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留学参考:What Startups & Early-Stage Companies Really Pay MBAs  

2017-03-23 04:45:48|  分类: DIY留学综合信息 |  标签: |举报 |字号 订阅

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留学参考:What Startups & Early-Stage Companies Really Pay MBAs
 
BY: NATHAN ALLEN ON MARCH 20, 2017

 

 

$40,000 or $285,000.

Those are the compensation extremes in a pool of data of pay packages for recently graduated MBAs who take positions at startups over the past four years. The self-reported data, released fromTransparent Career to Poets&Quants, includes nearly 150 first jobs after B-school, ranging from small pre-seed ventures such as CallNeighbor to well-established unicorns like Airbnb and Uber.

The data, while still somewhat thin, reveals compensation at a level of detail far beyond what schools track and disclose, largely because business schools do not include stock options or equity awards that can often equal or exceed base salaries. For example, the most recent job report from The Wharton School at the University of Pennsylvania reveals that 15.1% of the 2016 graduating accepted jobs in technology firms at a median salary of $120,000, but it is unclear what those firms were and which ones paid at the top end or the low end. The soon-to-be-published data reveals one recently graduated MBA took an operations position at a late stage Bay Area startups for a base salary of $155,500 while an MBA who secured a business development role at the same company earned a baseline salary of $120,000. However, the MBA in the biz dev role received a $20,000 signing bonus and almost $60,000 in equity for a total compensation package of more than $200,000.

TOP AVERAGE TOTAL COMPENSATION IS NEARLY $150K AT LATE-STAGE VENTURES

Transparent Career broke the startups into categories based on venture capital funding stages. MBAs entering “pre-seed” startups secured an average base salary of $84,255. For startups that have received a seed funding round, the average climbed to $93,056. Series A companies have awarded their recent MBA hires $96,600. The number continued to climb slightly to $99,083 for Series B ventures. The big leap came for MBAs taking positions at “late-stage” companies, which reported an average base of $114,759. Late-stage companies included Airbnb, Amazon, Credit Karma, Microsoft, SoFi, and Uber, among others. Included in Series B was Yelp and such MBA-founded startups as Commonbond and BaubleBar, among others.

Not surprisingly, pre-seed ventures offered greater percentages of equity compensation than any other stage, with the exception of late-stage companies that handed out the most valuable stock awards.  For example, MBAs beginning at pre-seed startups reported an average of $8,750 in stock compensation. That rate continued to drop for each stage to Series B companies, which awarded a stock compensation average of $3,750. That number catapulted to $19,804 for MBAs taking positions at late-stage companies.

For total compensation, MBAs taking positions at seed-stage companies reported the lowest average at $108,389. The total compensation variation pre-seed, seed, Series A, and Series B companies was relatively minimal from the seed-stage average of just over $108,000 to the Series B average of $115,508. Total compensation averages leap significantly for MBAs at late-stage ventures to $149,072.

 

Average Startup Compensation For Recent MBA Grads

Transparent Career has aggregated self-reported data in first jobs at startups from recent MBA grads. Interestingly, total compensation packages at pre-seed startups are higher than both seed and Series A ventures, on average. Not surprisingly, average total compensation and average salaries are highest in late stage startups.

Startup Stage Average of Salary Average of Bonus Average of Signing Bonus Average of Stock Comp Average of Relocation Bonus Average of Misc Comp Average of Total Comp Average of Startup Equity % Reporting Equity
Pre-Seed $84,255 $9,000 $6,000 $8,750 $3,400 $1,000 $112,405 22.50% 60%
Seed $93,056 $12,563 $313 $5,000 $ - $ - $108,389 19.67% 56%
Series A $96,600 $8,929 $ - $4,583 $500 $417 $110,314 0.16% 64%
Series B $99,083 $10,063 $1,042 $3,750 $375 $1,196 $115,508 0.08% 75%
Late Stage $114,759 $12,991 $3,462 $19,804 $1,760 $930 $149,072 0.06% 72%

Source: Transparent Career Get the data

 

 

For MBAs wanting to take positions at startups, the process can be like the Wild West. Startups recruit and hire on their own schedule. It can be sporadic and frustrating. And even if mutual employment interest is established between an MBA and a startup, negotiating a starting compensation package along with a title can be exhausting. The data collected by Transparent Career provides a real glimpse into what to expect from startups.

