Macquarie Capital Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Macquarie Capital, including base salary, bonuses, and total compensation at every level.
Last updated April 2026 · By the Superday AI editorial team
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$108,000
$169,000 - $195,000
$292,000 - $332,000
Analysis
Macquarie Capital pays US first-year analysts about $169K to $195K all-in, placing it at the upper end of the middle-market tier on the strength of its infrastructure and energy specialization.
Key facts
- First-year analysts earn a $108K base, a year-end bonus of roughly $52K to $78K, and a $9K signing bonus, for total first-year pay of about $169K to $195K in 2026.
- Analyst base pay rises to $122K in year two and $132K in year three, with total comp reaching $190K to $215K and $210K to $240K respectively.
- First-year associates earn a $165K base, a $35K signing bonus, and a $92K to $132K year-end bonus, for $292K to $332K total.
- Macquarie bonuses run 30 to 40% below Goldman and JPMorgan and 20 to 30% below Bank of America and Citi.
- Analysts can transition into Macquarie's asset management or principal investing divisions, a path pure advisory firms cannot offer.
Base & Bonus
US-based first-year analysts start on a $108K base with a $9K signing bonus and a year-end bonus of roughly $52K to $78K. Base pay scales to $122K in the second year and $132K in the third, with bonuses climbing to $68K to $93K and then $78K to $108K. Associates start at a $165K base with a $35K signing bonus and a $92K to $132K year-end bonus, reaching $190K base by year two.
Total Compensation
Total first-year analyst comp lands around $169K to $195K in 2026, rising to $190K to $215K in year two and $210K to $240K in year three. Associates take home $292K to $332K in year one and $302K to $352K in year two. The trajectory strongly favors analysts who build deep infrastructure or energy expertise.
How It Compares
Macquarie sits in the middle-market tier, slightly above other international banks because of its infrastructure specialization. Bonuses run 30 to 40% below Goldman and JPMorgan, and 20 to 30% below Bank of America and Citi. Even so, its analyst pay reaches the upper end of middle-market and is competitive with some elite boutiques, reflecting the limited pool of candidates with infrastructure and energy backgrounds.
What Drives Pay
Macquarie's bonus culture is performance-driven, with higher variability tied to individual and team results. Its profit-sharing model gives revenue-generating teams a more direct link between deal activity and bonus pools than at larger institutions with centralized allocation. Analysts receive overtime pay, and benefits include health insurance, 401(k) matching, and wellness programs. The option to move into asset management or principal investing adds career optionality few advisory competitors can match.
Analyst Compensation
First-year analysts at Macquarie Capital earn a base salary of $108,000 with a year-end bonus of $52,000 - $78,000, bringing total first-year compensation to approximately $169,000 - $195,000. Second-year analysts earn approximately $190,000 - $215,000 total comp, rising to $210,000 - $240,000 in the third year.
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $108,000 | $52,000 - $78,000 | $169,000 - $195,000 |
| Analyst 2 | $122,000 | $68,000 - $93,000 | $190,000 - $215,000 |
| Analyst 3 | $132,000 | $78,000 - $108,000 | $210,000 - $240,000 |
Associate Compensation
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Associate 1 | $165,000 | $92,000 - $132,000 | $292,000 - $332,000 |
| Associate 2 | $190,000 | $112,000 - $162,000 | $302,000 - $352,000 |
How Macquarie Capital Compares
Macquarie sits in the middle-market tier, slightly above other international banks due to its infrastructure specialization. Bonuses run 30-40% below Goldman and JPMorgan, and 20-30% below Bank of America and Citi.
Benefits & Perks
Meals & Transportation
Dinner provided, car service available
Macquarie Capital Compensation Overview
Macquarie Capital offers middle-market compensation with a distinctive Australian banking heritage and infrastructure focus. Base salaries are competitive with middle-market US peers, while bonuses reflect Macquarie's specialty in infrastructure, energy, and natural resources. The firm's sector expertise and principal investing model mean analysts in these groups can see bonuses at the higher end of ranges. Macquarie's entrepreneurial culture and global platform provide unique learning opportunities beyond traditional M&A. Analysts value the firm's focus on complex project finance and sponsor-backed infrastructure deals. Exit opportunities include infrastructure-focused private equity and corporate development at resource companies.
Frequently Asked Questions
What is the total compensation for a first-year analyst at Macquarie Capital?
First-year analysts at Macquarie Capital earn a base salary of $108,000 with a year-end bonus of $52,000 - $78,000, bringing total compensation to approximately $169,000 - $195,000.
How do Macquarie Capital bonuses compare to other Middle Market banks?
Macquarie sits in the middle-market tier, slightly above other international banks due to its infrastructure specialization. Bonuses run 30-40% below Goldman and JPMorgan, and 20-30% below Bank of America and Citi.
Does Macquarie Capital pay overtime?
Yes, Macquarie Capital does pay overtime to eligible analysts, which can meaningfully increase total compensation.
More Macquarie Capital Resources
Sources
- Macquarie Capital - Careers. Macquarie Capital (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)