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Hot, Hot, HOT! Private Equity Comp

By BankersBall on May 18, 2006 in Cube Life, Private Equity, Salaries

We’ve got our grubby hands on a survey with 1st, 2nd and 3rd year base + bonus comp numbers for private equity associates. And we’re going to share some of it with you.

While there are figures for ~ 50 companies (8 are UK), we’re not going to just upload the spreadsheet because a) we have no idea if they are really accurate, and b) we’re afraid of getting sued or something.

Before you try to trip us up, here are some disclaimers: any figures in GBP were converted to USD. Discrepancies between total and base + bonus are due to rounding.

Yeehaw, here we go: averages/medians.

Base / bonus / total

1st year associate: (based on 48 data points)
Average — $86k / $87k / $172
Median — $80k / $80k / $160k
2nd year associate: (based on 15 data points)
Average — $95k / $111k / $206k
Median — $85k / $105k / $210k
3rd year associate: (based on 4 data points)
Average — $98k / $159k / $256k
Median — $98k / $160k / $263k

Sound about right? Contribute your numbers and we’ll add them into the mix.

42 Comment(s)

On May 19, 2006, Serf said:

Does associates = pre mba associate or post mba associates

I am guessing post mba since you have a 3rd year bucket but just wanted to clarify
On May 19, 2006, BankersBall said:

It doesn’t say anything about pre- or post-MBA … I assumed pre-
On May 19, 2006, Lee said:

i assume it’s pre. i certainly hope post-mbas are making a lot more than that!
On May 19, 2006, Huh? said:

Why would you think first year MBA Associates make more than
$172k to start. Do you honestly think 21-yr old analysts make that kind of money?

Pre = analyst.
Post = associate.
On May 19, 2006, Huh? said:

Also, there are plenty of 3rd year analysts out there, just fewer, so that bucket makes sense to me as a former analyst and former associate.
On May 19, 2006, JAC said:

Associate should be post-MBA, I’m pretty sure that most PE groups use the same analyst vs. associate distinction for pre- and post-MBA hires as all the investment banks.

I know for sure that Blackstone does.
On May 19, 2006, ts said:

“Why would you think first year MBA Associates make more than
$172k to start. Do you honestly think 21-yr old analysts make that kind of money?”
yes you idiot. 3rd year analyst bankers make more than that, pre-mba. these figures are most likely pre-mba.
On May 19, 2006, ts said:

blackstone is also an investment bank, thus they have the same hiring and promotion tags as other investment banks. and, there are plenty of pre-mba associates in blackstone’s private equity group, making more than $200k,.
On May 19, 2006, None said:

It is obviously pre. Many PE firms refer to their pre-MBA folks as associates.
On May 19, 2006, Anonymous said:

These figures are unquestionably pre-MBA
On May 20, 2006, Anonymous said:

IB Analyst bonus nums already floating around are higher than these. has to be higher. If a 3rd year IB analyst is pulling 75 base and 125 bonus (top tier) then why would we ever leave? God i love money.
On May 24, 2006, Annonymous said:

I’m pre-MBA and I get paid more than this (based in UK). Must be pre….surely?
On May 25, 2006, Anonymous said:

You can’t accurately depict comp at PE because many shops are small and unlikely that an associate will report…. no one really knows the range plus some associates have the ability to invest w/ leverage in a fund or deal, upping the juice
On May 31, 2006, Huh? said:

Pls provide us with the list, Mr. TS, of say, 25 of the 50 firms where first-year college graduates make an average of $175k.
Not including returns on or from capital, of course.

Should be easy since you’re such an expert.

toodles.
On Jun 6, 2006, Anonymous said:

To: Huh?

You seem quite confused. A pre-MBA 1st yr associate at a PE fund would be someone who has come in after 2 or 3 yrs at an investment bank. Therefore, they would not be getting $175k directly out of undergrad! They would be making this after their first two yrs at a bank where they made $125k and $150k respectively, thus it would be a natural compensation progression. As a former analyst and associate at a bank you should know that the job titles at most PE funds start out at “associate” at the lowest level (post-MBA’s are usually referred to as “senior associates”).

Hopefully that clears up some of your confusion.
On Jun 6, 2006, ct said:

To: Huh?

