Mutual Fund Associate/Analyst Salary Structure

johnnyhedger's picture
Rank: Chimp | banana points 6

I'm going to intern at large boutique mutual fund manager (+$100bn) and am wondering what the pay structure is like above 1st-year associates. Base pay + salary is just over 100k for 1st years, but I'm wondering what the typical progression is like in the industry. How much does an analyst make after his associate rotation? How much are the guys above the analysts making?

Comments (12)

May 16, 2017

When I started almost a decade ago at a midsized boutique the progression was:

1st yr - 75-85k.
2nd yr - 80-100k.
3rd-4th yr - 85-125k.

You'll probably want to adjust the figures above for inflation plus cost of living. I lived in a medium to high cost of living city, so not NYC, Chicago, SF, but still a somewhat expensive city.

First year post MBA analyst comp is generally 160-250k and can increase significantly thereafter.

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May 17, 2017

I graduated from H/S/W this past year and have several friends heading to mutual funds as equity/credit research analysts. Your comp for post MBA is below market. My offer at a $50Bn AUM mutual fund was $125k base, $25k signing, and end of year bonus was ~100% of base salary. My friends who graduated this year and are headed to the major mutual funds (Fidelity, MFS, Wellington, etc.) all received between $125k to $150k base, $25k to $50k signing, and were told to expect ~100% of base salary as an end of year bonus.

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Best Response
May 17, 2017

My offer at a $50Bn AUM mutual fund was $125k base, $25k signing, and end of year bonus was ~100% of base salary. My friends who graduated this year and are headed to the major mutual funds (Fidelity, MFS, Wellington, etc.) all received between $125k to $150k base, $25k to $50k signing, and were told to expect ~100% of base salary as an end of year bonus.

You seem to be arguing with yourself. Those figures are at the high end of the range I gave. HSW candidates are generally at the high end of the range. Candidates from midtier programs or working at smaller firms make less.

FWIW - I too graduated from a top program a few years ago, also now work at a large firm, and have a few years of post MBA experience and comp under my belt. Your arrogance is misplaced.

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May 17, 2017

Arrogant? I'm just sharing comp figures from a recent graduate and his friends, but okay. :)

May 17, 2017

how did your salary + total comp progress after the first year?

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May 17, 2017

I read in a comment on another thread that analysts can make anywhere from 200k to 1mn. Assuming what I understand is the typical mutual fund hierarchy of associate to analyst. Does that seem accurate to those of you in the industry? Again we are talking about big funds. The one I'm interning at in SF/NY has +200bn AUM

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Feb 9, 2019

bumping this thread, was wondering if anyone could shed any light on comp at smaller mutuals funds 5-20bn aum, but much smaller investment team (10-20 ppl).

I'm worried about taking a pay cut from a sell-side job?

Feb 9, 2019

Not sure exactly about smaller shops, but I doubt you would be taking a cut coming from a SS job unless you're a top-rated analyst at a bulge bracket or basically THE top analyst at a boutique or regional broker. Given the pressure on the sell side over the past few years, it wouldn't surprise me if BB sell side --> small asset manager was compensation neutral or even slightly positive. The people I know on the SS are leaving in droves given the declines in commissions and thus comp pools.

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Feb 9, 2019

I was talking more on the research associate side vs analyst (2-3 years sell-side experience post undergrad). Would research comp ranged be similar to megafunds or lower around 200K all in.

Would you expect a pay bump if you went to a buyside research associate job?

Thank you for the help

Feb 10, 2019

Not necessarily, usually brokers pay better at the junior levels in part because equity research is usually part of a broader investment bank which generally has high compensation. At the analyst level, the buy side starts to pay better.

$200k sounds high to me either way for an associate position with 2-3 years experience. I'm not saying it's impossible, but I would think the range would be 100-150 at a larger firm and closer to 100 at a smaller firm. 200 would start to get into analyst compensation range.

Feb 10, 2019

Ah okay - my issue is my current comp is around 160-200K, which is why I was wondering whether it would be a pay cut or bump.

Feb 10, 2019