Evaluates companies for a private equity fund to buy, builds the buyout model, and helps improve portfolio businesses after the deal closes. Heidrick & Struggles 2025 North America Private Equity Investment Professional Compensation Survey puts typical pay at $244,000 a year (2024). BLS does not publish separate figures for financial and investment analysts; it counts them within financial and investment analyst (SOC 13-2051), whose median pay is $102,740 a year (BLS OEWS, May 2025). Typical entry-level education: Bachelor's degree.
- SOC 13-2051
- Business and Financial Operations
- Last updated October 9, 2026
At a glance
Private Equity Associate in four numbers
- Median pay
- $102,740a year, or $49.40/hrBLS OEWS, May 2025Lowest 10% $64KTop 10% $181K
US median, all jobs: $50,980
- Projected growth
- +7.2%Much faster than averageBLS EP, 2025–2035This career+7.2%All jobs+3.5%
Projected employment change, 2025–2035 Item Value This career +7.2% All jobs +3.5% - Openings a year
- 24,700377,200 jobs todayBLS EP, 2025–2035
- Jobs in 2025377.2K
- Projected 2035404.3K
Employment, 2025–2035 Item Value Jobs in 2025 377.2K Projected 2035 404.3K - Typical education
- Bachelor'sneeded to enterBLS EP, 2025–2035; mix: O*NET
Also advertised as: PE Associate, Private Equity Analyst, Buyout Associate, Growth Equity Associate, Private Equity Senior Associate.
Pay
How much do Financial and Investment Analysts make?
Industry-reported pay
$244,000
Mean total cash compensation (base plus bonus, excluding carried interest), associates and senior associates at North American private equity firms whose current fund is $1.0bn to $1.49bn.
- Entry level
- $207,000
- Top earners
- $384,000
Source: Heidrick & Struggles 2025 North America Private Equity Investment Professional Compensation Survey, 2024 (published compensation survey). This is not a BLS figure: BLS counts financial and investment analysts within financial and investment analyst, whose pay is shown below. Heidrick & Struggles: 2025 North America Private Equity Investment Professional Compensation Survey · Heidrick & Struggles: 2025 North America Private Equity Investment Professional Compensation Survey (summary)
Every private equity associate in the US, by percentile of annual wage
Median
$102,740
Middle half earn $79,290 to $133,340
- 10th
- $63,720
- 25th
- $79,290
- 75th
- $133,340
- 90th
- $180,860
All US occupations: $50,980
| Percentile | Value |
|---|---|
| 10th | $63,720 |
| 25th | $79,290 |
| Median | $102,740 |
| 75th | $133,340 |
| 90th | $180,860 |
| All US occupations | $50,980 |
Source: BLS OEWS, May 2025
- Median annual wage
- $102,740
- Median hourly wage
- $49.40/hr
- Mean annual wage
- $116,800
- People employed
- 361,980
Versus all US occupations
At $102,740, Financial and Investment Analysts earn 102% above the $50,980 median across all US occupations, a difference of $51,760 a year.
Versus business and financial operations occupations
Inside the Business and Financial Operations group, where the middle occupation pays $80,730, this is 27% above the group median.
Pay range
The top 10% earn $180,860 or more while the bottom 10% earn $63,720, a gap of 2.8×. That is a typical spread for a US occupation.
Rank in the bank
This median pays more than 76% of the 1,741 occupations in the NueCareer career bank.
Highest-paying state
Wyoming pays the most at $187,090, and still leads at $201,843 once local prices are taken into account.
Pay by state
Which states pay Financial and Investment Analysts the most?