You seem quite confused. A pre-MBA 1st yr associate at a PE fund would be someone who has come in after 2 or 3 yrs at an investment bank. Therefore, they would not be getting $175k directly out of undergrad! They would be making this after their first two yrs at a bank where they made $125k and $150k respectively, thus it would be a natural compensation progression. As a former analyst and associate at a bank you should know that the job titles at most PE funds start out at “associate” at the lowest level (post-MBA’s are usually referred to as “senior associates”).

Hopefully that clears up some of your confusion.
On Jun 21, 2006, IS said:

oh…….hmf
so little money.
I made $ 200.000 in my first year…….as a lawyer! (o:
On Jun 21, 2006, -RetiredBanker said:

yeah, but what is your upside as a lawyer?

most of these kids right out of school get paid more than lawyers after 3 yrs in law-school: http://www.iBankingOasis.com
On Jun 23, 2006, IS said:

That may be true. heard about being a partner at a law firm. I don´t say everyone becomes a partner, but there´s a chance. Maybe 10% or so. Then the upside would be enormous. But what is your chance being a MD?
add on: the last 5 years no one has been axed in our firm. (They say…)
On Jun 28, 2006, hedgie said:

you’re kidding right? there’s no comparisonbetween law and high-end finance salaries. Sure you can make the argument that law is a more stable career, but a moderately paid doctor can make an even more convincing argument.

A 5th/6th year associate (~9 years out of college) a a top law firm is making around $300k. A banker 9 years out of college (assuming 2 yrs for MBA) should be around the 1st or 2nd VP level and making at least 50% more.
On Jun 28, 2006, yo said:

I think you’re overestimating lawyer salaries. Some of my friends are at top 20 firms and they say they probably won’t cross the 300 grand mark until their 7th or 8th year as an associate. and making partners has become exceptionally difficult nationwide in the past 5 years.
your estimate of vp banker salaries might be a little low but it’s a decent floor.
On Jun 28, 2006, hedgie said:

you’re kidding right? there’s no comparisonbetween law and high-end finance salaries. Sure you can make the argument that law is a more stable career, but a moderately paid doctor can make an even more convincing argument.

A 5th/6th year associate (~9 years out of college) a a top law firm is making around $300k. A banker 9 years out of college (assuming 2 yrs for MBA) should be around the 1st or 2nd VP level and making at least 50% more.
On Jun 28, 2006, yo said:

I think you’re overestimating lawyer salaries. Some of my friends are at top 20 firms and they say they probably won’t cross the 300 grand mark until their 7th or 8th year as an associate. and making partners has become exceptionally difficult nationwide in the past 5 years.
your estimate of vp banker salaries might be a little low but it’s a decent floor.
On Jun 28, 2006, yo said:

you’re kidding right? there’s no comparisonbetween law and high-end finance salaries. Sure you can make the argument that law is a more stable career, but a moderately paid doctor can make an even more convincing argument.

A 5th/6th year associate (~9 years out of college) a a top law firm is making around $300k. A banker 9 years out of college (assuming 2 yrs for MBA) should be around the 1st or 2nd VP level and making at least 50% more.
On Sep 6, 2006, Roger McDouglesbee said:

IF you’re into big money, stay out of big law. Senior partners at LBO funds and Hedge funds make partners at law firms look like low paid, groveling, service-focused kiss-asses.

Besides, the 2nd yr associate comp - which would be comparable to a first year out of law school, is $210K (higher than then $200K figure you’ve claimed, and MUCH higher than the national avg. for first year lawyers which is ~$140K. Any by the way, these figures exclude carry - a 2nd yr associate at my fund banked an extra $165K on this last year). Also, PE associates don’t pay for three years of school and their comp rises at roughly 2x the rate of lawyers.
On Sep 13, 2006, RetiredBanker said:

Roger that Roger….badda bing badda bang
On Sep 14, 2006, Texas Energy said:

Big pay??? Get into energy exploration. In Oil & Gas we make your lifetime earings in 5 years. Everyonce in a while we hire you to raise some money for us.
On Sep 19, 2006, bs said:

so you personally made about $20-30M in the past 5 years? only then bigger than texas is the bs you’re spewing.
On Dec 13, 2006, Alicia Novak said:

