How Much Do You Make - Endowment, Foundation, FoF, Pension Edition

There's been a lot of chatter recently on endowments, foundations, etc. However, the space is not very transparent in terms of pay, WLB, etc. Hopefully this thread can let us know how over / under paid we are. I'll start.

Salary: $125k

Bonus: $85k

Type: Endowment

Description: Lower Ivy League

Time at Firm: 1.5 years

Total Work Experience: 3.5 years

Average Hours Worked: 65

Salary:

Bonus:

Type:

Description:

Time at Firm:

Total Work Experience:

Average Hours Worked:

Comments (80)

Dec 30, 2021 - 8:27pm

Hey, I work alongside many E&Fs as LPs in the Private Credit space. I work at a large F100 insurer and my role is a blend of primary and secondary fund investing. But I have opportunities to rotate into other roles. May I PM you for some advice on lateraling to E&Fs?

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  • Analyst 2 in PE - Growth
Jan 2, 2022 - 8:05am

No longer in this role but will try and provide useful data points:

Salary: 110k

Bonus: 20k

Type: FoF (tier 2 city doing fund and coinvestment work)

Time at firm: 2 years

Total work experience: 2 years (was first job out of school)

Average hours worked: 60-65

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  • Associate 1 in ER
Jan 2, 2022 - 12:10pm

Salary: 72k

Bonus: ~10k

Type: FoF/Investment consultant

Time at firm: 2 years

Total work experience: 1.5 years (was first job out of school)

Average hours worked: 55

  • Associate 1 in AM - Other
Jan 2, 2022 - 2:41pm

Salary: $125k

Bonus: $75k

Type: Pension

Description: Large pension with global footprint

Time at firm: 1 year

Total experience: 2.5 years

Average hours worked: 55 hours

  • Associate 1 in AM - Other
Jan 2, 2022 - 4:53pm

I wasn't in IB before (AM at a BB) but my whole team is from banking or PE shops. Hard to speak to other industry groups as much but mostly managers with some direct investments.

  • Analyst 1 in HF - Other
Jan 2, 2022 - 7:56pm

This seems quite high for Associate 1 at a large pension. Were you part of a private investments/direct co-investment team?

Jan 4, 2022 - 12:35am

This makes more sense, though why are the hours so high? 55hrs isn't crazy but I work 50hrs at a top AM (equities)...would think that manager allocation at a pension fund would be fewer hours as the rigor / depth of the research is not going to be as high (I don't say that as an insult, merely a statement of fact...I have considered the route you're taking and might do it one day)

  • Associate 1 in IB - Gen
Jan 4, 2022 - 7:40am

I'll speak for my firm. Even if doing manager selection, when your AUM gets high, we haven't let our portfolio get more concentrated. Our investment team is relatively lean and so there's a large volume of new manager meetings and monitoring old

  • Analyst 1 in Research - FI
Jan 2, 2022 - 2:49pm

Adding data point from job offer:

Salary: 135k

Bonus: unknown, but small (10-20k?)

Type: Endowment, Fund of Funds

Total work experience: 3 years

Average hours worked: 40

  • Associate 1 in IB - Gen
Jan 2, 2022 - 9:33pm

I'll add from two offers I received as well:

Offer 1

Salary: 135k

Bonus: 40k

Type: Hedge FoF

Total work experience: 3 years

Offer 2

Salary: 95k

Bonus: 100k

Type: PE FoF

Total work experience: 3 years

Jan 4, 2022 - 12:33am

How is the WLB so bad where you are? 65 hours a week is insane for a pension fund / FoF / endowment.

I work ~50hrs a week at a top AM (equities) and make similar comp to you with similar years of experience. Really puzzled by the above, I'd think the hours would be close to 40-50

  • Associate 1 in IB - Gen
Jan 4, 2022 - 7:44am

I think there's a pretty big spectrum in the endowment space. On one end there are some very tiny endowments with 3 people and on the other some of the massive endowments that are just constantly screening and have money to put to work. Let me qualify the hours too: it is not at all like when I was at my IB (receiving requests at all hours of the night, tight turnarounds, etc). It's much more laid back. I'm I'm spending an extra hour or two a day, it's more for me to improve. The only exception is sometime the day is just filled with new manager calls to the point that the only time you have to do any work is after hours

  • Intern in PE - Other
Jan 4, 2022 - 8:30am

What sort of modeling do you do for manager selection and what's the most technical aspect of this job?

