PGIM VP Comp

Yes and no. The market is kind of the market. Some companies will pay less in cash but have better benefits, and vice versa. These big corporates all know where their competitors price and if they undercut the market too much, they may have trouble attracting the talent they want. I’ve worked at a Life Co and interviewed at a few, and they were all within a stone throw of each other in terms of compensation. They also all knew tradition PE firms paid significantly better, but the Life Co.’s gave you a better work/life balance and great benefits. And when you tally the cash compensation and benefits value, you actually came out in the same area as the PE firms, but, you couldn’t necessarily access that in cash today because it was either in time off, pension, 401K, Healthcare, etc. You’ll see in many Life Co job postings this is something they sell. And it’s true, when I jumped to PE is when I actually tallied my benefits up, and realized how much I was receiving. It was another 20%-30% per year in compensation which actually evened me out with PE firm cash comp. When I left the Life Co., my healthcare costs increased significantly (and this is firm dependent, but generally speaking, I had magnificent healthcare at a cheap cheap cheap cost), I lost an awesome 401K match and pension contributions.