Trending Content - Equity Research Forum
Career Resources
WSO Free Modeling Series - Now Open Through
September 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
Bump
Moved to second year (graduated last spring)
Rank: top I'm assuming
BB
85k->115k. Bonus: 35k
NYC
Title/YOE: Senior Associate/3.5 years
Rank: N/A
Firm Type/Size: MM
Base/Bonus: $115/$105K
City Description: NYC
What sector? I've never seen a near 100% bonus for ER - regardless of bucket.
TMT!
.
what sector?
Industrial
Title: Research Associate 2/2.5 years total experience
base: $95k / $25k bonus
MM
Title/YOE: Associate 3 / 5 years total, 2 in back office, 3 in ER
Rank: middle bucket
Firm Type/Size: BB
Base/Bonus: $145k --> $200k / $30--> $50K
City Description: NYC
Sector: not tech/biotech/pharma
Grats bro, you made it.
Thats a huge base for 3 yrs. basically VP money.
Which back office role were you in for 2 years if you may?
Title: Associate 1
BB / out of favor consumer sector
Base/Bonus: 100k / 15%
Bump
Bump
Title/YOE: Associate, 1YOE in ER, couple years before in industry.
Rank: Top
Firm Type/Size: BB
Base/Bonus: ~100K / ~35K
City Description: NYC
Title/YOE: VP (5th year in ER)
Rank: Top
Firm Type/Size: MM
Base/Bonus: ~180K / ~120K
City Description: NYC
MMs really seem to be getting this best bonus %s
Title/YOE: Senior Associate/2.5 Years
Rank: Lead associate on hot subsector
Firm Type/Size: BB
Base/Bonus: $115/$40K
City Description: NYC
Flawless reviews all year, they are begging me to stay after paying $40K lmaoooooo kill me
What is your corporate title? Analyst 2?
I don't think $155 is awful for that, I get it might be a little disappointing given "flawless reviews"
Can anyone confirm if Citi raised the base salary for research associates and analyst this year?
Don't have first hand confirmation but S&T got them and S&T and Research sit in the same overarching division so the bump should apply.
Thats what I’m hoping but i have yet to see anyone confirm that.
delete
What the fuck? 90 hour weeks? What's going on.
what sector? -- this isn't normal.
delete
It would be cool if people added their avg hours worked per week roughly too.
and also added some data points for london
Why are there so few reporting bonus/comp in ER this year?
Because it is bad?
less people in ER than e.g. IBD
like what, 1 to 4 these days?
Make sense. But there are over 1000 posts or comments in the IB forum. I guess people are just ecstatic there. They use words like “insane and etc” to describe their comp this year.
Bump^ would love to hear how bonuses look this year
Associate/1.25 YoE in ER, 1 prior in consulting
II ranked analyst (good review)
Tier 2 City
MM (Pharma/Biotech; non MD/PhD)
85K base/70K bonus >>> 125K base
1st year associate
Canadian big 5
All in 165k CAD
Adding 50+ data points on this thread: https://dicktoad.substack.com/p/2021-equity-research-bonus-survey
Holy shit this is gold. Some people definitely put total comp by accident tho. No way people with 3-4 YOE in UK are clearing £100k+ bonuses in ER lol.
Yah, hence "use your judgment". LOL.
A certain US BB in London paid ~60k bonuses to 2nd years, this year...
not a stretch for ~100k bonuses by year 3/4
Associate - first full year out of undergrad (~1 year in ER)
II-ranked analyst
MM (healthcare, hot sector)
85K base / 90K bonus
New base 125K
goddamn
What were your hours?
There were a few 100 hour weeks during the summer (June/July/August) when there were a ton of deals, but other than that probably 60-70 on average.
Analyst - First Year
Top II ranked analyst
BB Hot Sector
$85K Base -> $105K Base
$20k bonus stub
Given that I've only worked for 6 months, I guess $20K isn't bad. I hoped for a little bit more given how high the demand is for my teams research but oh well...
Isn't first year at many places basically fixed? Have you checked your cohort?
Still waiting to hear on my comp, but expecting to be disappointed
Title/YOE: Associate promoted to VP (3-4 YE)
Rank: N/A
Firm Type/Size: MM/Boutique
Base/Bonus: 100K to 130K for 2022 / bonus $80K TC for 2021 of 180K
City Description: SF/LA
Wait wtf how are you VP at 3/4 YOE
3 years at Current shop + 1 at prior shop. Top bucket all 3 years, taking on a lot of responsibilities in a growing team
-
Working at one of the five US BB as Asso 2 (after 2.5 years analyst / junior asso) in research. I didn't receive the above comp so I guess I am at one of the other two US BB that you excluded here. Hope the firm follows suit shortly before I start looking for external opportunites...
Can you plz report your base/bonus for 2021 and base for 2022? That would be really helpful. Thanks.
Not sure where you are but have heard Citi is paying ER associate very low. Still Under 150k base for senior associates right below vp
Is this MS, JPM and GS? Or is BAML one of them? We all know it's not Citi. Also, I think EVR probably raised comp at ISI if An3 is now $125k.
Bump
Title/YOE: anl 1/2
Rank:
Firm Type/Size: swiss, bb
Base: usd equivalent ~110k
City Description: asia
if this is in China, that's some decadent lifestyle
Quaerat quos non repellat et. Iure placeat aliquid laudantium qui voluptas. Ducimus nesciunt id sint aut inventore illo deserunt.
Ex voluptates voluptatem ducimus odit. Doloremque adipisci corporis illum quia neque mollitia reprehenderit omnis. Consequatur ad enim officiis excepturi hic itaque tempore. Harum enim neque velit ut possimus sunt. Nulla quia accusantium similique sunt sit tempora aut.
Nesciunt mollitia odio earum repellendus deserunt amet. Eveniet nihil earum libero esse aliquid qui et animi. Ut qui numquam est necessitatibus commodi expedita. Molestiae ut magnam temporibus. Ut nulla illum maiores odio. Cupiditate placeat eos temporibus laborum deleniti velit ea. Corporis et labore eum.
Nobis ea assumenda aut provident qui. Quia ea inventore natus sit. Rerum amet est natus non repudiandae temporibus. Ut non aut voluptas alias sed rerum eligendi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quo quam et facilis velit labore. Aut maiores expedita quis porro non. Ad ut amet esse quia vel.
Qui iusto voluptates et ab blanditiis. Hic incidunt repudiandae est omnis quo excepturi enim. Sed id officiis magnam cum quia.
Ipsam sit a incidunt nisi vel sit repellendus. Omnis assumenda id aliquam.
Sed omnis ipsa eius corrupti. Officia nobis culpa molestiae sit voluptates consequatur. Et omnis atque quasi dicta. Eaque eius beatae doloremque exercitationem fuga voluptas corporis aspernatur.
Necessitatibus et perspiciatis autem autem illum autem. Delectus magni numquam assumenda sed quaerat impedit et eos. Fuga necessitatibus quia ut. Cupiditate molestiae nam dolore eum perferendis sint pariatur.
Earum suscipit sint mollitia temporibus. Veniam cumque vel enim id occaecati.
Quia accusamus nam architecto est veniam cumque. Quod est libero doloribus adipisci harum odit architecto. Nihil sapiente sunt voluptatibus corporis velit enim vitae. Possimus et culpa quia sed unde quisquam.