Rhodes 2021 Compensation Survey

Anybody have access to the Rhodes 2021 Compensation Survey? I saw a blurb about it in a publication but not the whole report. They conveniently left out associate- level comp.

Their overview showed the following:Total Comp (meant to be read as low range to high range):

MD - $1mm to $1.6mm
SVP - $600k - $900k
VP - $300k - $500k
Analyst - $125k - $175k

EDIT: this is for PE / investment manager firm employees holding acquisitions-focused roles only. I don't think it includes any carry / participation, but assume the full report would confirm…

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (34)

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Funniest
  • VP in RE - Comm
Sep 24, 2021 - 12:15pm

Brokerage is tough to gauge, annual comp can range from $0 to $10,000,000.

Sep 28, 2021 - 9:32am

FYI, I see a lot of questions regarding carry vs. bonus/cash comp. While I didn't fill out this survey... the questions are usually framed such that one may report total cash payout broken into "salary" and "bonus"... so I'd expect some of those bonus reports to reflect cash payout of carry if any occurred or expected given the interval asked about. 

Carry (a form of long-term compensation) isn't really much different than a deferred bonus (with amount/award in cash when computed/collected), so if people report total 'income' (which how these surveys want responses), I'd kinda expect most people to put that cash payment in as well (if one was received). 

If carry is true 'equity' then two things need to be true (IMHO)... 1. you must be able to keep it if you leave the firm (rare) and 2. you should be able to sell it internally and maybe externally (rarer, but due to no functioning market, but in theory you should be able to sell yours to back to the firm at least if it was a true equity stake). Since these are often not true, people really have a deferred bonus plan with payout based on "carry" in the fund/deals (this isn't bad, as the others often require direct investment even if via salary deferral). 

Most Helpful
  • Associate 2 in RE - Comm
Sep 29, 2021 - 12:42pm

Just got access to the survey. See below for the breakout....

Owner/Developer - Acquisitions

Analyst (1-3yrs): 85-110 Base -> 15-40 bonus

Associate(3-5yrs): 110-140 Base -> 65-110 bonus

VP(6-10yrs): 150-200 Base -> 150-250 bonus

SVP(10-15yrs): 250-350 Base->250-450 bonus

Private Equity / IM - Acquisitions

Analyst (1-3yrs): 90-115 Base -> 35-60 bonus

Associate(3-5yrs): 115-150 Base -> 60-100 bonus

VP(6-10yrs): 150-250 Base -> 150-250 bonus

SVP(10-15yrs): 300-400 Base->300-500 bonus

The bonus for each position is cash. They don't include expected promote/carry participation other than that it doesn't start until after the 5 yr mark at the earliest

  • VP in RE - Comm
Sep 29, 2021 - 1:41pm

I just got access as well. Do you know what "TCC" means in the report?

Nov 9, 2021 - 9:50am

Exercitationem voluptas voluptatem fugiat ut commodi repellendus non. Aut doloremque natus nulla voluptatum magni nisi fugit. Vero quasi officiis dolores.

Nov 9, 2021 - 9:54am

Odit ut tempora et minima blanditiis. Velit quis quisquam quasi est laudantium et. Nulla magnam quae totam molestiae illo.

Distinctio eveniet tenetur excepturi aut ut provident perspiciatis. Ut numquam id qui dolores dolor ex.

Ex quia at odio est. Nesciunt nam velit velit qui possimus. Dicta minus accusamus consequuntur officia maxime voluptas molestias.

Start Discussion

Total Avg Compensation

November 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (40) $360
  • Associates (234) $234
  • 2nd Year Analyst (144) $156
  • 3rd+ Year Analyst (34) $154
  • Intern/Summer Associate (107) $146
  • 1st Year Analyst (513) $136
  • Intern/Summer Analyst (393) $83