Asset Management Salary and Lifestyle
嗨，我很快就要完成我的本科学习，并试图为自己选择一个职业。我的兴趣往往会随着时间的流逝而改变，但目前我强烈考虑从事资产管理职业，并对该领域有一些疑问。
1) I am looking for an occupation with a decent work-life balance. I don't need to work 9-5 but I want to have time during evenings and weekends to enjoy life (family, movies, sports, exercise...) and don't only want to focus on my profession (although I am willing to work very very hard for the first 5-10 years). Is this possible in asset management? Can one become a portfolio manager in a mutual fund (I understand thatHF例如，往往会有更长的时间），并且正常工作和正常工作时间？您认为他们的其他资产管理角色是否适合我？
2）对于您的典型成功专业人士的资产管理的薪酬是什么，谁拥有不错的MBA？我不希望知道超级成功的金融家的薪水（这可能是数十亿美元），也不知道一个失败的人的薪水，而是对于成功，努力工作的个人而言。我看到了500,000范围内的一些数字（用于职业中部），但也有大幅度和更低的数字。你怎么说？
Thanks!
Asset Management Salary And Lifestyle
从事资产管理职业或考虑薪酬和工作量的人通常处于黑暗中。他们知道薪酬是好的，但他们不知道资产经理的薪水。他们知道您必须努力工作，但是您可以做9-5还是漫长而艰难的一天？答案有所不同，但是我们可以涵盖的一般趋势。
Asset Management Salary
Asset Manager salaries are a little tamer and less varied than a many other jobs in finance.
在Bulge Bracket Investment Banks，用户 @joshuagoodwin0说：
I think atJPMstarting is 70k first 2 years, 80k third, 90K 4th, this is inNYC
In other locations though it can be as much as 30% less, obviously the difference is purely numerical because the cost of living is lower.
当用户@Tulip“同意薪水和进步的同意，但他们详细说明了：
您会看到您的年度“加薪”在奖金中增加，而您的奖金将取决于您所处的群体。
At a traditional asset management firm you will make a little less in bonuses, but you will have much better hours.
Asset Management Lifestyle
Asset managers often make a little less than investment bankers, but they also work less.
User @urmomgostocollege" said:
Same base as banking, with 30% less bonus and at least 30% less hours worked.
投资组合经理将赚更多的钱。即使在小公司。
In the words of user @TheBig":
就进步而言，我不是100％确定的，但这是我实习生的IMD公司PMS的薪水大概。$ 4B AUM，该公司只有18人。
CIO & President (2) = $3,500,000+
高级PM（2）= $ 2,000,000+
PM（2）= $ 1,000,000+
As you can see, asset managers start off with a lower salary and a lower workload, but with hard work and a knack for it you can move up to the same astronomical numbers that highly successful investment bankers see.
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评论 （50)
I'm at anAMfirm on the west coast- hours are 5:30 to around 4-4:30. sometimes 3:30. I think my firm's culture is very chill compared to what I've read about others though.
Depends on location and theBB
Ithink atJPMstarting is 70k first 2 years, 80k third, 90K 4th, this is inNYC
In other locations though it can be as much as 30% less, obviously the difference is purely numerical because the cost of living is lower.
It's pretty much all the same for each bank. In that, you won't make any less in base salary if you're in a satellite office or something. AllBBbanks are starting analysts at 70k + bonus (I think some of the boutiques are more though). You see your annual "raise" in your bonus increases, and your bonus will depend a ton on which group you get placed in.
I have no idea about theAM分析师的薪水。根据公司和团体的不同，它可能是相同的，而且工作时间少得多，而且工作时间少得多。
是的，我在问纽约市 - 首先应该提到这一点。
Tulip is spot on. Same base as banking, with 30% less bonus and at least 30% less hours worked.
同意。如果你走BB土地，数量波动...
就进步而言，我不是100％确定的，但这是我实习生的IMD公司PMS的薪水大概。$ 4B AUM，该公司只有18人。
CIO & President (2) = $3,500,000+
高级PM（2）= $ 2,000,000+
PM（2）= $ 1,000,000+
这就是他们在咨询团队中的全部。他们在OPS部门中有少数商人和人民，我认为他们的价格在75,000美元至15万美元之间。合规性不超过60,000美元。
Rest goes towards travel budget.
