Salary gauge
Hi all,
Just reaching out to try to get a gauge on the topic.
Background:
I currently have four years of real estate experience (only field I’ve been in since college). spent some time at my first job working for an institutional investment sales group in a metro of a major city where I learned a lot, but realized I needed to get out of my home town a year and a half out of college because I couldn’t take it anymore. I went to a very small private equity shop and learned a ton, but realized I’d like to either be at a shop where I can invest direct or sponsor equity which I do now (as well as JV equity) so I made a switch because the smaller PE shop wasn’t a great fit, and I couldn’t see myself there long term at all (everyone’s salaries got cut by 35%, so I guess it was a good call). Now I actually found a place that I can really myself at, culture and all for a while which is great and quite a relief for me.
I’m happy I’ve had the opportunity to be able to work in all the major food groups and (as I’m sure most people with 4 years of exp do) have advanced excel and Argus modeling skills.
I was wondering what senior analysts/associates are typically getting paid with around 4 years of experience at shops with about 4b AUM. I’m about 120k all in (85k base + 20-30% bonus)
Thanks in advance.
Are you still in a major metro?
I think you're in the right ballpark for a senior analyst/associate at a smaller shop with your level of experience if you're outside of an NYC/Chicago/SF/LA/etc.. If you're in one of those, I think you'd be below average on salary, bonus is pretty standard.
Yes, I’m in nyc still.
Appreciate your insight on the base, figured the bonus was in the ballpark.
I think you're a little low regardless of where you are, but not unreasonably so.
Still, if you love your job like you say you do, and you have the opportunity to progress, and you're able to pay your bills, I wouldn't stress about it too much.
Appreciate the insight.
I was thinking I should probably be closer to 100k on the base. I have virtually no oversight and have direct communication with the senior acq folks.
The company is very good and i should be able to progress, so I think it does balance out to some degree.
I have no oversight, and report directly to C Suite. It feels pretty great eh? Especially now at COVID time.
Are you in an expensive Tier I city (SF, NYC, etc)? If so, a 1st year associate averages $95k-120k base. Bonuses range from 30% to 125%. If you're at a huge institution, expect a lower bonus %, if you're at a small but elite fund and/or operator, expect closer to 75-100% of base and maybe more if you kill it. Also expect more hours.
Yes, I’m in one of the two cities you’d listed above.
It seems like based off of your guys / gals responses, I’m a hair low.
I would think by year 4 you would have a base over $100k and/or a larger bonus potential (there is a trade off in that dimension obviously). I don't think you are crazy underpaid, but for NYC you would be in the lower tier for sure. Honestly 85K is probably an average starting salary for institutional real estate these days (average as is, some lower and some higher..).
Thank you for the insight.
Based on the above, it does seem like I’m a bit underpaid.
Unfortunately with times such as these, looks like I’m going to have to stick that out for another couple of years. Glad I’m not getting canned, though.
Approaching 5 years at $80K, which is capped at 10-12% bonus despite asking, in a major MSA high COL area, so somewhat similar in base but obviously bonus. The base is on the low end.
From what I've been hearing in networking and talking with recruiters (mostly precovid but that shouldn't change anything other than applicant competition), you're at a good place and could probably see the most gain by pushing higher on the base which is easily below and slightly bump bonus if you switch. Keep in mind some people in the same labor pool for next jobs you're looking for with 4-5 years experience might have law degree or mba backgrounds so keep in mind their expectation you would think for comp range (unless they have to given the current environment). I think they'd be gunning for 100-120 roles given where hiring markets have valued those qualifications and the median salary increase expectations out of attending a graduate/law programs
Pretty low. I'm in the exact same spot with a similar background, similar AUM, but I am based in Philly. I make $110k base and my bonus is usually $30-50k depending on acquisition activity plus small amount of carry in our funds. There is another associate on the AM side and I know she is also in the same ballpark as me.
Thank you for the insight.
What are your daily responsibilities?
Standard acquisition duties. Screen deals that come in, work with our partners in various markets to underwrite interesting ones. Prepare IC presentations and try to sell the interesting deals internally. Work with lenders to get structures that work for our firm and for the deals. Work with engineers and construction consultants to develop business plan and budget. Tour the property and market to make sure everything checks out.
Does working on a particular (office, industrial, mf) product type tend to pay more? Kind of a general question where the answer is "it depends". Obviously deal size matters more than anything I'd imagine.
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