2022 Consolidated US Investment Banking Base Salaries
By popular request, here is a consolidated thread of street base compensation. I will update this fairly regularly with any bumps or additional data I find.
An1 focused bases are on the bottom part of the thread.
Last Update: 6/16/2022
Bulge Bracket
Bank of America: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 350 / MD 500
Barclays: An1 110 / An2 125 / A1 175 / A2 200 / A3 225
Citi: An1 110 / An2 125 / An3 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 300 / MD 400
Credit Suisse: An1 110 / An2 125 / VP 275 / D 325
Goldman Sachs: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 250
JP Morgan: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 275
Morgan Stanley: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 250
UBS: An1 110 / A1 175 / A2 200 / A3 225 / VP 275
Deutsche: An1 100 / An2 105 / A1 175 / A2 200 / A3 225 / D 350
Elite Boutique
Centerview: An1 130 / An2 140 / An3 150 / A1-3 300
Evercore: An1 120 / An2 130 / An3 140 / A0 185 / A1 200 / A2 225 / A3 250 / VP 275
Lazard: An1 120 / A0 185 / A1 200 / A2 225 / A3 250 / VP 275
PJT: An1 120 / An2 130 / An3 150 / A1-3 250
Greenhill: An1 110
Guggenheim: An1 110
Moelis: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 275
Perella Weinberg: An1 110 / An2 125 / An3 150 / A1 185 / A2 200
Industry Focused
FT Partners: An1 140 / An2 150
Ardea Parters: An1 135
Qatalyst: An1 120 / An2 130 / An3 140
LionTree: An1 115
SVB Leerink: An1 100
Middle Market/Boutique
Foros Group: An1 125
Rothschild: An1 120 / An2 130 / An3 150
Baird: AnStub 110 / An1-2 115 / A1 200
Cowen: An1 110
Harris Williams: An1 110 / An2 115
Jefferies: An1 110 / An2 125 / A0 150 / A1 175
Lincoln: An1 110 / An2 115 / An3 125
Macquarie: An1 110 / An2 120 / An3 130
Nomura: An1 110 / An2 125 / A0 140
Scotia: An1 110 / An2 115 / An3 120
TD Securities: An1 110
Wells Fargo: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 250 / D300
William Blair: An1 110 / An2 115 / An3 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 300
Cain Brothers: An1 105 / An2 115 / An3 125 / A1 175
Houlihan Lokey: An1 105 / An2 115 / An3 125 / A1 175 / A2 200 / A3 225 / VP 250
Raymond James: An1 105 / An2 110 / An3 125
BMO: An1 100 / An2 105 / A1 175 / A2 200
Canaccord Genuity: An1 100 / An2 110 / An3 120 / A1 160 / A2 180 / VP 245
Citizens Bank: An1 100
DC Advisory: An1 100 / An2 105 / An3 110
HSBC: An1 100 / An2 105 / An3 110 / A1 150 / A2 175 / A3 200 / A4 225
Mizuho: An1 100 / A1 175 / A2 200 / A3 225
Piper Sandler: An1 100 / An2 110 / An3 125 / A1 175
RBC: An1 100 / An2 105 / An3 110
Societe Generale: An1 100 / An2 105
Truist: An1 100 / An2 105 / An3 110 / A1 175 / A2 200 / A3 225
Oppenheimer: An1 90 / An2 100 / An3 110
Cantor Fitzgerald: An1 85
Analyst 1 Pay
-- Above Street Banks Are --
140: FTP
130: CVP
125: Ardea, Foros Group
120: EVR, LAZ, PJT, QAT, Roth
115: LionTree
-- Street Banks Are --
110: BofA, Barc, Citi, CS, GS, JPM, MS, UBS, GHL, MOE, PWP, Baird, Cowen, HW, Jeff, Lincoln, Mac, Scotia, TD, WF, WB, Nomura
-- Below Street Banks Are --
105: HL, RJ
100: DB, SVBL, CG, Citizens, DC Advisory, Mizuho, PS, RBC, Truist, SocGen
90: Oppenheimer
85: Cantor Fitzgerald
Data was gathered mostly from WSO comments and Litquidity comp survey
Do you have the source for CS numbers? Is their A1/A2/A3 base really the highest among the BBs?
Source for CS Associate pay is Litquidity comp survey
According to this thread it’s inaccurate though: https://www.wallstreetoasis.com/forum/investment-banking/credit-suisse-…
Pretty sure Lazard is 120k
Yup Lazard An1 is 120
Updated, thanks.
