Houlihan Lokey Analyst & Associate Salary

Houlihan Lokey pays meaningfully above bulge bracket levels for junior bankers but below the very top of the elite boutique pay scale set by Centerview, Evercore, and Lazard. First-year analyst total compensation at Houlihan Lokey typically runs in the $170,000-$200,000 range, with base salaries at $110,000-$120,000 and year-end bonuses ranging from $50,000 for median performers to $90,000+ for top-bucket.

The differential against bulge brackets is typically $10,000-$25,000 in Houlihan Lokey's favor; the differential against Evercore and Lazard is typically $15,000-$30,000 below; the differential against Centerview is typically $30,000-$60,000 below. The structural reasons for Houlihan Lokey sitting below the elite boutique pay scale are clear: average deal size in the middle market is meaningfully smaller, which translates directly into smaller fees per transaction. The firm's advisory volume is high, but volume cannot fully compensate for the deal-size differential.

None of this should obscure the core point: Houlihan Lokey pays very strong compensation by any objective standard — meaningfully above bulge brackets, well above middle-market peers like William Blair or Robert W. Baird, and competitive with anything in the middle-market advisory space.

The honest framing for candidates: Houlihan Lokey trades some compensation against the elite boutiques for category-leading restructuring and middle-market franchises, broader geographic optionality, and a more livable lifestyle — and the comp is still strong by any reasonable benchmark.

* Stub bonus of $NaN - $NaN may apply for analysts starting mid-year.

Houlihan Lokey's compensation reflects its position as the world's largest restructuring and financial advisory firm with a distinct business model emphasizing valuation, financial restructuring, and strategic M&A. The firm operates on a more transparent, meritocratic compensation system than traditional investment banks, with pay tied to group profitability and individual performance. Analysts in the restructuring group often see stronger bonuses during distressed market cycles, while M&A advisory pay fluctuates with deal activity. HL's public company status provides more predictable compensation structures and clear promotion timelines. The firm's focus on technical valuation work and complex restructuring creates skill development opportunities that translate to strong exit opportunities, though base compensation tends to be slightly below top-tier middle market peers.