2020 Bonuses

Didn't see an existing thread, so wanted to get one up to chat about bonuses in this hellscape of a year. Depending on the sector, some firms are still really hurting, while some have escaped relatively unscathed.

I would typically have received a bonus+raise by this time of year, but have heard nothing yet. The senior leadership at my shop took preemptive pay cuts back in March, but things have really not turned out to be that bad (one could even argue a lot of our positions have been bettered). Wanted to hear some anecdotes from around the industry before I initiate the conversation.

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (78)

Dec 21, 2020 - 10:49am

I'll find out on my 12/31 paycheck. Haven't had any discussions about it, but that's not abnormal for my company. 

Commercial Real Estate Developer

Jan 12, 2021 - 8:52pm

CRE

I'll find out on my 12/31 paycheck. Haven't had any discussions about it, but that's not abnormal for my company. 

Forgot about this. Full bonus received. It helped that we ended the year with a bang. 

Commercial Real Estate Developer

  • 2
Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Analyst 2 in RE - Comm
Dec 21, 2020 - 2:33pm

What's the typical timeline for bonus/ raises to come through? Ours seem pretty late as we don't get them until the end of February/ early March.

Dec 21, 2020 - 3:17pm

I feel like Q1 is more typical than end of Q4 like me. 

Commercial Real Estate Developer

  • Analyst 3+ in RE - Comm
Dec 21, 2020 - 3:22pm

This year mine was halfway through March so assuming something similar.

  • Works at Other
Dec 21, 2020 - 3:21pm

A manager was let go and one of the PM guys is moving to Acq but PM isn't getting a replacement, and everyone paid rent soooo really hoping for something nice.

  • VP in RE - Comm
Dec 21, 2020 - 9:25pm

I was told it was a tough year company wide (flat to slightly down across the board) even though my specific fund put up a ridiculous return this year. Ended up flat cash comp wise, but was given 35bps in carry on an in the money fund, so not complaining.

  • VP in RE - Comm
Jan 26, 2021 - 12:52pm

I don't know of any firms that give associates carry, but I imagine there are somewhere. 

really though, it is going to depend on how big the fund is and therefore what the projected carry is. If the projected carry is 100mm, getting 1% is pretty good. If it is 15mm, then getting 1% may not make you actually stay for 5 - 10 years to get paid out.

Most Helpful
Jan 26, 2021 - 1:36pm

Well the firm I'm with is offering me carry as an associate as we aren't very big, but I don't really have a basis for what I should expect. I am being promoted in the next year to Director level, but we have performance and salary/bonus adjustments at the end of the year. On top of that, there is no contingency to employment after a 1 year vest, so while I might not be there in 7 years, I could potentially have a few years of equity and I'm hoping to making at least worth something. Our fund sizes aren't huge, about $100M - $150M and we have a 8% hurdle. We only have 5 people sharing carry as well, 3 founders, CIO, and myself. Is it too much to expect 1% of the 20% considering we are pretty small?

  • Investment Analyst in RE - Comm
Dec 22, 2020 - 10:05am

My guess would be that Analysts / Associates will be less impacted

Dec 23, 2020 - 7:14pm

Tough market, just be glad you have a job and got anything at all. Think lots of firms have the same mentality, just hang in there and see what happens next year

  • Analyst 3+ in RE - Res
Dec 24, 2020 - 8:54am

Goose egg, but 30% of the company got laid off so it was always a possibility. Target bonus is only 25% anyway, but still sucks. 

  • Developer in RE - Comm
Dec 24, 2020 - 9:12am

Once smoke clears I assume most people will be on the move. What a crazy year. Part of working in CRE is the upside. If that's not there what's the point?

Dec 24, 2020 - 4:23pm

Once smoke clears I assume most people will be on the move. What a crazy year. Part of working in CRE is the upside. If that's not there what's the point?

If you're so shortsighted that you think one atypical bad year is reason enough to quit the industry, you neither deserve nor will get to that upside.

  • Analyst 1 in RE - Comm
Dec 26, 2020 - 1:02pm

Most institutional shops pay this, whether is acquisitions, IS/DE, AM, etc.  But again highly dependent on market. This is per usual for Tier 1 makers such as LA/NYC/SF

  • Associate 1 in RE - Comm
Dec 28, 2020 - 1:41pm

Given that I've worked 1.5x typical hours in this year anything less than 100% of typical would be ultra disappointing. 

  • Analyst 3+ in RE - Comm
Dec 29, 2020 - 1:10am

Bonus this year is double what it was last year, a 15 % raise came with it to. I will say though that business really kicked in the last 4 months of this year, which ended up with me working late nights, more weekends and even over some of the recent holidays.

Dec 29, 2020 - 4:30am

Interesting that in the US (where most responders seem to be here) bonuses and salaries come through in December. In London most firms generally tend to do these in around Feb-March time. 

Array
Jan 26, 2021 - 7:56pm

Et mollitia et incidunt nisi. Molestias ut quam cumque fugit nulla excepturi. Doloribus blanditiis ut totam assumenda enim. Qui modi eaque et et.

Unde provident est enim accusamus molestias aperiam sit reprehenderit. Aut illo quam omnis consequatur quo. Facilis nihil quis quia non. Maxime fugit et numquam. Autem laboriosam ut quibusdam vel.

Velit ipsa ut aspernatur perspiciatis veritatis et in. Esse temporibus corporis sint. Ipsa dolores voluptate molestiae quo. Aut consequatur ut natus ut. Similique eos possimus dolores dolorum.

  • Analyst 3+ in RE - Comm
Jan 26, 2021 - 8:23pm

Unde nesciunt dolorum possimus rem. Animi totam quam iste.

Alias ad saepe velit occaecati molestiae sapiente. Ad molestiae voluptas sed rerum. Placeat rem ea aut ut et quis non. Natus repudiandae in facere dignissimos.

Asperiores vel ut nemo. Sint mollitia eos repellat error ut eaque. Delectus sunt a omnis. Omnis est eum et eaque voluptas ipsum et. Illo omnis ut labore excepturi repudiandae omnis quia cupiditate.

  • Analyst 3+ in PE - Other
Jan 25, 2021 - 4:42pm

Molestiae dolorem odio cupiditate magnam. Ab earum ut dolor inventore. Molestias et repellat voluptatem aut atque error. Dignissimos quia nam totam laudantium numquam sit est omnis.

Quisquam natus aliquid debitis nesciunt quaerat cumque. Omnis enim perferendis quisquam et dignissimos non omnis. Aliquam ut quis facilis sit est sed ut vitae. Placeat magni debitis et voluptatum.

Quam aut ullam accusamus quia dolores. Consectetur voluptatum molestias dolore temporibus. Sint vel rem omnis enim itaque ratione id. Et porro minima dignissimos molestias. Et eaque eaque ut consequatur id nostrum.

Jan 25, 2021 - 5:51pm

Consequatur nesciunt sed similique provident porro velit rerum. Hic non repellendus suscipit sint. Corrupti sed qui sit tempore. Nulla aspernatur eligendi non exercitationem quae eveniet.

Itaque dolores dolor earum hic consequatur. Eaque eius cupiditate aspernatur officia magnam a ut. Est aut accusamus aut placeat vero nihil. Distinctio est aut culpa nemo veniam quis facilis possimus.

Start Discussion

Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (229) $233
  • 2nd Year Analyst (138) $155
  • 3rd+ Year Analyst (31) $147
  • Intern/Summer Associate (104) $143
  • 1st Year Analyst (502) $135
  • Intern/Summer Analyst (387) $83