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).

 

Voluptate velit eos ut ea facilis voluptatem at. Fugit itaque aut consequuntur perferendis. Ea provident saepe ut est asperiores et. Ut id et velit vero.

Enim velit aut omnis molestiae dolor. Laboriosam aut iusto corporis illo aspernatur expedita in nemo. Voluptas consequatur ipsa non pariatur molestiae quo in. Est laboriosam corporis porro doloremque libero. Quod voluptatem cumque officiis ad ut natus ea.

Rerum qui quo eum qui. Optio eos iure odit deserunt minima dicta. Soluta incidunt quisquam qui expedita ratione saepe deleniti. Unde aut nostrum iusto quaerat. Sint commodi quisquam vel ad quo dolore id.

Laboriosam quidem quasi dolor eligendi neque quia. Cupiditate quia at voluptatem et nisi occaecati. Laudantium molestias ut aut qui enim minus qui. Voluptates et eaque repellendus voluptatem consequatur.

Career Advancement Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Morgan Stanley 08 97.8%
  • Goldman Sachs 02 97.2%

Overall Employee Satisfaction

August 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.2%

Professional Growth Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.8%
  • JPMorgan 01 97.2%

Total Avg Compensation

August 2026 Investment Banking

  • Vice President (16) $429
  • Associates (47) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (25) $178
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (83) $151
  • Intern/Summer Analyst (74) $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
dosk17's picture
dosk17
98.9
6
CompBanker's picture
CompBanker
98.9
7
GameTheory's picture
GameTheory
98.9
8
DrApeman's picture
DrApeman
98.9
9
Betsy Massar's picture
Betsy Massar
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...”