Truist A1 175 / A2 200 / A3 225 / VP 275
Added, thanks
Scotia 95/100/105
Added, thanks
that might be canadian. the us updated 110/115/120 today an1-3
Mizuho AS 1/2/3 - 175/200/225
Added, thanks
Cowen raised An1 to 110
Updated, thanks
Is Centerview really paying $300K across all associates?
Thanks for making this!
Not saying this incorrect, but is BoA D and MD really that low? Thought I saw a post a few months back saying they raised D to 350 and MD to 500, correct me if wrong.
Edit:
https://www.reuters.com/business/finance/bank-america-raises-base-pay-t…
Updated. Had D mislabeled as MD. That article is saying VP at 225 which seems low. Trusting the Litquidity comp survey at 275 there. Thanks
Macquarie is 110 / 120 / 140
Can confirm this is accurate
Perella Weinberg: An3 150 / A1 185 / A2 200
Added, thanks
Perella has 3 year analyst?
Only for August-December so it's not a full year
BofA associate 1 is 175k
PJT Assoc is:
A1: $200k
A2: $225k
A3: $250k
Associate base isn't $250k across.
Isn’t $250K across all associates just announced like a couple weeks ago?
Seeing the same on a thread here, search "250000 associate salary"
This is not true, have had it confirmed that it is 250k across all associate years
SVB Securities is unfortunately still at 100, not 105
Updated. Hopefully they raise this bonus cycle.
I hope they do, 110 is now the standard AN1 base for Jeff and almost every other MM and BB
God damn. CVP As1 making more in base than VPs literally everywhere else.
Yeah wtf actully
I guess that's what mega deals + lean + private + good culture gets you
300 is same base for principal as well. Up until 2022, both assoc and principals made $175 base.
So sorted by pay (for An1) that is..
-- Above Street Banks Are --
140: FTP
130: CVP
120: EVR, LAZ, PJT, QAT, Roth
115: LionTree
-- Street Banks Are --
110: BofA, Barc, Citi, CS, GS, JPM, MS, UBS, GHL, MOE, PWP, Baird, Cowen, HW, Jeff, Lincoln, Mac, Scotia, TD, WF, WB,
-- Below Street Banks Are --
105: HL, RJ
100: DB, SVBL, CG, Citizens, Mizuho, PS, RBC, Truist
7.25/hr: Tobin & Co
The real league table
.
Added, thanks
Delete
Delete
Delete
Thank you. Added this into the post and will update moving forward.
This is without bonus right?
Yes, lol. It's straight base. Not including year-end, signing, relocation, or early acceptance bonus
Super helpful
DC Advisory is also at 100 / 105 / 110
Added, thanks
It's now at 110 for 1st years, so I presume it's 115 and 120 for 2nd and 3rd years, respectively.
Do we have any info on french banks?
Uhh Roths at 120k
Large french banks like BNP and SocGen
Are Corp Banking/Capital Markets bases the same as IB?
Depends where. This is IB specific, I can't speak to others. From what I recall, some BB did match 110 An1 base across banking and capital markets advisory. Very strongly believe Citi did to name one
Roths > Gugg > Greenhill
Pls fix
If Gugg and GHL are EBs, Rothschild is 100% one too
Bump
Does anyone have London VP salaries by bank?
Correction here: DB A1/2/3 is 175/200/225
Thanks
Can confirm HLRX An1 is 120K
? Since when
Makes sense considering their main competition is PJT RSSG, Evercore RX, and Lazard, all of whom pay 120
Is RX on different base than the rest? Would find it odd if the base differs across groups
Will this be updated with return offers?
Can anyone confirm this? Haven't seen this reported anywhere else.
def not right (close friend on team)
Close friend on what team? RX? I'm sure my salary amendment letter is more accurate than "your friend on team" rationale.
Not true
HL raised base for An1 twice during the past eight months, at least for the APAC offices. Given that most banks' global pay structures align those of the U.S., I'd be highly surprised if the salary raise only applied to the overseas offices but not the U.S.
HSBC an1/2/3 is 100/105/110 and As1/2/3/4 150/175/200/225
Thanks, added. Little confused by A4 there. Are you An1 to An2 for first 2 then A1 for 6mo then A2 for year on resulting in 3.5 years from An-to-A on? Essentially is your A1 year a stub period?
FT Partners should be lumped under “elite boutiques”, not “industry focused”. Pls fix thx
Should we just start a new ranking "Paradise"?
Oppenheimer 90/100/110
Thanks, added. Hopefully they raise soon...
Cries in Toronto IB analyst
Does UBS go straight from An1 to A1 or is that just a lack of info? Would assume it’s two year then aso so are they just in line with other BBs?
Gotta be lack of info. It's 2 years at least or maybe even 3
Lack of info. This entire list is what I could find from sources that seemed reputable. An1 is obviously easiest to find as everyone discusses, beyond is harder.
