Private equity is a very lucrative career. In 2019, according to a Heidrick & Struggles survey, average cash compensation, including bonuses, ranged from $1.1 million to $3.7 million for managing partners at private equity firms with less than $20 billion in assets under management (AUM). Our research found that the total average pay in 2019 ran from $596,000 to $2.2 million for partners and managing directors, depending on the firm’s AUM. Average compensation for associates and senior associates was less variable across firm sizes, ranging from $193,000 to $315,000. According to the H1B Database, which compiles the base salaries of all U.S. employees under the common H-1B visa, in 2019, the firms that paid the highest figures for an associate position were Apollo Global Management, KKR & Co., and Brookfield Asset Management. An associate is typically the lowest-ranking employee at a private equity firm. They are typically in their mid- to late 20s and have a prior background in investment banking, consulting, or other deal-related financial services. Peak Frameworks is a finance career prep platform founded by private equity and investment banking professionals. Peak Frameworks reports that Apollo Global Management is frequently reputed to be the highest-paying private equity firm in terms of all-in compensation, paying their associates upward of $400,000 per year.