2022 Consolidated US Investment Banking Base Salaries

By popular request, here is a consolidated thread of street base compensation. I will update this fairly regularly with any bumps or additional data I find. 

An1 focused bases are on the bottom part of the thread.

Last Update: 6/16/2022

Bulge Bracket

Bank of America: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 350 / MD 500

Barclays: An1 110 / An2 125 / A1 175 / A2 200 / A3 225

Citi: An1 110 / An2 125 / An3 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 300 / MD 400

Credit Suisse: An1 110 / An2 125 / VP 275 / D 325

Goldman Sachs: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 250

JP Morgan: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 275

Morgan Stanley: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 250

UBS: An1 110 / A1 175 / A2 200 / A3 225 / VP 275

Deutsche: An1 100 / An2 105 / A1 175 / A2 200 / A3 225 / D 350

Elite Boutique

Centerview: An1 130 / An2 140 / An3 150 / A1-3 300 

Evercore: An1 120 / An2 130 / An3 140 / A0 185  / A1 200 / A2 225 / A3 250 / VP 275

Lazard: An1 120 / A0 185 / A1 200 / A2 225 / A3 250 / VP 275

PJT: An1 120 / An2 130 / An3 150 / A1-3 250

Greenhill: An1 110

Guggenheim: An1 110

Moelis: An1 110 / An2 125 / A1 175 / A2 200 / A3 225 / VP 275

Perella Weinberg: An1 110 / An2 125 / An3 150 / A1 185 / A2 200

Industry Focused

FT Partners: An1 140 / An2 150

Ardea Parters: An1 135

Qatalyst: An1 120 / An2 130 / An3 140

LionTree: An1 115

SVB Leerink: An1 100

Middle Market/Boutique

Foros Group: An1 125

Rothschild: An1 120 / An2 130 / An3 150

Baird: AnStub 110 / An1-2 115 / A1 200

Cowen: An1 110

Harris Williams: An1 110 / An2 115

Jefferies: An1 110 / An2 125 / A0 150 / A1 175

Lincoln: An1 110 / An2 115 / An3 125

Macquarie: An1 110 / An2 120 / An3 130

Nomura: An1 110 / An2 125 / A0 140

Scotia: An1 110 / An2 115 / An3 120

TD Securities: An1 110

Wells Fargo: An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 250 / D300

William Blair: An1 110 / An2 115 / An3 125 / A1 175 / A2 200 / A3 225 / VP 275 / D 300

Cain Brothers: An1 105 / An2 115 / An3 125 / A1 175

Houlihan Lokey: An1 105 / An2 115 / An3 125 / A1 175 / A2 200 / A3 225 / VP 250

Raymond James: An1 105 / An2 110 / An3 125

BMO: An1 100 / An2 105 / A1 175 / A2 200

Canaccord Genuity: An1 100 / An2 110 / An3 120 / A1 160 / A2 180 / VP 245

Citizens Bank: An1 100

DC Advisory: An1 100 / An2 105 / An3 110

HSBC: An1 100 / An2 105 / An3 110 / A1 150 / A2 175 / A3 200 / A4 225

Mizuho: An1 100 / A1 175 / A2 200 / A3 225

Piper Sandler: An1 100 / An2 110 / An3 125 / A1 175

RBC: An1 100 / An2 105 / An3 110

Societe Generale: An1 100 / An2 105

Truist: An1 100 / An2 105 / An3 110 / A1 175 / A2 200 / A3 225

Oppenheimer: An1 90 / An2 100 / An3 110

Cantor Fitzgerald: An1 85

Analyst 1 Pay

-- Above Street Banks Are -- 

140: FTP

130: CVP

125: Ardea, Foros Group

120: EVR, LAZ, PJT, QAT, Roth 

115: LionTree

-- Street Banks Are --

110: BofA, Barc, Citi, CSGSJPM, MS, UBS, GHL, MOE, PWP, Baird, Cowen, HW, Jeff, Lincoln, Mac, Scotia, TD, WF, WB, Nomura

-- Below Street Banks Are --

105: HL, RJ

100: DB, SVBL, CG, Citizens, DC Advisory, Mizuho, PS, RBC, Truist, SocGen

90: Oppenheimer

85: Cantor Fitzgerald

Data was gathered mostly from WSO comments and Litquidity comp survey

Comments (170)

  • Intern in IB - Gen
Jun 10, 2022 - 12:49am

Do you have the source for CS numbers? Is their A1/A2/A3 base really the highest among the BBs?

