Post on 20-Apr-2022
2015 FINANCIAL COMPENSATION SURVEY
October 2015
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As a premier professional organization for investment professionals in our region, CFA Society St. Louis is dedicated to being a reliable and trustworthy source of information. We strive to serve our members by providing them the resources to aide in their career development and advancement.
New for our market, we are excited to announce the highly anticipated findings of the 2015 Financial Compensation Survey. This survey, which had been void in the market since 2007, provides a region-specific analysis of compensation levels for investment and financial professionals. This document captures the findings of this survey, providing an overview of the survey-wide results.
For those who participated in the survey, I thank you for your contribution to this important market resource. I am confident the information shared in this document will be of value to you.
Regards,
Mike Schoppet, CFA
President, CFA Society St. Louis
2015 Financial Compensation Survey Findings and Results
Letter from the President
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Executive Summary
Access to accurate and data-driven information plays a significant role in the ability of financial and investment professionals to effectively perform in their careers. The same is true to successfully advance one’s career. However, since 2007 this source of data has been missing, spurring the deployment of the 2015 Financial Compensation Level Survey, by CFA Society St. Louis.
Remaining true to the stated commitment to provide an accurate snapshot of the compensation levels for the entire financial and investment
industry, the survey findings are presented to demonstrate compensation based on the most popular positions and other demographics.
Given the imperative to accurately, albeit broadly, define compensation levels of financial professionals in the St. Louis region, CFA Society St. Louis conducted a self-reporting survey. This primary research examines the impact of variables (e.g. tenure, title, CFA designation, education, et al) on compensation levels. In addition, compensation components and desired pay structure were captured, as were annual salary change data. The results are meant to provide a general snapshot of the current state of the market.
Bachelors Degree Graduate Degree$0
$50,000
$100,000
$150,000
$200,000
$250,000
$121,374
$168,100
$154,250
$218,100
Median Total Compensation
Non-Charterholder CFA Charterholder
Data shows professionals who invest their time in attaining advanced degrees and CFA certification tend to have higher compensation levels than those who don't.
2015 Financial Compensation Survey Findings and Results
Executive Summary
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2015 Financial Compensation Survey Findings and Results
Respondent Profiles
Charterholder Status
Charterholder 83% None 9% Candidate 8%
Years of Experience <2 years 3% 2 to <5 years 9% 5 to <10 years 20% 10 to <20 years 39% 20 years or more 29%
AUM of Firm <$500 million 5% $500 to <$2 billion 6% $2 to <$10 billion 12% $10 to <$50 billion 34% $50 to <$100 billion 5% $100 billion or more 27% Not applicable 10%
Likelihood of Looking for New Role in 2015
Very Likely 11% Likely 20% Unlikely 41% Very Unlikely 29%
Education Some college but 1% no degree Associate degree 0% Bachelor degree 44% Graduate degree 54% Doctorate 1%
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2015 Financial Compensation Survey Findings and Results
Respondent Profiles
Consultant 9% Portfolio Manager (equities) 9% Buy-side Research Analyst (fixed income) 7% Portfolio Manager (fixed income) 5% Chief Investment Officer 5% Manager Research (equity) 5% Sell-side Research Analyst (equity) 5% Buy-side Research Analyst (equity) 4% Financial Advisor/Broker 4% Manager of Managers 4% Buy-side Trader (fixed income) 4% Private Client Professional (other) 4% Bank/Private Client Portfolio Manager 3% Risk Manager 3% Manager Research (alternatives) 3%
Fifteen Most Common Job Titles
Employer Size <50 22% 50 to <250 15% 250 to <500 6% 500 to <2,500 21% 2,500 to <5,000 10% 5,000 or more 26%
Investment bank, commercial bank, 28% brokerage firm
Investment management firm 23% Insurance company 21% Consulting, accounting, law firm 13% Other 7% Endowment, foundation, 3% other not-for-profit
