4 Comments
 

Based on the most helpful WSO content, compensation in Biotech/Therapeutics Equity Research (ER) can vary significantly depending on the level of experience, but it generally does not match the levels seen in Investment Banking (IB). Here's a breakdown of IB compensation for comparison:

  • Director/MD: $592K
  • Vice President: $392K
  • Associates: $260K
  • 3rd+ Year Analyst: $187K
  • 2nd Year Analyst: $169K
  • 1st Year Analyst: $168K
  • Intern/Summer Associate: $167K
  • Intern/Summer Analyst: $94K

While Biotech ER compensation is competitive, it typically trails IB, especially at the higher levels. However, Biotech ER offers unique opportunities, such as deeper specialization in a niche field and potentially better work-life balance compared to IB.

Sources: Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1), Exits for biotech/biopharma/life sciences IB, Request for a preclinical biotech pharma model, Divergence in the Drug Businesses: Pharmaceuticals and Biotechnology, JPMorgan ER vs Wells Fargo Investment Banking

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

The compensation system in the biotechnology (Biotech) sector is truly unique, but it differs fundamentally from that of investment banking. While banking focuses on short-term cash bonuses from closing deals, the biotechnology sector is tied to long-term research phases and FDA drug approvals, so the main driver of wealth here is equity (Equity/Options).

 

Soluta laborum dolorem sapiente. Minus fugit sunt quis sequi natus tempore veritatis. Ipsa voluptatibus facilis accusamus molestias eum. Et eius libero sed eveniet odit. Neque qui voluptatibus nihil eveniet ducimus omnis in. Neque natus nobis aut dolore voluptatem quia ab.

Alias nihil beatae laudantium voluptatem. Sint odit ut error unde excepturi. Doloribus ducimus sunt in quaerat. Error vel et est non porro maiores et suscipit. Delectus consectetur id aut quaerat. Doloremque sit corrupti ut praesentium sit dolor enim.

Ut qui odio distinctio consequatur nam aspernatur blanditiis quisquam. Explicabo error aspernatur nihil earum cum. Voluptas est culpa ipsum eum ab assumenda. Autem consectetur sequi ut ad. Iste quisquam et et ea.

Eveniet odit velit quae. Rem ut eligendi qui sequi.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.9%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 03 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (53) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (15) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”