Jefferies Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Jefferies, including base salary, bonuses, and total compensation at every level.
Figures re-verified July 2026 against 2025-26 bonus-cycle data · By the Superday AI editorial team
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$110,000
$185,000 - $215,000
$335,000 - $380,000
Analysis
Jefferies pays first-year analysts roughly $185K to $215K in total first-year compensation, above most bulge bracket banks and 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 $65K to $95K, bringing total first-year comp to roughly $185K to $215K in the 2025-26 cycle.
- 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.
- Glassdoor NYC IB analyst pay averages $211K (n=406) — above most bulge brackets and 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. Year-end bonuses run $65K to $95K on the first full cycle. Base salary climbs to $125,000 in year two and $135,000 in year three, with year-end bonuses rising to $75K-$110K and $85K-$120K respectively. First-year associates earn a $175,000 base with a $50,000 signing bonus.
Total Compensation
Total first-year analyst compensation — base, signing, and first full-year bonus — lands at roughly $185K to $215K in the 2025-26 cycle. Compensation has fully converged with bulge bracket banks: Glassdoor NYC IB analyst submissions average $211K across 406 reports, above most bulge bracket peers. Bonuses have been competitive with or above bulge bracket levels, 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 not just disappeared — it has flipped, with Jefferies totals level with Goldman Sachs and clearly ahead of Morgan Stanley, Bank of America, and Citi. 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 $65,000 - $95,000, bringing total first-year compensation to approximately $185,000 - $215,000. Second-year analysts earn approximately $200,000 - $235,000 total comp, rising to $220,000 - $255,000 in the third year.
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $110,000 | $65,000 - $95,000 | $185,000 - $215,000 |
| Analyst 2 | $125,000 | $75,000 - $110,000 | $200,000 - $235,000 |
| Analyst 3 | $135,000 | $85,000 - $120,000 | $220,000 - $255,000 |
Methodology: year-1 totals are base + signing + first full-year bonus for the 2025-26 cycle, compiled from self-reported data (WSO bonus threads, H1B filings, Levels.fyi, Glassdoor). Bucket spread at the same bank can run $30-50K top to bottom; figures for firms with limited public disclosures, and year 2+ and associate rows, are directional estimates.
Associate Compensation
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Associate 1 | $175,000 | $110,000 - $155,000 | $335,000 - $380,000 |
| Associate 2 | $190,000 | $130,000 - $175,000 | $320,000 - $365,000 |
How Jefferies Compares
Jefferies pays at the top of the middle market tier, above most bulge brackets and well ahead of 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 now runs above most bulge brackets while sitting below the elite boutiques, 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 $65,000 - $95,000, bringing total compensation to approximately $185,000 - $215,000.
How do Jefferies bonuses compare to other Middle Market banks?
Jefferies pays at the top of the middle market tier, above most bulge brackets and well ahead of 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)