As the year is getting ready to close out, wanted to refresh a comp chain for us RE folks. Hopefully can get some helpful reference points for everyone going into bonus season.
Firm Size: MF, MM, Boutique
Firm Strategy: PE, IB, Developer,etc
Team: Investments, AM, Development, Special sits, etc
Base: £/$x
Bonus: £$ / %
Role: AN, ASOC, etc
City:
Will help kick off:
Firm Size: MM
Firm Strategy: PE
Team: Investments
Base: £120k
Bonus: £120k / 100% (expected)
Role: ASOC 2
Location/: LDN
Firm Size: MF
Firm Strategy: Debt fund
Team: Investments
Base: $150k
Bonus: $100k
Role: ASO 1
Location/: Tier 1 US
Average hours?
50
Firm Size: Top 10 US Bank
Firm Strategy: Balance Sheet Lending
Team: Asset Management
Base: $120K
Bonus: $10k
Role: Associate
Location: Texas
Based on the most helpful WSO content, here's a refreshed comp thread for Real Estate (RE) professionals to provide reference points for bonus season. Here's an example to kick things off:
Feel free to add your details in a similar format to help others benchmark their compensation!
Sources: Credit Suisse Bonuses (Disappointment?), https://www.wallstreetoasis.com/forum/hedge-fund/london-long-only-compensation?customgpt=1, London SA 2023 Compensation, Bonus Season - Comps, https://www.wallstreetoasis.com/forum/investment-banking/bonus-season-comps?customgpt=1
Firm Size: UMM
Firm Strategy: RE Private Equity (LP/Wholly Owned positions)
Team: AM
Base: $150k
Bonus: 30%
Role: Associate 2
Location/: T1 city in US
Total YOE?
4 YOE in RE + 1.5 in unrelated non-finance field
Firm size: UMM
Firm Strategy: Owner/Operator
Team: AM
Base: 130
Bonus: ~20-25%
Role: Sn An
Location: Tier 1 city
Firm Size: Top 10 LifeCo
Firm Strategy: Everything
Team: Private debt
Base: $85k
Bonus: $15K
Role: AN1
City: Tier 3
Is this PGIM
Sounds like Principal with how the person categorized his/her role in debt
Firm size: UMM
Firm Strategy: DF
Team: investments
Base: 80k
Bonus: 20% —> 60% next yr
Role: AN1
City: Tier1
Firm size: Top 10 US Bank
Firm Strategy: Balance sheet lender
Team: Portfolio management
Base: 80k
Bonus: 5k
Role: 1st Year Analyst
Location: Atlanta
Firm Size: Top Agency Broker
Firm Strat: Debt brokerage
Team: Production
Base: $65K
Bonus: $5K - $15k
Role: 1st Year Analyst
Location: Non Chicago Midwest
Firm size: Boutique
Firm strategy: PE (GP)
Team: Investments
Base: €55k
Bonus: €15k
Role: Analyst
Location: Europe
Firm Size: UMM
Firm Strategy: Everything
Team: AM
Base: $125K
Bonus: 15%
Role: Sn An
City: Tier 1 US
Firm size: Boutique
Firm strategy: PE
Team: Acquisition
Base: €80k
Bonus: €40k
Role: Analyst
Location: Europe (Nordics)
CapMan?
No but I would image they pay the same as my firm
Firm size: Boutique
Firm Strategy: Owner/Operator & Advisory
Teams: Acquisitions & Legal
Base: $90k
Bonus: 35k
Location: Tier 1 US
Firm Size: Boutique
Firm Strategy: REPE (GP)
Team: Investments
Base: $135k
Bonus: $40k
Role: AN (3 YOE when I accepted)
City: DC
Don't mean to hijack the thread, but does anyone know what the pension funds in Canada pay at Associate/Senior Associate?
It will depend a bit on the firm, as some have analyst -> associate -> director -> VP -> SVP -> EVP.
For these types, my educated guess (knowing analyst and VP-level comp) would be $120-180k based on experience (years ~4-8). This is for roles located in Canada, pay is different if you’re in an international office.
