Houlihan Lokey Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Houlihan Lokey, including base salary, bonuses, and total compensation at every level.
Last updated April 2026 · By the Superday AI editorial team
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Analysis
Houlihan Lokey pays first-year analysts a $105,000 base plus an $8,000 signing bonus and $65K-$95K year-end bonus, for total first-year compensation of roughly $194K-$232K in 2026.
Key facts
- First-year analysts earn a $105,000 base salary, an $8,000 signing bonus, and a $65K-$95K year-end bonus.
- First-year analyst total compensation runs roughly $194K-$232K in 2026.
- Third-year analysts earn a $130,000 base and an $85K-$120K year-end bonus, totaling $215K-$250K.
- First-year associates earn a $165,000 base, a $40,000 signing bonus, and a $95K-$140K year-end bonus, for $300K-$345K total.
- Houlihan Lokey pays in the middle of the middle market tier, below Jefferies and RBC Capital Markets but competitive with Piper Sandler and William Blair.
Base & Bonus
First-year analysts start at a $105,000 base with an $8,000 signing bonus, then earn a $65K-$95K year-end bonus. Pay climbs with tenure: second-year analysts move to a $120,000 base, and third-years reach $130,000 with an $85K-$120K bonus. The bonus structure is more formulaic and performance-based than at some competitors, with clear linkage to group revenue and individual contribution.
Total Compensation
Total first-year analyst compensation lands at roughly $194K-$232K in 2026, rising to $215K-$250K by year three. First-year associates earn $300K-$345K, including a $165,000 base and a $40,000 signing bonus. Compensation has risen substantially over the past several years, reflecting the firm's growing revenues and its push to compete for talent against elite boutiques and bulge brackets.
How It Compares
Houlihan Lokey pays in the middle of the middle market tier, below Jefferies and RBC Capital Markets but competitive with Piper Sandler and William Blair. Total compensation including bonuses now competes favorably with many elite boutiques, though it remains below the absolute top payers like Centerview or PJT. The analyst-to-associate promotion bumps are meaningful, and the firm has a strong track record of internal promotion.
What Drives Pay
The firm's Financial and Valuation Advisory practice generates steady revenue that is less dependent on M&A cycle swings, providing more stability in down-market years when other firms cut bonuses significantly. The restructuring group has seen consistently strong compensation given Houlihan's dominant market position, which translates to substantial fee pools. The result is competitive pay alongside more reasonable hours than many bulge brackets, plus deal experience in restructuring and valuation that supports strong exits to private equity and corporate development.
Houlihan Lokey Comp: Bucket Dispersion, Peer Comparison & Exit Math
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.
Analyst Compensation
First-year analysts at Houlihan Lokey earn a base salary of $105,000 with a year-end bonus of $NaN - $NaN, bringing total first-year compensation to approximately $NaN - $NaN. Second-year analysts earn approximately $NaN - $NaN total comp, rising to $NaN - $NaN in the third year.
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $105,000 | $NaN - $NaN | $NaN - $NaN |
| Analyst 2 | $120,000 | $NaN - $NaN | $NaN - $NaN |
| Analyst 3 | $130,000 | $NaN - $NaN | $NaN - $NaN |
* Stub bonus of $NaN - $NaN may apply for analysts starting mid-year.
Associate Compensation
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Associate 1 | $165,000 | $NaN - $NaN | $NaN - $NaN |
| Associate 2 | $180,000 | $NaN - $NaN | $NaN - $NaN |
How Houlihan Lokey Compares
Houlihan Lokey pays in the middle of the middle market tier, below Jefferies and RBC Capital Markets but competitive with Piper Sandler and William Blair. The firm's restructuring focus provides countercyclical compensation stability.
Benefits & Perks
Meals & Transportation
Dinner expense reimbursement for late nights, car service after 9pm on weekdays
Houlihan Lokey Compensation Overview
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.
Frequently Asked Questions
What is the total compensation for a first-year analyst at Houlihan Lokey?
First-year analysts at Houlihan Lokey earn a base salary of $105,000 with a year-end bonus of $NaN - $NaN, bringing total compensation to approximately $NaN - $NaN.
How do Houlihan Lokey bonuses compare to other Middle Market banks?
Houlihan Lokey pays in the middle of the middle market tier, below Jefferies and RBC Capital Markets but competitive with Piper Sandler and William Blair. The firm's restructuring focus provides countercyclical compensation stability.
Does Houlihan Lokey pay overtime?
Yes, Houlihan Lokey does pay overtime to eligible analysts, which can meaningfully increase total compensation.
More Houlihan Lokey Resources
Sources
- Houlihan Lokey - Careers. Houlihan Lokey (accessed 2026-05-14)
- Johnson Associates - Compensation Reports. Johnson Associates (accessed 2026-05-14)
- Wall Street Bonus Pool to Grow as Bank Revenue Boosted by Rally (2025). Bloomberg (accessed 2026-05-14)