Private equity salary, by level
A first-year private equity associate in London earns a base salary of $115k to $140k plus a cash bonus of roughly 60% to 100% of base, so about $230k in cash. Partner cash sits near $1.2m. Carried interest is not in any of these figures and is the reason people take the job.
These bands describe mid-market and upper-mid-market funds. Megafunds pay above them at every level, and the gap widens as you go up.
Every level
| Level | Base | Bonus | Total (mid) | Reached at |
|---|---|---|---|---|
| Analyst | $75k to $95k | 40% to 70% | $135k | On joining |
| Associate 1 | $115k to $140k | 60% to 100% | $230k | 2y |
| Associate 2 | $135k to $165k | 70% to 110% | $285k | 3y |
| Senior Associate | $160k to $190k | 80% to 120% | $350k | 4y |
| VP | $190k to $235k | 90% to 140% | $455k | 5y 6m |
| Principal | $230k to $290k | 100% to 160% | $600k | 8y |
| Partner | $320k to $510k | 120% to 250% | $1.2m | 11y |
Aggregated and rounded from several published data sets. Ranges, not offers. Compare all five tracks.
What the cash figures leave out
Carried interest is not in these numbers and is the reason people take the job. It typically starts around VP, vests over several years, and pays only when a fund returns capital, so a principal at a fund that underperforms can earn less over a decade than the bands suggest.
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.