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Yes and no. The market is kind of the market. Some companies will pay less in cash but have better benefits, and vice versa. These big corporates all know where their competitors price and if they undercut the market too much, they may have trouble attracting the talent they want. I’ve worked at a Life Co and interviewed at a few, and they were all within a stone throw of each other in terms of compensation. They also all knew tradition PE firms paid significantly better, but the Life Co.’s gave you a better work/life balance and great benefits. And when you tally the cash compensation and benefits value, you actually came out in the same area as the PE firms, but, you couldn’t necessarily access that in cash today because it was either in time off, pension, 401K, Healthcare, etc. You’ll see in many Life Co job postings this is something they sell. And it’s true, when I jumped to PE is when I actually tallied my benefits up, and realized how much I was receiving. It was another 20%-30% per year in compensation which actually evened me out with PE firm cash comp. When I left the Life Co., my healthcare costs increased significantly (and this is firm dependent, but generally speaking, I had magnificent healthcare at a cheap cheap cheap cost), I lost an awesome 401K match and pension contributions. 

 

Yes, he is 34 or 35, so about 13/14 years of experience.

I've heard the PGIM side pays a little more than the GA side because they generate fees plus PGIM is trying to expand so they want top talent, but I dont have first hand experience.

To your point, life-Co grind is very different than PE grind. When I was at life cos, it was very much 9 - 6 with a 1-1.5 hour lunch break. I'm at a fund now and we are more like 9-9 with several nights working until midnight + weekends, and I eat at my desk mostly. Yes, I make 50% more, but I'm working those hours.

 

That doesn't sound right. I worked at PGIM on the origination teams and the base salaries were no where near that high for an originator role. You could maybe hit 400K in a good year, but a large portion of that would be bonus as opposed to base salary. If anything, it would be 150K base, 250K bonus instead of the other way around. It was largely eat what you kill. 

 

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