Recently read a thread on CVP comp and many were saying that CVP's partners make 8 figures. Can someone confirm if this is true?? Seems a bit too high. Otherwise, why wouldn't that be the goal for top talent as opposed to mf pe since it probably has significant less stress and arguably better culture than most mf pe firms.
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fortune 100 ceos make an average of $22mm a year. why doesn’t all the top talent go to corp dev instead of MFPE…. you see how ludicrous that sounds. we’re talking about the top handful of people in an entire industry not a viable path for “top talent”. there’s also less than 100 CVP partners…so arguably more difficult to get.
fair point. thanks for the insight
Corp dev isn't how you get to a CEO spot. In fact, if you only stay in corp dev, you likely won't even be able to get a CFO spot at companies of that level. This is giving very finance-bro energy, even if the point you are making is a good one.
Corp Dev is one of the better career paths to get on if you aspire to be in the C-Suite. What would you suggest is a better path?
35% of the fees they bring in
Not surprising if top 10 law firm partners make $5-30mm based on ppep metrics
The rainmakers there make 8 figures yes. But it's only a handful of partners that bring in the big deals.
Most of the partners don't come close...Make in the same range as MDs at other EBs.
I know I am clueless but how does becoming partner at a top bank like CVP work? Is it similar to a hedge fund where becoming a PM is entirely performance based and you will sometimes see guys become PM before they are 30? Or is it a structured process and takes X amount of years regardless of how good you are?
It is largely about the ability to play politics and generate revenue.
Heard tokat was over 9 figures…
source?
Profit per partner at watchell Lipton Rosen and Katz is literally 10mm. 8 figures at the best investment bank is not surprising at all
Wachtel is also one of the leanest and money making law firms. I don’t think it’s a perfect comparison especially since Wachtel uses less under Partner level people per deal than a bank would.
hah. I just looked it up on wikipedia. Wachtel is literally 1st in profit per partner
https://en.wikipedia.org/wiki/List_of_largest_law_firms_by_revenue
CVP partners are in wrong job.
“Last year, six partners at Kirkland, including some who were recruited during the year, each made at least $25 million, according to people with knowledge of the arrangements who weren’t authorized to discuss pay publicly. Several others in its London office made around $20 million.”
https://www.nytimes.com/2024/07/01/business/law-firm-pay-salary.html
I missed the days when traders would make over $2 billion in today's money over 4-year periods. Now you can only really do that at HFs.
Ofc many CVP partners (not that there are many to begin with) are making $10mm+. That would imply they bring in like $30mm in M&A fees a year; many do more than that. It's a lumpy business but some of these guys will have blowout years where they pull $50mm in fees over a couple transactions.
What would you say the average age is for someone to reach partner at an EB like CVP. Is it possible to make it in your early 30s?
I mean, it's possible but I haven't even seen an early 30s MD at my bank (which is more akin to a BB), however I do know they exist. Doing the math, even if you managed to get a D to MD promo after 3 years, it's pretty challenging. I think CVP is a 3 year analyst program? So 3 analyst, 3, associate, 3 VP, 3 director - that's 12 years. Assuming you start at 21, maybe you get there at 33. However, D to MD is more like 5 years nowadays and secondly, it's much harder to be an EB MD because you can't go into your bag of products like credit, equity research (although some EBs have this), ECM, DCM etc to win revenue, it's just M&A.
Look, I understand it's fun fantasizing about how much money you can make at a certain (young age) but it's just such an outlier scenario that it's not worth dwelling on. It's the same with juniors exiting to PE because they know the top 10% of PE makes 2-3x as much as banking; the problem is that 80% of PE associates end up worse than if they stayed in banking (where competition is easier).
Former CVP analyst here. Partner comp (actually all comp figures for that matter) are closely held at Centerview but can confirm 8 figures is achievable at the partner level (have anecdotally heard of some pretty unreal comp numbers in the 9 figs from some rainmakers that I do believe are possible given comp model). Unclear what an average partner makes but I think pretty reasonable to assume in the high 7 figures and in excess of most if not all other banks (excluding Q). In addition to your cut of fees, partners also get distributions from the broader firm profit pool (as do all other employees)
Speaking from experience, the people that start off at CVP as analysts don’t really know what they have until they leave. There is still this draw to PE given the promise of carry and upside but I think more and more people these days are realizing MF PE just isn’t worth it and banking is a real viable career path. I went MF route and am taking down a fraction of the cash comp vs. my peers who stayed while working worse hours with more stress. That said, they are still diff jobs and if you really like investing it’s worth the comp haircut, but if people were fully rational actors and only solving for comp, makes sense to stay. That said ofc, much easier said than done to make partner and firm has been getting more aggressive on pushing out underperformers
On career progression, it’s analyst (3 yrs) —> associate (3.5 years) —> principal (5 yrs) —> MD (variable) —> Partner. Start hitting 7 figures early principal years depending on bank performance
Really appreciate you taking the time to share this. Could you briefly share your view on the WLB at CVP as you become more senior? I understand it’s a job that requires being hands on at all times but are principals, MDs, and partners still working most days until 12-2am?
Unhelpful answer but this will depend on the person. Some people are natural night owls / have other commitments and choose to work late, others create a lot of work and do it to themselves, and ofc will all depend on the people / teams you work with, but I know principals+ that have pretty good lifestyles. It is still a finance job and the volume of work is what it is, but the most successful people effectively leverage teams underneath them. The counter argument to this is that CVP runs very leanly (this is largely why they pay so much) so the best associates / principals tend to get staffed with lower quality junior resources for firm efficiency, and this obviously reduces QoL if you’re in the top ranks of competency.
Former cvp as well and the junior principals were not 7 figures
Feeling like the cvp comp has been inflated on this site
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