PJT Partners Analyst & Associate Salary

PJT Partners pays firmly within the elite boutique tier for analyst and associate compensation, in the same conversation as Moelis and Lazard and a step below Evercore and Centerview. Verified all-in first-year analyst compensation runs $205K to $230K total cash, roughly $215K at the mid per 2025-26 H1B filings and Levels.fyi, with a $120K base salary that sits above the bulge bracket grid. Bonuses for first-year analysts run $75K to $100K, with top-bucket analysts landing at the high end in strong years.

The firm publishes aggregate compensation expense in its 10-K filings as a public company, and the compensation-to-revenue ratio has historically run in the 60% to 70% range in stronger years. Restructuring bankers are typically paid on parity with M&A bankers within the firm, though Rx tends to perform counter-cyclically, meaning Rx bonuses can be elevated in years when M&A is depressed and vice versa.

At the senior level, PJT's partnership economics are widely viewed as among the most attractive on the Street given the firm's small senior banker count and high revenue per partner. Equity awards are a meaningful component for VPs and above. The trade-off candidates routinely flag is that the comp premium at PJT comes packaged with heavier hours and lean staffing — the dollars are elite-boutique level, but so is the time commitment per dollar. Two-and-out exits to private equity remain a major draw, with Blackstone being a particularly common destination given the historical link.

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.

PJT Partners combines M&A advisory with restructuring and activist defense in a unique platform. Compensation reflects this specialization, with pay alongside Moelis and ahead of Lazard in the elite boutique tier. First-year bonuses run $75-100K on a $120K base, with top performers in busy groups reaching the high end of that band. PJT's heritage as the spin-off of Blackstone's advisory businesses (completed October 2015) created a culture of excellence and direct economics. Analysts benefit from exposure to complex strategic situations and hostile defense work, which enhance learning and exit opportunities. The firm's restructuring practice can provide countercyclical stability, supporting consistent bonus pools. While hours are demanding, the work quality and mentorship are exceptional.