I agree with Roger, anyone who thinks lawyers can make it big..better think again.. They have a cap and ppl in PE or Hedge Funds top that after there second year. Stay out of law if you want to make a true name for yourself.
On Dec 14, 2006, anon said:

these figures are pre-mba. a 1st-year post-MBA, who’s any good, should be making $300k total comp.
On Dec 14, 2006, Supeman said:

Yes, but the key is that you have to keep in mind that the reason why people in high finance make so much money is partly because of the HIGH COST OF LIVING in New York. A practicing lawyer in Washington in the sixth year making 200K +70K is not making what a VP in Manhattan would but you have to remember that a lawyer in DC isn’t paying for a condo in the millions (avg. price of 2 bdr. condo in Manhattan approx. 1.2 million).
On Dec 15, 2006, E said:

your argument makes no sense. NYC big law 6th year associates aren’t even close in compensation to NYC banking VPs, yet they have the same cost-of-living.
On Dec 20, 2006, Law Firm Partner said:

Stay out of law if you want to make money. Even at 1 to 3mm for law firm partners, you have to work every day for 25 years just to make $50mm. Better to be the CEO of Goldman and make that in six months.
On Dec 21, 2006, anony said:

http://www.autoadmit.com/bonus/

http://www.nypost.com/seven/12112006/photos/biz037a.jpg

no comparison whatsoever. 8th year associate in big law pulling down about $300k. That’s like a 1st or 2nd year associate in banking.
On Jan 8, 2007, James Triggs said:

Guys, it’s not just about the money. What happened to doing this for the love of the game?
Ooooh yeah - hit me harder..
On Nov 7, 2007, PE Fund > most jobs > Law Firm said:

First years at the top PE funds (read: KKR, BX, TPG, Bain Cap, Apollo) are getting $450K all-in comp for 2007 (post-2 years at MBB or IB).

No law job can even touch this.
On Nov 26, 2007, PE Advice said:

I have to agree, these finance numbers are mind-blowing and law cannot compare.

Question: I am a first year MBA at Duke and am interested in exploring PE gigs. It sounds to me like I have no shot since I have heard that the vast majority of hiring is done at Harvard. Is this true? Also, is it possible to get a PE job without a pre-mba ibanking background? My experience was in medical equipment sales.

Thanks guys and enjoy the truckloads of cash you are pulling in!
On Mar 16, 2008, German said:

The Problem is that the work environment as well as the day2day work at the large cap PEs is so f**** exhausting and boring!! So its a money for pain type of story…So if you want to do the stuff you think PE execs ar doing join a mid market company! The money is not that good but its a different league in terms of the stuff you are doing..
In terms of money..Blackstone UK is paying at the moment around 105$ Base + 80-100% Bonus and a carry type of thing (no real carry) for 1st-2nd year Associates (2008 Numbers)
On Apr 11, 2008, Oaktree REPE said:

None of you know what you’re talking about on lawyer, ibanking and pe pay.

Let me lay it out for you. Lawyers at the First tier law firms (Wachtell, Cravath, Baker, etc) make anywhere from 120 - 140 plus a small bonus (10K or so) their first year out of law school. I heard that this number had gone up recently due to the strong economy and need to keep in pace with increasing pay at other high skill jobs i.e. finance jobs. This number increases from what I understand from my friends at the top NY law firms 10%

Ibanking analysts make 60, 70, 80 base with bonus that was 100, 125, 150 (depending on the bank) for first, second and third year analysts. These numbers are 2007 numbers and look to be the absolute peak - I can’t say what its going to be like this coming year. Associates make a base starting at 100K with first full year bonus that was approaching 200K at the top of the market (last year) for a total comp of 300K but the beta on this number is much higher than the lawyer salaries.

Pre MBA PE associates at the top firms (and I have friends at KKR, Blackstone and Apollo) are in the mid 200s. I’m going to work for a PE fund with about $50 billion under management and will be making about that which I believe to be market. Not sure if there is a different between Pre MBA and Post MBA associates - honestly I can’t imagine there is a difference but I could be wrong. Carry is not typically given to associates at the mega funds, they kick in at vp level and that number depends on the success of the fund but could be worth millions depending on how the fund does at liquidation.
On Apr 26, 2008, JB said:

Oaktree’s numbers look correct. I’m a first-year associate (post-MBA) at an investment bank and pulled in $325 K. The first year analysts at my firm (currently interviewing for PE jobs that would start post-2nd year) are getting offers in the mid-200s.

