Bulge bracket banks remain a common starting point for structured credit careers, and the VP tier spans a meaningful seniority range. We split it into two sub-levels: Junior VP (6–8 years) and Senior VP (9–12 years), which correspond roughly to VP and SVP/ED titles depending on the bank. Roughly one third of bonus is deferred into restricted stock vesting over 3–5 years.
Whiskers show P10–P90. Box spans Q1–Q3. Line = median. Bonus = total bonus (cash + deferred restricted stock); ~1/3 deferred into restricted stock vesting over 3–5yr. Blue chart = total comp (base + total bonus).
Whiskers show P10–P90. Box spans Q1–Q3. Line = median. Bonus = total bonus (cash + deferred restricted stock); ~1/3 deferred into restricted stock vesting over 3–5yr. Blue chart = total comp (base + total bonus).
Bulge Bracket — Comp Breakdown by Sub-Level (GBP)
Level
Base
Bonus (total)
Deferred stock (~1/3)
Total comp
Junior VP
£150k – £190k
£150k – £333k
£50k – £111k
£300k – £525k
Senior VP
£190k – £220k
£285k – £530k
£95k – £177k
£475k – £750k
Senior VP upper band (£530k bonus / £750k TC) reflects top-of-pool outcomes in strong years at the largest banks — not a median result. Most Senior VPs sit in the £475k–£650k TC range.
Base is higher than most buy-side equivalents at the same seniority — banks use it as a fixed-cost retention lever in a way that credit funds typically don't
Roughly one third of bonus is paid as restricted stock vesting over 3–5 years; this deferred component is often the single biggest friction point for candidates considering a buy-side move, as unvested stock is forfeited on departure
Bonus is discretionary and pool-allocated
On a pure cash basis Junior VP at a bulge bracket (£300k–£525k) is competitive with VP at an alt credit fund; Senior VP (£475k–£750k) is ahead of most buy-side equivalents on cash alone — but the deferred stock and absence of carry change the long-term picture materially
02 — Alternative Credit Fund ($5–25bn)
VP & Director at Alt. Credit Funds Director figures exclude Managing Directors
Data covers $10–50bn alternative credit platforms — not megafunds, where comp at this level is meaningfully higher. Compensation at this level has three components:
Base salary — modest relative to total compensation; provides income stability but is not the primary retention lever
Bonus (cash & deferred) — the dominant component, typically 100–150% of base at VP level and more at Director; a portion is deferred into fund shares vesting over 3–5 years
Carry — begins to appear at VP level, becomes a meaningful part of the package at Director; the size and quality of carry allocation is often the central negotiating point at this tier
VP (6–8 yrs) — Base, Bonus & Total (GBP) · 27 prints
Base salary — £120k to £150k
Total bonus — £120k to £225k
Total comp (base + total bonus) — £240k to £375k
Whiskers show P10–P90. Box spans Q1–Q3. Line = median. Bonus = total bonus (subject to deferral schedule below). Blue chart = total comp (base + total bonus). Carry not included.
Director (8–12 yrs, excl. Managing Directors) — Base, Bonus & Total (GBP) · 27 prints
Base salary — £150k to £180k
Total bonus — £175k to £620k
Total comp (base + total bonus) — £325k to £800k
Whiskers show P10–P90. Box spans Q1–Q3. Line = median. Bonus = total bonus (subject to deferral schedule below). Blue chart = total comp (base + total bonus). Carry is not included — see the deferred fund shares & carry table below for estimated annual carry values.
Bonus Vesting Schedule — Firmwide
Total Bonus
Cash (immediate)
Fund shares (deferred, 3–5yr) — employee-managed fund
£0 – £350k
100%
—
£350k – £700k
70–80%
20–30%
£700k+
60–70%
30–40%
For example, on a £600k total bonus:
Walkthrough — £600k total bonus illustration
Slice
Amount
Cash
Fund shares
£0 – £350k
£350k
£350k (100%)
—
£350k – £600k
£250k
~£188k (75%)
~£63k (25%)
Total
£600k
~£538k
~£63k
Alt. Credit Fund — Comp Table (GBP, cash only)
Level
Yrs Exp
Base
Bonus
Total Cash
VP
6–8 yrs
£120k – £150k
£120k – £225k
£240k – £375k
Director (excl. MDs)
8–12 yrs
£150k – £180k
£175k – £620k
£325k – £800k
Director upper band reflects top-of-range outcomes at well-performing funds — not a typical result. The majority of Directors sit in the £325k–£500k range. The £800k ceiling is attainable but uncommon and generally requires strong fund performance, a long tenure, and meaningful deal involvement.
Carry at Junior VP level is typically very low — allocations exist but are small, so the comp table is close to total compensation for this cohort
The deferred fund shares component only triggers above the £350k bonus threshold — a Director on a £450k bonus will typically receive around £25k–£50k in fund shares (20–30% of the slice above £350k); these vest over 3–5 years and are forfeited on departure, making them a meaningful retention tool alongside carry
Fund shares vest into an employee co-investment vehicle — distinct from the main fund but investing alongside it. In strong vintages the value at vest exceeds grant value; in weaker ones it does not
At Director level carry typically begins, though allocations vary significantly by fund size and vintage; this is the critical variable to interrogate in any offer
Bad leaver clauses become a constraint from Director upwards — unvested and in some cases vested carry can be subject to haircuts on departure, making lateral moves more costly than they appear on paper
Co-investment rights typically open at Director level alongside carry — meaningful additional upside, but requires tying up personal capital (though at fund leverage terms, which is structurally favourable)
— Gerold & Partners
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These numbers raise questions that are specific to your situation — which employer type is the right fit, how to read a carry package, how to navigate a move from the sell side. Please feel free to reach out.