The 5-Minute Guide To Family Office Careers and Comp

Career Paths in Family Offices

Here it is, the full list of key roles within family offices, everything from the CEO and governance specialist through to the chef and nanny. And with salary expectations and sought after credentials too.

Executive Roles 👔

Chief Executive Officer (CEO)

The big cheese. Directs the overall operations of the family office, setting strategic objectives, and ensuring alignment with the family's goals. Typically, the higher the AUM, the more likely the CEO will be a non-family member.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $456,250 - $925,000

  $500mn - $999 million: $388,000 - $794,000

  $1bn - $2.49 billion: $735,085 - $1,315,000

  $2.5 billion+: $1,052,679 - $2,475,000

• Background: CEOs often come from executive leadership roles in corporations, private banks, investment firms, or other family offices. They should bring experience in strategic planning and operations management.

Chief Financial Officer (CFO)

Manages financial planning, reporting, liquidity and risk management.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $236,500 - $414,831

  $500mn - $999 million: $430,000 - $750,000

  $1bn - $2.49 billion: $429,227 - $762,500

  $2.5 billion+: $548,500 - $900,704

• Background: Accounting and finance is pretty much essential. Must tick the usual boxes: financial reporting, budgeting, tax planning, and regulatory compliance. Family offices seem to like hiring CFOs from Big 4 accountants, big corporations or other family offices.

Chief Investment Officer (CIO)

Oversees the family's entire investment portfolio, setting strategy, and managing risk.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $456,250 - $925,000

  $500mn - $999 million: $399,375 - $1,106,994

  $1bn - $2.49 billion: $735,085 - $1,315,000

  $2.5 billion+: $1,096,200 - $1,600,000

• Background: Must be experienced in investment management, portfolio construction, and risk analysis. Usually hired from investment banks, hedge funds, private equity firms, or asset management firms.

Chief Operations Officer (COO)

Ensures efficient service delivery and oversees daily operations.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $199,250 - $397,091

  $500mn - $999 million: $290,825 - $610,000

  $1bn - $2.49 billion: $398,000 - $825,253

  $2.5 billion+: $573,046 - $1,263,840

• Background: operations management, process improvement, and project management. COOs often come from the family’s operating company, corporations, consulting firms, or other family offices.

Chief Legal Officer/General Counsel (CLO/GC)

Provides legal advice and ensures compliance with laws and regulations.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $273,750 - $443,750

  $500mn - $999 million: $288,125 - $496,250

  $1bn - $2.49 billion: $288,125 - $496,250

  $2.5 billion+: $546,200 - $1,017,500

• Background: typically experienced attorneys with expertise in areas such as corporate law, tax law, estate planning, and regulatory compliance. Often bringing their external lawyers in-house, hires come from law firms, corporations, or other family offices.

Chief of Staff

Serves as a strategic partner to the CEO, managing priorities, facilitating decision-making, and ensuring effective communication across the family office.

Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

• Less than $1 billion: $203,900 - $260,000

  More than $1 billion: $175,000 - $345,000

• Background: sometimes lawyers, often employees from the family operating business, occasionally highly capable EAs.

Head of People / HR Director

Oversees all human resources functions, including talent acquisition, compensation, benefits, and employee development.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $126,250 - $171,250

  $500mn - $999 million: $120,000 - $180,000

  $1bn - $2.49 billion: $180,000 - $486,000

  $2.5 billion+: $225,455 - $382,919

• Background: typically backgrounds in HR management, talent development. They may come from corporations, consulting firms, or other family offices with experience in building and leading high-performing teams. For smaller family offices, fractional HR directors are often used.

Financial and Investment Professionals 💰

Portfolio Managers

Focus on growing and preserving the family's wealth through diversified investments in equities, real estate, private equity, and hedge funds.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $185,000 - $279,375

  $500mn - $999 million: $201,250 - $373,750

  $1bn - $2.49 billion: $266,251 - $514,000

  $2.5 billion+: $324,608 - $643,716

• Background: investment management, financial analysis, or related fields. They may come from investment banks, asset management firms, or other family offices.

Investment Analysts

Conduct research and analysis to support investment decisions.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $1 billion: $134,250 - $189,714

  $1bn - $2.49 billion: $137,325 - $190,750

  More than $2.5 billion: $165,625 - $209,003

• Background: finance, economics, or related fields, with strong analytical and research skills. Often hired from investment banks, asset management firms, or other research-focused roles.

Controller

Oversees all accounting activities and ensures the accuracy of financial records.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $150,000 - $232,607

  $500mn - $999 million: $194,000 - $222,798

  $1bn - $2.49 billion: $193,813 - $247,709

  $2.5 billion+: $207,446 - $280,157

• Background: accounting, finance, or related fields, with experience in financial reporting, internal controls, and compliance. Often hired from major accounting firms, corporations, or other family offices.

Finance Director (FD)

Manages financial operations and reporting, working closely with the CFO.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $165,000 - $185,000

  $500mn - $999 million: $170,875 - $227,500

  $1bn - $2.49 billion: $167,439 - $325,082

  $2.5 billion+: $216,875 - $396,413

• Background: accounting, finance, with experience in financial planning, budgeting, and reporting. Hired from corporations, consulting firms, or other family offices.

Tax Director

Deals with tax laws and regulations to minimize tax liabilities and protect the family's wealth.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $1 billion: $210,000 - $259,000

  $1bn - $2.49 billion: $424,754 - $497,430

  More than $2.5 billion: $359,236 - $693,750

• Background: tax accounting, tax law, or related fields, with expertise in tax planning, compliance, and minimization strategies. The best tax directors are highly skilled in law and accounting. Often hired from public accounting firms, law firms, or other family offices.

