| kmzizzle,
Managing Director -- from a general ranking perspective -- is the highest.
Think of it as: Analyst --> Associate --> Vice President --> Managing Director
The titles can vary by firm, but this is the general set-up.
It is premature to say that MD is pretty close to CEO range, as an individual could in fact develop a tier within the MD rank.
For example, an MD that runs the entire IBD division clearly has more sway than the MD who runs a group within IBD.
Additionally, at Goldman Sachs, they have what is called PMD (Partner Managing Director) which is essentially a Managing Director but who gets a larger piece of the firm's profits. A normal MD is referred internally as "MD Light."
Finally, 2/20 refers to how private equity and hedge funds charge fees.
2% management fee and 20% performance fee. |