Hedge fund salary, by level
A hedge fund analyst in London earns a base salary of $140k to $190k, with a discretionary bonus tied to the book that can run from half of base to several times it. Mid-range total compensation is around $370k, and a portfolio manager's midpoint is near $1.3m. The spread at a single level is the widest in finance.
A good year and a bad year in the same job can differ by more than the entire base salary. At multi-manager platforms a sustained drawdown usually ends the job outright.
Every level
| Level | Base | Bonus | Total (mid) | Reached at |
|---|---|---|---|---|
| Junior Analyst | $90k to $120k | 30% to 100% | $175k | On joining |
| Analyst | $140k to $190k | 50% to 200% | $370k | 2y |
| Senior Analyst | $190k to $255k | 75% to 300% | $640k | 5y |
| Portfolio Manager | $255k to $380k | 100% to 500% | $1.3m | 8y |
Aggregated and rounded from several published data sets. Ranges, not offers. Compare all five tracks.
What the cash figures leave out
Bonus is discretionary and tied to the book. A good year and a bad year at the same seat can differ by more than the entire base salary, and at multi-manager platforms a sustained drawdown usually ends the seat. Treat the upper end of each band as what a strong year looks like, not as an expectation.
Weighing it against something else
Other tracks
For what these jobs involve day to day and how people get into them, see the career track map. For live application windows, the opportunity tracker.
Getting to the next rung
Analyst to associate
Most people arrive here from a banking analyst job. This is that decision, including when to stay and when to move across.
Buyside Recruitment Bootcamp
The headhunter playbook, the modelling test and the case, for anyone crossing into private equity, hedge funds or asset management.