It's that time of year again! Curious to see how year-end bonuses compare across firms from ASO to MD. Assuming will be slightly better than 2024 but want to see if anyone can confirm.
Suggested format:
- Title (e.g. Associate 1/2/3)
- Firm type (BB / EB / MM / Boutique)
- Group type (Coverage / Product)
- Base salary
- Bonus
- Bonus Bucket
- How did your group perform this year? (Good / Average / Bad)
| +338 | Return Rates For Interns Are Falling? | 143 | 45m |
| +156 | Evercore > Goldman and I don’t think it’s particularly close anymore | 58 | 19m |
| +152 | Article: Why UBS's Asian M&A bankers are thriving and UBS's American M&A bankers are not | 17 | 10h |
| +124 | I am a drunk MD AMA | 40 | 1d |
| +86 | UBS Offer Day | 30 | 1d |
| +75 | Santander IB? | 10 | 3d |
| +68 | I hate Wells Fargo | 19 | 7h |
| +51 | No return offer - feeling like a failure is an understatement | 20 | 2h |
| +45 | How cooked am I as an incoming WF IB SA 2027? | 17 | 3h |
| +43 | WF Return offers | 28 | 2d |
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Anyone have the cvp analyst numbers? they’re on december cycle I believe
I am starting at Menlo in July, so digest this with the usual caveats around office-level differences. That said, what I’ve consistently heard is roughly mid-50s for first year analysts, 110 to 150 for second years, and modestly higher for third year.
On the associate side, my understanding is that compensation has been fine, but generally has not kept pace with PJT unless you are on the “company track”. I’m fairly familiar with Qatalyst and Tidal comp (rejected at both), and based on a combination of anecdotal data points, the PJT and CVP bonus threads from the past few years, and a conversation with a very intoxicated CVP associate, the associate numbers at Qatalyst appear meaningfully higher than both PJT and CVP.
I suspect some of this is driven by office economics. Menlo is not exactly a major driver, and it is unclear to me how accretive the expansion in Paris and London really is. SF runs a fully siloed P&L, which likely means New York is subsidizing the rest of the platform. Either way, it’s a bit underwhelming given CVP’s reputation as a top paying firm, especially when PJT, despite being public, seems to outperform it as well
Bump
bump
Maybe you should start OP
Yay we’re back
All the headline are saying bonuses will be up but that’s just large cap. I think at MM it’s still tough out there. Expecting flat to down
Bump
VP1
Big 5 Canadian in NYC
Product group
$250k base + $250k bonus
Strong group and firm performance
Wow good numbers - is this BMO / Scotia? Think TD and RBC are 275k base
lol can't believe this would constitute good numbers these days. This would be a lower mid bucket comp before COVID.
The market changed since then. These numbers are not bad. Your expectations are inflated.
thats why its so funny. you new guys keep getting screwed but take it with a smile every year as they keep lowering comp while making sure the workload stays the same.
Ok what's your point? Should we all go on strike? Burn down buildings? Like who are you even laughing at
Laughing at ppl like you who are getting fed like roaches but are so unaware of "market" that you celebrate along with your fellow roaches blissfully unaware.
Even for post covid numbers $500K for a VP1 is not good little guy. I mean there is a VP below you in this thread at another Canadian bank that just made over $100K more than you.
If you like getting screwed than you do you. But don't spread misinformation for others in this thread that what you got is anywhere close to a good number.
I get your sentiment but pointing to 1 anecdote further down in the comments isn’t exactly validating your point. IB Compensation is no secret and has been well surveyed and documented year after year. $500k for a VP1 post-2021 is objectively not bad. It’s no secret either that M&A has been soft for several years now. So I agree with the other guy, not sure what you’re even upset about.
Im the VP who posted.
1) Never commented on whether the number is good or bad, just posted the number, other people opined. So you're talking out of your fucking ass.
2) I work like 50-55 hours a week and have a great boss and coworkers. I enjoy my work and the culture is awesome. So if I'm missing out on an additional 15% I couldn't give less of a fuck.
3) You're an unhinged lunatic to post this on a message board where people are sharing their comp. I was trying to share a data point with this community and now other people may choose to not do so if they have to deal with your small dick bullshit.
4) I was laughing out loud as I read your posts. I can't imagine what kind of a loser you are to write these comments. You chose, unprovoked, to start insulting people on a message board and call them roaches? Why are you so angry?
5) Did you ever find anyone to practice your MBA case studies with 11 years ago? Didn't have any friends so you had to ask strangers on a message board?
50-55 hours tracks well with someone who has zero deal flow. Enjoy the shit bank. You cared enough to write all that out and rage out. Rent free in your small brain little man.