You intern there? How in the hell do you know the compensation of anyone there? When I mention any comp numbers (which is either extremely rarely or never, I can't remember) it's because I knew the comp of people at my firm, because I was in management there. I have never heard of a VP knowing the comp of the PMs, let alone an intern.
Everybody listen up, there is a huge amount of misinformation when you hear anecdotal stories about comp on this site and this is exactly why. Interns do not know the comp of the guy three or four levels up from them.
Not to mention there are a lot of other costs in running this business besides the 'travel budget'.
No offense kid, but this is fucking irritating that you are saying this and you have no idea if it's true or not.
有趣的是，您知道PM多大了吗？
算我一个AM我做
。。。。about tree fiddy :O
I'm a senior analyst at a largeNYCAMfirm. On a portfolio team that runs fairly concentrated (~35 names) w/ low turnover (~25%).
Lifestyle - hours are VERY SEASONAL... it starts w/ earnings season, which is obviously 4x per year. There's a cycle to earnings. It starts w/ earnings prep/previews (are there any actions you want to take BEFORE earnings), then earnings itself (which is working around the clock, usually including at least one weekend day), then post-earnings catch-up (catching up on whatever you missed during earnings and prioritizing research after any surprises).
你的生活将围绕盈利周期。Most of your work will be a lot of maintenance. Even though our turnover is low (~25%) there's usually a fair amount of maintenance work on names. You never want to be blindsided. In between earnings your time is mostly prospecting. The hours are a lot less than earnings season unless you're traveling. If you're traveling to conferences, there's a ton of meeting prep. There's no point in traveling to a conference and getting time with a CEO/CFO if you don't have a ton of very specific questions that only they can answer. Conferences and travel is very seasonal too. It's almost always outside of earnings, and the busiest periods are at the beginning of the year (when companies are giving guidance and faster-money players are positioning their book for the year) and after labor day (where companies often update guidance into year-end and fast-money is repositioning their portfolio to either protect gains or catch-up on returns before year-end). Volatility is biggest early year and end of year, consistent with that seasonality. Things slow down A LOT in the summer and it's the best time of year, so enjoy it. It used to be that December was a calm month too, but over the past ~5 years more and more companies have started doing investor day's and other activities in December because it was an open part of the calendar. Initially it was the first week of December, now the second week is pretty busy too. But the last two weeks are usually empty, which is great. Enjoy it while it lasts. Things rush back to a start in January.
这是生活方式的事情...最终，这取决于您。早期（就像在WSO上的任何领域一样），您应该全天候工作，以提高您的技能并为小组中的其他分析师建立潜在客户。在您的头十年中，这一切都是关于提高自己的技能和获得经验。在最初的7 - 10年左右之后，您将拥有所需的技能/经验，然后必须掌握心理游戏并管理自己。休息是管理您的能量水平和生产力的关键。在您职业生涯的这一点上，管理自己变得非常重要。
My lifestyle (before COVID WFH) - morning routine has been the same for 10-15 years... Up at 5am, very quick workout (20-25 min), catch train to city 6am, at desk 7:15-7:30. My evening routine has steadily evolved... when I was on the sell side I worked until 10pm+ M-Th. When I went to the buy-side I started leaving at 9pm and every 1-2 years it moved down about an hour from 9pm to 8pm to 7pm to 6pm. Now, to beat the rush, I leave 4:55pm, but work religiously on the train ride (>1 hour) and sometimes may need to dial-in from home afterwards. I try to only work weekends during earnings season. It's a real drain on productivity. You can't burn the candle from both ends forever.
补偿,真的很难回答,因为# 1there's a lot of variability by type of firm (i.e. a top 50 asset manager vs. a regional RIA) and #2 it is coming down... AUM is moving to passive and fees are coming down, a double headwind for the industry. You can't take theback office pay down, so this is primarily coming out of the前台工作。Today's PM's will likely never see the comp that outgoing PM's saw and the same is probably true for analysts. The divide is smaller at the more junior jobs, it's mostly the top end where things are changing. Everything is driven by AUM and fees... you can't change the math. My firm only hires experienced analysts. The initial range is probably $200-350k initially. I'd say senior analyst range is probably $400-800k, though as comp comes down there's a lot fewer seats at the $700-800k level (there used to be $1m+ analyst seats, but they're probably entirely gone now on the long only side). PM comp can be anything, it's just a function of AUM and fees. These pay ranges are probably only accurate for maybe top 100 sizedAMfirms... I'm guessing the pay may be lower for smaller firms w/ less AUM.
