Am I underpaid? Boss thinks my $40k salary is generous

Industry: Wealth Management

Job Title: Investment Analyst

Location: United Arab Emirates

Salary: Just under $40k USD

For context I've been working here for a year, first job out of university. I have a Masters in Finance from a UK university which ranks approximately 150th in the world.

Was discussing work with one of the firm's managing partners when my salary came up, I mentioned I was hoping for a pay-rise and he mentioned (off the record) that the Boss reckons my initial salary was a generous offer, thus making me think a decent pay-rise is unlikely. Feedback from everyone at the firm including the Boss has been super strong however being an Investment Analyst at a Wealth Management firm there is a ceiling to the value I feel like I can bring to the job and no objective way to measure the money I bring in.

Current duties include: Processing dealing instructions for advisors and ensuring alignment with firm ethos (back office type stuff...), conducting due diligence on alternative investments/private equity, communicating investment recommendations to clients, producing marketing material related to the markets (i.e monthly market update), sitting on the investment committee. 

I've been slightly dissatisfied with my salary for a while as this isn't a cheap place to live even without taxes. However, I do not have much to benchmark it against to gauge whether I'm underpaid, partially due to limited relevant professional network and also due to the niche nature of my current role.

Since I heard about this comment from the Boss I've been thinking about leaving but unsure what I could possibly pivot to? My current role really isn't fulfilling and I'd like to get out of Wealth Management. Investment Banking would be great but I'm unsure how to break in (hence signing up here). Also debated trying to land a credit analyst role but doesn't seem to be too much hiring.

Is $40k for someone with a Masters in Finance from a top 150 global university low? Should I be looking to move ASAP? How can I improve my situation? I'm sitting CFA Level 1 soon but beyond that struggling for how to advance.

Many thanks for reading.