Would like to start a comp thread for associate+ acquisitions/AM in non-NYC only markets.
Title: Acquisitions Senior Associate
Salary: $150,000
Bonus: $0
Acquisition fees: $20k
Carry: 2%
Firm AUM: $500M
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Title: Director (Asset Management)
Salary: $105K
Bonus: $10K
Carry: None (co-invest)
Market: Secondary west coast
AUM: $500MM
Edit: YOE: 3
Wow. $110k all in as a director? Sorry to hear that. Whats the explanation here?
We're a start up firm. $500MM in AUM so the fees have a hard time covering payroll. Then again, you're at a similar AUM company and getting paid better. I only have 3 YOE (call it title inflation) and have really good WLB/flexibility so that could explain it. I'm basically solo running the day to day AM operations so higher pay would be nice :')
I think 3 YOE makes sense
Serious question, but what can someone direct with 3 years of experience. I wonder if jumping into a director role so early is a net-negative given the opportunity cost of learning the fundamentals and basics in a structured or institutional environment.
As a director I imagine you are tasked with raising capital, speaking with LPs, and communicating your position and pricing to other market participants. I can't see how that can be effectively done with only 3 yrs experience, but I would be interested to better understand your or others thoughts.
Nothing in finance is rocket science, but a lot of critical items do take experience, like negotiating loan covenants or a JV structure, or identifying land mines in a diligence process. I could be wrong tho.
I'm the "director" above. You're not entirely wrong here. But something to consider is that, again, I work for a start-up operator where the entire team, all the way up to the principal, is relatively inexperienced. The opportunity cost, for someone with 3 YOE working my firm, isn't the inability to learn the fundamentals in a structured environment. That's because this isn't a structured environment, and it's certainly not institutional.
I've had to build processes and sophistication into what we do. Everyone in my company is implicitly tasked with that, along with the actual operating of RE. Because there's no road map or predecessor, if you want to accomplish what's needed to "do" RE, you need to figure out how to do it yourself; and you don't want to have to figure it out twice on the next go around, so you build a process around it.
So I, as a director with 3 YOE, am figuring it out as I go. That's the nature of my role in such a company. I start out ineffective, but then I build the experience needed to be effective through. That brings me to a 2nd point.
Being put into a director role with such little experience is drinking from a fire hose. While you might not learn "good fundamentals" in a supportive environment, if you can handle the chaos for a little, you learn enough to be effective and fast track your experience. In my role, I'm being exposed to everything from analyst-level underwriting to VP-level lease negotiations, from accountant-level GAAP guidelines to contractor-level building systems. 1 year at my job is some people's 3 or 4 years, experience wise.
So to answer your question about what is beneficial about having a director with 3 YOE, either for himself or the company, the answer is that this person becomes "a self-directed employee whose rapid and broad exposure in a chaotic environment quickly makes him effective, despite his YOE".
Years of experience would also be insightful
Title: Acquisitions Associate
Salary: $115,000
Bonus: $30,000
Firm AUM: $2B
How many years experience? If you stay till VP, what do you think you’ll be making?
4 years, not sure on VP, I just accepted a new role on Lending side.
YOE: 6
Title: Senior Associate
Role: Debt Originations
Market: 1 of CLT/ATL/DFW
Base: $145k
Bonus: 50% target
No carry or LT Incentives yet.
This is pretty juicy, what type of shop is this? I assume it's 5B+ AUM based off the total comp.
We actually don't have a fund in-house - yet. We originate, underwrite, and then syndicate to capital allocators. The plan is to do that until we have $1bln in AUM and then go raise a fund. But all of our deals have a fee and promote structure and we take a heavy servicing fee on AUM so it is profitable and you don't have the pressure of a fund to report to.
YOE: 6
Title: Senior Associate
Role: AM
Market: Non NYC/SFO
Base: $170k
Bonus: 60%
No Carry/LT
How bigs the shop?
>$10b
YOE: 5
Title: Acquisitions Director
Base: $165,000
Bonus: $65,000
Firm AUM: >$50B
This seems so low
I'll email HR and let them know your thoughts. Realistically, I work ~30 hours and feel pretty good about my comp given this market.
Seems pretty solid given 5 YOE
Title: Analyst (AM)
Base: 90K
Bonus: 5K
Market: SE
YOE: 8 months in AM, 2 years appraisal
What do your hours look like?
Probably around 35-40ish, appraisal was hitting in the 70 hour range
Firm size?
