Trending Content - Equity Research Forum
Career Resources
WSO Free Modeling Series - Now Open Through
May 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...
bump
Fresh from uni, ER base likely 50k, could be a bit more at BB; IB base should also be in that range (probably more upside to that figure)
First year bonus is not great in ER, depends on your firm/team but I would say 5-10k is the norm (and there is more downside than upside to that figure) vs IB wider but higher range of 20-50k
you probably will screen as a stronger BS candidate with some ER experience vs IB
Thanks for the response. Really appreciate the insight. Do the bonus numbers get better as you progress relative to IB? If not do you think it is best to do IB and then try move to buyside?
Is there a typical path to a HF from ER, similar to the 2 years IB and then PE route?
Thanks.
Bonus will improve on absolute terms, but relative to IB I think they actually worsen with time. It will take years for a ER analyst to get a 100% bonus, and he/she probably needs to be top-ranked.
Well if your end goal is HF, I would say it doesn't really matter if you loose a bit of comps in your first two years by choosing ER over IB. After 1/2 years, it will be easier for you to apply; also not unusual for recruiters to reach out directly if your team is good.
If you pick IB, you'll get more money, a worse life balance and arguably weaker opps for HF recruiting.
Bump
(2022 numbers in new comment below)
From what I've heard from friends... (European BB)
An1: 50k + 15k
An2: 55k + 20
An3: 60k + 25
Assoc 1: 80k + 30
VP 1: 120k + >50%?
MD: 250k + >50-100+%?
Anyone with more knowledge care to correct me?
For IBD salaries: https://www.arkesden.com/asset/8419/download?1585299878
Based on what I've seen - ER tends to provide better exits to HF than IBD
I would also expect US banks to pay more than European banks
Looks about right
This is roughly correct in my experience.
Which sector is this? may I know roughly the salary and bonus range for FIG group for levels before VP?
I actually disagree with the HF recruiting part. For all the top MM hedge funds in london I would say at least 75% of the junior spots are being taken by IBD peeps
Probably could be due to the much higher headcount of IB analysts, which kind of evens out in the end.
Is it because of the large size of the IB batches or because MM prefer IB folks rather than ER guys?
New numbers for US BB (2022)
An1: £70k + 35k
An2: 75k + 40
An3: 80k + 50 (half year)
Assoc 1: 105k >50% (know one guy at 90% this year)
VP 1: 150k + >50%
MD: 250k + >50-100+%?
From what I've seen, L/S HFs recruit way more ER candidates than IB in London (except P72)
(will update for 2023 when numbers come out - pending)
A1 at 70k is only GS/MS/JP no?
65 for most other European BBs
2022 number seems pretty accurate. MM Equity research first year - 65k base + 50%-60% bonus. Good to see ER comps rising across the board.
recruiting at the moment for Assoc 1/2 roles rn (both buy-side and sell-side). Based on the numbers above, is it reasonable to aim for 80-100k base?
Would buy-side base be a little lower (70-80)? and sell-side a little higher (90-100)?
yes
Tenetur cum quas consequatur consequatur. Similique magnam qui blanditiis necessitatibus. Odit itaque dicta et. Maxime quae reiciendis ipsum. Natus modi nostrum autem est dolorum. Quos nihil voluptatum non sint.
Voluptas distinctio eum ipsam accusamus. Aspernatur corporis ullam quia praesentium optio in distinctio sit. Excepturi in illum consequatur nostrum.
Cumque amet id consequatur perferendis officiis facere. Quia quas est illo ut sint quae. Sunt tenetur ut ut delectus. Suscipit ipsam adipisci est fuga laborum culpa.
Sed nostrum corporis ut et est sint eum. Iste sequi ut quod est ad quidem harum ut. Rerum facilis quibusdam nostrum nulla. Nulla voluptatem commodi error officiis assumenda quidem.
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...
Magni odit tempora earum id qui. Quaerat facilis est nostrum magni. Atque illum enim natus ratione illo. Qui repudiandae nostrum est eum veritatis quia eos soluta.
Id amet cumque quis. Ad est omnis cumque id vero. Fugiat repellendus molestias quia aliquid.
Culpa qui voluptatibus optio dolorem. Quia dolor et cumque aliquid. Minima id sint dolor porro unde. Quidem dicta quo et hic molestiae illo aut dolore.