Separately, you have to put these PE jobs in perspective. You are not a partner, and your chances of getting there directly from the associate position are slim to none (mostly none). You’ll have great b-school opportunities, but that’s about all that can be said. What’s more, you’ll get a rude awakening if you try to re-enter the PE world at a higher level, where they are looking for intensely smart, industry experts. Then you’ll realize that analysts, associates, and whatever other name you want to use for them are only of use to PE firms at the lowest levels where they can pay you the equivalent of 4-hours of management fee to do the same thing we all are doing at investment banks.
On Aug 16, 2008, MacroHedgeFundGuy said:

I have no idea how I stumbled onto this site, but to look at how empty these conversations are, really puts the current crisis into perspective.

Guess what? Most of you won’t have a job 12 months from now because the financial services industry has to contract significantly.

The rest of you can look forward to your “analyst” work being exported to Bangalore.

No modern economy can rely soley on finance…at the end of the day things like science and medicine are cumulative, whereas finance is always cyclical, nothing is really ever learned in it and ultimately it’s a zero sum game.

Good luck.
On Aug 19, 2008, wharton said:

“at the end of the day things like science and medicine are cumulative, whereas finance is always cyclical, nothing is really ever learned in it and ultimately it’s a zero sum game.”

I had a petit-mal seizure trying to make sense of that sentence. Congratulations, you have acheived in writing what Pokemon has in flashing lights.

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On May 19, 2006, Serf said:

Does associates = pre mba associate or post mba associates

I am guessing post mba since you have a 3rd year bucket but just wanted to clarify

On May 19, 2006, BankersBall said:

It doesn’t say anything about pre- or post-MBA … I assumed pre-

On May 19, 2006, Lee said:

i assume it’s pre. i certainly hope post-mbas are making a lot more than that!

On May 19, 2006, Huh? said:

Why would you think first year MBA Associates make more than
$172k to start. Do you honestly think 21-yr old analysts make that kind of money?

Pre = analyst.
Post = associate.

Also, there are plenty of 3rd year analysts out there, just fewer, so that bucket makes sense to me as a former analyst and former associate.

On May 19, 2006, JAC said:

Associate should be post-MBA, I’m pretty sure that most PE groups use the same analyst vs. associate distinction for pre- and post-MBA hires as all the investment banks.

I know for sure that Blackstone does.

On May 19, 2006, ts said:

“Why would you think first year MBA Associates make more than
$172k to start. Do you honestly think 21-yr old analysts make that kind of money?”
yes you idiot. 3rd year analyst bankers make more than that, pre-mba. these figures are most likely pre-mba.

blackstone is also an investment bank, thus they have the same hiring and promotion tags as other investment banks. and, there are plenty of pre-mba associates in blackstone’s private equity group, making more than $200k,.

On May 19, 2006, None said:

It is obviously pre. Many PE firms refer to their pre-MBA folks as associates.

On May 19, 2006, Anonymous said:

These figures are unquestionably pre-MBA

On May 20, 2006, Anonymous said:

IB Analyst bonus nums already floating around are higher than these. has to be higher. If a 3rd year IB analyst is pulling 75 base and 125 bonus (top tier) then why would we ever leave? God i love money.

On May 24, 2006, Annonymous said:

I’m pre-MBA and I get paid more than this (based in UK). Must be pre….surely?

On May 25, 2006, Anonymous said:

You can’t accurately depict comp at PE because many shops are small and unlikely that an associate will report…. no one really knows the range plus some associates have the ability to invest w/ leverage in a fund or deal, upping the juice

On May 31, 2006, Huh? said:

Pls provide us with the list, Mr. TS, of say, 25 of the 50 firms where first-year college graduates make an average of $175k.
Not including returns on or from capital, of course.

Should be easy since you’re such an expert.

toodles.

On Jun 6, 2006, Anonymous said:

To: Huh?

You seem quite confused. A pre-MBA 1st yr associate at a PE fund would be someone who has come in after 2 or 3 yrs at an investment bank. Therefore, they would not be getting $175k directly out of undergrad! They would be making this after their first two yrs at a bank where they made $125k and $150k respectively, thus it would be a natural compensation progression. As a former analyst and associate at a bank you should know that the job titles at most PE funds start out at “associate” at the lowest level (post-MBA’s are usually referred to as “senior associates”).