Family office 3% Corporate plan sponsor 1% Educational institution 0% Government agency/department 0%
Organization Type
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Increased more than 20% 9% Increased 10<20% 16% Increased 0<10% 54% Stay the same 16% Decline 4%
Primary Determinant of Bonus
Overall firm performance 36% Business unit/division performance 24% Discretionary 16% Other factors related to 12% individual performance
Individual financial contribution 6% Individual investment performance 5% Commissions generated 1%
Other Forms of Compensation
Cash bonus performance 90% Employer 401(k) contributions 79% Profit sharing 39% Restricted stock awards/phantom share 23% Deferred/multi-year earnings 9% Commission/sales bonus 8% Stock options 4%
Change in Total Compensation
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Median Total Compensation by Occupation
Base N Bonus N Other Comp
N Total Comp
N
Bank/Private Client Portfolio Manager 105,000 9 27,500 9 9,090 9 131,000 9
75th Percentile 131,500 45,000 33,000 224,500
Buy-side Research Analyst (equity) 117,500 11 50,000 11 14,000 11 199,000 11
75th Percentile 122,500 90,000 22,400 239,900
Buy-side Research Analyst (fixed income) 110,000 19 47,500 19 9,000 19 164,000 19
75th Percentile 144,500 68,500 12,710 226,750
Buy-side Trader (fixed income) 165,000 10 102,000 9 43,000 10 195,790 10
75th Percentile 172,000 150,000 86,000 440,750
Chief Executive Officer/ Chief Financial Officer 145,000 10 24,000 10 44,250 10 245,500 10
75th Percentile 213,750 97,500 97,000 469,675
Chief Investment Officer 249,500 12 80,000 10 37,375 13 400,000 13
75th Percentile 400,000 355,000 94,000 618,000
Consultant 135,000 25 40,000 21 6,000 25 190,000 25
75th Percentile 185,000 70,000 16,000 305,000
Financial Advisor/Broker 100,000 9 25,000 8 6,500 11 131,500 11
75th Percentile 100,000 46,250 36,558 215,750
Head of Fixed Income 280,000 5 220,000 5 180,000 5 680,000 5
75th Percentile 330,000 2,000,000 282,350 2,575,000
Manager of Managers 140,000 11 60,000 9 12,000 11 223,400 11
75th Percentile 177,500 105,000 35,200 360,500
Manager Research (alternatives) 121,500 8 31,500 8 4,310 8 162,350 8
75th Percentile 182,500 82,000 12,150 274,750
Manager Research (equity) 113,500 13 21,500 12 5,044 13 140,960 13
75th Percentile 132,000 36,000 9,800 173,000
Manager Research (fixed income) 101,500 8 30,000 7 5,250 8 135,500 8
75th Percentile 142,500 45,000 9,675 184,550
continued»
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Median Total Compensation by Occupation
Base N Bonus N Other Comp
N Total Comp
N
Portfolio Manager (equities) 140,000 23 50,500 22 23,000 23 232,282 23
75th Percentile 159,500 130,000 39,000 318,000
Portfolio Manager (fixed income) 142,000 14 55,000 14 26,100 14 237,100 14
75th Percentile 194,500 63,000 84,300 345,800
Private Client Professional (other) 103,000 10 13,500 10 11,350 10 127,350 10
75th Percentile 159,575 19,500 25,125 202,700
Risk Manager 110,000 9 21,000 9 6,000 9 141,500 9
75th Percentile 115,000 45,000 7,500 167,500
Sell-side Research Analyst (equity) 125,000 13 140,000 13 10,000 13 295,588 13
75th Percentile 155,000 160,000 25,636 335,000
Sell-side Reseach Analyst (fixed income) 107,500 8 25,000 8 4,750 8 144,250 8
75th Percentile 117,000 38,250 6,500 149,500
Strategist 120,000 5 n/a n/a 5,000 5 173,400 5
75th Percentile 140,000 n/a 15,500 240,000
Median total compensation was $176,000
84% of respondents had total compensation of $100,000 or more
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Median total compensation for those with more than 20 years of experience was $290,540
100% of respondents with more than 20 years of experience had total compensation of $100,000 or more
Reported Median Compensation for Those With More Than 20 Years of Experience for Selected Occupations
Base N Bonus N Other Comp
N Total Comp
N
Portfolio manager (equities) 151,000 13 51,000 13 25,000 13 248,000 13
Portfolio manager (fixed-income) 164,000 6 60,000 6 42,600 6 250,100 6
Consultant 188,000 7 50,000 5 7,500 7 292,500 7
Manager of Managers 170,000 7 70,000 7 12,000 7 334,000 7
Buy-side research analyst (equity)
Buy-side research analyst (fixed-income)
Private Client Professional (other)
Chief Executive Officer/Chief Financial Officer 225,000 5 110,000 5 109,000 5 471,000 5
Chief investment officer 169,000 7 82,500 6 38,450 8 305,108 8
Bank/Private client portfolio manager
Risk manager
Chart includes most popular job titles; cells in gray represent five or fewer responses.