When I started around $120mm, now closer to $200mm
Director
11 YOE
$500k - Cash Comp
$3m DAW - Promote to be Paid out over next 4-5 years
Congrats, what's your firm's AUM and latest fund size?
AUM: $5B
Lastest Fund: $1B+
Title: Analyst (1 YOE)
Role: Acq & AM (cradle-to-grave)
Market: Non NYC/SFO
Base: $40k
Bonus: $4k
Carry: 2.5%
Acq Fees: 2.5%
AUM: ~100M
all in?
For this year it's hard to say. Currently UC on a $20m small bay deal which could bring in some acq fee revenue. Still executing on biz plan on a few small value-add deals in the portfolio likely to stabilize in the next year or two. IMO our underwriting (capex, MLAs, exit cap) was pretty conservative even given today's conditions and leasing demand has been strong so promote could be +/-$30-50k each. Definitely hard to speculate on this.. which is sizable concern of mine in this role given the base salary level.
Associate
7 YOE (only 2 in an acquisitions function with dev, AM, and brokerage stints in there)
Base: 130k
Bonus: ~30k
If all goes well, should see a bump to base and bonus with a promotion
What type of brokerage did you work at?
CBRE/Colliers/CW type covering leases and smaller sales
Title: Investment Senior Analyst (Acq & AM - 3 YOE)
Salary: $100,000
Bonus: $20,000
Market: SW
Firm AUM: ~$2B
What do your hours look like?
Usually between 40-50 hours and typically no weekend work. It's a family office so a little more laid-back
Title: Senior Analyst (AM - 3 YOE)
Salary: $100,000
Bonus: Unsure
Market: HCOL
Firm AUM: ~$52B
Feel underpaid
I always try to reccomend that you don't get too caught up in being underpaid at analyst / associate levels. 4 - 7 years of your career are at this level vs 30+ at the VP and beyond where the differences in comp can be $300k a year instead of $30k a year. Focus on getting the right experience and getting into a great group that you can grow into a high paying VP role, but still keep in mind that being underpaid as an analyst or associate usually tends to correlate with that firm also underpaying their senior levels as well.
Thank you for the perspective. Always need to think about the time horizon.
Acquisitions Associate (5 YOE)
Base: $150,000 Bonus: $75,000 (2023) Expecting $100K+ for 2024 bonus $10B+ AUM
How many hours?
And what market?
NY/LA/SF - Average about 50-60hr/wk
Title: Acquisition Intern
YOE: 3/12ths
Hourly: $16
Bonus: $0
Acquisition fees: $0
Carry: $0
Firm AUM: $5B
:)
How does someone throw monkey shit here?!? This is gold thanks for sharing dude 😂
Title: Senior AM Analyst
Salary: $130k
Bonus: target 30%
Market: southwest
Carry: none
AUM: big national developer
YOE: new to CRE (career switcher). Previously 6 years of IB/PE and top MBA.
How am I doing? Understand the job market sucks and I lucked out getting a gig. Would be good to know if I’m doing well on comp/should keep cruising here or need to think about how to go get a promotion/raise/better shake.
You did 6 entire years of IB/PE and then switched to a job making 130k base? Bro what. You need to explain this because you just have taken the most massive pay cut ever. Why would you ever do this even if you really loved real estate lol. If I was in PE I’d just find the best wlb shop, collect more cash than 99% of real estate earners and invest in my own deals
I have the same question, especially to switch to being an AM analyst or all things
None of this is meant to brag, just painting the picture:
I don’t need the salary income. I care that it’s market, but I won’t starve either way. I stashed like a demon, had some investment wins and could do alright on just the dividends. If this all evaporated, my family would pick me up and put me back on my feet. I could go open an ice cream parlor if I wanted. I want to be a real estate guy. I find it fun.
I get a lot of value from learning from the guys at work. The job is chill enough that I have bandwidth to look at deals with friends/family. Got a couple properties now and looking for more.
Admittedly, I'm in an unusual spot. With my CV, it’s probably going to be tricky/political to move up within a big development shop. There’s an incumbent management layer (10+ year guys) who I’d have to jump over. If you have any thoughts on how to “play the game” and do this well, I am all ears. Of course, more likely than not, I'm going to be doing my own thing before long.
I have complete freedom. If the work stops being interesting, my side hustle properties and investments become my main hustle.
YOE: 10 YOE (junior VP)
Salary: $300k
Bonus: guidance 50% ($150k)
Stock: guidance $200k
Carry: Some, TBD - will depend on my performance
Firm: Large Asset Manager
Market: NYC
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