Restructuring Compensation · 2026
Restructuring Salary & Bonus (2026)
Base, bonus, and all-in pay from Analyst 1–3 to Managing Director — plus how to actually land the seat.
Restructuring compensation by level
| Level | Base | Bonus | All-In |
|---|---|---|---|
| Analyst 1–3Houlihan Lokey RX A1 ~$105k base; elite boutiques push A2/A3 toward $250k. | $105k–$130k | $60k–$120k (rising by year) | $170k–$250k |
| Associate 1–3PJT/Centerview top associates ~$400k+; mostly all-cash vs. bulge-bracket stock. | $165k–$225k | 60%–120% of base (mostly cash at boutiques) | $285k–$500k |
| Vice PresidentRX VPs at top boutiques sit at the high end given strong fee pools. | $250k–$300k | ~100% rising to 200%–250% of base | $525k–$800k |
| Director / SVP / PrincipalBridge to MD; comp starts to track deals sourced/executed. | $300k–$350k | Discretionary, scaling with origination | $700k–$1M+ |
| Managing DirectorRX MDs are paid on fees; 30%–50% often deferred/stock at larger firms. | $400k–$600k | % of deal fees generated (highly variable) | $1M–$5M+ (group heads higher) |
Restructuring (RX) follows the standard IB ladder — Analyst 1-3 → Associate → VP → Director/SVP → MD — but is dominated by elite boutiques (PJT/BX, Houlihan Lokey, Lazard, Evercore, Moelis, Guggenheim, PWP) rather than bulge brackets. RX pays at or above bulge-bracket M&A at every level because deal fees are large, countercyclical, and concentrated in a few firms; Houlihan Lokey (the RX market leader by deal count) pays a modest premium to bulge brackets, while Centerview/PJT/Evercore/Lazard sit at the very top with more all-cash bonuses. Base is fixed by level; bonus is discretionary and scales hard with seniority, and MD comp becomes a function of deal fees generated. Ranges below are ILLUSTRATIVE 2026 NYC figures.
Restructuring salary FAQ
How much does an entry-level Restructuring professional make in 2026?
An entry-level Analyst 1–3 earns roughly $170k–$250k all-in — about $105k–$130k base plus $60k–$120k (rising by year) bonus. These are illustrative 2026 US major-market ranges; actual pay varies by firm, group, and city.
How much can you make in Restructuring?
Compensation scales sharply with seniority. At the top of the ladder (Managing Director), all-in pay can reach $1M–$5M+ (group heads higher) (illustrative). The full level-by-level breakdown is in the table above.
What is the base salary for a Restructuring role?
Base salary for an entry-level Analyst 1–3 is approximately $105k–$130k in 2026 (illustrative). Bonuses typically add $60k–$120k (rising by year) on top, which is where most of the upside sits.
Is Restructuring a high-paying career?
Restructuring (RX) follows the standard IB ladder — Analyst 1-3 → Associate → VP → Director/SVP → MD — but is dominated by elite boutiques (PJT/BX, Houlihan Lokey, Lazard, Evercore, Moelis, Guggenheim, PWP) rather than bulge brackets. RX pays at or above bulge-bracket M&A at ever