J.P. Morgan Analyst & Associate Salary

JPMorgan's investment banking compensation for first-year analysts in the 2025-26 cycle sits squarely at the bulge bracket benchmark: $110,000 base salary, with a signing bonus of $10,000 and a first full-year bonus of $50K–$80K that scales with bucket placement. This puts JPM just behind Goldman Sachs — the top-paying bulge bracket — and modestly ahead of Morgan Stanley, Citi, and Bank of America. Total all-in comp for a first-year analyst at JPM — base plus signing plus first full-year bonus — typically runs $170K–$200K depending on bucket and group performance, with second-year comp moving to $125K base plus a bonus that materially differentiates by bucket ($70K–$105K range).

JPM's bonus structure follows the standard bulge bracket bucket model — top, middle, and bottom buckets within each group. Top bucket bonuses at JPM in recent years have run slightly below GS top bucket and roughly in line with MS top bucket. The differentiation between top and bottom bucket at JPM has historically been narrower than at Goldman, which reflects the firm's more institutional, less hyper-meritocratic culture.

Group heads play a meaningful role in bonus decisions — bucket placement is debated at the group level before being calibrated against firm-wide performance. Strong performers in groups that had a strong year (e.g., Healthcare in a strong M&A year, Energy in a strong commodity cycle year) tend to do meaningfully better than equivalent performers in slower groups.

The persistent myth on Wall Street Oasis that JPM analyst comp is 'subsidized by commercial banking' is largely false. The CIB has its own compensation pool driven by CIB revenue, and bonuses are calibrated against CIB peer comp. The commercial bank does not cross-subsidize CIB comp.

Associate-track comp at JPM follows the standard BB ladder: post-MBA Associate base of $175K with sign-on of $50K plus a first-year bonus targeting $120K–$170K, for all-in packages of $345K–$395K that scale meaningfully through Associate 2 and 3. Internal A-to-A promotes ('third-year analyst direct promote') are common at JPM and typically come with a base bump to the $175K associate level and accelerated bonus scaling.

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.

JPMorgan pays near-top bulge bracket compensation, just behind Goldman Sachs, as the largest investment bank by revenue. The firm's bonus philosophy ties closely to deal league tables and individual performance metrics tracked through mid-year and year-end reviews. Analysts in M&A, leveraged finance, and healthcare tend to see bonuses at the higher end of ranges due to strong deal flow. JPM's scale provides consistency in compensation even during market downturns, with the firm historically maintaining its bonus pools when peers cut back. Bonus timing follows the year-end cycle, with analysts' first full payout landing after a complete review year. Overtime pay is rigorously tracked, and analysts benefit from the firm's broader resources, including training programs and internal mobility to other divisions.