2023 Endowments Comp
Hi everyone,
I'm considering recruiting for Investment Analyst programs at top endowments (ignore title) out of undergrad. Does anyone have any color on current base salaries or total comp? Specifically at Princeton/Cornell/Yale/etc...?
Also if anyone has insight into cultures/exits would be helpful as well. Thanks a lot!
Bump, forgot to add tags initially.
Princeton right out of college I believe is around 100k. MDs make $1 million+. The CEO was the highest paid university employee at $4.5 million plus. A couple harvard MDs were $4 million plus. It's all public data for the senior level employees.
Interested as well
Bump
Would be curious what the figures are for University of Chicago / Northwestern if any one has them
Analyst at a Top 15 university endowment. Our base is 100k, and bonus is 10k - 20k depending on our performance.
What’s the next level after Analyst (promotion-wise)?
Not the original poster, but also at a T15 endowment. Associates make 200-250k here.
Analyst programs are usually about 2 - 3 years program, but it's really hard to get promoted to the next level. Since university endowment is a pretty small organization, you won't get promoted unless one of your bosses quit lol. I've seen analysts go straight to VC, PE, and HF, but you'll need to do a lot of networking and self-studying. If not, I feel like most people go to top B-school first and then go do direct investing.
My old college roommate is at a similar endowment. Can confirm this is in same ballpark.
Any new data points from folks?
For straight out of undergrad, for large endowments you can expect USD80-100k in base and a 10-20% bonus. Pretty much in line with the above posters. Endowments have a very few employees relative to AUM, so you'll be expected to be pretty involved in the whole investment process from Day 1. Associates/VPs make probably 200-300k all-in, and MDs will be in the mid to high 6 figures all-in range.
Depending on the organisation and team needs, you may find yourself stuck at VP/Director level for a long while - MDs pretty much stay at the endowment to retirement, so promotions are largely a function of time and place. But yeah very very comfortable gig, 10 years in and you'll likely be in the USD300-500k range in total comp with pretty manageable hours.
Travelling becomes a pretty big part of the job at more senior levels, but otherwise not too demanding on times and schedules
Super helpful insight, thanks so much.
What’s the background / path in for these endowments? I’m at a secondaries fund and interested in allocator type roles sometime down the line.
Endowments are usually not too particular on background. I've seen guys who have worked in IB, direct PE, FOF, secondaries, consulting, family offices, corporate development, OCIO, etc. and moved to endowment roles.
Pretty standard progression usually, so it would be Analyst/Associate to VP, Director, MD, and to CIO roles. At more senior levels people tend to specialise in asset classes. Number of layers and progression past Analyst/Associate (which is quite standard) would really depend on time and place. If you're a VP and your MD is only 40 years old then your MD could conceivably be there for the next 20 years. There's only so many MDs and only one CIO -- but same goes for every other firm really
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