2020 bonuses

Lots of other forums have one, figured might as well do one here.

Base/bonus

Year of experience/seniority

Anything you want to share about fund performance or whatever.


EDIT:

Will update periodically with a summary

200 + 200/next year start
80 + 50/1 year
120 + 180/1 year
250 + 100/1 year, 1/6th stub
125 + 125/2 year
150 + 1500/2 year
125 + 2250/3 year
200 + 250/5 year 
150 + 350/5 year
150 + 400/5 year
150 + 100/?
200 + 500/?

Hedge Fund Interview Course

  • 814 questions across 165 hedge funds. Crowdsourced from over 500,000 members.
  • 11 Detailed Sample Pitches and 10+ hours of video.
  • Trusted by over 1,000 aspiring hedge fund professionals just like you.

Comments (249)

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
Dec 23, 2020 - 6:06pm

As a person who decides bonuses, your experience can definitely cap your bonus and set a range, but it's more about your personal contributions.  So either there was a perception that the stuff you worked on was not directly linked to the pnl or your boss is just unfair.

As a rule of thumb I think the buckets are: 300k, 300-500, 500-750, 750-1mm, 1mm, 3mm, 10mm+.  Getting over 1mm basically means formulaic contributions and running strategies that you developed on your own and not firm IP.

So it's worth asking why u were in the bucket u were vs the other guys.

Most Helpful
Dec 23, 2020 - 10:35pm

300: junior analyst couple years at fund with upside. No upside or bad attitude for team and you're out the door.

300-500: either senior quant without direct pnl ties or like 3-5 year experience analyst in normal years and normal contribution. Most are in this bucket.

500-750: Need direct pnl ties.  5y+ average analyst or 3 years in a great year and significant contributions

750-1mm: 5y+ experience significant contributions good year but not direct risk.

1mm: Jr PM with risk in decent year and formulaic payout or experienced analyst in big year

3mm: average tenured PM without scale

10mm+: senior PM with scale and capable of putting up 50mm+ net

That's basically the hierarchy and how to think about it.  Note this is TOTAL COMP, not bonus.

Dec 23, 2020 - 11:26pm

150k base / 100k bonus. 
 

A bit disappointing. Had the year ended in September would have been closer to 600k bonus. Live and die by the P+L so no real complaints if we are being honest. Mostly looking forward towards market opportunities in the next year.

  • Associate 3 in HF - EquityHedge
Dec 24, 2020 - 1:55am

Jeez how tf did your team lose 5/6ths of pnl in 4Q? Don't mean it as a knock, just flabbergasted your PM  could do that. Sorry to hear that dude, feel for ya

Dec 24, 2020 - 1:09pm

I'm actually surprised that there aren't more posts like this one. Second to last week in October there was a shift in leadership and there was a big risk-on rotation. The market hit the gas pedal on this in November (what a day 11/9 was, but for obvious reasons). Have had a similar year on the long-only side, we were killing it through September and now we are much more tight with our bench. 

Funniest
Dec 24, 2020 - 9:36am

chill the fuck out

Big4 Audit --> TMT L/S

  • 58
  • 1
Controversial
  • Associate 2 in PE - LBOs
Dec 24, 2020 - 10:53am

Unemployed 5 years experience

invested own $, made about $1.5mm in gains (good year in the market and growth stonks)

  • Analyst 1 in HF - Other
Dec 24, 2020 - 1:59pm

Depending on fund size, similar to first year PE associate comp. If you're at a MM you can scale even faster than that but with more risk obviously.

  • Analyst 1 in IB-M&A
Dec 24, 2020 - 2:03pm

Thanks for the response. Would ~300-350k be realistic at some of the larger SMs (Lone Pine/Coatue/Tiger)? Also, I've heard hours are almost as long as IB but more stressful because there isn't really downtime. Would you agree on that? 

  • Principal in HF - EquityHedge
Dec 24, 2020 - 3:37pm

Analyst 3+ in HF - EquityHedge

125 / >2250
 

Don't want to give too much away, but I've been at my firm for >3 years now and we had a bit of a breakout year. Not expecting to get close to that number again on any consistent basis. 

Do u work in biotech?

