North American Asset Management Salary
Hello guys, soon I am expecting to negotiate my salary in one of the Canadian asset management firms and I am looking for some ballpark estimate of what should I ask for. The shop is around $20B AUM, with like 20 people in the investment team, the firm is investing in equities. My background is some PE internships, MBB internship and some part time job as an investment analyst at a mutual fund during my studies (I am coming straight from the undergrad, finance). Basing on my previous experience and some reads from this forum I am thinking about a range of $80-100k base +50% bonus for starters. Is it in line with reality? Or should I try to ask for even more?
Thanks in advance.
Not to be a downer, but asking for $80-$100k a year is extremely optimistic. I would focus on $70k with a strong bonus potential. If you go in there asking for that strong of a starting salary straight from undergrad they won't take you seriously.
I would also do some research on the firm and see what the typical salary is, model around that or the industry standard.
Thanks for advice! What would be considered a 'strong' but not too strong bonus, 50%?
"Or should I try even asking for more."
Dude - you just rattled off numbers that would cap you at $150k directly out of UNDERGRAD. This is not IB and you are in NO position to ask that high of a salary.
Additionally, how/why are you able to negotiate your salary? I assume they'll give you a figure and then you negotiate based off that.
What is your title going to be? I think a more realistic figure is 60-70k with 20-30% bonus...on the higher end (again, depending on the role).
At one PE shop I interned in I received a monthly comp of $8k, in another one they paid me $7k (and both weren't some megafunds, just MM shops) and during my gig @MBB I got paid around $7k per month aswell. So, considering my previous experience I thought that $80k base should be doable.
Dude you have a strong resume and you got an offer from in AM straight out of undergrad, congrats. I would ask for as much as you think you can without sounding greedy, 80k-85k base sounds about right. In my experience once you get the offer a company is not going to hold it against you for asking for higher pay, they will either reject the request or accept it and move on from there.
I hope you're talking in terms of CAD, not USD. I'd say there is little to no chance you get an offer at or above $80k USD directly out of undergrad and first year bonus is not going to be 50%. Once you start producing and, assuming you're going to be a research analyst, covering your own names, 50%+ is completely reasonable. Our research analysts start at 70+30%. Once you start covering your own names bonus jumps to 40-60%, that could be 2+ years though.
This ^^
Accurate breakdown of AM comp. As he mentioned, not out of undergrad though.
Largely agree with DBW above. For an undergrad new hire comp in USD is typically 65-75k base + 0-40% bonus, so let's call it 80-100k all-in first year. Your expectations seem to be set for for a post-MBA type position. If you go in asking for 100k base plus 50% bonus they might think you're not serious. Reset your expectations...
Thank you for advices guys, I think that I will stick to the 70+30% case then.
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