Investment Banking
Compensation Guide2024 – 2025
Real compensation data across every level — from first-year Analyst to Managing Director — at Bulge Bracket banks and Elite Boutiques.
Compensation by Level
Base salary, bonus, and all-in total compensation across the IB hierarchy.
| Level | Base Salary | Bonus Range | Total Comp |
|---|---|---|---|
| Analyst 1st Year | $110K | $80-120K | $190-230K |
| Analyst 2nd Year | $125K | $100-150K | $225-275K |
| Analyst 3rd Year | $135K | $120-170K | $255-305K |
| Associate 1st Year | $175K | $100-175K | $275-350K |
| Associate 2nd Year | $200K | $125-200K | $325-400K |
| Associate 3rd Year | $225K | $150-250K | $375-475K |
| VP | $250-300K | $200-400K | $450-700K |
| Director / SVP | $300-400K | $250-500K | $550-900K |
| Managing Director | $400-600K | $500K-2M+ | $900K-2.6M+ |
* Figures represent typical Street-level comp at top-tier firms. Actual pay varies by group performance, individual ranking, and market conditions.
Bulge Bracket Comparison
All-in total compensation at the nine major Bulge Bracket banks.
| Bank | Analyst Total Comp | Associate Total Comp |
|---|---|---|
| Goldman Sachs | $200-250K | $300-375K |
| Morgan Stanley | $195-245K | $290-365K |
| JPMorgan | $190-240K | $285-360K |
| Bank of America | $185-235K | $280-355K |
| Citi | $180-225K | $275-345K |
| Barclays | $180-225K | $270-340K |
| Deutsche Bank | $175-220K | $265-335K |
| UBS | $180-225K | $270-340K |
| Credit Suisse | $175-220K | $265-330K |
Elite Boutiques
Advisory-focused firms that frequently pay above Bulge Bracket levels.
| Bank | Analyst Total Comp | Associate Total Comp |
|---|---|---|
| Evercore | $210-260K | $310-400K |
| Lazard | $200-250K | $300-380K |
| Centerview | $220-275K | $325-425K |
| Moelis | $200-250K | $300-380K |
| PJT Partners | $205-255K | $305-390K |
| Guggenheim | $200-245K | $295-375K |
| Perella Weinberg | $200-250K | $300-380K |
How Bonuses Are Determined
Understanding the factors that drive year-end compensation.
Bank-Wide Revenue
The overall bonus pool is set by the bank's annual revenue and profitability. Strong deal flow and advisory fees enlarge the pool for everyone.
Group Performance
Your coverage or product group's revenue directly impacts the slice of the pool allocated to your team. Top-performing groups see materially larger payouts.
Individual Ranking
Analysts and Associates are bucket-ranked (top, middle, bottom). Seniors evaluate your deal contributions, attitude, and technical skill to assign your tier.
Market Conditions
M&A and capital markets activity fluctuate with the macro environment. Down-years compress bonuses even if individual performance is strong.
Retention Pressure
Banks adjust comp to retain top talent, especially when competitors raise base salaries or when exit opportunities to PE and HFs are abundant.
Deferred Compensation
At the VP level and above, a portion of the bonus is deferred into stock or cash that vests over 2-3 years, aligning incentives with long-term performance.
Compensation Trends
Year-over-year changes in first-year Analyst compensation.
| Year | Analyst Base | Analyst Bonus | YoY Change |
|---|---|---|---|
| 2021 | $100K | $70-100K | +15% |
| 2022 | $110K | $80-120K | +12% |
| 2023 | $110K | $75-115K | -3% |
| 2024 | $110K | $80-120K | +4% |
| 2025E | $115K | $85-125K | +5% |
Key Takeaway: After a significant pay reset in 2021-2022 driven by pandemic-era deal volumes, comp has stabilized. 2025 projections suggest modest growth as M&A activity recovers from the 2023 slowdown.
Exit Opportunities & Compensation
Where bankers go after IB and what they can expect to earn.
| Exit Role | Typical Total Comp | Notes |
|---|---|---|
| Private Equity (Associate) | $250-400K | Carry can add significantly over fund lifecycle |
| Hedge Fund (Analyst) | $200-500K+ | Wide range; PnL-driven bonuses at senior levels |
| Corporate Development | $150-250K | Better work-life balance; equity upside at growth cos |
| Venture Capital | $150-300K | Lower cash comp; carried interest is the long-term play |
| Growth Equity | $200-350K | Blend of PE and VC economics |
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