  • Principal in HF - EquityHedge
Dec 24, 2020 - 6:03pm

I hope next year will be good. My offer had base of 200, and expected bonus range starting from 100% but who knows if that will happen

  • Principal in HF - EquityHedge
Dec 25, 2020 - 2:07am

Well yeah lol unless you're an MD ur always better off at a HF. Although there's much worse job security. I made the jump from IB and I never want to think about IB again. I'm gonna be emailing my former bosses for bitch work slides.

Jan 18, 2021 - 11:30pm

Congrats! Given your non-investment background, how did you go about your search for a firm and/or the best team for you? I'd like to move from a top BB to systematic investing and get good relevant experience, so I want to ensure I'm covering all possible companies with my search. 

  • PM in HF - Other
Dec 25, 2020 - 2:00am

Craziest I have heard is a PM low 30s maybe upper 20s making 50mm this year.

  • Analyst 1 in IB - Ind
Dec 26, 2020 - 1:16am

Do you regret going directly to HF after 1 year? Similar boat (first year) and want to do HF, not sure about going to PE as a stepping stone. I also haven't closed anything yet from a BB

Dec 26, 2020 - 3:04am

Never considered going into PE. I wanted to focus on the actual research vs the process/deal work and operations never interested me. No regrets so far. I have a ton of autonomy, never get chased for anything, and I'm constantly learning. 

  • Analyst 3+ in HF - EquityHedge
Dec 25, 2020 - 7:09pm

Just based on your comment indicating final amount contingent on December performance, curious if you're coming to that 500-600 based on a formulaic % of sleeve or team PnL? If so, what would that range of payout % roughly look like?

  • Principal in HF - EquityHedge
Dec 25, 2020 - 11:05pm

CPAtoIBhopeful

Are most of these people with these big bonuses create code strategies for their funds? End goal is to work at HF but I have no coding experience.

I'm not sure if CPAs usually get hedge fund jobs these days. Maybe non investor positions are possible but I haven't seen any CPAs. But I am in a very particular niche type of a fund.

Dec 28, 2020 - 1:42pm

I don't have my CPA, but I moved from Big4 audit to HF doing fundamental equity L/S. happy to answer questions

Big4 Audit --> TMT L/S

Jan 12, 2021 - 3:35pm

London pay is based a lot on age. I worked 4 years in a HF, getting promoted from back office to front office and backup PM. People who are older and made some significant mistakes made more money even though we generated a lot of profit for the firm. They cemented that you get paid based on your age and how the cio perceives you. Total Bs.

  • Intern in ER
Jan 12, 2021 - 6:47pm

Is this just your experience or has it been corroborated by others?

If you don't mind me asking, how did pay scale? What strategy fund are we talking about here?

Dec 27, 2020 - 2:20pm

Tiger grandcub, started a couple months ago. Fund doing well

250 base + got 100 stub for about 1/6th of the year

Hoping this scales up with the full year in 2021...

Are you responsible for pitching your own ideas and is your performance tied to your own p&l? Or do you work under a senior analyst / pm? 

Dec 31, 2020 - 8:28pm

How do bonuses typically work if the fund makes no money? It's my first year in the industry, and bonuses were not even mentioned (though I've been working remotely). Are they always given at year end?

  • Analyst 1 in IB-M&A
Jan 15, 2021 - 9:19am

Any idea what you'd expect as a first year analyst in an average year? And by two years experience, do you mean two years at a HF?

  • Principal in HF - Event
Jan 15, 2021 - 4:19pm

Anonymous Monkey

1st year analyst at $10bn+ HF 

2 years prior experience

950k all in 

Buddy of mine has a similar profile and did $2.5mm as a second year analyst. 

The best funds pay really well. 

2.5 mm as second year wow!!!
I hope my second year comes anywhere close to that.

Mar 11, 2021 - 6:34pm

not sure why you got the MS.  if you're at a $10B+ fund with great performance like most funds in 2020, a 7 figure pay day isn't crazy.  tough part is just getting a seat at a $10B+ fund

Start Discussion

Total Avg Compensation

June 2021 Hedge Fund

  • Vice President (18) $520
  • Director/MD (10) $359
  • NA (4) $325
  • Portfolio Manager (7) $297
  • Manager (4) $282
  • 3rd+ Year Associate (18) $269
  • 2nd Year Associate (26) $251
  • Engineer/Quant (51) $237
  • 1st Year Associate (63) $188
  • Analysts (183) $168
  • Intern/Summer Associate (15) $125
  • Junior Trader (5) $102
  • Intern/Summer Analyst (206) $82