Morgan Stanley Analyst & Associate Salary
Complete compensation breakdown for investment banking professionals at Morgan Stanley, 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
$215,000 - $255,000
$345,000 - $395,000
Analysis
Morgan Stanley Comp: Bucket Dispersion, Peer Comparison & Exit Math
Morgan Stanley pays at the bulge bracket street median, which in the 2025-2026 cycle means first-year analyst base salaries of $110,000 with year-end bonuses typically landing in the $50,000-$75,000 range for solid performers, putting all-in first-year total comp in the $160,000-$185,000 band. This is essentially identical to Goldman Sachs and JPMorgan, with Morgan Stanley occasionally trailing by $5,000-$10,000 at the top end depending on the year.
Where Morgan Stanley falls behind meaningfully is against the elite boutiques: Centerview, Evercore, and PJT regularly pay $20,000-$50,000 more in year-one total comp, and the gap widens at the associate and VP levels where boutique partners can earn meaningful equity. The reason the bulge brackets have not closed this gap is structural — they are paying for the platform value (training, brand, exit options, deal diversity, balance sheet) and for the broader institutional umbrella that includes wealth management, sales and trading, and a more stable revenue base.
Bonus stratification within the analyst class is real — top-bucket analysts can take home 50-75% more than bottom-bucket analysts in the same class, and group performance matters: a top analyst in a banner year for Tech M&A will out-earn a top analyst in a slower coverage group. Exit opportunities are a real (uncompensated) part of the package: Morgan Stanley analysts place strongly into private equity (KKR, Apollo, Bain Capital, mid-market PE), hedge funds, and growth equity, particularly out of the Tech, Healthcare, M&A, and Lev Fin groups.
Analyst Compensation
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $110,000 | $80,000 - $110,000 | $215,000 - $255,000 |
| Analyst 2 | $125,000 | $100,000 - $135,000 | $225,000 - $260,000 |
| Analyst 3 | $135,000 | $110,000 - $150,000 | $245,000 - $285,000 |
* Stub bonus of $15,000 - $25,000 may apply for analysts starting mid-year.
Associate Compensation
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Associate 1 | $175,000 | $120,000 - $170,000 | $345,000 - $395,000 |
| Associate 2 | $200,000 | $150,000 - $220,000 | $350,000 - $420,000 |
How Morgan Stanley Compares
Morgan Stanley matches Goldman Sachs at the top of bulge brackets. Compensation runs 10-15% ahead of Bank of America and Citi, and meaningfully higher than European banks like Barclays and Deutsche Bank.
Benefits & Perks
Meals & Transportation
Dinner after 7pm, car service after 8pm
Morgan Stanley Compensation Overview
Morgan Stanley's compensation structure emphasizes stability and predictability within the bulge bracket tier. The firm historically maintains lockstep with Goldman Sachs on base salaries and bonus ranges, though bonuses can vary by group performance. MS is known for its strong wealth management integration, which provides additional internal mobility and long-term career benefits. The bonus pool is distributed with attention to both individual performance and group profitability, meaning analysts in M&A and equity capital markets often see the highest payouts. Overtime policies are consistently applied, and the firm has invested in improving analyst experience, which is reflected in retention bonuses and mid-year adjustments for top performers.
Frequently Asked Questions
What is the total compensation for a first-year analyst at Morgan Stanley?
First-year analysts at Morgan Stanley earn a base salary of $110,000 with a year-end bonus of $80,000 - $110,000, bringing total compensation to approximately $215,000 - $255,000.
How do Morgan Stanley bonuses compare to other Bulge Bracket banks?
Morgan Stanley matches Goldman Sachs at the top of bulge brackets. Compensation runs 10-15% ahead of Bank of America and Citi, and meaningfully higher than European banks like Barclays and Deutsche Bank.
Does Morgan Stanley pay overtime?
Yes, Morgan Stanley does pay overtime to eligible analysts, which can meaningfully increase total compensation.