I'm in my second year as a senior financial analyst in a Corp Dev group. Prior to that I did the typical 2 years in banking at an MM firm. What should I expect for a base salary at the Manager level? Think F500, Pre-MBA (no intention of getting one at this time, unless the firm would pay for it), reasonable cost of living - like a Denver. 120-130k base? All in of 135-150? Or does that sound off?
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I think those numbers might be a little high for a pre-MBA corp dev role. I would envision somewhere closer to $100 base, with variable bonus depending on how the bonus is structured in that company overall. Even corp dev roles that recruit straight out of MBA would have a base starting at around $125. That said, corp dev is one of those positions where the salary can vary wildly depending on the company.
I think that's low for a manager though. The senior analyst positions for those with 2 years of banking experience are generally ~100k base. I'd think a corp dev manager, with or without an MBA, wouldn't be making less all-in than your average first year banking analyst.
You're definitely right in that it seems to be pretty variable. Makes it harder to know what range you should be looking for.
Just out of curiosity, what is your firm's views towards promoting employees who do not have an MBA? I am starting out in corp dev (also two years of prior IB experience), and I am really hoping to avoid getting an MBA.
Thanks. My group does not require one. Most have one, but that's because most started banking at the associate level before coming over later in their careers.
All the directors and above (e.g. EVP, SVP, VP) in my Corp Dev team all have top 10 MBAs. I report directly to the VP and he told me that an MBA is not a requirement to move up at my current firm. However, the advice I've gotten is that an MBA significantly enhances your chances if you are trying to go to another Corp Dev shop at another company. Reason being, a corp dev job is a comfortable and cushy job and will be highly competitive at the junior exec to senior exec level. At those levels, you are competing with folks who have just as good of experience as you do or better AND they have top flight MBAs. You basically get screened out before you can even make a case for yourself.
I received a few offers and had companies indicate ranges for a multitude of Corp Dev Manager roles (I'm also a non-MBA), in many different cities and industries.
They ranged from $105k - $140k for base and for bonus anywhere from 0% - 30% (obviously dependant on many factors). I'd say anywhere from $115 - $125k base is prob what an average role would pay/expectations.
I would say there's a lot of variation in both base range and salary. My first corp finance role out of banking started me at $100k base (going to $115k quickly) but included 20-60% based on various company and individual metrics. Plus, the CFO and the CEO were generally very impressed with me and I received "spot" bonuses from time-to-time of $5-10k. That was, as they say, pure "fuckin' around" money. I was also inducted into the executive comp program at the end of my first year, which was another $30 / yr of (mostly deferred) comp.
On the other hand, hours could be brutal and as essentially a one-man FP&A and M&A team (for a company with $350mm in annual EBITDA, if you can believe it) I had some very cool deals but a lot of mundane high-risk low-reward forecasting work.
My current job is a supervisory position, running a team of corp dev analysts making $100k+, mostly former bankers and consultants. My base is substantially higher but my cash upside is more limited, comparable to a lowish IB first-year bonus. I'm in that awkward stage career-wise where stock-based comp is becoming more meaningful from a retention standpoint (fuck vesting) but isn't going to make me rich anytime soon.
Re: MBA, my position technically listed that in the quals but I'm fairly badass so no one seems to mind that i don't have one. There are two other folks with comparable manager-level roles in different departments (greenfield dev, etc) who have MBAs. All of the Director-level finance and corp dev guys have MBAs and I was more or less explicitly told it will be necessary for advancement. (My plan is to get another Director-level offer when the time comes and see if I can leverage it here, but this position is actually a nearly-perfect fit for me so I'd prefer to stay).
Are there any Directors on your team now?
Not on the M&A team specifically. I report to the finance director, who reports to the CFO rather than another VP layer, and I would expect him to get bumped to VP (without necessarily broadening his responsibilities) within the next 12-18 months.
There are however two "Directors" from other departments without any supervisory responsibility, but are generally responsible for screening and sourcing deals. I don't report to them but we work closely on transactions they bring in.
Curious as to what the offer was and what/if you negotiated to
Bump - what is corp dev managers expected comp these days? Did it move any higher with the past few years of IB raises and overall inflation or generally similar numbers to above?
In a MCOL I’ve seen $150k + 15-20% bonus. Portco in HCOL I’ve seen as high as $175k + 20%
For another data point, this is more in line with what I've seen from Sr Managers rather than Managers. I've seen Mangers in MCOL cities closer to $125K base.
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