Comp progress at PIMCO + promotion

Surely they're the undisputed kings of Fixed Income, so I'll take this offer to mean a lot in my career. The position is an entry level analyst in London. First year pay is surprisingly very good for base. I have a banking offer as well.

I'm just left wondering how it'll go from here. Working on global debt is very interesting and the active management approach is quite unique. But in terms of the future, do they promote analysts, assuming they're good? Will they send me to b school again? How high does the comp get at the VP level?


Thank you

 

They've recently started taking in undergrads for internships in their Alternative Credit & Private investments division (there was another thread on this). It seems they do a mix of credit and real estate.

Guessing pay in the division is probably in line with other credit MF groups/ real estate MF groups -- but would be useful to hear from anyone there for more clarity.

 

Speaking strictly on comp, PIMCO pays the highest among the large peers by far. Also my data is in the US so take that with a grain of salt. Senior analysts, so that VP level, probably is in the range of 700k all in but could push higher if you perform exceptionally well. It does take a decent while reach that level though. Probably you'll be in your early to mid 30s before you get there. I speak in generalizations cause I never worked there but heard of experiences from people that I knew that worked there. 

 

I saw under the other posts that PIMCO has developed a PM pipeline for college undergrads. It’s called Alts and has an estimate of 170k all in for 1st years ~ is that too good to be true?

 

It is in reference to those like fido, vanguard, capital group, Blackrock. And this is just fixed income. So generally yes PIMCO pays the most. Capital group is the one wildcard cause they are probably the most secretive among those. Very few get seats and they fly under the radar. So my comment may be false with respective to capital group but at least with the others mentioned PIMCO is the highest paid generally speaking. 

 

It's hard to make a broad blanket statement here. It depends on the fund, the strategy, the PMs you're supporting just a name a few. So do take this with a massive grain of salt. Equity can have a larger variance in comp so you do have the potential to make more money. But fixed income has more stable income year to year. At the end of the day though, pick what you like. I generally feel more confident in making fixed income investment decisions than in equity where your thesis may not be actually realized for a long while. Also it's generally more insulated to automation than equities but I'm sure that'll happen eventually too. 

 
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Just a comment on income in general at PIMCO. Know several who work there (including a family member). Income varies based on role, but they pay very well across all roles (maybe not in back office tech relative to the tech industry - not sure about that). In their primary revenue generating tracks PM, AM and Product Strategy/Mgmt (which is a hybrid that is both client facing and works very closely with PMs in creating product), they pay well. I'm hoping this new Alts position is a trend where they eliminate the need to secure top MBA for real career growth. Historically, if you want to be VP or above, it took either a top MBA (even in Account Mgmt) or yrs of experience so many juniors would leave and then navigate their way back after grad school. Or they'd go to another firm and then stay there or come back.  So the Alts spot is a good sign. Can't speak to the PMs but the client facing folks I know have great WLB. 40-50hrs per week and the culture is actually quite collegial. All about doing the best job for the client, regardless of role.

 

London base afaik:

  • Analyst (1.5yrs): £65,000
  • Associate (1.5yrs): £75,000
  • Senior Associate (1.5yrs): £85,000
  • Manager (2yrs): £130,000 - this is where MBA hires come in.
  • VP (3yrs): £160,000
  • SVP: £220,000
  • EVP: £230,000
  • MD - they share 30% of the firm's profits between about 70 people. Most will never make EVP, let alone MD. In the Gross El-Erian days, each MD (that wasn't Gross or El-Erian) was paid $17M per head.

Bonuses are usually around 40% for sales, 60-80% for research, and >100% for PM. This holds true up until EVP, when it becomes a complete black box. EVP is the equivalent of an MD position at a bank, with TC generally in the $1-$1.5M range.

 

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