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Let's Talk Compensation

These articles break down compensation — base, bonus, and carry — from analyst to partner across investment banking, private equity, hedge funds, and consulting, and how pay changes as you move up and across the industry.

Fast facts

Compensation at a glance

$150–200KIB first-year totalBase around $100–110K plus bonus at major banks.
$250–400KPE associate cashAt large firms, before any carried interest.
Base + bonusThe comp formulaSalary is fixed; the bonus swings with the bank, group, and year.
CarryWhere buy-side pay compoundsSenior investors share fund profits.
VariableHedge fund payTied to performance: huge in good years, thin in bad ones.
Every rungPay scales with rankComp steps up meaningfully from analyst through MD and partner.

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