Goldman Sachs Analyst & Associate Salary

Goldman Sachs IB analyst compensation has tracked the broader bulge bracket band but with consistently sharper top-bucket spreads than peers, which materially changes the expected-value math for high performers. First-year analyst base salary sits at $110,000, second-year at $125,000, and third-year at $150,000, in line with the post-2021/2022 base hike that JPM, MS, and BofA matched.

The real story is bonus dispersion. For first-year analysts in a normal year, top-bucket bonuses have ranged roughly $75K–$95K, mid-bucket $55K–$70K, and bottom-bucket $35K–$50K. That translates to all-in first-year comp of approximately $165K–$205K depending on bucket — a $40K–$50K spread top-to-bottom that is wider than what Morgan Stanley or JPM typically deliver, where bucket spreads compress closer to $25K–$35K. Goldman's higher dispersion is consistent with the firm's explicit meritocracy and partner-track culture: rewarding outliers more aggressively is a feature, not a bug.

Stub bonuses meaningfully reshaped the math for first-years starting in July or August. Stubs (paid in December for the partial year) typically run $15K–$30K and effectively pull forward part of what would have been the year-one bonus. Versus peers: GS top-bucket has typically run roughly $5K–$15K above MS and JPM top-bucket in equivalent years, though the delta narrows in down cycles. Bottom-bucket at GS has historically been comparable to peers. Evercore, Centerview, and PJT consistently outpay GS at the analyst level by $15K–$40K all-in.

What actually drives bonus allocation: deal credit (revenue you touched, weighted by your role), staffer/VP/MD reviews (the 360 process), group head discretion, and group-level performance versus budget. Top-bucket placement requires positive reviews from at least two senior bankers in addition to strong staffer feedback. Being on a marquee live deal — even as a junior — accelerates bucket placement disproportionately.

PE exit comp typically lifts a Goldman analyst meaningfully. A second- or third-year GS analyst exiting to upper-middle-market or megafund PE generally sees first-year associate all-in comp of $300K–$400K, with megafund placements (Blackstone, KKR, Apollo, Carlyle) sometimes pushing $400K–$450K. Goldman's brand premium in PE recruiting remains real and is one of the largest non-comp components of total expected lifetime earnings from the analyst program.

* Stub bonus of $15,000 - $25,000 may apply for analysts starting mid-year.

Goldman Sachs maintains its position as the street's compensation leader, with bonuses heavily tied to deal flow and individual performance. The firm's meritocratic culture means top performers in strong groups can significantly exceed the bonus ranges listed. GS introduced stub bonuses for first-year analysts to bridge the gap between signing and year-end compensation. The compensation philosophy emphasizes pay-for-performance, with material differences between analysts based on reviews. Coverage and product groups typically see higher bonuses than support functions. Weekend work and late nights are compensated through overtime pay, though the real differentiator remains the year-end bonus pool.