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.
Figures re-verified July 2026 against 2025-26 bonus-cycle data · By the Superday AI editorial team
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$110,000
$165,000 - $195,000
$345,000 - $395,000
Analysis
Morgan Stanley first-year analysts earn total compensation of roughly $165,000 to $195,000 in the 2025-26 cycle, with bonus payouts that run more predictable and less volatile than Goldman's thanks to the firm's wealth management diversification.
Key facts
- First-year analysts earn a $110,000 base salary plus a year-end bonus of about $45,000 to $75,000.
- Morgan Stanley adds a $10,000 signing bonus for incoming first-year analysts.
- Top performers reach $250K in total compensation by their third year (AN3).
- First-year associates see total comp in the $345K to $395K range.
- Morgan Stanley compensation runs in line with Bank of America and Citi, a step behind Goldman Sachs and JPMorgan.
Base & Bonus
First-year analysts earn a $110,000 base salary plus a year-end bonus of about $45,000 to $75,000, along with a $10,000 signing bonus — year-one totals reflect base plus signing plus the first full-year bonus. Base pay steps to $125,000 in year two and $135,000 in year three, with top performers reaching $250K by AN3. First-year associates earn a $175,000 base, and total comp jumps meaningfully in year two.
Total Compensation
Total first-year analyst compensation lands at roughly $165,000 to $195,000 in the 2025-26 cycle. First-year associates see total comp in the $345K to $395K range, with a meaningful jump in year two. The standout trait is stability: Morgan Stanley's bonus distribution tends to be more predictable and less volatile than Goldman's, partly due to the diversification from its enormous wealth management business.
What Drives Pay
Morgan Stanley has invested heavily in analyst quality-of-life initiatives, including overtime pay, car service after 8pm, and backup childcare services. E*TRADE integration adds a tangible perk through discounted stock trading and purchase plans. The practical impact on retention has been notable, with MS reporting lower voluntary attrition among junior bankers compared to historical averages.
How It Compares
Morgan Stanley sits with Bank of America and Citi in the middle of the bulge bracket pack, a step behind Goldman Sachs — the top-paying bulge bracket — and JPMorgan, and modestly ahead of European competitors like Barclays and Deutsche Bank. Strong exit opportunities to megafund PE and top hedge funds keep MS among the strongest return-on-effort platforms in banking.
Morgan Stanley Comp: Bucket Dispersion, Peer Comparison & Exit Math
Morgan Stanley pays at the bulge bracket street median, which in the 2025-26 cycle means first-year analyst base salaries of $110,000 — confirmed by Banking Dive — with year-end bonuses typically landing in the $45,000-$75,000 range for solid performers; add the $10,000 signing bonus and all-in first-year total comp lands in the $165,000-$195,000 band. This puts Morgan Stanley in line with Bank of America and Citi, trailing JPMorgan by roughly $5,000 and Goldman Sachs — the top-paying bulge bracket — by around $15,000 depending on the year.
Where Morgan Stanley falls behind meaningfully is against the elite boutiques: Evercore, PJT, and Moelis regularly pay roughly $20,000-$60,000 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 bonuses 50-75% larger 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
First-year analysts at Morgan Stanley earn a base salary of $110,000 with a year-end bonus of $45,000 - $75,000, bringing total first-year compensation to approximately $165,000 - $195,000. Second-year analysts earn approximately $190,000 - $225,000 total comp, rising to $210,000 - $250,000 in the third year.
| Level | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| Analyst 1 | $110,000 | $45,000 - $75,000 | $165,000 - $195,000 |
| Analyst 2 | $125,000 | $65,000 - $100,000 | $190,000 - $225,000 |
| Analyst 3 | $135,000 | $75,000 - $115,000 | $210,000 - $250,000 |
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 | $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 pays in line with Bank of America and Citi among the bulge brackets, a step behind Goldman Sachs and JPMorgan, and modestly ahead of 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 maintains lockstep with the street on base salaries — $110,000 for first-years, per Banking Dive — though bonus ranges vary by group performance and now sit a step behind Goldman's. 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 $45,000 - $75,000, bringing total compensation to approximately $165,000 - $195,000.
How do Morgan Stanley bonuses compare to other Bulge Bracket banks?
Morgan Stanley pays in line with Bank of America and Citi among the bulge brackets, a step behind Goldman Sachs and JPMorgan, and modestly ahead of 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.
More Morgan Stanley Resources
Sources
- Morgan Stanley - Summer Analyst Program. Morgan Stanley (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)