Makes sense. Thanks for your work, great list!
When applying, and they ask salary expectations do you think it is better to:
A) Go with the average / what is listed here
B) Request a little bit higher than what is listed for negotiation
Evercore A1 is 185K.
Thanks, added
EVR A0 is 185, A1 is 200
Since when was Roth 120?? Thought they were still at 110 like other mm
Earlier this week, went 105 to 120. Look at any thread on them within past week.
Foros Group is $125K for An1. Analyst there confirmed that on another thread.
Both Evercore and Lazard associates are 185/200/225/250 for stub year through A3. Evercore is one of the few banks that calls the stub year A1 and therefore ends with A4 (final year before VP promote).
HL should bump that's a bad look
amen
Terrible look
Can you also add the Raine Group (tech), Financo (consumer retail), and Cain Brothers (Healthcare)
Cant confirm pay but prob should add MTS Healthcare and Edgemont Capital Partners for HC Industry specific
Ik Cain Bros is 105/115/125 for An1,2,3 and 175 for As1 but not sure about the other two places
Great job DB only BB at 100
Do we expect associate salaries to be bumped from 175/200/225 any time soon with the analyst bumps?
They got bumped too. Were previously 25k less at each level
So the majority of A2s at solid banks are making the same base (and possibly all in) as PE associates at non-MF shops
Will PE firms bump pay accordingly?
Mm PE already bumped from 200-250 range to 225-300 range. Will probably not re-raise unless there is a defect of associates back to banking or the next recruiting cycle is a big bust
Would summer analyst salaries also get bumped. That being said, should I expect my offer letter to get updated or do they not care about incoming interns?
Yes, I’m an SA at an EB and when base salaries were bumped, they sent out updated offer letters
Had anyone talked with HR about raising bases to match street before? My firm is currently below street and it seems odd they haven't raised, even when they're hiring and growing. Could it be they don’t know 110 is the new An1 base, or that they aren’t planning on raising?
Kinda what I’m thinking right now for my firm too :/
Cantor is 85 base for analyst 1
Hopefully they get this up soon
Hello, can you please share the base for analyst 3? Wow…how can you survive with that base in NYC?
MS is AN1 110, AN2 125, A0 175
Anyone know associate 1 for Roth?
Might be a stupid question...but outta curiosity, I know couple banks have there base as 120k. That being said, do you think other banks will follow or do y'all think that it will stay 110k for the most part?
from my understanding, probably stay at 110. The banks at 120 (EVR, PJT etc) were always known for paying slightly above street
SocGen: An1 100, An2 105
BNP: An1 100
Source: WSO Database / Other threads
SVBL is $125K AN3 (so I'm assuming $105K AN1)
An1 is still at 100k, unless they’ve updated and not told the incoming FT. Any word on if they plan on raising to match street?
What’s the associate pay? Bonuses if you’ve heard?
Added and updated data based on all above comments.
https://www.fnlondon.com/amp/articles/nomura-hikes-junior-pay-for-a-sec…
Why is a0 at Nomura so low relative to other banks?
Because it's associate in title only
Added, thanks
I'm an incoming analyst at Nomura and wasn't notified about pay bumps (signed at 100K last year). Are they sending out updated offer letters or something?
Deleted
Mizuho An1/2/3 - 100/110/120
.
Insight on Solomon Partners?
Incoming analysts were messaged today about base increase to 110
Did BAML bump analyst salary to 110 from 100?
Citizens is now at 110/120/130. Has RBC raised from An1 $100k yet?
Still no raises on the RBC front
The post says it is protected from editing, does anyone know why that is?
isnt goldman As1 still 150?
Thats A0 - i.e A2A
correct - do you know what the other A2A bases are? at baml it's 175
This is without bonus comp added right?
Yes
RBC Associate and up salaries:
A1: 175
A2: 200
A3: 225
VP: 275
D: 275
MD: 425
Doesn't help the analysts
Analysts have already been posted previously. Still 100/105/110.
Lol D and VP have the same base?
Correct
Stifel:
A1: 100
A2: 110
A3: 125
BMO now at 110/125 for Analyst 1/2
where did you hear this?
From a meeting
When will the other EB’s raise to 120…
It’s been discussed a lot. Everyone looking for PWP and Moelis to match the 120 A1. Nobody has a clue when lol but they probably will have to for next SA cycle
.
DB now at 110 (ANL 1) and 125 (ANL 2)
What's the new Aso pay scale
Citizens is 110k base and dished a fatty bonus actually this year
MS AN3 is 150k. AS0/1 is 175k and AS 2/3 is 225k - no 200k in between.
SVB bumped to 110/125
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