For the firms that go analyst -> associate -> principal I haven’t a clue, but would assume higher for an associate and a broader range due to fewer titles to cycle through. I believe these are also the pensions that house their RE teams within the broader pension fund firm rather than a RE subsidiary, so would expect comp to be more in-line with the other investment professionals at the firm and perhaps less of a discount on RE comp.
Appreciate the colour - interesting to hear. I don't personally know anyone that works there but have anecdotally heard (but not necessarily believed) the comp is much higher.
Someone told me recently they knew someone at one of the more active pensions in Toronto who was pusing $300k as an Associate with bonus. It seemed high to me but never had any reason not to believe them.
REIB
ASSO 2
200k
200k
Graduated May 2020
NYC
Firm Size: LifeCo
Firm Strategy: Does everything
Team: Acquisitions
Base Salary: $135,000
Bonus: $40,000
Role: Associate
Location: NYC
YOE?
Firm size: MM
Firm Strategy: Brokerage
Team: Capital markets (Debt & Equity placement) / Investment Sales focused on specifically on an alternative asset type
Base: 65
Bonus: 1-10
Role: first year analyst
Location: LA
What is the expected salary progression for a role like this? Does it stay a salaried role as you scale within the firm or transition into commission? How much time is spent generating your own business vs assisting seniors deals?
Salary progression is terrible. As a junior, brokerage is only good for the deal reps.
You won’t make money in brokerage until you’re bringing in your own deals. If you’re on a good team with strong mentors, you could be able to bring in deals once you become an associate director but don’t fall for the bs some people on here will spew about how you can still do well being a transaction manager.
2 YOE
Debt Fund
Tier 1 market
+/- 300k target
60-70 hours
.
Firm Size: Top 50 REPE
Team: Asset Management, Special Situations
Base: 250K
Bonus: +/- 250K, +/- 150-250K stock + additional carry based on performance
Role: VP
City: Tier 1
What’s your YOE? Congrats on the bag
11
Equity AM?
Mix of equity and debt
Firm Size: Top 10 Developer
Team: Market Officer (bit of everything)
Base: 250K
Bonus: ~$250K, ~$50K stock, promote
Role: Market Officer
City: Tier 2
Firm Size: MM
Firm Strategy: REPE
Team: Investments
Base: $125K
Bonus: $80K
Role: Associate (7+ YOE)
Location: T1 city in US
Firm Size: $30B
Team: Development
Base: $210K
Bonus: $150-200K
Role: Director (8 YOE)
Location: Toronto
what does RE Comp look like in canada across other roles/shops?
In short, there is a large swing depending if the development group is responsible for the underwriting or just manages the construction and permitting aspect. The pension back developers pay the most as they complete the financial underwriting typically. I've seen Director comp range from $200K all in to $400K+. PM me if needed.
Firm Size: BB
Team: Credit
Base: $110K
Bonus: $20-30K
Role: Analyst
Location: NYC
YOE: Just Graduated
Firm size: MM
Firm strategy: Debt
Team: REIB
Base: $73k
Bonus: $75k
Role: Production Analyst
Location: Non Chicago Midwest
Firm Size: Top 100 REPE
Team: Acquisitions
Base: $300K
Bonus: $450K + 1% - 2% in promote
Role: Director (12 YOE)
City: Tier 1
Firm Size: Top 100 REPE
Team: Acquisitions
Base: $300K
Bonus: $450K + 1% - 2% in promote
Role: Director (12 YOE)
City: Tier 1
Amazing comp! Thanks for sharing!! How long have you been at your current role? Would you mind sharing your annual comp trajectory from around 6 years experience to where you are today? There’s a lot of data around analyst and associate comp, but it gets very murky as you climb the ranks! I’m a VP at a top 10 REPE shop now and only around $450k all-in with 8 years of experience and my carry kinda sucks cuz our funds aren’t hitting target (like most). Want to understand how I can get to your comp level with 4 more years of experience!
I’ve been covering a region for about 6 years now. Agreed once you get past Associate the comp data gets pretty murky and highly dependent on company along with how you are perceived within the company. This isn't perfect but basically over the past 6 years I've seen $50k - $75k raises every year. My guess is I am close to topping out in the $800's range until I move upwards in my role / responsibilities.
$750k / $675k / $600k / $550k / $500k / $425k
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