How does comp in NYC compare in real estate for life cos, banks, traditional REPE funds, and Real estate brokers that have investment funds?

Based on the most helpful WSO content, here's a detailed comparison of compensation in NYC for different real estate roles:

1. Life Companies (e.g., Nuveen, Axa)

• Compensation Structure: Typically salary + bonus.
• Example: Not explicitly detailed in the context, but generally, life companies offer stable compensation with good work-life balance.

2. Brokers with Real Estate Investment Funds (e.g., CBRE)

• Compensation Structure:
  • Base Salary: Often lower compared to other roles.
  • Commissions: Significant portion of income, based on deals closed.
  • Example:
  • Year 1: Varies widely, but can be substantial if deals are closed.
  • Subsequent Years: Increases with experience and deal flow.
  • Additional Notes: Brokers can defer commission by shaving points and putting that into the deal.

3. Traditional REPE Funds (Mega Funds and Mid-Sized Funds)

• Compensation Structure:
  • Base Salary: Competitive.
  • Bonus: 50-100% of base salary.
  • Carried Interest: Significant portion of long-term compensation.
  • Example:
  • Associate VP: $150K base, 50-100% bonus, 5% promote for deals led. Pulled in $400K+ in a busy year, but typically around $275K.
  • Top Levels: Top-level folks at PE funds make significantly more than their counterparts at brokerages.

4. Banks with Real Estate Investment Groups (e.g., Goldman Sachs, JP Morgan, UBS)

• Compensation Structure:
  • Base Salary: Competitive.
  • Bonus: Performance-based, can be substantial.
  • Example: Not explicitly detailed in the context, but generally, banks offer competitive compensation with bonuses tied to performance.

Lifestyle and Work-Life Balance

• Life Companies: Generally offer a good work-life balance, with most averaging 40-45 hours per week.
• Brokers: Can have variable hours depending on deal flow and client demands.
• REPE Funds: Can be demanding, especially during deal cycles, but compensation reflects the workload.
• Banks: Similar to REPE funds, with demanding hours but competitive compensation.

Summary

• Top Compensation: Traditional REPE funds, especially at higher levels.
• Stable Compensation with Good Work-Life Balance: Life companies.
• Variable Compensation with High Potential: Brokers with real estate investment funds.
• Competitive Compensation with Performance-Based Bonuses: Banks with real estate investment groups.

For more detailed discussions and personal experiences, you can explore the threads on Wall Street Oasis.

Sources: What is your compensation in Real Estate Finance?, What is your compensation in Real Estate Finance?, Differences between CRE vs REPE, What kind of money can you make in Real Estate? What are the best roles? REPE, Brokerage, REIT, etc., Am I Misguided In My Belief That I Would Rather Transfer out of REPE and Into Capital Market Brokerage?