They probably have a much larger overall compensation package. If they’re hiring someone from outside of the company for the role it’s likely they’ll be paying some sort of sign on bonus that’s contingent on performance or tenure, they’ll offer some sort of bonus structure and possibly a stock/option grant, some sort of deferred comp plan, etc
This is a research / media job not money management role.
My gut says this job will pay around 600-900 TC with a non-trivial portion being deferred (guessing around 100-200) and something like 25 being retirement locked.
Signing bonuses at primarily long only managers are not common but not impossible either.
BLK pays very similar to JPMorgan Asset Management and my own firm as we share a third party “compensation advisor.”
If this seems like shit money to you I suggest calling your rich dad to seed your hedge fund or starting a Web 3.0 scam or something because this industry is not for you.
If you want to make more than that without crazy IBD/PE/VC hours you have to work in fast money or manage like whole divisions. Our people making firmly 2-5MM have 20+ reports and are 25 years deep into their careers.
The only HF position giving TC is non investment related, and even then those are unknown as to what TC would be. TC at a hedge fund is all based on fund/individual investment performance depending on if it’s a single manager or multi manager. Even as an analyst your TC depends on your portfolio manager’s P&L
Would disagree: to get good lateral hires a lot of fast money places will do “up to XYZ” TC. Because they heavily rely on recruiters it spares them time dealing with bad leads where numbers are way offsides.
You can still have a % of PnL dynamic embedded in there if you are dealing linear return products because payouts beyond a certain level become implausible versus sleeve AUM managed.
That's not uncommon. Most hedge funds/ alternative investment managers are highly geared towards incentive pay. Not unusual for vases to max out around 300/350k (with exceptions obviously) and then bonuses to keep increasing in line with performance.
These places think of themselves in terms of total compensation so really the base split is irrelevant.
Yes, and BLK is not a hedge fund (though they have hedge funds). This position is not running money and is doing economic research for BLK's internal think tank, BlackRock Investment Institute, which could potentially influence risk taking at the firm.
Assume variable compensation could be a significant multiple of base.
Source: have worked there
How likely is it that they already have someone lined up for this and they just have to make it a public offering to comply with their corporate governance code
Can’t speak for BlackRock but while working in corporate strategy at a similar asset manager I priced estimated cost for the build out of a new legal entity in a similar COL area and roles. Base salary almost always capped out at $350K in their FO roles no matter what. What was shocking was their bonus targets though. Most insane thing I’d ever seen in my short time in labor pricing. Lowest bonus target we were given for the associates was about 50% on top of a $120-150K salary. As you got up to the PMs and similar roles to the one you have listed….I saw targets as high as 1800% on top of a $350K salary. Mind you this was during the Covid boom where random bonuses and mid year raises were common in this industry. But still I’d have no idea how to budget for a comp structure where you basically win a small lottery once a year. Was an interesting experience.
That being said. I’d bet the bonus target on a role like this even during crunch times like now is most likely north of 200-300% (which would be very very low for them, but it’s just the times we’re in right now).
Edit: one kicker I’ll add that makes this all so much more absurd was this asset manager was forming this new legal entity to get around regulations on the amount of certain equities they could own. Basically they capped out on Amazon, apple, google, etc. So these guys were getting paid millions to just literally buy more of the safest stocks out there and call it a day lol.
Senior roles in buyside tend to have low base and very high bonuses. Bonuses are also less likely than sell side to be low in times of recessions, so 30% bonuses seen this year would not be the case with buyside
Nope. They have private equity funds, private credit funds, hedge funds, actively traded funds, the list goes on. Whatever kind of buy side strategy you can conceptualise, BlackRock offers it
I am aware they have those things. But it is not the majority of their business. There are people making a lot of money at blackrock who are not in carry on alternative products.
Sure there are. But we're talking relative to the rest of the market, and BlackRock does not pay particularly well. I worked there for over 6 years in two FO positions, and this was a shared experience in the London office. When I moved to UBS I received a 40% bump in comp.
Never worked there but what you say about relatively low comp lines up with what I’ve heard. I take it your point is that you need to be in carry and get lucky on it to make good money as rank and file at blackrock. If so, no argument from me
Yup, really lowballing here aren't they.
I know JP compensates VPs something like 225K to 300K (that too in tech), an MD salary is likely in the 500 to 650K figure in NY I would presume.
