Typical UMM comp for 1st year Associates in London
I recently got a couple of offers to join a couple of MM/ UMM shops in London. Excited about the UMM especially until I heard the comp - 85 base and avg. 100% bonus. All in 170, which is good overall vs. my current role, but is (1) lower in terms of base vs. my current job (although bonus makes up for it) and (2) is just straight up lower than I expected (I genuinely thought it would be 95-100 base with the 100% on top...)
Am I completely out of touch here, or is this pay low vs. the market? Like I know this is still a lot of money for someone to be earning in their 20s, but I thought the pay would be higher...
This has been discussed about a week ago. UMM pay was usually about the same as IB pre-2021 raises, now slightly lower. Congrats on the offer and don’t focus on fhe 10k difference now but make a career decision on what you want to do - banking or investing.
Pay seems to be in line with other UMM shops.
MM might be good option as well. Know a lot of places (e.g CapVest, Oakley etc.) that pay carry at a Assoc/ Senior Assoc level.
Oakley pays carry only at VP level
Not sure about their flagship funds, but they get carry allocation for their latest small cap fund.
It’s a very normal MM/UMM package.
Whats the standard progression for MM and UMM in London? And what is it for MF? Thank you
Also, when is carry given out? Senior Associate level?
BX gives carry at the Senior Associate level for the RE Acquisitions team in London. Not sure what Associate 1 comp is but I imagine it is inline with 85 base + 100% bonus
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