The average portfolio manager at a U.S. hedge fund expects to take home about $1.4 million this year, according to Institutional Investor’s All-America Buy-Side Compensation survey.

Employees of hedge funds with assets under management ranging from less than $500 million to more than $75 billion shared their current salary and expected 2018 bonuses with II for the second annual report, which breaks down pay by job title and firm AUM. Roughly 900 portfolio managers, research analysts, and managers-cum-analysts at North American hedge funds, investment advisory firms, and mutual funds responded to this year’s survey.

Hedge fund portfolio managers said they expected to earn $346,164 in base pay on average, up from $277,268 last year. Variable pay — including bonuses, commissions, and options — averaged just over $1 million.