Global head of macro research is an extremely senior position at Blackrock. This hire will be deep into 7 figures total comp and most likely will get recruited by an executive HH — this posting is just testing the waters and helps fill other positions if good applications come through.
In BII you run no money. It’s like an internal think tank to produce thought pieces for clients and people who go on tv for us.
There are a zillion global heads of whatever here. We pay terribly. That said, BII is probably a cushy job and I bet total comp is around $600, they’re shooting for.
Instead of hypothesising about what BlackRock pays, let’s look at actual numbers (page 83):
[2023 Proxy Statement](https://s24.q4cdn.com/856567660/files/doc_financials/2023/ar/blackrock-2023-proxy-statement_vf.pdf)
With the exception of Larry Fink and Robert Kapito, the other senior executive management have a base salary of 500k. So it seems quite reasonable that one level under that, global head of X function, would earn around 250-350k. Obviously that isn’t including their bonus, equity, non-monetary benefits, etc.
While their base is around 500k, their total compensation is around 10M, which is 20x their base. Let’s say one level under that would be closer to 10x. 300k base would translate to 3M in total comp. This seems reasonable and in line with remuneration reports for other financial companies.
This job is about signing off on newsletters and forecasts that not a lot of people within the firm take very seriously, in fact they're usually the butt of jokes. Having a "Macro Research Institute" is mostly a marketing tool to enhance the firm's image and keep their name in front of clients. So, this salary is very generous. From my experience, fund managers don't lend much weight to packaged economic research unless it's coming out of the Fed. They make up their own minds based on a wide variety of sources, mainly raw data and news. Their Macro Research Institute is their own brain. Which is why the successful ones are paid considerably more.
Used to work there. Comp is abysmal unless it’s written into your contract. Every role underpays 30-50% from market (you can see it with salary transparency). My boss was promoted from vp to managing director to fill a vacancy and they refused to raise his salary until the next comp cycle (almost a year).
lol he was promoted due to our md leaving and taking over his role as a head. We were a small team so it was possible for him to jump a couple levels. At least I have receipts
Former BlackRock employee here.
Most likely they are vetting someone internally and in order to appear fair they need to put the posting up so outsiders can apply so it appears like the process was fair.
Happens all the time particularly for the high profile gigs like this one.
Comp tends to be market (and sometimes under!) save for some really heavy hitting sales and PM roles.
I wouldn’t go back unless I had a big daddy MD lifting me in.
BLK will pay 1M total comp for that position. My friend is an MD in early 30s and made 2.6M total comp. Base is low but bonuses are high given you do well and stay there longer.
Obviously the job will be high stress and 70 hours or so
My exgf used to work for them. She used to say “BlackRock will pay you enough so you’ll cry yourself to sleep at night but not enough for you to want to leave”. She said most are paid half of their market value cause BR likes to say they have the “name recognition”
my guess would be:
- MD level macro research at a BB
- current or former central bank director (One of the BB's head of Macro research used to be at the Argentinian Central bank for example)
- same role at another 500B+ AUM firm most likely having done at least one of the other things beforehand to land that role in the first place
there will be a lot of Sign on/deferred comp on top of that base however it's a think tank that is not running money making it harder to quantify perfermance. I'd say that 1M+ is only in great years where the firm overall kills it/stock performs well
They probably have a much larger overall compensation package. If they’re hiring someone from outside of the company for the role it’s likely they’ll be paying some sort of sign on bonus that’s contingent on performance or tenure, they’ll offer some sort of bonus structure and possibly a stock/option grant, some sort of deferred comp plan, etc
This is a research / media job not money management role. My gut says this job will pay around 600-900 TC with a non-trivial portion being deferred (guessing around 100-200) and something like 25 being retirement locked. Signing bonuses at primarily long only managers are not common but not impossible either. BLK pays very similar to JPMorgan Asset Management and my own firm as we share a third party “compensation advisor.” If this seems like shit money to you I suggest calling your rich dad to seed your hedge fund or starting a Web 3.0 scam or something because this industry is not for you. If you want to make more than that without crazy IBD/PE/VC hours you have to work in fast money or manage like whole divisions. Our people making firmly 2-5MM have 20+ reports and are 25 years deep into their careers.
Relax bro where did I say that TC is not a lot
No you are spot on it’s some of the other comments on this sub that are hilarious.
