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Investment Banking Salary Guide
Compare analyst and associate compensation across 47 investment banks. Base salary, year-end bonuses, signing bonuses, and total compensation by tier.
Compensation by Tier
| Tier | Banks | Avg AN1 Base | AN1 Total Comp Range |
|---|---|---|---|
| Bulge Bracket | 8 | $110,000 | $195,000 - $255,000 |
| Elite Boutique | 18 | $110,556 | $NaN - $NaN |
| Middle Market | 21 | $103,095 | $NaN - $NaN |
Bulge Bracket
(8 banks)Goldman Sachs
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$215,000 - $255,000
Morgan Stanley
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$215,000 - $255,000
J.P. Morgan
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$215,000 - $255,000
Bank of America
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$205,000 - $245,000
Citi
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$205,000 - $245,000
Barclays
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$195,000 - $235,000
UBS
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$195,000 - $235,000
Deutsche Bank
Bulge Bracket
AN1 Base
$110,000
AN1 Total Comp
$195,000 - $235,000
Elite Boutique
(18 banks)Evercore
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$245,000 - $295,000
Lazard
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$220,000 - $265,000
Centerview Partners
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$245,000 - $295,000
PJT Partners
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$222,000 - $267,000
Moelis & Company
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$220,000 - $265,000
Guggenheim Partners
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Perella Weinberg Partners
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Greenhill & Co.
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Rothschild & Co
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Qatalyst Partners
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
LionTree
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Allen & Company
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Raine Group
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
M. Klein & Company
Elite Boutique
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Ducera Partners
Elite Boutique
AN1 Base
$100,000
AN1 Total Comp
$163,000 - $188,000
FT Partners
Elite Boutique
AN1 Base
$100,000
AN1 Total Comp
$163,000 - $188,000
Gordon Dyal & Co.
Elite Boutique
AN1 Base
$120,000
AN1 Total Comp
$285,000 - $355,000
Ardea Partners
Elite Boutique
AN1 Base
$130,000
AN1 Total Comp
$275,000 - $345,000
Middle Market
(21 banks)Houlihan Lokey
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$NaN - $NaN
Jefferies
Middle Market
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
RBC Capital Markets
Middle Market
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Wells Fargo Securities
Middle Market
AN1 Base
$110,000
AN1 Total Comp
$NaN - $NaN
Piper Sandler
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
William Blair
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
Robert W. Baird
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
Raymond James
Middle Market
AN1 Base
$95,000
AN1 Total Comp
$NaN - $NaN
Stifel
Middle Market
AN1 Base
$95,000
AN1 Total Comp
$NaN - $NaN
Lincoln International
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
Harris Williams
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
Solomon Partners
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$NaN - $NaN
HSBC
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$163,000 - $188,000
BNP Paribas
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$160,000 - $184,000
BMO Capital Markets
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$163,000 - $188,000
TD Securities
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$160,500 - $185,500
Truist Securities
Middle Market
AN1 Base
$102,000
AN1 Total Comp
$156,000 - $181,000
Oppenheimer & Co.
Middle Market
AN1 Base
$100,000
AN1 Total Comp
$151,000 - $176,000
Mizuho Securities
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$163,000 - $188,000
Nomura
Middle Market
AN1 Base
$105,000
AN1 Total Comp
$160,500 - $185,500
Macquarie Capital
Middle Market
AN1 Base
$108,000
AN1 Total Comp
$169,000 - $195,000
Frequently Asked Questions
How much do first-year investment banking analysts make?
First-year analysts at bulge bracket and elite boutique banks earn a base salary of $110,000 with year-end bonuses ranging from $70,000 to $150,000, bringing total compensation to $180,000-$260,000 depending on the firm and performance.
Which investment banks pay the most?
Elite boutique firms like Evercore, Centerview, and PJT Partners tend to pay the highest total compensation due to larger discretionary bonuses. Bulge bracket banks like Goldman Sachs and Morgan Stanley offer competitive base salaries with strong bonuses.
Do investment banks pay overtime?
Some banks pay overtime to first-year and second-year analysts, which can add $20,000-$40,000 to total compensation. Notable overtime-paying banks include several bulge bracket firms. This varies by bank and may change year to year.
How much do investment banking associates make?
First-year associates typically earn a base salary of $175,000-$200,000 with year-end bonuses of $100,000-$200,000, bringing total compensation to $275,000-$400,000 depending on the firm and tier.
Related Resources
Sources
- Johnson Associates — Compensation Reports. Johnson Associates (accessed 2026-05-14)
- Options Group — Research and Reports. Options Group (accessed 2026-05-14)
- Wall Street Bonus Pool to Grow as Bank Revenue Boosted by Rally (2025). Bloomberg (accessed 2026-05-14)
- Goldman Sachs Boosts First-Year Analyst Pay to $110K. Banking Dive (accessed 2026-05-14)
- Financial Analysts — Occupational Outlook Handbook. U.S. Bureau of Labor Statistics (accessed 2026-05-14)