Asset Management Salaries

Beef's picture
Rank: Senior Gorilla | 788

I am working a GWM internship for a a major bank right now, and am wondering about first-year salaries across the industry and in different parts of the country (for the major banks). What can one expect? What are bonuses like? Obviously the money won't be as good as in IB, but is it still good?

Comments (31)

Jan 17, 2010

50-60K with little bonus(5-10%).
You won't hit 100K till your VP or +

Jan 17, 2010

Dear Sarah P,

you are an idiot.

BB, 70K plus 10K signing bonus.. identical to IB

year end bonus may be slightly less than IB.

Jan 20, 2010
dudedudedude:

Dear Sarah P,

you are an idiot.

BB, 70K plus 10K signing bonus.. identical to IB

year end bonus may be slightly less than IB.

Honestly, high school kids shouldn't be allowed on this board.
If you're really in the industry, which I highly doubt, please PM me and tell
which firm pays an entry level that much money.

Jan 18, 2010

Dear dudedudedude

the poster said: GWM not pwm
too different divisions with different salary structures
gwm does NOT pay 70k + 10k signing bonus

year end bonus may be slightly less???
dude, are you even in the industry? what gwm employee gets a 30k+ bonus at entry level??

Jan 21, 2010

I actually work in this industry and can confirm...

Analysts 70 salary + 10 signing bonus + 5-15% year-end bonus

The bonus is vastly less than IB but other comp is very similar if not the same

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Jan 21, 2010

What's GWM?

Jan 21, 2010

Global wealth management.

Jan 22, 2010

I'd assume salary for GWM is less than PWM if the difference between the two is that PWM serves high net clients, correct? PWM >500K or 1M in assets?

Jan 22, 2010

You also work way less hours in AM

What about the hourly paiement in AM as compared to IBD? lower or higher??

"What we can, we must; and because we can, we must"

Jan 22, 2010

Can someone who actually works in the filed give us an idea of their hours?

Jan 22, 2010

Can someone explain to me what the difference is between PWM and GWM? I don't understand how the jobs would be much different within these two industries, and why the salaries and hours would be so different (I'm not saying they aren't different, just that it's not clear to me why).

Jan 22, 2010

Someone else on here said PWM is for clients with net worths of more than $10mm, and GWM is for clients between $1-$5mm

Jan 22, 2010

PWM is ultra high net worth -more sophisticated. You come up with cash management solutions, deal with foundations and a more complex set of investments. Depending on the shop, it usually 10mm min investable asset (not net worth)

GWM / GWIM etc... is your regular brokerage. There is technically no minimum for this. less sophisticated. Can range from mom and pop 401k to 50mm clients hedgefunds and sma's etc...Its more widespread.

Clients can be in either, its the relationship that makes the difference. Services can be shared across platforms but you cant use pwm resources for smaller clients.

Roles differ across the platforms. PWM uses analyst titles but they do a lot of the same work as those without analyst titles in gwm divisions. Also, a lot of different depts make up a wealth mgmt operation; consulting services, alternative investments, mutual fund research, asset allocation committees, product groups, due diligence etc...not as narrow as many people think.

Pm me for specs if interested

Jan 22, 2010

Clarification, my comment above was about PB/PWM ($10mm to $B), I have no idea about GWM

Jan 23, 2010

PWM and GWM are generally the same thing, wealth management for high net worth individuals. Private Bank is the same thing but for ultra high net worth. Either way they are all very similar. I work in another part of Asset Mgmt, but for all parts in NY, 1st yr salary is 70 plus 10 sign on and 20-30 year end. Much better hours than IB though.

Jan 23, 2010

Jpmguy, what are the typical hours for that kind of comp?

Jan 24, 2010

when you say "major", are you talking BB? Commercial bank? BD? etc? salaries can range. Are you gonna be an analyst? associate? assistant? advisor? Gotta narrow it down....

Feb 5, 2010

theyre both the same...different firms call them different things.
70K is possible in IB...not wealth management. PM me for more.

Feb 5, 2010

Love all these guesses. I used to be in PWM and the hours were 9-6 or 9-7 with the very rare Saturday if you had a book to get ready. PWM is a good stepping stone for someone out of college. Takes a long time to build relationships and really bring in revenues from a UHNW network.

Out of college in 2006 it was, depending on school, ~60k + 5k sign / 5k bonus
Not sure about now. Left PWM in the rear-view mirror.

ps. Dudedudedude.... go back to class. And don't forget to turn in your hall pass!

Feb 5, 2010
AssociateGuerilla:

Love all these guesses. I used to be in PWM and the hours were 9-6 or 9-7 with the very rare Saturday if you had a book to get ready. PWM is a good stepping stone for someone out of college. Takes a long time to build relationships and really bring in revenues from a UHNW network.

