Investment banking houses and other financial services providers afford high-level managers compensation packages filled with potentially lucrative bonuses and benefits. As you will see in this Goldman Sachs managing director salary review, the financial rewards of being a managing director arise out of the significant responsibilities of the position. Also, we highlight these duties of the Goldman Sachs managing director and compare the salaries with two of Goldman Sachs’ competitors in the financial services industry.
Goldman Sachs Managing Director Job Description & Duties
Goldman Sachs managing directors have as their overall purpose building and sustaining client relations. Many of these clients come from the institutional ranks, which include corporations, insurance companies, financial product and service providers, and managers of mutual and other funds. While specific duties may vary by office or division, the directors often function as a liaison between Goldman Sachs’ clients and the staff or team that serves the client. This involves meeting and traveling to clients in order to learn their concerns, needs, satisfaction with Goldman Sachs and investment goals.
The managing director has considerable supervisory responsibilities. These include formulating and overseeing the strategy for finding new clients and developing business products, and the performance of junior staff members. In some offices or departments, the managing director assesses risks of particular investments or business lines. Then communicates those to junior staff and implements risk mitigation required by applicable regulations.
Goldman Sachs Managing Director Salary & Benefits
As reported by Glassdoor, the base Goldman Sachs managing director salary rests at a mean of $400,000. Additional earnings reach an average of $200,000, consisting mainly of cash bonuses of this amount. Pay runs from $275,994 to $500,000. Glassdoor also states that stock bonuses run at a value of $176,598. The total mean pay per year, considering bonuses along with the base pay registers at $551,987.
Goldman Sachs affords its employees a host of health benefits, including medical and dental insurance and assistance. The help takes the form of wellness programs and on-site healthcare, as well as fitness equipment in certain offices, and counseling. Supplementation of income arises via short-term and long-term disability insurance. Managing directors can also obtain life insurance and insurance for accidental death and for accidents arising from labor and business travel.
Job benefits in addition to the salary include daycare at certain offices and support payments for employees adopting children. They also offer assistance for those traveling on business, and reimbursement for lodging and meals while on business. The firm’s wealth creation programs furnish investment funding to eligible Goldman Sachs employees. You can also have a look at the investment banker salary.
Alternative Companies Salary
Based on Glassdoor data, the Goldman Sachs managing director salary rises above that paid by some of Goldman Sachs’ contemporaries in financial services. Managing directors at Morgan Stanley enjoy a mean base pay of $406,400 per year. Salaries on the low end sit at $195,000, while those at the upper end of the spectrum stand at $441,590. Cash bonuses average $203,200 and stock bonuses have a value of $200,000. With additional compensation taken into account, Morgan Stanley’s managing directors fetch around $412,496 per year.
For managing directors with UBS, the mean base pay stands at $368,514. The range begins at $200,000 and ascends to $421,158. With bonuses and other additional compensation, total pay runs on a mean basis at $421,158 every year.
Finally, the Goldman Sachs managing director salary, considering base pay alone, extends well into the six-figure realm. Performance of the managing director and the unit that this director oversees can yield bonuses of cash and stock that drive earnings even higher. Goldman Sachs managing directors also have their medical, travel and retirement needs met through the company’s compensation packages. If you have worked as a managing director for Goldman Sachs, please share your earnings and impressions of the job.