Accounting Director

Manages the accounting department and ensures compliance with financial regulations.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $145,800 - $171,250

  $500mn - $999 million: $120,000 - $180,000

  $1bn - $2.49 billion: $180,000 - $486,000

  $2.5 billion+: $225,455 - $382,919

• Background: accounting, finance, or related fields, with experience in financial reporting, internal controls, and regulatory compliance. Hired from large accounting firms, corporations, or other family offices.

Trust and Governance Professionals ⚖️

Family Governance and Succession Planning Specialist

Establishes clear family rules, resolves conflicts, and prepares the next generation for leadership roles.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $1 billion: $117,500 - $191,750

• Background: Family governance and succession planning specialists often have backgrounds in family dynamics, conflict resolution, and leadership development. They may come from the Big 4, specialist consulting firms, non-profit organizations, or other family offices.

Head of Trust Company

Oversees the family's trust company operations, ensuring compliance with regulations and effective management of trust assets.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  All organizations: $375,000 - $1,500,000

• Background: typically experienced professionals with backgrounds in trust administration, wealth management, and regulatory compliance. Often hired from trust companies, banks, or other financial institutions.

Security and Technology Professionals 🔒

Head of Security

Ensures the safety and security of the family's properties and members.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $1 billion: $87,000 - $150,000

  More than $1 billion: $183,750 - $386,200

• Background: typically law enforcement, military, or private security, with experience in risk assessment, security planning, and crisis management. They may come from security firms, corporations, or directly from UHNW individuals.

Chief Technology Officer (CTO)

Manages the technology infrastructure, ensuring it meets the family's needs.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  All organizations: $175,000 - $345,000

• Background: IT or related fields, with experience in technology strategy, infrastructure management, and cybersecurity. They may come from tech companies or consulting firms.

Philanthropy 🎗️

Foundation Director

Helps align strategic philanthropic initiatives with the family values.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $1 billion: $147,500 - $242,696

  $1bn - $2.49 billion: $220,000 - $294,250

  More than $2.5 billion: $267,647 - $525,000

• Background: typically nonprofit management, philanthropy, or social impact. They may come from charitable organizations or foundations.

Lifestyle Management and Support Roles 🧳

Lifestyle Managers and Personal Assistants

Coordinates travel arrangements, event planning, and manage household staff.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $120,000 - $180,000
  $500 million - $1 billion: $150,000 - $250,000
  $1 billion - $2.5 billion: $180,000 - $300,000
  Over $2.5 billion: $220,000 - $400,000

• Background: often hired from hospitality, event planning, or administrative backgrounds. Experience in managing prominent or high-net-worth individuals is particularly important.

Concierge Services

Handle everyday needs from travel to organizing the social calendar.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $80,000 - $150,000
  $500 million - $1 billion: $100,000 - $180,000
  $1 billion - $2.5 billion: $120,000 - $220,000
  Over $2.5 billion: $150,000 - $300,000

• Background: hospitality or customer services, with experience in providing personalized services.

Family Liaison

Acts as the primary point of contact between the family and the office, ensuring smooth communication and service delivery.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  All organizations: $117,500 - $191,750

• Background: Family liaisons often have backgrounds in communication, customer service, or family dynamics, with experience in facilitating effective communication and understanding the unique needs of high-net-worth families.

Executive Assistants (EA)

Provide high-level administrative support to the family and senior executives.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $84,000 - $125,000

  $500mn - $999 million: $90,000 - $110,000

  $1bn - $2.49 billion: $85,000 - $122,188

  $2.5 billion+: $99,922 - $159,241

• Background: administrative support, office management, or related fields, with experience in supporting senior-level executives and managing complex schedules and tasks. Often brought in from the family business – knowing the family is key.

Pilot

Operates the family's private aircraft, ensuring safe and efficient travel.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $80,000 - $150,000
  $500 million - $1 billion: $100,000 - $180,000
  $1 billion - $2.5 billion: $120,000 - $220,000
  Over $2.5 billion: $150,000 - $300,000

• Background: private or commercial airlines, charter services, or other private aviation roles

Chef

Prepares meals to the family's specifications, often focusing on gourmet or specialized diets.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $60,000 - $100,000
  $500 million - $1 billion: $70,000 - $120,000
  $1 billion - $2.5 billion: $80,000 - $150,000
  Over $2.5 billion: $100,000 - $200,000

• Background: experience in gourmet or specialized cuisine, catering to high-net-worth individuals' dietary preferences and requirements.

Nanny

Provides childcare, ensuring the well-being and development of the family's children.

• Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

  Less than $500 million: $50,000 - $80,000
  $500 million - $1 billion: $60,000 - $100,000
  $1 billion - $2.5 billion: $70,000 - $120,000
  Over $2.5 billion: $80,000 - $150,000

• Background: childcare, early childhood education, or related fields, with experience in providing personalized care and nurturing the development of children in high-net-worth families.

A note on the salaries - sources: Morgan Stanley 2023 study of US family offices, Riveter Consulting Group, UHNW Staffing report.

A note on jurisdiction - the location of the family office will have a major impact on compensation, with NY, LA and San Fransisco typically commanding the highest salaries in the US.

Breaking Into the Family Office World

If you are looking to break into the family office world, take a look at the newsletter How to get a job at a Family Office.  

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