Out of college in 2006 it was, depending on school, ~60k + 5k sign / 5k bonus
Not sure about now. Left PWM in the rear-view mirror.

ps. Dudedudedude.... go back to class. And don't forget to turn in your hall pass!

Oh, Mr. Blankfein. Good to see you here, Sir.

Feb 7, 2010

70K + 10K sign on + 15K bonus.
from a friend who works in the industry (PWM)

Feb 7, 2010

I too can confirm that although in 2006 it was 60k + 10k sign on, salaries have been raised across the board last year to 70k + 10k sign on even for wealth management for first year analysts at a bulge bracket bank. Hell, even Citi GTS analysts make that much. The bonus is significantly less than IBD.

Source: Friends who just signed a couple of months ago for FT in August

"It's all nonsense. Firms use titles to pander to the egos of the employees without giving away the store. If you are getting the money, who cares about the title?"

Feb 12, 2010

can anyone with relevant knowledge comment on the feasibility of the following path:

Out of undergrad, work 3-4 years on the operations side of AM for BB, do as well as possible... get into best MBA as possible (assume killer GPA, GMAT, and Ops stint was at top name firm)... come out of MBA on the front office side of AM... I suppose that would be as an associate, but not too sure

Thanks

Feb 12, 2010
Lookingforinfo:

can anyone with relevant knowledge comment on the feasibility of the following path:

Out of undergrad, work 3-4 years on the operations side of AM for BB, do as well as possible... get into best MBA as possible (assume killer GPA, GMAT, and Ops stint was at top name firm)... come out of MBA on the front office side of AM... I suppose that would be as an associate, but not too sure

Thanks

If you want to go from operations to AM, I don't think you need an MBA (at least not when first making the switch). Also, I don't think it'd be as easy to get into a top MBA program coming from an operations role, but maybe I'm wrong.

I want to get in AM, but I fear I might have to start in operations. If this happens, I will start studying for the CFA immediately as well as networking at the CFA society meetings, and let my superiors know I'd like to move from operations. From there, I'd be trying to move into more of an investment role within AM (either at my firm, or another). I would hope this would be doable after 1-3 years in operations, especially if you passed CFA L1 or L2 within that time. From there, work in AM for a few years, and then see if the MBA makes sense. I fear going from operations to MBA will make it hard to get an AM role post-MBA, since you lack non-operations work experience.

Feb 12, 2010

Econ:

Thanks for the input. What you wrote makes a lot of sense. Although I have to say it is discouraging because I've heard that making the back office --> front office switch in AM (or any area) is very difficult, so I was thinking that the coming off of the MBA might be the best opportunity to do it.

Any other perspectives?

Also, regarding the comment about not getting into a top MBA program from an operations role... can anyone provide some insight on that? With an excellent GPA and GMAT scores, good recs, and 3 years in operations at a top firm, what type of MBA program could someone get into?

Thanks!

Feb 12, 2010
Lookingforinfo:

What you wrote makes a lot of sense. Although I have to say it is discouraging because I've heard that making the back office --> front office switch in AM (or any area) is very difficult, so I was thinking that the coming off of the MBA might be the best opportunity to do it.

I'm no expert on this stuff, so definitely get other opinions. Yes, I've also heard that the back to front office switch is tough. However, I'm under the impression that this is more of a problem at large AM firms, and less of a problem at small AM firms. If you work for smaller, regional shops, I think you may have a better chance of making the switch, while doing so at Fidelity is probably incredibly difficult (given that it's hard to make connections within Fidelity, given that it's a larger firm which tends to lead to more political/bureaucratic/hierarchical environment). Again, take my advice with a grain of salt; it's just my opinion.

Feb 17, 2010

GWM definitely 50, no sign on, small year end bonus.

Apr 28, 2010

can anyone confirm sign on and year end bonuses for wealth management analysts?

i will be working as a SA at a NJ home office making 60k prorated (so i feel the 70k base for nyc is accurate)

although i initially tried to get a S&T offer, I'm really getting excited about my potential future in wealth mgmt. commuting from my home in central jersey for a couple of years will certainly allow me to save much more money. also, although total compensation won't be as high as IBD and S&T, it looks like I will be working much less hours so my per hour compensation will be relatively high

what do you guys think? self-justifying trading reject in denial or rising senior w/ an attractive job outlook?

Apr 28, 2010

FT BB offers are 70K and 10K bonus right now. Depending on the shop and division (institutional AM, PB, or PWM) you could potentially receive a year end bonus between 10k-25k depending on your group's performance.

Apr 30, 2010
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Apr 30, 2010