Did your father intentionally raise a cunt, or was he just not around growing up?
Yeah dude every industry’s comp growth has been garbage since covid. We know. Not much we can do about it, but complaining that this comp is nothing is just stupid. 500k puts you pretty close to the top 1% of incomes in the US.
Everyone on this forum knows that it’s not the 70s or the mid 2000s anymore. If you can build us a Time Machine or start a bank that magically isn’t subject to Basel or any other financial regulation of the last 50 years and can start paying us a couple million, be my guest.
What was your rating / bucket?
Do you think your 55 hours/week and $500k for VP1 is a reasonable expectation in banking? That sounds maybe worth staying for…
No - the VPs working 50-55 hours at my bank are the ones that either have no live deals or are not good at their job and don't last long.
How much of bonus is deferred/stock?
20%
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I think CIBC is out. CIBC bros, tell us how big your bonuses were.
bump think canadian banks announce bonuses first
don't find out til the first week of February
Maybe you guys should try bumping it more...
VP 1 Top 3 Canadian banks NYC
Coverage
$275 base + $345 bonus
Good group performance, top bucket
Good number, RBC or TD?
The latter
Wow, is this USD?
Yup USD
congrats. u are officially higher paid than most directors at bank of america.
Wow sorry dude, that’s crazy
Fact
Congrats! Associate 2 in coverage
Base $200 + Bonus $175 (same as my associate 3 though)
Was told top bucket
My VP got $275 base + $275 bonus and I think he’s a top bucket as well but yours is definitely top top bucket.
Congrats! Was it all cash or a mix of cash and equity?
Congrats. Is this all cash or does it vest over time?
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AS2
Canadian Bank
Coverage
Base: $200K
Bonus: $180K
Top Bucket
TD or CIBC or RBC?
Any idea on associate 1 bonus?
Always fun to see the year-end numbers pop up! Curious to compare across firms too — seems like 2025 might be a slight bump from 2024. Personally, it’s interesting to see how performance and group type really shift the bonus range, even for the same title. Looking forward to seeing everyone’s posts so we can get a real sense of the market this year.
AS1
RBC
Coverage
Base: $175K -> $200K
Bonus: $120K
Top bucket
I think the firm did well this year
That’s about $300k all in after first full year bonus. Congrats man don’t spend it all on a Porsche.
Nah def do spend it all on a Porsche
A3, promoted
250 new base / 250bonus
Congrats! Promoted to VP? Do you count your stub as A1, meaning you were promoted early?
Yes I did get promoted. Stub was A0 so I did 3.5 years as associte
VP1
275k base. 255k bonus
I am disappointed
Why? Makes no sense to be upset about above market comp unless you brought in meaningful revenue.
Why?
Assoc 2
Base: $200k
Bonus: $200k
TC: $400k
Top bucket
Congrats! This seems strong. Which bank?
AS3
Canadian Bank
Product
Base: $225K
Bonus: $250k
Top Bucket
CAD or USD?
$US
What product group? Congrats!
Is this levfin or project finance?
ASO2
Canadian Bank (NYC)
Product Group
Top Bucket
Base: $200
Bonus: $150
All-In: $350
ASO3 Base goes to $225
deleted
Can you share a bit of colour on what product group?
VP3
Coverage Group
TBD Rank
Base: 275
Bonus: 325-350
All-in: $600-625
This seems very low?
Really? What is market for VP3?
Surprised this got MS?? above a VP1 made the same...
AS2
Canadian Bank (US)
Base: 200k
Bonus: 140k
TC: 340k
AS3 Base: 225k
Coverage or product?
When does the RBC bonus hit the account?
Hit today
Stub associate
MM
Coverage
Base: $175k
Stub Bonus: $35k
Performance: “top” but it’s stub so almost everyone is “top”
Do you know if it’s market to give such low stub bonuses? Like that’s ~70k annualized
My thought was we’d get just half of normal associate bonus (or near there) but guess didn’t research enough
By any chance do you know when MKlien discloses bonus numbers? Thanks in advance
Jefferies NYC
VP1 (ignore title)
Coverage
Base 275k + Bonus 275k
All in 550k
What’s percentage cash / stock / deferred?
Jefferies bonuses are all cash
RBC
Coverage
Base: $200K
Bonus: $200K
Top Bucket
Jefferies Aso1
- Base 175k
- Bonus 100k
this looks p bad if you're top bucket and considering the year jeff had
Wtf???? This is HORRIBLE? And at the super prestigious hardo Jefferies? Damn.
JEF ASO1 - $120k
Are you top bucket?
Lmfaoooo rip Jefferies.
ASO2
200 base
150 bonus - top bucket
TC:350
Base bump to 225
What kind of firm?