Hopefully that clears up some of your confusion.

On Jun 6, 2006, ct said:

On Jun 21, 2006, IS said:

oh…….hmf
so little money.
I made $ 200.000 in my first year…….as a lawyer! (o:

On Jun 21, 2006, -RetiredBanker said:

yeah, but what is your upside as a lawyer?

most of these kids right out of school get paid more than lawyers after 3 yrs in law-school: http://www.iBankingOasis.com

On Jun 23, 2006, IS said:

That may be true. heard about being a partner at a law firm. I don´t say everyone becomes a partner, but there´s a chance. Maybe 10% or so. Then the upside would be enormous. But what is your chance being a MD?
add on: the last 5 years no one has been axed in our firm. (They say…)

On Jun 28, 2006, hedgie said:

you’re kidding right? there’s no comparisonbetween law and high-end finance salaries. Sure you can make the argument that law is a more stable career, but a moderately paid doctor can make an even more convincing argument.

A 5th/6th year associate (~9 years out of college) a a top law firm is making around $300k. A banker 9 years out of college (assuming 2 yrs for MBA) should be around the 1st or 2nd VP level and making at least 50% more.

On Jun 28, 2006, yo said:

I think you’re overestimating lawyer salaries. Some of my friends are at top 20 firms and they say they probably won’t cross the 300 grand mark until their 7th or 8th year as an associate. and making partners has become exceptionally difficult nationwide in the past 5 years.
your estimate of vp banker salaries might be a little low but it’s a decent floor.

On Sep 6, 2006, Roger McDouglesbee said:

IF you’re into big money, stay out of big law. Senior partners at LBO funds and Hedge funds make partners at law firms look like low paid, groveling, service-focused kiss-asses.

Besides, the 2nd yr associate comp - which would be comparable to a first year out of law school, is $210K (higher than then $200K figure you’ve claimed, and MUCH higher than the national avg. for first year lawyers which is ~$140K. Any by the way, these figures exclude carry - a 2nd yr associate at my fund banked an extra $165K on this last year). Also, PE associates don’t pay for three years of school and their comp rises at roughly 2x the rate of lawyers.

On Sep 13, 2006, RetiredBanker said:

Roger that Roger….badda bing badda bang

On Sep 14, 2006, Texas Energy said:

Big pay??? Get into energy exploration. In Oil & Gas we make your lifetime earings in 5 years. Everyonce in a while we hire you to raise some money for us.

On Sep 19, 2006, bs said:

so you personally made about $20-30M in the past 5 years? only then bigger than texas is the bs you’re spewing.

On Dec 13, 2006, Alicia Novak said:

I agree with Roger, anyone who thinks lawyers can make it big..better think again.. They have a cap and ppl in PE or Hedge Funds top that after there second year. Stay out of law if you want to make a true name for yourself.

On Dec 14, 2006, anon said:

these figures are pre-mba. a 1st-year post-MBA, who’s any good, should be making $300k total comp.

On Dec 14, 2006, Supeman said:

Yes, but the key is that you have to keep in mind that the reason why people in high finance make so much money is partly because of the HIGH COST OF LIVING in New York. A practicing lawyer in Washington in the sixth year making 200K +70K is not making what a VP in Manhattan would but you have to remember that a lawyer in DC isn’t paying for a condo in the millions (avg. price of 2 bdr. condo in Manhattan approx. 1.2 million).

On Dec 15, 2006, E said:

your argument makes no sense. NYC big law 6th year associates aren’t even close in compensation to NYC banking VPs, yet they have the same cost-of-living.

On Dec 20, 2006, Law Firm Partner said:

Stay out of law if you want to make money. Even at 1 to 3mm for law firm partners, you have to work every day for 25 years just to make $50mm. Better to be the CEO of Goldman and make that in six months.

On Dec 21, 2006, anony said:

http://www.autoadmit.com/bonus/

http://www.nypost.com/seven/12112006/photos/biz037a.jpg

no comparison whatsoever. 8th year associate in big law pulling down about $300k. That’s like a 1st or 2nd year associate in banking.

On Jan 8, 2007, James Triggs said:

Guys, it’s not just about the money. What happened to doing this for the love of the game?
Ooooh yeah - hit me harder..

