Lazard Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Lazard, 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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$120,000
$195,000 - $220,000
$415,000 - $485,000
Analysis
Lazard pays first-year analysts about $195,000 to $220,000 in total compensation for the 2025-26 cycle, a package that runs ahead of the bulge brackets, though the margin over Goldman Sachs is a modest $10,000 to $15,000.
Key facts
- Lazard first-year analysts earn a $120,000 base salary plus a year-end bonus of roughly $65,000 to $90,000.
- First-year analysts also receive a $10,000 signing bonus, bringing total first-year comp to about $195,000 to $220,000 in the 2025-26 cycle.
- By AN3, Lazard analysts reach $240K to $270K in total comp, with top performers at the high end.
- Lazard associates see first-year total compensation of $415K to $485K.
- Lazard year-one totals run roughly $10K to $30K above Goldman, Morgan Stanley, and JPMorgan, placing the firm below Centerview, Evercore, Moelis, and PJT.
Base & Bonus
First-year analysts start at a $120,000 base salary — a figure verified in 2025-26 H1B filings — plus a $10,000 signing bonus. The year-end bonus runs roughly $65,000 to $90,000 and is set by a meritocratic process where individual contributions and deal impact drive differentiation. The restructuring practice can produce particularly lucrative bonus outcomes, since restructuring mandates generate significant fees on a per-banker basis.
Total Compensation
Total first-year compensation lands at about $195,000 to $220,000 in the 2025-26 cycle — base plus signing plus the first full-year bonus. By AN3, analysts reach $240K to $270K. Associates see first-year total comp of $415K to $485K. The package runs ahead of the bulge brackets, though the margin over Goldman Sachs is modest.
How It Compares
These figures place Lazard in the elite boutique compensation bracket, roughly $10,000 to $15,000 above Goldman Sachs and slightly below PJT Partners and Moelis. Against Morgan Stanley and JPMorgan, the year-one advantage widens to $20,000 to $30,000. The firm sits in the middle of the elite boutique pay range, below Centerview and Evercore.
What Drives Pay
Lazard's dual-platform structure sets its compensation apart. The firm generates diversified revenue from its asset management business, which adds stability to the bonus pool across market cycles. In restructuring-heavy years, distressed mandates are both fee-rich and intensely staffed, so analysts in those groups can see bonuses at the top of the firm's range. The perks package includes overtime pay, meal and transportation benefits, healthcare, and 401(k) contributions.
Lazard Comp: Bucket Dispersion, Peer Comparison & Exit Math
Lazard pays at the elite boutique tier for junior bankers, but below the top of the scale set by Centerview and Evercore. First-year analyst total compensation at Lazard runs in the $195,000-$220,000 range, with base salaries at $120,000 and year-end bonuses ranging from $65,000 for median performers to $90,000 for top-bucket. The differential against Centerview is typically $45,000-$55,000; the differential against Evercore is closer to $25,000-$30,000; the differential against bulge brackets is $10,000-$30,000 in Lazard's favor.
The reasons Lazard sits below the absolute top of the boutique pay scale are several. The firm has a larger headcount than Centerview, which dilutes revenue per banker. The asset management business absorbs some institutional overhead. Public market scrutiny as a listed company creates somewhat more compensation discipline.
Bonus stratification is meaningful — top-bucket analysts earn substantially more than median, typically 30-40% more. Group performance matters: restructuring analysts have seen outsized bonuses in recent stress cycles (notably 2023-2024). The associate-level progression: first-year associate total comp typically lands in the $415,000-$485,000 range.
The honest framing for candidates: if compensation is the single most important variable, Centerview and Evercore are clearly ahead, and Moelis and PJT modestly so. If compensation is one variable among several and the international platform, restructuring franchise, or partnership feel matter, Lazard is competitive on pay and differentiated on platform.
Analyst Compensation
First-year analysts at Lazard earn a base salary of $120,000 with a year-end bonus of $65,000 - $90,000, bringing total first-year compensation to approximately $195,000 - $220,000. Second-year analysts earn approximately $220,000 - $245,000 total comp, rising to $240,000 - $270,000 in the third year.
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $120,000 | $65,000 - $90,000 | $195,000 - $220,000 |
| Analyst 2 | $135,000 | $85,000 - $110,000 | $220,000 - $245,000 |
| Analyst 3 | $145,000 | $95,000 - $125,000 | $240,000 - $270,000 |
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 | $200,000 | $140,000 - $210,000 | $415,000 - $485,000 |
| Associate 2 | $225,000 | $170,000 - $250,000 | $395,000 - $475,000 |
How Lazard Compares
Lazard sits in the middle of the elite boutique pay range, below Centerview, Evercore, Moelis, and PJT, but roughly $10-30K above Goldman, Morgan Stanley, and JPMorgan on year-one totals.
Benefits & Perks
Meals & Transportation
Dinner provided, car service after 9pm
Lazard Compensation Overview
Lazard offers elite boutique compensation with a distinctive global perspective. As the oldest independent advisory firm, Lazard's bonus structure rewards both deal execution and intellectual contribution to client relationships. First-year bonuses typically land in the $65-80K range, with top performers reaching $90K on a $120K base confirmed by 2025-26 H1B filings. The firm's sovereign advisory and restructuring practices provide unique exposure that can enhance bonuses in volatile markets. Lazard's partnership structure and lack of trading operations mean analysts see more direct economics from deal fees. The culture emphasizes long-term thinking and relationship building, which can moderate bonuses compared to Centerview or Evercore but provides stronger mentorship and development. Exit opportunities into private equity and hedge funds are excellent.
Frequently Asked Questions
What is the total compensation for a first-year analyst at Lazard?
First-year analysts at Lazard earn a base salary of $120,000 with a year-end bonus of $65,000 - $90,000, bringing total compensation to approximately $195,000 - $220,000.
How do Lazard bonuses compare to other Elite Boutique banks?
Lazard sits in the middle of the elite boutique pay range, below Centerview, Evercore, Moelis, and PJT, but roughly $10-30K above Goldman, Morgan Stanley, and JPMorgan on year-one totals.
Does Lazard pay overtime?
No, Lazard does not pay overtime. Compensation is structured as base salary plus discretionary year-end bonuses.
More Lazard Resources
Sources
- Lazard Campus Recruiting. Lazard (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)
- Lazard - H1B Salary Filings (base salary disclosures). H1B Salary Database (accessed 2026-07-29)