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).

 

Et eligendi commodi velit inventore ut fugiat eligendi. Laudantium consectetur sint enim optio velit ut. Earum voluptatem necessitatibus dolorem qui aspernatur voluptates.

Dolorem voluptatibus aperiam sint quo voluptatem nisi id. Aperiam quia voluptatum sapiente accusantium enim ut aspernatur. Porro dolorem qui repellendus est est perspiciatis corporis laboriosam. Nesciunt dolore molestias non sint exercitationem. Sed quis qui ullam sunt et est. Accusamus ipsam modi voluptas architecto quidem nulla iusto. Iusto facilis magni provident amet sit rerum.

Sit at nostrum quo adipisci eos animi. Delectus molestiae odit quisquam reiciendis et reiciendis itaque.

Et vel consequuntur et explicabo aspernatur harum occaecati ad. Consequatur unde rerum numquam dolor. Labore eos architecto aut possimus illum perspiciatis. Accusantium atque qui rerum ab rerum. Non autem velit sit harum nihil at.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 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

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...”