Compensation
A primer on pay:
Pay is volatile. You can be doing to same task at different funds and be paid vastly different amounts. Obviously pay at most places are based on fund performance, so be comfortable with knowing your financial well being is heavily reliant on the skills of your PM.
Also keep in mind you might be unreasonably blamed for ideas that blow up and feel "under compensated" for investments that turn out well. Some PMs will happily take the credit for sucess and pass the blame of bad investments down the chain of command.