Insider Guide
What is Executive Search?
A plain-English guide to the search industry and the careers within it
Executive search is a more in-depth, high-touch form of recruitment. Search firms operate on a retained basis, meaning they are paid upfront to fill high-impact, senior roles. Unlike contingent recruiters (where multiple agencies compete for the same role), executive search firms work exclusively and are expected to deliver a rigorous, research-led process.
How do search firms make money?
- Retained fees: typically 25–33% of the placed candidate's base salary, paid in staged instalments (start, shortlist, close)
- Draws: monthly advance paid to fee earners, offset against future commission
- Bonuses: revenue-generating consultants earn a percentage of the fees they bring in
How it differs from contingent recruitment
- Retained vs. contingent: search firms get paid to run the search, not just to fill it
- Exclusive engagement: one firm owns the process from start to finish
- Depth of process: heavily research-led, proactive headhunting rather than reactive CV-sifting
- Candidate experience: more personalised, professional and discreet
Different firm models
- Boutique vs. large: smaller firms tend to be nimble, founder-led, and specialist. Larger firms (Spencer Stuart, Russell Reynolds) have stronger brand pull and global infrastructure
- Generalist vs. specialist: some firms cover a range of industries; others go deep in one vertical (e.g. tech, PE, financial services)
Typical firm structure
| Level | What they do |
|---|---|
| Researchers / Graduate Associates | Entry-level roles focused on sourcing and market mapping |
| Associates / Consultants | Handle delivery and manage candidate relationships |
| Principals / Directors | Drive client relationships and lead project delivery |
| Partners / MDs | Set strategy, win business, manage top clients, and lead teams |
Career progression & comp
| Level | Timeline | Typical Comp |
|---|---|---|
| Researcher / Graduate Associate | 0–2 years | £35k + £10k bonus |
| Associate | 2–3 years | Up to £60k + 50% bonus |
| Consultant | Year 4 | Up to £100k + uncapped bonus |
| Director | Years 5–6 | £70k + £50–100k bonus |
| Partner | Years 7+ | £100k+ base + significant bonus / equity |
What entry-level roles involve
- Market mapping and research
- Building longlists and target organisation charts
- Writing outreach and follow-up messaging
- Candidate screening and prep
- Coordination and project support
What good looks like
- Academics: typically 2:1 or better from Russell Group or equivalent
- Communication: clear, confident, articulate
- Commercial intelligence: able to grasp markets and client needs quickly
- Drive: high-performing, curious, resilient
- Polish: credible with senior stakeholders from early on
Key terms
| Term | Definition |
|---|---|
| Longlist | A broad target list of qualified candidates |
| Shortlist | Top candidates submitted to the client |
| Headhunt | Proactive direct approach to passive candidates |
| Retained | Paid upfront and exclusively engaged |
| Draw | Guaranteed monthly pay advanced against commission |
| Market Mapping | Identifying talent by company, job role or department, then profiling them |
| C-Level | Senior executive titles beginning with 'Chief': CEO, COO, CTO etc. |
| OTE | On Target Earnings (base salary + commission and/or bonus) |
If you want to find out more about careers in executive search, get in touch with Anthony at anthony@timberseed.com.
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