  • Intern in IB - Gen
Jun 10, 2022 - 12:59am

According to this thread it's inaccurate though: https://www.wallstreetoasis.com/forum/investment-banking/credit-suisse-associate-increase

  • Associate 1 in IB-M&A
Jun 10, 2022 - 6:30am

Is Centerview really paying $300K across all associates?

  • Analyst 1 in IB - Cov
Jun 10, 2022 - 11:28am

Not saying this incorrect, but is BoA D and MD really that low? Thought I saw a post a few months back saying they raised D to 350 and MD to 500, correct me if wrong.

Edit:

https://www.reuters.com/business/finance/bank-america-raises-base-pay-top-bankers-source-2022-01-26/

  • Analyst 1 in IB-M&A
Jun 10, 2022 - 2:47pm

PJT Assoc is:

A1: $200k

A2: $225k

A3: $250k

Associate base isn't $250k across.

  • Intern in IB-M&A
Jun 10, 2022 - 3:18pm

I hope they do, 110 is now the standard AN1 base for Jeff and almost every other MM and BB

  • Intern in IB - Gen
Jun 10, 2022 - 3:23pm

God damn. CVP As1 making more in base than VPs literally everywhere else.

Most Helpful
  • Intern in IB - Gen
Jun 10, 2022 - 4:18pm

So sorted by pay (for An1) that is..

-- Above Street Banks Are -- 

140: FTP

130: CVP

120: EVR, LAZ, PJT, QAT, Roth 

115: LionTree

-- Street Banks Are --

110: BofA, Barc, Citi, CS, GS, JPM, MS, UBS, GHL, MOE, PWP, Baird, Cowen, HW, Jeff, Lincoln, Mac, Scotia, TD, WF, WB,

-- Below Street Banks Are --

105: HL, RJ

100: DB, SVBL, CG, Citizens, Mizuho, PS, RBC, Truist

7.25/hr: Tobin & Co

  • Intern in IB-M&A
Jul 9, 2022 - 3:29pm

Yes, lol. It's straight base. Not including year-end, signing, relocation, or early acceptance bonus

  • Analyst 1 in IB-M&A
Aug 5, 2022 - 7:14pm

It's now at 110 for 1st years, so I presume it's 115 and 120 for 2nd and 3rd years, respectively.

  • Prospect in IB-M&A
Jun 10, 2022 - 10:50pm

Uhh Roths at 120k

  • Prospect in IB-M&A
Jun 11, 2022 - 11:20am

If Gugg and GHL are EBs, Rothschild is 100% one too

  • Associate 1 in IB - CB
Jun 11, 2022 - 8:25am

Correction here: DB A1/2/3 is 175/200/225

  • Analyst 1 in IB - Restr
Jun 12, 2022 - 11:36am

Can anyone confirm this? Haven't seen this reported anywhere else.

  • Intern in IB - Restr
Jun 12, 2022 - 4:53pm

def not right (close friend on team)

Jun 13, 2022 - 12:18pm
Acumen123, what's your opinion? Comment below:

Close friend on what team? RX? I'm sure my salary amendment letter is more accurate than "your friend on team" rationale.  

Jun 13, 2022 - 12:15pm
Acumen123, what's your opinion? Comment below:

HL raised base for An1 twice during the past eight months, at least for the APAC offices. Given that most banks' global pay structures align those of the U.S., I'd be highly surprised if the salary raise only applied to the overseas offices but not the U.S. 

