Trending Content - Equity Research Forum
Career Resources
WSO Free Modeling Series - Now Open Through
July 31, 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...
I'm curious as well. I'll be a first year associate at a MM in the southeast looking at 65k base and was told to expect 20-25% bonus
Kind of flexible but generally BB pays more than MM. And most boutiques pay the worst. There are some boutique stars that pay among the highest but it’s not common. There are some MM that pay more than bb I.e. bmo giving out 125k + 25k guaranteed bonus to a second year. Thing to consider is the cost of living. Lot of MM not headquartered in nyc such as piper jaffray, William blair, Baird, suntrust, Stephens. But among the mm, pay can be drastically different even in similar cost of living locations. I.e. suntrust vs Stephens.
With mifid I have heard that market share is expected to consolidate to BBs which jives with what you said. I am very curious what the range for junior BB analysts is, as I have heard very low numbers.
It'll most likely consolidate to the top 10-15 firms in the respective spaces and whoever leaves, leaves. My MM has yet to see any issues whatsoever thus far for what its worth. BB numbers are still fine, associates make FO base salaries similar to IB, but with lower bonuses around 20-30% depending on a host of factors. The only area where there might be pressure is on the bonuses, but I doubt it'll carry much to the associate level.
The industry is consolidating, not dying, which means that some places will go away and some will get a larger piece of a smaller pie. Revenues might be under pressure at some places while at others revenues actually grow. Either way, its still a good place to be at the associate/sr. associate level on a pay/exit opps basis. Its a bitch and a half to make analyst, and now with added uncertainty, I personally don't plan on staying more than 2-4 years all things considered.
Agree with everything you said. I'm new to the industry but also dont plan on staying more than ~4 years give or take
I'm happy to take the pay cut being here. I'll be at one of the banks you mentioned and COL is low as can be plus the area and town vibe fit me better than NY.
Do you know much on Exit Ops being on a respected MM team? Ideally I'd like to work at a HF but I'm still young and that may change
Magnam et excepturi possimus debitis dolore provident hic. Sint sed et in voluptas expedita. In occaecati animi aut non sit. Dolores fugit neque dolorem eum ut velit.
Numquam quidem at aliquid enim ut modi. Consequatur doloremque aliquid perspiciatis. Eligendi praesentium eveniet deserunt consequuntur.
Consectetur consequuntur deleniti repellat occaecati autem aut. Libero sit officia aut esse suscipit qui quia. Sapiente sint perferendis tenetur molestias voluptatem aut. Quo quia rerum error.
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...