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Reported Median Compensation for Those With 10 to Less Than 20 Years of Experience for Selected Occupations
Base N Bonus N Other Comp
N Total Comp
N
Portfolio Manager (equities) 135,000 7 57,000 7 28,750 7 204,000 7
Portfolio Manager (fixed-income) 184,000 5 60,000 5 79,200 5 327,200 5
Consultant 140,000 9 67,500 8 10,000 9 211,000 9
Manager of Managers
Buy-side Research Analyst (equity) 122,500 6 87,500 6 16,400 6 218,750 6
Buy-side Research Analyst (fixed-income) 154,500 6 70,500 6 22,000 6 243,750 6
Private Client Professional (other) 103,000 5 15,000 5 10,700 5 133,700 5
Chief Executive Officer/Chief Financial Officer
Chief Investment Officer 275,000 5 37,375 5 425,000 5
Bank/Private Client Portfolio Manager 105,000 7 27,500 7 9,090 7 131,000 7
Risk Manager 107,500 6 16,000 6 5,750 6 131,375 6
Median total compensation for those with 10<20 years of experience was $204,592
93% of respondents with 10 to less than 20 years of experience had total compensation of $100,000 or more
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Reported Median Compensation for Those With 5 to Less Than 10 Years of Experience for Selected Occupations
Base N Bonus N Other Comp
N Total Comp
N
Portfolio manager (equities)
Portfolio manager (fixed-income)
Consultant 110,000 7 24,000 6 4,000 7 139,500 7
Manager of Managers
Buy-side research analyst (equity)
Buy-side research analyst (fixed-income)
Private Client Professional (other)
Chief Executive Officer/Chief Financial Officer
Chief investment officer
Bank/private client portfolio manager
Risk manager
Median total compensation for those with 5<10 years of experience was $118,000
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Reported Median Compensation for Those With Less Than 5 Years of Experience for Selected Occupations
Base N Bonus N Other Comp
N Total Comp
N
Portfolio Manager (equities)
Portfolio Manager (fixed-income)
Consultant
Manager of Managers
Buy-side Research Analyst (equity)
Buy-side Research Analyst (fixed-income) 91,000 10 24,000 10 7,000 10 106,840 10
Private Client Professional (other)
Chief Executive Officer/Chief Financial Officer
Chief Investment Officer
Bank/Private Client Portfolio Manager
Risk Manager
Median total compensation for those with 2<5 years of experience was $104,400
Median total compensation for those with <2 years of experience was $70,063
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Compensation by Employer Size
Breakdown by Assets & Employee Size Base N Bonus N Total Comp
N
Under $500 millionUnder 50 105,000 9 18,000 9 158,000 11
50 to less than 250
250 to less than 500
500 to less than 2,500
2,500 to less than 5,000
5,000 or more
$500 million to less than $2 billionUnder 50 123,500 14 23,000 14 174,138 14
50 to less than 250
250 to less than 500
500 to less than 2,500
2,500 to less than 5,000
5,000 or more
$2 billion to less than $10 billionUnder 50 130,000 16 85,000 13 226,500 16
50 to less than 250 135,000 6 32,000 7 204,000 7
250 to less than 500
500 to less than 2,500
2,500 to less than 5,000
5,000 or more
$10 billion to less than $50 billionUnder 50 105,000 6 35,000 5 156,900 6
50 to less than 250 187,000 9 135,500 8 316,000 9
250 to less than 500 140,000 11 48,000 10 224,500 11
500 to less than 2,500 134,000 43 50,000 42 208,000 43
2,500 to less than 5,000 100,188 16 19,000 16 132,720 16
5,000 or more 172,000 6 58,500 6 269,000 6
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Additional detailed analysis of this compensation breakdown is available upon request from CFA Society St. Louis.