State medians come from the same OEWS release as the national figures. The cost-of-living column divides each state median by that state's BEA Regional Price Parity, restating pay in national-average dollars so a high-cost state and a low-cost one can be compared directly.
| State | Median | COL-adjusted | Employed |
|---|---|---|---|
| 1Wyoming | $187,090 | $201,843 | 190 |
| 2New York | $127,930 | $118,540 | 52,380 |
| 3Oregon | $120,590 | $116,669 | 2,820 |
| 4Massachusetts | $111,040 | $104,995 | 14,790 |
| 5Connecticut | $109,500 | $105,685 | N/A |
| 6California | $109,110 | $98,546 | 45,380 |
| 7New Jersey | $108,610 | $99,821 | 10,380 |
| 8Washington | $107,210 | $100,184 | 8,820 |
| 9District of Columbia | $105,780 | $96,250 | 3,670 |
| 10Virginia | $105,490 | $104,338 | 10,410 |
Job outlook
Is Private Equity Associate a growing career?
Employment change over 2025–2035, against every US occupation
Much faster than average. +7.2% projected growth vs 3.5% for all occupations.
| Item | Value |
|---|---|
| Financial and Investment Analysts | +7.2% |
| All US occupations | +3.5% |
Source: BLS EP, 2025–2035
Much faster than average
BLS projects employment of Financial and Investment Analysts to change 7.2% over 2025–2035, roughly 2.1× the 3.5% projected for all occupations. That is 27,100 more jobs.
Annual openings
About 24,700 openings are projected each year, 6.5% of the 377,200 jobs that existed in 2025. Most come from workers leaving the occupation, not from growth alone.
Getting in
How to become a Private Equity Associate
The classic route is two years as an investment banking analyst or at a strategy consulting firm, followed by on-cycle private equity recruiting, which can start very early in a banker's first year. Interviews include modeling tests where candidates build a buyout model under time pressure and case studies on real companies.
A bachelor's degree in finance, economics or a quantitative field is typical. Many associates leave after a few years for an MBA and return as senior associates or vice presidents. The CFA charter and the Chartered Alternative Investment Analyst designation from the CAIA Association are respected but not required.
- 1
Typical entry-level education
Bachelor's degree
- 2
Work experience in a related occupation
None
- 3
Typical on-the-job training
None
- 4
Preparation needed (O*NET job zone)
Medium preparation
BLS Employment Projections, 2025–2035; job zone from O*NET 31.0 Database.
The work
What does a Private Equity Associate do?
Private equity associates work for funds that buy whole companies or large stakes using investor capital and borrowed money. They screen potential acquisitions, build leveraged buyout models, and test whether a business can grow enough to return the fund's money several times over.
Once a deal looks promising, associates run due diligence with consultants, accountants and lawyers, draft investment committee memos, and help negotiate financing with lenders. After the purchase they track portfolio company performance, support management teams on add-on acquisitions and operating improvements, and help prepare the business for an eventual sale or public offering.
Day-to-day tasks
- Screen potential acquisition targets against fund criteria
- Build leveraged buyout models and return scenarios
- Draft investment committee memos recommending deals
- Manage due diligence workstreams with outside advisors
- Negotiate debt financing terms with lenders
- Monitor portfolio company financial performance
- Support portfolio management teams on add-on acquisitions
Typical tasks, researched by NueCareer from the sources below.
Working conditions and hours
Associates work in fund offices, mostly in large cities, and travel to visit portfolio companies, management teams and potential acquisitions. Hours are long when a deal is active, though usually more predictable than investment banking. Teams are small, so associates get direct exposure to senior partners and investment committee decisions.
Tools and software
- Accounting software · in demand
- Analytical or scientific software · in demand
- Business intelligence and data analysis software · in demand
- Customer relationship management CRM software · in demand
- Data base management system software · in demand
- Data base reporting software · in demand
- Data base user interface and query software · in demand
- Development environment software · in demand
- Document management software · in demand
- Electronic mail software · in demand
- Enterprise resource planning ERP software · in demand
- Object or component oriented development software · in demand
“In demand” marks an O*NET Employer-Based Hot Technology, software named in real job postings for this occupation.
Personality fit
What personality type suits a Private Equity Associate?