One readily known but seldom substantiated idea is that startups — particularly later-stage ventures — use stock compensation as a way to woo top talent with lower cash outlays than other industries, including consulting and finance. According to Transparent Career Co-Founder and COO, Kevin Marvinac, “stock” compensation is broken down into equity and restricted stock units (RSU), both of which are “usually subject to vesting schedules and other restrictions,” Marvinac explains.

“My theory is that large, late-stage “startups” — generally companies with funding of $25 million or above — are giving away large amounts of RSUs to entice top talent to take a pay cut,” says Marvinac, who is also a current MBA at Chicago’s Booth School of Business. “In my fairly uneducated opinion, this is actually a smart decision financially, since it depends on an IPO that may or may not ever actually happen — especially given the current bloated valuations of many large private companies. It’s solving current problems — attracting talent cheaply — by creating future problems — large amounts of equity given away — that may never actually occur.”

DATA ‘IN LINE’ WITH WHAT ENTREPRENEURSHIP DIRECTORS ARE SEEING

According to entrepreneurship directors at two elite B-schools, the data generally matches up with what they are hearing and seeing from graduates at their own schools.

“We see a lot of variation based among other things on experience, industry, and function, but the trends are earlier stage companies tend to offer lower base pay and higher equity and later stage companies offer higher base pay and less equity,” says Clare Leinweber, the managing director of Penn Wharton Entrepreneurship.

Vince Ponzo, the managing director of the Lang Entrepreneurship Center at Columbia Business School, says he is “slightly surprised” to see the average stock compensation value “so low” at earlier stages, “since early companies usually give more equity to lure talent to join the company in lieu of high cash compensation. Although, Ponzo believes the average startup equity percentages look more “in line with expectations.”

“While employees are getting sizable and in line — based on stage — equity grants as a percentage of the company, assigning a dollar value to those grants for purposes of this survey is somewhat pointless since the earlier stage companies will almost always have a very small price per share,” Ponzo explains. “What is surprising is that the ‘Average of Stock Compensation’ dollar value does not go up by stage in this data. You would expect that as companies raise more money and get to later stages, their equity would carry a higher valuation which would make that number higher.”

 

‘YOU WON’T BE ABLE TO PULL A TOP CANDIDATE, ESPECIALLY AN MBA, WITHOUT SIGNIFICANT OPPORTUNITY FOR WEALTH CREATION’

There are some wild stock compensation reports in the data. An MBA taking an operations position at one prominent late stage San Francisco startup reported stock compensation with a value of $125,000. Another going into a business development role at another late stage venture based in the Bay Area managed to negotiate $115,000 in stock compensation.

“I’d say the penchant for ‘high growth’ private companies like Uber, Airbnb, and Pinterest to offer really high amounts of RSUs is one of the most interesting things about the data,” Marvinac believes. And at small stage companies, Marvinac confirms, “decent amounts” of equity is almost a given for top MBAs.

“On the small company side, you won’t be able to pull a top candidate, especially an MBA, without significant opportunity for wealth creation,” Marvinac adds. “It’s just too risky and the opportunity cost is too high for MBAs not to receive decent amounts of equity.”

For example, Marvinac says, if an equity package is low, like around 0.05%, real wealth will not be created unless an MBA is at a “big IPO winner like Snapchat.”

“That’s only $50,000 on a $100 million exit,” Marvinac emphasizes. “So equity packages at these companies are higher.”

 

Total Compensation Amounts For MBAs At Startups

MBAs joining startups can expect an average total compensation package of around $104,000. The lowest five total compensation packages among recently graduated MBAs was just over $35,000 and the average of the highest five was just under $233K.

Categories Total Compensation Amount
Average of Lowest Five Total Compensation $35,229
Average of All Total Compensation $103,551
Average of Highest Five Total Compensation $232,727

Source: Transparent Career Get the data

 

As Wharton’s Leinweber points out, the variation among compensation packages at first jobs after B-school for MBAs are dependent on many factors. But if one thing should be certain, Marvinac says it is that stock compensation is a big deal at later-stage companies.