  • Intern in IB - Gen
Jun 11, 2022 - 5:29pm

Does UBS go straight from An1 to A1 or is that just a lack of info? Would assume it's two year then aso so are they just in line with other BBs?

Jun 11, 2022 - 7:59pm
BreadCo, what's your opinion? Comment below:

When applying, and they ask salary expectations do you think it is better to:

A) Go with the average / what is listed here

B) Request a little bit higher than what is listed for negotiation

Jun 12, 2022 - 10:17pm
htxbevo17, what's your opinion? Comment below:

Do we expect associate salaries to be bumped from 175/200/225 any time soon with the analyst bumps?

  • Analyst 2 in IB-M&A
Jun 13, 2022 - 4:49am

So the majority of A2s at solid banks are making the same base (and possibly all in) as PE associates at non-MF shops

Will PE firms bump pay accordingly?

  • Analyst 1 in IB - Cov
Jun 13, 2022 - 3:42pm

Mm PE already bumped from 200-250 range to 225-300 range. Will probably not re-raise unless there is a defect of associates back to banking or the next recruiting cycle is a big bust

  • Intern in IB - Gen
Jun 13, 2022 - 1:39pm

Yes, I'm an SA at an EB and when base salaries were bumped, they sent out updated offer letters

  • Intern in IB-M&A
Jun 13, 2022 - 1:07pm

Had anyone talked with HR about raising bases to match street before? My firm is currently below street and it seems odd they haven't raised, even when they're hiring and growing. Could it be they don't know 110 is the new An1 base, or that they aren't planning on raising?

Jun 14, 2022 - 11:27am
curiouslearner111, what's your opinion? Comment below:

Might be a stupid question...but outta curiosity, I know couple banks have there base as 120k. That being said, do you think other banks will follow or do y'all think that it will stay 110k for the most part?

  • Associate 1 in IB - Cov
Jun 15, 2022 - 10:46am

SocGen: An1 100, An2 105
BNP: An1 100

Source: WSO Database / Other threads

  • Prospect in IB-M&A
Jun 15, 2022 - 11:14am

SVBL is $125K AN3 (so I'm assuming $105K AN1)

  • Intern in IB-M&A
Jun 15, 2022 - 2:37pm

An1 is still at 100k, unless they've updated and not told the incoming FT. Any word on if they plan on raising to match street?

  • Analyst 1 in IB - Cov
Jun 18, 2022 - 12:38pm

I'm an incoming analyst at Nomura and wasn't notified about pay bumps (signed at 100K last year). Are they sending out updated offer letters or something? 

  • Incoming Analyst in IB-M&A
Jun 28, 2022 - 1:08am

Incoming analysts were messaged today about base increase to 110

  • Prospect in S&T - Equities
Jun 20, 2022 - 6:18pm

Did BAML bump analyst salary to 110 from 100? 

  • Analyst 1 in IB - CB
Jul 24, 2022 - 6:38pm

BMO now at 110/125 for Analyst 1/2

  • Analyst 1 in IB - CB
Jul 25, 2022 - 11:32am

From a meeting

  • Prospect in IB - Gen
Jul 25, 2022 - 11:22am

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Jul 25, 2022 - 1:15am
jambajuice345, what's your opinion? Comment below:

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Aug 3, 2022 - 2:30pm
Analyst 2 in IB, what's your opinion? Comment below:

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Aug 9, 2022 - 9:33pm
anonymous_mo, what's your opinion? Comment below:

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Array

  • Prospect in IB-M&A
Aug 5, 2022 - 9:33pm

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Aug 10, 2022 - 12:15am
[email protected], what's your opinion? Comment below:

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  • Associate 2 in IB-M&A
Aug 11, 2022 - 2:29am

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  • Lincoln International (▲06) 99.6%
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Professional Growth Opportunities

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  • Jefferies & Company (▲06) 99.6%
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Total Avg Compensation

August 2022 Investment Banking

  • Director/MD (10) $613
  • Intern/Summer Analyst (308) $417
  • Vice President (38) $392
  • Associates (205) $256
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