Jefferies Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Jefferies, including base salary, bonuses, and total compensation at every level.
Last updated April 2026 · By the Superday AI editorial team
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$110,000
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Analysis
Jefferies pays first-year analysts roughly $213K to $251K in total first-year compensation, closing the gap with bulge bracket banks while paying at the top of the middle market tier.
Key facts
- Jefferies first-year analysts earn a $110,000 base salary plus a $10,000 signing bonus.
- First-year analyst year-end bonuses run $75K to $105K, bringing total first-year comp to roughly $213K to $251K in 2026.
- First-year associates earn a $175,000 base, a $50,000 signing bonus, and year-end bonuses of $110K to $155K, for total comp of $335K to $380K.
- Analyst base salary progresses from $110,000 in year one to $125,000 in year two and $135,000 in year three.
- Jefferies pays meaningfully more than smaller middle market peers like Piper Sandler or William Blair, though below elite boutiques.
Base & Bonus
First-year analysts start at a $110,000 base salary with a $10,000 signing bonus, plus a stub bonus of $18K to $26K. Year-end bonuses run $75K to $105K. Base salary climbs to $125,000 in year two and $135,000 in year three, with year-end bonuses rising to $85K-$120K and $95K-$130K respectively. First-year associates earn a $175,000 base with a $50,000 signing bonus.
Total Compensation
Total first-year analyst compensation lands at roughly $213K to $251K in 2026. Compensation has converged significantly with bulge bracket banks in recent years, reflecting the firm's growth and its push to attract top talent. Bonuses have been competitive with or occasionally above bulge bracket peers, particularly in strong revenue years. The progression from analyst to associate is well-compensated, supported by a strong internal promotion culture.
How It Compares
For candidates weighing Jefferies against bulge brackets, the compensation differential has largely disappeared, making the choice one of culture, deal exposure, and career preference rather than economics. Total packages are no longer meaningfully discounted relative to Goldman Sachs or Morgan Stanley. Jefferies pays at the top of the middle market tier and exceeds smaller peers like Piper Sandler or William Blair. Pay sits below elite boutiques but comes with broader product exposure.
What Drives Pay
As an independent firm without the overhead of a large commercial bank, a higher proportion of revenue flows to compensation, which can translate into strong payouts even when the broader industry is tightening. The firm has been aggressive in compensation adjustments to retain talent against larger competitors. Leveraged finance and healthcare bankers tend to be particularly well-compensated given the strength and profitability of those franchises.
Analyst Compensation
First-year analysts at Jefferies earn a base salary of $110,000 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 | $110,000 | $NaN - $NaN | $NaN - $NaN |
| Analyst 2 | $125,000 | $NaN - $NaN | $NaN - $NaN |
| Analyst 3 | $135,000 | $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 | $175,000 | $NaN - $NaN | $NaN - $NaN |
| Associate 2 | $190,000 | $NaN - $NaN | $NaN - $NaN |
How Jefferies Compares
Jefferies pays at the top of the middle market tier, approaching bulge bracket levels and exceeding smaller middle market peers like Piper Sandler or William Blair. Compensation is below elite boutiques but offers broader product exposure.
Benefits & Perks
Meals & Transportation
Seamless for dinner after 7pm, car service for late nights after 9pm, monthly commute allowance
Jefferies Compensation Overview
Jefferies offers middle market compensation with a focus on balancing competitive pay against a broader product platform and deal diversity. As the largest non-bulge bracket investment bank, Jefferies provides exposure to sophisticated M&A, capital markets, and restructuring work while maintaining a more entrepreneurial culture than larger peers. Analyst compensation reflects the firm's positioning between elite boutiques and bulge brackets, with bonuses tied to group performance and individual contribution. The firm's growth trajectory and product breadth create opportunities for cross-group exposure and skill development that pure M&A boutiques can't match. Jefferies has invested heavily in junior banker quality of life initiatives while maintaining market-competitive compensation, particularly for high-performing analysts in strong coverage or product groups.
Frequently Asked Questions
What is the total compensation for a first-year analyst at Jefferies?
First-year analysts at Jefferies earn a base salary of $110,000 with a year-end bonus of $NaN - $NaN, bringing total compensation to approximately $NaN - $NaN.
How do Jefferies bonuses compare to other Middle Market banks?
Jefferies pays at the top of the middle market tier, approaching bulge bracket levels and exceeding smaller middle market peers like Piper Sandler or William Blair. Compensation is below elite boutiques but offers broader product exposure.
Does Jefferies pay overtime?
Yes, Jefferies does pay overtime to eligible analysts, which can meaningfully increase total compensation.
More Jefferies Resources
Sources
- Jefferies - Careers. Jefferies (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)