“Talking to my peers and users of our platform over the last year, I think it’s pretty clear that RSUs are a big deal at later-stage companies,” Marvinac says, “but not enough to make  more than $100,ooo year unless you’ve got a long-term plan and you desperately need the experience. For earlier-stage companies, these are risk-friendly MBA candidates that want a real shot at having an immense impact as an operator and significant wealth creation. That’s reflected in the numbers — you can see the huge jump between seed and Series A in terms of equity.”

Indeed, while MBAs at pre-seed and seed startups reported average startup equity percentages at 22.5% and 19.67%, respectively, the rates plunge to 0.16% for Series A, 0.08% at Series B, and 0.06% at late-stage ventures.

“Without knowing what those individual offers entailed, I’d offer a word of caution to MBAs on this,” Marvinac advises. “It’s not Monopoly money, but it’s not exactly like getting options at Microsoft or Google, either. Some of these companies have no stated path to an IPO in the near future, and while some do offer private liquidity events for employees, there’s no guarantee of that. I’ve heard stories of employees in limbo, waiting around at large private companies, unhappy with their roles but unable to move on because they are waiting on their RSUs to vest. But even if they did, there’d be no way to cash them out. And if the Ubers of the world actually do an IPO, who knows if the public markets would support their valuation? This approach is risky in its own right.”

 

Average Salaries For MBAs At Startups

MBAs entering startups can expect a base salary of around $91K. The bottom five earned an average of just over $32K and the top five earned an average of more than $152K.

Category Average Base Salary
Average of Lowest Five Salaries $32,233
Average of All Salaries $90,731
Average of Highest Five Salaries $152,438

Source: Transparent Career Get the data

 

For one current MBA at Chicago Booth, the process of finding and securing a position at an early stage startup was a two-year ordeal. Wishing to remain anonymous as her final negotiations fall into place, the Boothie says working with a local venture capital firm, the Booth career services office, and Transparent Career data helped her find and successfully negotiate a position at a very early-stage venture in the United States.

The student began her search by interacting with many early ventures through the VC firm. “That made me super exposed to the entrepreneurial climate here and super exposed to what I might want to do at graduation,” she tells Poets&Quants. Then, she says, through “so many layers of support,” such as classes, professors, incubators within and outside the University of Chicago, and business plan competitions, she was able to hone in on her ideal employer.

“I got very narrow in what I was looking for. It wasn’t just asking about a job,” she continues, “it was learning what they were doing. I was truly very interested in this space.”

‘THERE WAS NO ZONE IN WHICH WE COULD FALL WHERE EVERYONE WOULD BE HAPPY’

According to the Boothie, career services offices can help, but finding the ideal position at the right company takes “a ton of extra leg-work” both on and off campus.

“You’re talking to companies that sometimes no one has really heard of before,” she points out. “Or they’re not on campus and so you’re doing a lot of hustling off-campus. If you’re targeting a coast and don’t live on it, there is a lot of traveling.”

Once a few potential options began to surface, a Booth faculty member offered some advice the MBA took to heart. “People, pay, place, and position,” she recalls of the priorities in which the professor said to focus. Once the conversations with a few different startups continued, she finally found the position that was a “natural fit.”

“I was very flexible with my title and the type of work,” she says. Unfortunately, she and the startup didn’t see eye-to-eye immediately when it came to salary negotiations. “There was no zone in which we could fall where everyone would be happy. It just didn’t exist,” she says of the compensation package, also noting she wished she would have started compensation conversations earlier in the process. “I don’t even have my title figured out for this role yet.”

As for the MBA “badge of honor,” the Boothie says many early-stage ventures are not too concerned. “For most startups, having an MBA is not the reason they hire you,” she says. “It is certainly a reason for them to look at you. It is certainly a tool in your tool belt. And for me, I talked about it if it did come up. But, at least until you get to a more mature stage, the engineers are the heartbeat of the organization.”

Stock Compensation For MBAs At Startups

Average stock compensation for MBAs entering startups is around $24K. The bottom five earned an average of $1,713 and the top five earned an average of $87,222.

Category Average Stock Compensation
Average of Lowest Five Stock Compensation $1,713
Average of All Stock Compensation $24,414
Average of Highest Stock Compensation $87,222

Source: Transparent Career Get the data

 

 

以上内容摘自:

http://poetsandquants.com/2017/03/20/startups-really-pay-mbas/

 

 

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