What would you consider a fair starting salary for a portfolio manager? CFA Level III Candidate, MIF, regular membership in 6-9 months, brokerage experience (no discretionary decision making experience). Trying to be vague just in case…
You have no experience in managing money so you’re a junior. I have no idea where you’re based but I wouldn’t be too demaning… you have little to offer in terms of experience.
Yes. In my firm, Portfolio Manager is usually an MD. People w/o any experiences are probably assistant PM or associate PM - whatever the title is, you can’t call yourself portfolio manager.
200k base in NYC for a PM of your experience. Since you were from the sell side & with no discretionary money management & ER experience, expect some discount from there.
All you’ve given us are your credentials. Most importantly, we would need to know your experience. Next, your geographic location and the sector and the nature of the funds. For example, a guy who runs a $20 billion money market fund in Columbus, OH makes maybe one-fifth of someone who runs a $1 billion equity opportunities fund in Greenwich, CT. And that’s just within the US! From what you have told us, however, based on people I’ve known, I can comfortably put a range of $100K - $1mm on your starting salary.
^^ at least.
Let’s say not based in major market like New York, Greenwich, San Francisco, Chicago, Boston. From an experience case, would definitely be considered junior (associate/assistant), however I can’t change the job title. AUM less than $500 million. Small firm, I would be 1 of 2. HNW clients with individual portfolios, not a managed fund. I do not want these posts to be discovered, so I’m trying to be discrete.
And I just wrote Level III with the rest of you. Sorry for the lurker status!
Without more info: I’ve seen ranges of $50k -$125k for someone with no prior discretionary roles Depends on so many factors: # of employees at shop, $AUM, responsibilities, location, etc.
$60 - $75k base with a performance bonus
Sounds about right to me.
this is a broad question. are we talking a legit pm for an investment management shop or a pm as in private wealth managment. you need to be far more specific to get a gage of salary.
Also depends on what type of fees you guys are getting…$500mm in PWM will probably be split between bonds and equity, so the fees derived are probably between 50bps to 100bps. If the shop is more like an ETF allocator then the income would drop even more. With your background I’m guessing $70~$100 all in, but with A LOT of room to grow as you get your own clients.
Given you are not in a major metropolitan area 55-75k base is about right for a junior PM roll w/ $500m in assets. Bonuses can range significantly though depending on the fee structure of the fund you are managing. If its a 2/20 structure you could expect bonus = base or more depending how well you performed. If you are at a FoF, Bonus cap would prolly be around your base pay. Long only shops may be capped at 50% base. (not to familiar with long only shops)