"Not Applicable" represents the various organizations financial professionals work for that do not manage assets or investments.
Compensation by Employer Size
Breakdown by Assets & Employee Size Base N Bonus N Total Comp
N
$50 billion to less than $100 billionUnder 50 120,000 5 25,000 5 142,000 5
50 to less than 250
250 to less than 500
500 to less than 2,500
2,500 to less than 5,000
5,000 or more
Over $100 billionUnder 50
50 to less than 250 174,000 16 50,000 14 290,850 16
250 to less than 500
500 to less than 2,500
2,500 to less than 5,000
5,000 or more 114,000 47 38,500 46 153,400 47
Not ApplicableUnder 50
50 to less than 250
250 to less than 500
500 to less than 2,500 150,000 5 125,000 5
2,500 to less than 5,000 60,000 5 5,000 5 66,000 5
5,000 or more 112,500 9 24,000 8 144,000 9
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2015 Financial Compensation Survey Findings and Results
Financial Compensation
Average Ideal Compensation Structure for Selected Occupations
0 20 40 60 80 100
Bank/Private Client Portfolio Manager 25%66% 6% 3%
Buy-side Research Analyst (equity) 32%63% 4% 1%
Buy-side Research Analyst (fixed income) 26%69% 4% 2%
Buy-side Trader (fixed income) 36%55% 7% 3%
Chief Executive Officer/Chief Financial Officer 30%51% 18% 2%
Chief Investment Officer 19%55% 17% 9%
Consultant 22%73% 5% 0%
Financial Advisor/Broker 25%56% 5% 15%
Manager of Managers 26%64% 9% 1%
Manager Research (alternatives) 20%75% 5% 0%
Manager Research (equity) 22%71% 7% 1%
Manager Research (fixed income) 30%63% 6% 1%
Portfolio Manager (equities) 32%60% 8% 1%
Portfolio Manager (fixed income) 26%64% 10% 0%
Private Client Professional (other) 20%76% 2% 2%
Risk Manager 17%78% 3% 2%
Sell-side Research Analyst (equity) 38%56% 6% 0%
Sell-side Reseach Analyst (fixed income) 22%73% 4% 1%
Strategist 24%68% 5% 3%
– Base % – Cash Bonus % – Long-term % – Other %
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2015 Financial Compensation Survey Findings and Results
Survey Methodology
Survey Methodology
MethodAn online survey was deployed to known financial professionals in the region represented by CFA Society St. Louis. Email subscribers of CFA Society St. Louis and LinkedIn group members were specifically targeted. The survey was not limited to just these audiences. In addition, this survey was structured so all data gathered was anonymous, with no identifiable information requested.
RespondentsRespondents are financial and investment professionals, totaling 290 unique and completed responses.
TimingThe survey was active from April 15, 2015 – May 11, 2015.
AssumptionsThe findings from this survey were derived from self-reported data. Because the survey uses sampling methodology and broadly defined positions, survey findings are not necessarily representative of the total population; rather, the survey is designed to provide general information about pay levels within the industry. Earning any degree or professional designation is no guarantee of employment or compensation.
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2015 Financial Compensation Survey Findings and Results
About CFA Society St. Louis
About CFA Society St. Louis
The CFA Society St. Louis (CFA-STL) promotes ethical and professional standards within the investment industry, encourages professional development through the CFA® Program, and facilitates the open exchange of information and opinions.
CFA-STL is a professional society comprised of portfolio managers, consultants, security analysts, investment advisors, and other financial professionals. The society promotes ethical and professional standards within the investment industry, and encourages professional development through the CFA Program and continuing education. CFA-STL facilitates the exchange of information and opinions among individuals within the local investment community and beyond, and works to further the public understanding of the CFA designation and investment industry. CFA-STL is a member of CFA Institute, an organization with over 123,000 members from 150 countries. CFA Institute was formerly known as the Association of Investment Management and Research. With 145 member societies, CFA Institute connects members to a global network of investment professionals.
CFA Society St. Louis currently has approximately 750 members. Over 80% of our membership holds the Chartered Financial Analyst designation.
If you are interested in learning more about earning your charter, or to learn more about CFA Society St. Louis, contact joan_hecker@sbcglobal.net.
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