Great insight thanks for posting. How large of an investment team do you have to manage a 35 name portfolio?
Also you mention you only hire experienced analysts, what qualities do you look for in an experienced analyst?
5人在35个名字中管理约$ 5B。显然，团队中有更多的支持人员，我们利用公司的大量后台支持，但有5个人选择股票。
When I say we only hire experienced analysts, I'd say the overwhelming majority have some sell side experience. Maybe they did a year or two of banking before moving toequity research, but nobody comes from banking orPE。Everyone basically come from sell-side equity research or anotherAM或者HF。最难的事情AMis just getting your FIRST job since manyAMfirms are like this.
I've only worked at a couple of firms, but from my experience and many conversations I think it's fair to say that almost noAMshops have any kind of a training program. There's no hand holding, no training, it's more or less sink or swim. Nobody is going to take time from their day to get a new analyst up to speed, so you need to come in with the skill set to do the job already. You need to have the raw skills (modeling, research, writing) day one, but you will evolve as an investor over many many years... so that's not expected day one. It'll evolve a lot over time.
sb'd. few questions:
当你说大AMare you talking like $1T+? can you break down comp at the junior levels (associate-equivalent)? 200k-350k seems like banking figures for a first through third year associate. Would you say your firm's energy/credit/equities teams are paid the same at the junior level, and senior?
称其为$ 200-600B AUM系列。不是最大的Fidelity/Wellington/T Rowe), but still a top 50 shop.
I don't know if this is firm specific, but the comp breakdown is very heavy on bonus. I took a sizeable step down in base when I came from the sell-side even though total comp went up. I think the offer was ~$125k base, though I was able to negotiate a little higher since I was coming from $190k base on the sell side. Everything else is a cash bonus and 401k contribution (sizeable at ~$35k or whatever the IRS max is). At this level there's no equity. So, more bonus heavy than the sell side, but the bonuses are a lot more stable than the sell side, especially at the junior level. I'd even say pay is fairly stable even into the sr analyst level. It's the PM's who see the big variability.
I'd say the $200k in the $200-350k range is on the very low end... if you have the kind of experience I mentioned in a previous post (5+years of sell side research,AM或HF）更像是$ 250-350k的启动，每年可能会增长。尽管请记住...AM。Money is going passive and fees keep moving down year after year after year. I think the spread betweenAM和HF/IB/PE如果趋势继续下去，可能会随着时间的流逝而增长。
不过，将其与银行业务进行比较是苹果和橘子AM...但实际上取决于您想在工作中做什么？？？成功AM您必须充满热情，例如Reaalllyyy对投资的热情。如果你想到我要么ER/AM或者IB或者PEof sales &trading basedon wherever I land or whatever pays the best, then that's not going to work out long term. If you don't feel it in your bones that you need to be picking stocks for a living, then don't go intoAM/HF。IBoffers more career options.
我不知道这些级别在股权之外有多可比。我会说，通常其他资产课程似乎更少用于可比的标题AM。。。在theHFworld I believe the gap is smaller or even non-existent, especially when you get into distressed or special sits credit, those guys can make a killing (for investors and themselves) and are often the smartest investors in the room.
This is really insightful and helpful. It sounds like you work in Equities but I was wondering if I could ask you a few questions aboutFI。我刚刚在他们的加拿大办事处的UG中找到了UG的第一笔工作。我认为自己真的很幸运能担任买方角色，在职业生涯的早期，我就可以在PM/分析师的领导下工作，并且真的不想弄乱这个机会。我打算追求我的CFAbut beyond that I'm not really sure how I should plan for the next 5 years. What would some of the pro's of pursuing anMBAbe in 6 years down the line, would that accelerate my progression towards becoming a PM?
转移陷入困境的债务/EM/高收益率有多困难？IG/政府债券听起来很有趣，但我也想经历分析一些风险和更有趣的投资。
Re EM, in a lot of markets this is dominated by high yield government bonds. Very interesting job, but you need to demonstrate a strong understanding of macro fundamentals. There isn't a lot of overlap in the analysis of EM and that of general corporates
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