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Based on the most helpful WSO content, compensation at LifeCo-type shops (like PGIM, Principal, or Nuveen) tends to be consistent year to year. For associates and senior associates, bonuses can indeed reach up to 40%, but the typical range for bonuses is generally lower.
For associates, total compensation (including bonus) starts around $90,000 and progresses to $110,000–$120,000 during the analyst years. Senior associates can expect total compensation in the range of $160,000–$215,000, with starting senior associates around $160,000–$170,000. The bonus component is included in these figures and aligns with the consistent pay structure LifeCo shops are known for.
Sources: LifeCo Positions on the Equity Side, Life in Acquisitions (Analyst/Associate), Life in Acquisitions (Analyst/Associate), LifeCo Associate Pay
No one at lifecos on here?
Don't think you'll get any comp numbers from the guys at Principal since no one ever leaves. I do know they comp similarly to Met / PGIM at the analyst and Sr. Analyst level.
Why don’t people ever leave there?
Combo of Principal stemming from a Life Company, and the fact that most, if not all the talent is local. It's very hard to entice people to come to their HQ, and essentially all their talent stems from their 8 month internship program.
Basically, you grow up in Iowa, work your first job at Principal, get comped similarly to Met/PGIM, and your cost of living is rock bottom. The other question is, why would you leave if you got that setup?
people definitely leave lifecos. top/strong producers, especially the younger ones will leave for other shops if they are looking to make more money.
people who are more comfortable and not looking to do too much and happy to just clip along and maybe move into management at some point (or not), will tend to stay and just do their few deals a year, take their vacations, and chug along.
It’s more important to look at total comp imo. It can vary depending on how base + bonus is structured. There are some where base for a 1st year associate could be $130-140k (pretty sure Metlife falls in here). In that case, I’d probably expect 25-35%. There are others where base is like $115-125k and bonus will be higher at 40-50%. I’m at a Lifeco and will say our comp is very similar to your typical investment manager (Lasalle, Invesco, etc) based on talking to friends who work there.
Super helpful. I am seeing the $140k upper end of the range for associate roles and then for PGIM specifically, I saw a sr associate range go up to $170k.
However, there is a manager role at Principal and the top end of the range is only $170k.
Safe to say PGIM just pays more? Are they known for longer hours?
Last question for you specific to lifecos, are promotions typical up to manager? What happens after that? There can’t be that many originators
The manager role is for capital markets to support their ODCE funds iirc (could be wrong, only glanced at the role), so the roles at Principal vs PGIM may not be apples to apples, hence the comp difference.
Also, if the role is in des moines, cost of living also plays a factor too. 170k in Des Moines goes a hell of a lot farther than 170k in San francisco
bump
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