On Nov 7, 2007, PE Fund > most jobs > Law Firm said:

First years at the top PE funds (read: KKR, BX, TPG, Bain Cap, Apollo) are getting $450K all-in comp for 2007 (post-2 years at MBB or IB).

No law job can even touch this.

On Nov 26, 2007, PE Advice said:

I have to agree, these finance numbers are mind-blowing and law cannot compare.

Question: I am a first year MBA at Duke and am interested in exploring PE gigs. It sounds to me like I have no shot since I have heard that the vast majority of hiring is done at Harvard. Is this true? Also, is it possible to get a PE job without a pre-mba ibanking background? My experience was in medical equipment sales.

Thanks guys and enjoy the truckloads of cash you are pulling in!

On Mar 16, 2008, German said:

The Problem is that the work environment as well as the day2day work at the large cap PEs is so f**** exhausting and boring!! So its a money for pain type of story…So if you want to do the stuff you think PE execs ar doing join a mid market company! The money is not that good but its a different league in terms of the stuff you are doing..
In terms of money..Blackstone UK is paying at the moment around 105$ Base + 80-100% Bonus and a carry type of thing (no real carry) for 1st-2nd year Associates (2008 Numbers)

On Apr 11, 2008, Oaktree REPE said:

None of you know what you’re talking about on lawyer, ibanking and pe pay.

Let me lay it out for you. Lawyers at the First tier law firms (Wachtell, Cravath, Baker, etc) make anywhere from 120 - 140 plus a small bonus (10K or so) their first year out of law school. I heard that this number had gone up recently due to the strong economy and need to keep in pace with increasing pay at other high skill jobs i.e. finance jobs. This number increases from what I understand from my friends at the top NY law firms 10%

Ibanking analysts make 60, 70, 80 base with bonus that was 100, 125, 150 (depending on the bank) for first, second and third year analysts. These numbers are 2007 numbers and look to be the absolute peak - I can’t say what its going to be like this coming year. Associates make a base starting at 100K with first full year bonus that was approaching 200K at the top of the market (last year) for a total comp of 300K but the beta on this number is much higher than the lawyer salaries.

Pre MBA PE associates at the top firms (and I have friends at KKR, Blackstone and Apollo) are in the mid 200s. I’m going to work for a PE fund with about $50 billion under management and will be making about that which I believe to be market. Not sure if there is a different between Pre MBA and Post MBA associates - honestly I can’t imagine there is a difference but I could be wrong. Carry is not typically given to associates at the mega funds, they kick in at vp level and that number depends on the success of the fund but could be worth millions depending on how the fund does at liquidation.

On Apr 26, 2008, JB said:

Oaktree’s numbers look correct. I’m a first-year associate (post-MBA) at an investment bank and pulled in $325 K. The first year analysts at my firm (currently interviewing for PE jobs that would start post-2nd year) are getting offers in the mid-200s.

Separately, you have to put these PE jobs in perspective. You are not a partner, and your chances of getting there directly from the associate position are slim to none (mostly none). You’ll have great b-school opportunities, but that’s about all that can be said. What’s more, you’ll get a rude awakening if you try to re-enter the PE world at a higher level, where they are looking for intensely smart, industry experts. Then you’ll realize that analysts, associates, and whatever other name you want to use for them are only of use to PE firms at the lowest levels where they can pay you the equivalent of 4-hours of management fee to do the same thing we all are doing at investment banks.

On Aug 16, 2008, MacroHedgeFundGuy said:

I have no idea how I stumbled onto this site, but to look at how empty these conversations are, really puts the current crisis into perspective.

Guess what? Most of you won’t have a job 12 months from now because the financial services industry has to contract significantly.

The rest of you can look forward to your “analyst” work being exported to Bangalore.

No modern economy can rely soley on finance…at the end of the day things like science and medicine are cumulative, whereas finance is always cyclical, nothing is really ever learned in it and ultimately it’s a zero sum game.

Good luck.

On Aug 19, 2008, wharton said:

“at the end of the day things like science and medicine are cumulative, whereas finance is always cyclical, nothing is really ever learned in it and ultimately it’s a zero sum game.”

I had a petit-mal seizure trying to make sense of that sentence. Congratulations, you have acheived in writing what Pokemon has in flashing lights.