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I was looking to exit as an M-2 in NYC at a top 20 and received 2 offers - one for 160k base at another top 20 and another at a back office role in a PE fund for 150k base 20% bonus, 10% carried interest. Your recruiter is clueless.
I didn’t take the role but assuming there is an employee fund invested in the GP which is invested in various deals. The GP is paid carry based upon the terms of the partnership agreement. The carry is essentially an additional allocation of income in excess of their capital ownership for managing a profitable fund. In simple terms, the more profitable a fund is, the more carry the GP receives. Allocations are determined based off the waterfall.
Don’t sell yourself short. I’m an m2 coming from b4 and have fully remote offers for around $150k. In nyc I bet you could pretty easily get that plus a decent sign-on. For reference, Deloitte offered my buddy $150k base for a bts m1 position pre-pandemic. Coming from mid-tier CPA only. Find a new recruiter and don’t settle for under $155k
Thank you
Maybe their clients aren’t hiring for managers lol
Base salary in private sometimes are lower but the bonus is much higher. I would ask for total comp
My thinking was that bonus would be low since it would be “back office” in industry
I couldn't find a position offering more than 90-105k base, and I was targeting minimum 110 as S2 NYC :/
105k base for a senior accountant level is pretty good IMO. But maybe not for NY ..
I was interviewing as an M2 for a few positions with total comp at $200k. I’m a JD/LLM though, so was already making a lot.