- decent pay, good hours but there seems to be a cap.
what are your hours, seems like a good gig
Could make the move to similar gig at a debt fund
If you’re a top performer, negotiate a promotion within the analyst role and they’ll raise your pay
Hell yea bro. 150K all in is not great in NYC. Tons of money to be made there with your 5 years of experience. I know people in RE, who are not talented at all, around your age who do a lot better ....Go get what you deserve!
Only on WSO is $150k of total comp for a 27 year old bad...damn i can't even imagine for normal people what that feels like
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