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Salaries in money management are likely to be mainly a result of performance. Starting analyst positions for undergraduates at leading mutual funds, pension funds and bank trust departments have salaries in the neighborhood of $30,000 to $50,000.

In the world of equity portfolio managers, there is high dispersion of pay. A job at a state pension fund or a bank trust department will pay in the $60,000 to $150,000 range. Once you are out into a private fund or a money management outfit, salaries can rise quickly if you have a record of strong performance. These days, we hear numbers on the order of $500,000 rather routinely and numbers north of a million on occasion for equity managers.

Matters can be equally lucrative on the fixed income side. There are pockets of scarcity such as managers of mortgage- backed securities and asset-backs. In this area, a common number might be $700,000. Many money management organizations are relatively small (perhaps 5 principals and 20 others). In these organizations one typically finds that the principals do extremely well since they are equityholders in the enterprise. Numbers north of $10 million are not unheard of. That said, starting and running a successful money management outfit is a life's work that requires all the skills discussed above in ample strength.