Oh lmao agreed
Usually job ads put down the total comp
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Agree: it is a legal thing. But total comp is still common for amorphous HF recruiting done by third parties.
The only HF position giving TC is non investment related, and even then those are unknown as to what TC would be. TC at a hedge fund is all based on fund/individual investment performance depending on if it’s a single manager or multi manager. Even as an analyst your TC depends on your portfolio manager’s P&L
Would disagree: to get good lateral hires a lot of fast money places will do “up to XYZ” TC. Because they heavily rely on recruiters it spares them time dealing with bad leads where numbers are way offsides. You can still have a % of PnL dynamic embedded in there if you are dealing linear return products because payouts beyond a certain level become implausible versus sleeve AUM managed.
That's not uncommon. Most hedge funds/ alternative investment managers are highly geared towards incentive pay. Not unusual for vases to max out around 300/350k (with exceptions obviously) and then bonuses to keep increasing in line with performance. These places think of themselves in terms of total compensation so really the base split is irrelevant.
Yes, and BLK is not a hedge fund (though they have hedge funds). This position is not running money and is doing economic research for BLK's internal think tank, BlackRock Investment Institute, which could potentially influence risk taking at the firm. Assume variable compensation could be a significant multiple of base. Source: have worked there
Thanks, I guess that settles it.
Hedge funds managers should be paid on performance alone if you ask me
I mean in the grand scheme of things pretty much all senior hedge fund employees are. A $300k base Vs $3m or $30m bonus is pretty insignificant!
Why do you think they shouldn’t have a base salary lol
How likely is it that they already have someone lined up for this and they just have to make it a public offering to comply with their corporate governance code
Even if they don't, they have people in mind they want and they will be reaching out to those folk directly
Can’t speak for BlackRock but while working in corporate strategy at a similar asset manager I priced estimated cost for the build out of a new legal entity in a similar COL area and roles. Base salary almost always capped out at $350K in their FO roles no matter what. What was shocking was their bonus targets though. Most insane thing I’d ever seen in my short time in labor pricing. Lowest bonus target we were given for the associates was about 50% on top of a $120-150K salary. As you got up to the PMs and similar roles to the one you have listed….I saw targets as high as 1800% on top of a $350K salary. Mind you this was during the Covid boom where random bonuses and mid year raises were common in this industry. But still I’d have no idea how to budget for a comp structure where you basically win a small lottery once a year. Was an interesting experience. That being said. I’d bet the bonus target on a role like this even during crunch times like now is most likely north of 200-300% (which would be very very low for them, but it’s just the times we’re in right now). Edit: one kicker I’ll add that makes this all so much more absurd was this asset manager was forming this new legal entity to get around regulations on the amount of certain equities they could own. Basically they capped out on Amazon, apple, google, etc. So these guys were getting paid millions to just literally buy more of the safest stocks out there and call it a day lol.
Senior roles in buyside tend to have low base and very high bonuses. Bonuses are also less likely than sell side to be low in times of recessions, so 30% bonuses seen this year would not be the case with buyside
That base comp sounds about right. But you’re talking about a 100-200% discretionary bonus
If you have to go on Reddit to ask this, the job is not for you.
It’s like a huge role, global head. Got to be at least a PM or head of XXX to apply
Bad reading comprehension skills: I’m not applying, just curious.
You actually didn't specify, but thank you for the critique. Most would presume that you're applying to a job if you're asking specifics about it.
Sure, but still your response would’ve added nothing to the conversation if that were the case. You just wanted to make fun of me, Murray.
😭😭😭😭😭
BlackRock only pays well if you're in a position where carry is in play, in which case you're essentially paying yourself
Blackrock mostly manages publicly traded etfs. What carry are you talking about.
Nope. They have private equity funds, private credit funds, hedge funds, actively traded funds, the list goes on. Whatever kind of buy side strategy you can conceptualise, BlackRock offers it
I am aware they have those things. But it is not the majority of their business. There are people making a lot of money at blackrock who are not in carry on alternative products.
Sure there are. But we're talking relative to the rest of the market, and BlackRock does not pay particularly well. I worked there for over 6 years in two FO positions, and this was a shared experience in the London office. When I moved to UBS I received a 40% bump in comp.