NueCareer estimate (Holland code EIC) built on O*NET's Financial and Investment Analyst profile, scored 1 to 7
| Axis | Private Equity Associate |
|---|---|
| Realistic | 1 |
| Investigative | 5 |
| Artistic | 2 |
| Social | 2 |
| Enterprising | 5 |
| Conventional | 6 |
Source: O*NET 31.0 Database
What the work is built around
Day to day this is work built around organising, following procedures and working precisely with data, combined with leading, persuading, selling and making decisions.
- Conventional5.5
- Enterprising5.4
- Investigative5.2
- Social2.3
- Artistic1.8
- Realistic1.0
Closest MBTI types
NueCareer fit scores: cosine similarity between each MBTI type's interest vector and this occupation's O*NET interest profile. Not a BLS or O*NET figure; the method is documented on our methodology page.
Explore further
Careers related to Private Equity Associate
O*NET related occupations
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More business and financial operations careers
Median annual pay, with financial and investment analysts highlighted
- Financial Advisor$105,070
- Private Equity Associate$102,740
- Accountant$83,680
- Insurance Underwriter$81,370
- Coroner$80,730
- Claims Adjuster, Examiner, and Investigator$78,000
- Loan Officer$76,690
- Human Resources Specialist$75,940
- Appraiser and Assessor of Real Estate$67,960
| Item | Value |
|---|---|
| Financial Advisor | $105,070 |
| Private Equity Associate | $102,740 |
| Accountant | $83,680 |
| Insurance Underwriter | $81,370 |
| Coroner | $80,730 |
| Claims Adjuster, Examiner, and Investigator | $78,000 |
| Loan Officer | $76,690 |
| Human Resources Specialist | $75,940 |
| Appraiser and Assessor of Real Estate | $67,960 |
Source: BLS OEWS, May 2025
Lists Private Equity Associate appears on
Questions
Private Equity Associate: frequently asked questions
How much do Financial and Investment Analysts make?
Heidrick & Struggles 2025 North America Private Equity Investment Professional Compensation Survey reports $244,000 (mean total cash compensation (base plus bonus, excluding carried interest), associates and senior associates at North American private equity firms whose current fund is $1.0bn to $1.49bn, 2024), with top earners around $384,000. BLS does not publish a separate wage for financial and investment analysts. It counts them within financial and investment analyst, whose median pay is $102,740 a year (BLS OEWS, May 2025). The middle half of that occupation earn between $79,290 and $133,340, and the top 10% earn $180,860 or more.
Do you need a degree to become a Private Equity Associate?
Yes. BLS reports a bachelor's degree as the typical entry-level education for Financial and Investment Analysts, and O*NET rates the preparation needed as medium preparation.
Is Private Equity Associate a growing career?
Yes, strongly. Employment is projected to grow 7.2% over 2025–2035, more than double the 3.5% projected for all occupations (BLS EP, 2025–2035). BLS still projects about 24,700 openings a year, mostly from workers retiring or moving to other work.
What does a Private Equity Associate do?
Private equity associates work for funds that buy whole companies or large stakes using investor capital and borrowed money. A typical task: screen potential acquisition targets against fund criteria. Employers most often ask for Accounting software, Analytical or scientific software, Business intelligence and data analysis software.
Which states pay Financial and Investment Analysts the most?
The highest state medians for Financial and Investment Analysts are Wyoming ($187,090), New York ($127,930), Oregon ($120,590) (BLS OEWS, May 2025).
What personality type suits a Private Equity Associate?
O*NET scores Financial and Investment Analysts highest on the Conventional, Enterprising and Investigative interest areas, so the work mixes organising, following procedures and working precisely with data with leading, persuading, selling and making decisions. On NueCareer's MBTI-to-interest mapping the closest types are ENTJ, ESTJ. Personality is a fit signal, not a gate. The free NueCareer quiz scores your own profile against all 1,731 careers in the bank.