Another round of Guess The Salary!!!

[saluki9]

OK folks, got a call from a headhunter last week. I'm not leaving my job, but I did talk long enough to get the details of the position she is trying to fill.

Portfolio Manager - Private client group of large regional banking - investment firm seeks portfolio manager. Will oversee approx $400M in client assets (60-100 accounts) and manage a team of 2 other juniors to assist with research and trading. Location is downtown Chicago, includes full benefits, salary, and bonus. 10-20% travel.

Requirements were 7-10 years experience in similar job, CFA charter or MBA,

Can YOU guess the salary and guaranteed first year bonus?

 

[brewer12345]

Uhhhh, $150k salary, $250k bonus?

 

[saluki9]

Brewer, if the bonus was that high I would be packing my desk as we speak

 

[wildcat]

150K base + 75K bonus

 

[FinanceDude]

Uhhhh, $150k salary, $250k bonus?

Not YOUR compensation package, HIS!!!

 

[FinanceDude]

Hmmmm.........Chicago............

$125K salary

Guaranteed bonus $75K first year
Non-guaranteed bonus $100k-$125K the next year

You'd be making $250K a year after that, with "good years" being higher.........

 

[HFWR]

I'm definitely in the wrong "bidness"...

 

[brewer12345]

Not YOUR compensation package, HIS!!!

Not my line of business, so I can only guess what a PM would make.

 

[boutros]

Managing primarily mutual funds, equities, or FI?

I am guessing Northern Trust Co and 200 + 80 bonus.

 

[justin]

$125k salary + $25k min bonus

 

[Texas Proud]

I am guessing small bank here....

So, $90K salary and $15K bonus..

 

[saluki9]

Boutros - All 3

I wouldn't mention the firm name, but somebody was warm.

And the winner is.....






Finance Dude!!!!!! You hit it right on the head. $125K base, $75K guaranteed bonus in year 1. "expected bonus" of 75-125K in year 2.

While I was flattered, I'm not going to be trading my 10 minute commute and dockers in for 2 hours a day on the train along with wearing a tie (yuck) and a "raise" that may never happen (they didn't tell me how they calculate that bonus)

 

[FinanceDude]

Finance Dude!!!!!! You hit it right on the head. $125K base, $75K guaranteed bonus in year 1. "expected bonus" of 75-125K in year 2.

While I was flattered, I'm not going to be trading my 10 minute commute and dockers in for 2 hours a day on the train along with wearing a tie (yuck) and a "raise" that may never happen (they didn't tell me how they calculate that bonus)

So.............does that mean I qualify for the job??

 

[saluki9]

So.............does that mean I qualify for the job??

Well, I told them I'll take a pass, so it's still open!

 

[FinanceDude]

Well, I told them I'll take a pass, so it's still open!

No CFA charter or MBA..............got the 7-10 years..............

 

[macdaddy]

Beyond salary it would seem like a stepping stone to bigger and better things. If you manage the $400M well you will catch the attention of bigger fish and they will either have to pay you more or lose you after a few years to someone else.

 

[saluki9]

Beyond salary it would seem like a stepping stone to bigger and better things. If you manage the $400M well you will catch the attention of bigger fish and they will either have to pay you more or lose you after a few years to someone else.

well, I'm already running a similar amount of money, and on top of that using methods that jive with my personal beliefs (lots of indexes, enhanced indexes, etfs, etc) Who knows what I would have to do there.

On top of that, this isn't the same as managing a mutual fund with $400M in it, it has far less prestige and upside. The only place to go up is either into management or sales, I'm not interested in either.

 

[FinanceDude]

well, I'm already running a similar amount of money, and on top of that using methods that jive with my personal beliefs (lots of indexes, enhanced indexes, etfs, etc) Who knows what I would have to do there.

On top of that, this isn't the same as managing a mutual fund with $400M in it, it has far less prestige and upside. The only place to go up is either into management or sales, I'm not interested in either.

"With Great Power comes Great Responsibility" (Peter Parker's uncle)............

 

[soupcxan]

$400MM isn't what it used to be...that's for sure.

 

[FinanceDude]

$400MM isn't what it used to be...that's for sure.

 

[saluki9]

$400MM isn't what it used to be...that's for sure.

In this business it isn't a lot. I can name a handful of shops here in Chicago that run 4-5 Billion with only a couple PMs

 

[macdaddy]

well, I'm already running a similar amount of money, and on top of that using methods that jive with my personal beliefs (lots of indexes, enhanced indexes, etfs, etc) Who knows what I would have to do there.

On top of that, this isn't the same as managing a mutual fund with $400M in it, it has far less prestige and upside. The only place to go up is either into management or sales, I'm not interested in either.

So how do you get a job at a mutual fund instead?

 

[FinanceDude]

So how do you get a job at a mutual fund instead?

Connections, connections, connections............oh, and an MBA from a TOP TIER finance school like University of Chicago, Tufts, Kellogg, or Harvard............

 

[saluki9]

So how do you get a job at a mutual fund instead?

I personally don't want one, but FD is correct. You go to U of Chicago, Wharton, MIT, NYU, etc and sign up with Fidelity on career day

Seriously though, it's a different business entirely. I like my job because I get to know the people behind the portfolios (sometimes at least) . I get to have more influence than I would at a fund. I also get to learn about, and interact with all different types of securites instead of specializing on just one.

 

[wildcat]

It is also a job market where supply (pool of applicants) always exceeds demand (open positions). Easy to get lost in the millions of eager wannabe analysts.