How has compensation for entry-level investment positions at venture capital firms changed over the past 5 years? We’ll be starting with pre-MBA analysts and moving on to associates using the YoY dataset on the Thelander platform.
When looking at cash and carry trends, it’s important to know how to customize the data to get an accurate picture of the compensation landscape.
For analysts, compensation is more stable across AUM than it is for their more senior investment professional counterparts (think director/principal, partner, senior partner, etc). There’s a meaningful divide between venture firms with less than $1 billion in AUM and those with $1 billion or more, and it’s important to take this into account when analyzing the data.
How much do VC analysts make at firms with less than $1 billion in AUM?
Median
- Median total cash has stayed flat between this year and last year at $100,000. That’s still a significant increase from 2022–2024, when it was hovering around $88,000, a jump of roughly 14%.
- Carried interest follows a similar trend, jumping up from 0.5% in 2024 to 0.9% in 2025 and remaining there for 2026, for those analysts who received it.
75th Percentile
- At the 75th percentile, total cash has increased consistently since 2023, rising from $110,000 to $125,000 in 2025 and staying steady.
- Carry has stayed flat overall at 1.0%, despite rising between 2022 and 2023 and then falling back down between 2023 and 2025.
How much do VC analysts make at firms with $1 billion+ in AUM?
Median
- Median total cash has stayed flat overall over the past 5 years, despite decreasing between 2022 and 2024. It fell from $150,000 in 2022 to $130,000 in 2024, then rebounded to $149,500 in 2025 and held there in 2026.
75th percentile
- At the 75th percentile, total cash has fallen slightly over the past year, from $168,750 to $164,025, but remains higher than it was between 2022 and 2024.
Why does AUM matter for VC analyst compensation?
It’s always important to take AUM into account when looking at compensation trends because the mix of total cash and carry often differs depending on total AUM and/or the size of most recent fund.
For analysts, median total cash at smaller firms grew over the past 5 years, while it remained relatively flat at larger firms. Seeing the differences also helps highlight the similarities: total cash at the 75th percentile grew overall at both AUM levels.
Only Thelander has the breadth of real-time data needed to break compensation data down like this and the expertise to know how to do it properly. Understanding the firm compensation strategy as well as the market data for each individual position can help you stay competitive.
You can find out how your current compensation compares to real-time market benchmarks for no charge by completing the survey today. All data is published in aggregate with no individual names or firm names reported. Click here to complete the survey.
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Frequently asked questions:
What is total cash?
- Total cash is base salary plus bonus.
Do VC analysts receive carried interest?
- At venture firms with less than $1 billion in AUM, analysts who receive carry hold a median of 0.9% in 2026, up from 0.5% in 2024.
Where does this data come from?
- The data comes from the YoY dataset on the Thelander platform, built from compensation data that firms report directly to J. Thelander. All data is published in aggregate, with no individual or firm names reported.
How can I compare my firm’s analyst pay to the market?
- Complete the no-cost Thelander Investment Firm Compensation Survey to see how your compensation compares to real-time market benchmarks.