BB/EB compensation in Madrid

Hi everyone,

I'm finishing a master's in finance this year and my goal is to work in IB BB/EB in Madrid. I've done research but couldn't find much info about total compensation in Madrid (signing+base+bonus). I hope you guys could give some insight.

Thanks in advance!

Comments (20)

Sep 16, 2020 - 4:57am
TheBuellerBanker, what's your opinion? Comment below:

I mean speaking for bulges / top boutiques+MM firms, it's hard to say what these numbers are given the seats are likely far and few in between. Larger hubs in the europe area such as london or frankfurt may be decent proxies on a currency-adj basis

  • Analyst 1 in IB - Gen
Sep 16, 2020 - 6:06am

Salaries are not that standard in Spain, some BBs pay way less than in London and same for EBs. A few are in line with Ldn

Sep 16, 2020 - 1:28pm
COGStipation, what's your opinion? Comment below:

Thank you for the answer. Could you go a bit more in depth? Because if the hours are the same and you're getting less than 60-70k€ base + 20-30k€ bonus then is not well paid...

Oct 6, 2020 - 4:20pm
chill09, what's your opinion? Comment below:

Saying that hours are lower in places like Milan or Madrid is not accurate. I have friends in Milan/Madrid and London at both BBs and places like Rothschild and they work the same hours overall. Also take into account that in local offices you have less facilities than London, typically. I agree on salary though, it is wild

  • Intern in CorpFin
Oct 6, 2020 - 5:40pm

Agree, especially in Milan the hours tend to be similar to the one in ldn. About salaries I heard something between 2400-3500 (monthly) for different EB/MM/BB

Oct 17, 2020 - 3:58pm
Aimar 21, what's your opinion? Comment below:


Most Helpful
Nov 1, 2020 - 4:03pm
vegasicilia, what's your opinion? Comment below:

Investment banking entry-level salaries in Spain: all figures in euros.

1) BB, EB (Lazard, Rothschild, PJT, HL, Evercore) and few Tier 2 banks (Nomura, French banks, don't know if someone else): 55-75k Analyst 1 (some firms have a signing bonus of 5-10k), bonus dependent on the bank and performance but still kind of standardized for junior bankers (from 30% to 60% in the very best case). Most firms are between 60-65k, I only know a single bank that pays 75k and another one that pays 70k (both BB not GS/JP/MS).

2) Top Spanish banks: Santander and BBVA, big names in Spain, long hours in relation to salaries paid (around 40-45k base, no idea about bonus, I heard that at BBVA analyst salary is flat during the 3 years).

3) Spanish elite boutiques: here I assume that AZ Capital has the big edge and should be close to the low tier of the first group or even matching it (50-55k). Alantra and Arcano might pay around 35-40k with a good bonus (50% or so, they have strong dealflow especially Alantra in recent times).

4) Regional boutiques: not sure here - Socios Financieros or Optima Corporate are two firms that I'd put in this category but not sure about salaries - they might be in the range of 30k with a decent bonus in doog years but this is mostly a guess.

5) Big 4 Corporate Finance: in the range of 30k (some a bit more, some a little less). Bonuses between 20%-50%. PwC does not have M&A positions for juniors, instead you have to join the Deals Grad Programme.

Hope this helps and maybe someone can provide more info.

  • Analyst 3+ in IB-M&A
Nov 4, 2021 - 6:12am

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