Jefferies
This is not top.
What was top?
Yes it was - our whole vertical paid under others given performance
PJT and CVP bonuses were today, any numbers?
Let's hear some EB numbers people
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EB ASO1 - 450 all in
Don’t be coy with us! Say the bank!
CVP or PJT?
Congrats. You got paid more than I did when I was a VP last year at BOA. And I was not bottom bucket either.
Gotta be CVP / EVR / PWP right?
ASO3 (promo to VP) - Canadian bank (NYC office)
225k base + 250k bonus (top) pretty satisfied
Congrats
Congrats. Product or coverage team?
ASO1
"No name" boutique
$125k -> $140k base + $175k bonus
Solid firm performance
Hours?
New shop? Interesting base pay scale. Any details?
This is brutal
Interested in VP3 numbers
Thread so far has $100k-120k bonuses for associates finishing their first year at $175k base. That’s 60-70% of salary compared to the 100%+ numbers for higher associates and VPs. Is this expected?
Aso1s have never made 100% except for some EB outliers
ASO2
WF (mid-bucket)
$200K Base + $225K Bonus
TC: $425K
Promoted to ASO3 w/ new base of $225K.
Pretty satisfied considering hours worked.
Seems like you were told very early, no?
Shocking. This is $50k over my ASO2 bonus at a EB last year, which I thought was closer to top of the street
Wells numbers don’t come out for another month
This is a lie because WF numbers don’t come out for a month
I thought so too but some of my associates were given a tight range by the people who will be delivering the actual number
Aso 2
Sector focused EB
Base $200k
Bonus $300k
Bank had a good year, glad they looked after us.
What sector?
TMT.
VP 2
$275k Base
$525k Bonus
$800k all-in / Top Bucket
Firm / Group performance both very good
Wow! Which EB is 275k base for VP2
Crushing year mate
Centerview?
CVP principal (VP) base is $300k
Wow PWP paying out this year
PWP numbers don’t come out until January
banger. how much of bonus is deferred?
Has to be PJT?
Amazing. Congrats
AS3 -> VP1
MM
Base: $225k -> $250k
Bonus: $155k
Other (Stock, profit share, etc.): $20k
2025 TC: $400k
Top bucket
Firm/team had an “ok” year
AS3>VP1. $650k TC, EB. Upper-mid but not top bucket
400k bonus? If that’s not top, what was? This and the 525k VP2 bonus seem a little too good to be true…
Those are awesome numbers but not unrealistic for some EBs.
This has to be PJT? I heard CVP numbers were a bit below this
Cap
What was comp last year for you as ASO2? At another EB and curious what ASO3 / VP1 numbers will look like this year.
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Assoc 1
MM
Healthcare
Base: 175>>200
Bonus: 130k
Top bucket with PhD
“Top bucket with PhD”
Pretty huge dinger
The non-PhDs also got the same amount lol
Why note the PhD?
What do you expect as As 2 bonus?
Not sure, was pretty surprised at bonus considering HC was kinda chopped this year and we’ve been fighting tooth and nail for anything and everything. Last year’s As1 was much lower from what I’ve heard. Hopefully 150-200 would be fantastic
.
And how much of your bonus are u tipping your md
Do Asso who joined in summer (June 2025) get their bonus in Jan? Or summer of 2026?
stub/pro-rated in jan
VP1 at EB
$825k all-in
Middle bucket
In one of the least productive groups in the firm, so I am very happy
How much base and how much of bonus deferred equity?
All cash and NYC EB
Unreal - congrats! Any hint on industry or city? Also, what was your total comp last year?
Believe it’s CVP – this guy is prob one of the go-to’s for a particular Partner within X group who takes care of their people come bonus time. Anecdotally heard from an older buddy that the firm takes care of its ppl with accordance to who their Partner sponsor is, so naturally the folks in Healthcare / Biotech who are go-to’s for the fee generating Partners will be top and receive a higher bonus. Just a hunch tho.
Congrats. Do you mind sharing how many hours? How does your WLB compared to when you were an asso?
Wow, congrats - especially all-cash
Non-public strong boutiques are where it’s at. Public companies dont pay that well and you get so much of your comp deferred.
How many non-public strong boutiques pay all-cash, no deferred and have no clawbacks on bonuses? It seems like you get one or the other. The Jefferies clawback is outrageous if you leave.
Can this pls be pinned or something
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Burner account but…
-VP4
-EB
-Both coverage and M&A group
-Base: $275k
-Bonus: $700k
-All-in: $975k
-Rating: unsure
-Bank crushed it, group was only fine
Not promoted despite being up for it. Likely due to a crowded group at top and not because of performance.
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