Jan 4, 2022 - 1:08am

Salary: $80-90k (tier 1 city)

Bonus: $30k

Type: O-CIO/ FoF

Time at Firm: 3.5 years (started with associate title but basically analyst)

Total Work: 3.5 full time, 2 full years interning at various shops 

Avg Hours: 60

Salary started lower as it was first job out of college, do mostly manager research for liquid and illiquid funds, some co-invest. 

Jan 4, 2022 - 1:54pm

$5-8bn In AUA. It's grown a lot over the last couple of years due to new clients but also performance has been strong. 

Frankly I think I'm just a poor negotiator...but I have indications that the #'s will change this year

  • Research Analyst in AM - Equities
Jan 4, 2022 - 2:12pm

I'll add a non-US datapoint. Based in the UK office of a large global pension fund / SWF type organisation (e.g. GIC / Norges / Middle East SWF / Canadian Pension Funds)

Salary: £~130k

Bonus: £~150k

Type: Global Pension Fund / SWF

Description: Public Equities - analyst on a small team supporting PM.

Time at Firm: 4.5 years

Total Work Experience: 7.5 years (3 years BB ER before)

Average Hours Worked: 45-55

Jan 4, 2022 - 6:23pm

Salary: $92k (tier 1 city)

Bonus: 5-10% 

Type: University Endowment

Time at Firm: 7 years 

Total Work: 7 years

Avg Hours: 35-40

Based on the above comments it would appear I need to consider new opportunities :)

Jan 5, 2022 - 11:41pm

Definitely grossly under market, there's no getting around that.  

I shared mainly to point out that not all university endowments offer lucrative pay and there is a huge disparity in the industry (in my opinion).  Benefits and WLB are amazing though, and the sense of mission and fulfillment can really be incredible.

  • Analyst 1 in Research - FI
Jan 10, 2022 - 10:24am

Disagree. 

70-90k is an extremely good bonus (almost to the point of me questioning whether it is totally truthful, and note "expected"). Based on my experience/knowledge I can say that is not typical unless you are pulling close to IB hours.

  • Associate 1 in IB - Cov
Jan 6, 2022 - 12:00am

Is most of your work primaries? Or is it a pretty even split between primaries, secondaries and co-investments?

  • Analyst 2 in AM - Equities
Jan 12, 2022 - 12:33pm

Posting my data below. 

OP, how hard is it to move into a university endowment/pension/FoF seat w/o prior IB experience. I work in a OCIO and went to an ivy for undergrad. 

Salary: $110k

Bonus: 15-35% of base performance dependent

Type: OCIO

City: T1 City (NYC, SF, Chic, LA)

Time at Firm: 1.5 years

Total Work Experience: 1.5 years

Average Hours Worked: 60

  • Analyst 2 in AM - Equities
Jan 12, 2022 - 12:46pm

I am technically a 2nd year and it was raised to keep up with CoL and the general wall street raise. For my first year it was 95k. Also did not get a sign on bonus/relocation bonus. Also other benefits that the job lacks (nothing crazy but some things that are a bit more commonplace in larger more namebrand places) so they give a bit higher cash comp. As far as I know, most of the BB follow a 105-110-115 pay now too. 

  • Associate 1 in IB - Cov
Jan 12, 2022 - 12:45pm

Salary: $65k

Bonus: $0

Type: Endowment/Foundation

Description: Name brand

Time at Firm: 3 years

Total Work Experience: 3 years

Average Hours Worked: 40

Going to add this for posterity: anyone putting 60 hours average is massively overstating.  Don't know much about FoF life but in E&F no one works 9-9 5 days a week.  Not even close

  • Associate 1 in IB - Gen
Jan 13, 2022 - 8:07am

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  • Intern in PE - Other
Jan 13, 2022 - 11:54am

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  • Associate 1 in IB - Gen
Jan 14, 2022 - 8:13am

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