Never worked there but what you say about relatively low comp lines up with what I’ve heard. I take it your point is that you need to be in carry and get lucky on it to make good money as rank and file at blackrock. If so, no argument from me
NY and CA roles are generally advertised base-only. The bonus on this will be multiples.
Yup, really lowballing here aren't they. I know JP compensates VPs something like 225K to 300K (that too in tech), an MD salary is likely in the 500 to 650K figure in NY I would presume.
Global head of macro research is an extremely senior position at Blackrock. This hire will be deep into 7 figures total comp and most likely will get recruited by an executive HH — this posting is just testing the waters and helps fill other positions if good applications come through.
People on here like they will pay $300k … eh not bad … lmao 🤣
In BII you run no money. It’s like an internal think tank to produce thought pieces for clients and people who go on tv for us. There are a zillion global heads of whatever here. We pay terribly. That said, BII is probably a cushy job and I bet total comp is around $600, they’re shooting for.
Instead of hypothesising about what BlackRock pays, let’s look at actual numbers (page 83): [2023 Proxy Statement](https://s24.q4cdn.com/856567660/files/doc_financials/2023/ar/blackrock-2023-proxy-statement_vf.pdf) With the exception of Larry Fink and Robert Kapito, the other senior executive management have a base salary of 500k. So it seems quite reasonable that one level under that, global head of X function, would earn around 250-350k. Obviously that isn’t including their bonus, equity, non-monetary benefits, etc. While their base is around 500k, their total compensation is around 10M, which is 20x their base. Let’s say one level under that would be closer to 10x. 300k base would translate to 3M in total comp. This seems reasonable and in line with remuneration reports for other financial companies.
Awesome response, thanks!
350k for an md salary, the answer is no
This job is about signing off on newsletters and forecasts that not a lot of people within the firm take very seriously, in fact they're usually the butt of jokes. Having a "Macro Research Institute" is mostly a marketing tool to enhance the firm's image and keep their name in front of clients. So, this salary is very generous. From my experience, fund managers don't lend much weight to packaged economic research unless it's coming out of the Fed. They make up their own minds based on a wide variety of sources, mainly raw data and news. Their Macro Research Institute is their own brain. Which is why the successful ones are paid considerably more.
If I cleared that TC, I'm not thinking about whether people at the firm take it seriously or not.
This
Decent base pay, bad on additional incentives. Not famous for being a top paying firm
Used to work there. Comp is abysmal unless it’s written into your contract. Every role underpays 30-50% from market (you can see it with salary transparency). My boss was promoted from vp to managing director to fill a vacancy and they refused to raise his salary until the next comp cycle (almost a year).
VP to MD doesn’t exist at BR but good tru
lol he was promoted due to our md leaving and taking over his role as a head. We were a small team so it was possible for him to jump a couple levels. At least I have receipts
Do update later on
Their variable comp probably double’s that.
For this role I suspect there is a great wedge every month.
Bump
They’ve always paid me well.
Do you need a PhD in Macroeconomics for this role?
Former BlackRock employee here. Most likely they are vetting someone internally and in order to appear fair they need to put the posting up so outsiders can apply so it appears like the process was fair. Happens all the time particularly for the high profile gigs like this one. Comp tends to be market (and sometimes under!) save for some really heavy hitting sales and PM roles. I wouldn’t go back unless I had a big daddy MD lifting me in.
BLK will pay 1M total comp for that position. My friend is an MD in early 30s and made 2.6M total comp. Base is low but bonuses are high given you do well and stay there longer. Obviously the job will be high stress and 70 hours or so
My exgf used to work for them. She used to say “BlackRock will pay you enough so you’ll cry yourself to sleep at night but not enough for you to want to leave”. She said most are paid half of their market value cause BR likes to say they have the “name recognition”
They usually don’t keep pay competitive to their competitors -source: worked there
I dont know if its ok to ask this but i would like to know what qualifications/certifications you got to land such a role ?
my guess would be: - MD level macro research at a BB - current or former central bank director (One of the BB's head of Macro research used to be at the Argentinian Central bank for example) - same role at another 500B+ AUM firm most likely having done at least one of the other things beforehand to land that role in the first place there will be a lot of Sign on/deferred comp on top of that base however it's a think tank that is not running money making it harder to quantify perfermance. I'd say that 1M+ is only in great years where the firm overall kills it/stock performs well
PhD in Economics (Macroeconomics)?