Benchmarking BB/EB Base Increases

Comment any new/missing/incorrect info. Seems like firms are responding to information on the internet/social media, and it's also helpful for those seeking opportunities. Not tracking one time gifts/bonuses, only permanent, trustworthy increases in pay going forward. My list so far:


A1: $85K --> $100K (+$15K)

A2: $90K --> $110k (+$20K)

A3: $95K --> $125K (+$30K)

AS0/AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)

Bank of America

A1: $85K --> $95K (+$10K)

A2: $95K --> $105K (+$10K)

AS0/AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)

Credit Suisse

A1: $85K --> $90K (+$5K)

A2: $90K --> $95K (+$5K)

A3: $95K --> $100K (+$5K)

AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)


A1: $85K --> $95K (+$10K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $105K (+$10K)

Houlihan Lokey (RX & CF)

A1: $85K --> $90K (+$5K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $110K (+$15K)


A1: $85K --> $95K (+$10K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $105K (+$10K)

Also upped meal expensing to $50/meal lmao, crazy.

Yet to announce an increase:

BB ($85K/$90K/$95K):

Goldman Sachs 

Morgan Stanley




Deutsche Bank


EB ($95K/$100K/$105K):



Lazard ($85K/$90K/$95K)

Moelis ($85K/$90K/$95K)

Perella Weinberg


Announced they will NOT be increasing:


J.P. Morgan


Comments (181)

  • Analyst 1 in IB - Gen
May 7, 2021 - 1:23am

Wow thanks for doing this, helps a lot w tracking. Moelis AN1 base is $85 tho

  • Intern in IB-M&A
May 7, 2021 - 1:42am

I'm curious if anyone has any opinions on whether they think CVP will increase their pay following the Gugg announcement. Wanna be the best EB better pay like it

  • Associate 1 in PE - Other
May 11, 2021 - 7:11pm

doubt cvp is concerned with their appearance in relation to guggenheim lmao

edit: MS thrown from non-EB analysts lmao

Most Helpful
  • Prospect in IB-M&A
May 7, 2021 - 8:53am

Feels good to be going to Gugg

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
May 7, 2021 - 9:16am
Anonymous Monkey, what's your opinion? Comment below:

I think i also heard this

  • Intern in IB-M&A
May 7, 2021 - 10:03am

Dumb question but does this mean total compensation will increase by said amount (or will bonus be shaved to bring total comp down or near previous levels)?

May 7, 2021 - 1:57pm
TheEmperor, what's your opinion? Comment below:

I think someone else said this, but at the very least it makes comp less variable even if bonuses are less, which is hype. My girlfriend's MBB offer package was $120K (granted, it included one-time signing/relocation bonus). Feel like Gugg is ahead of the curb in realizing smart, hardworking college grads have other alternatives, especially those who know even a little coding.

May 7, 2021 - 3:36pm
FelipeStache, what's your opinion? Comment below:

Thinking this may have tangential impacts for consulting firms (and other industries that compete with IB for talent) to increase pay to compete on campuses and PE firms to further incentivize analysts to leave a now (potentially) more appealing 3rd year analyst stint/A2A promotion. 


May 7, 2021 - 2:37pm
LuciferMorningstar, what's your opinion? Comment below:

This is an awesome post. Other BBs and EBs take note. It's not just about the money, it shows what banks recognize and reward the work we've put in. Senior management should be watching this thread and taking notes, these are the banks that are going to get and RETAIN top talent. Looking at YOU JP Morgan, Citi, and BarCap.


  • 3
  • Analyst 2 in IB - Cov
May 10, 2021 - 4:46pm

Cant opine on the others. Only know because I work at CS haha

  • Analyst 2 in IB - Cov
May 10, 2021 - 5:02pm

Actually should note, all ASO levels got $25k bump I believe at CS as well

May 10, 2021 - 4:21pm
RS_123, what's your opinion? Comment below:

Hi. I just received an offer from them to join as analyst1 - it's still 85. Is that bad? Am I missing out on something? Or is this change yet to take effect

  • Analyst 1 in IB-M&A
May 7, 2021 - 7:31pm

What are peoples guesses as to chances jpm / ms / barcap / citi increase salaries or give bonuses?

May 8, 2021 - 12:38am
Shockattack11, what's your opinion? Comment below:

Moelis is on par. Their base is lower, but they make up for it with bonuses. There bonus range is much wider through. Top analysts get paid like EVR/PWP, mid like LAZ, and bottom like BBs

  • Analyst 1 in IB-M&A
May 7, 2021 - 10:48pm

Please add reputable MM's for comparison. Would be really helpful to include plus RBC is on there anyways. 

May 8, 2021 - 11:53am
TheEmperor, what's your opinion? Comment below:

Trying to find detailed data on BMO - besides them, Stifel, and HL, what other MMs have raised comp? Details on previous comp and new comp would be especially helpful.

  • Analyst 1 in IB-M&A
May 10, 2021 - 10:20pm


  • Analyst 1 in AM - Equities
May 8, 2021 - 11:57am

Gugg is the biggest winner here if nothing changes. You may see more people who had offers at mid-tier BB's and Gugg choose to go to the latter which was less common beforehand. 

With that being said I know people at EVR & CVP and I would expect them to raise things to widen the gap even more within the next 18 months. 

May 9, 2021 - 1:41pm
IB1234321, what's your opinion? Comment below:

Bet a lot of banks will raise/raise comp again (even the ones who raised base by 5k) before the next recruiting cycle. They would start to lose kids and will want to stay competitive.

  • Prospect in IB-M&A
May 10, 2021 - 12:10pm

Greenhill put all the analysts on a call and told them to more or less stfu. Then said no spot bonuses... lovely

The Chicago office lost all their original analysts since the new year... GHL needs to step it up.

  • Associate 1 in IB-M&A
May 20, 2021 - 12:03am

Can confirm the same for Analyst level and for Associate level as well... Friends there at various levels and one of them recently left.. 

same firm wide group Analyst, Associate and VP calls... From what I hear they basically chastised wfh as the culprit and said start coming in to work and it'll get better.. no comp bumps, no spot bonuses (maybe they did other softer things around work itself).

Most fucked up thing I heard though.. you need fucking approvals from the MD for each night you want to order a meal.. and apparently even this was only started recently.. I literally mean having to send emails to your MD asking to approve a meal (unconfirmed but heard one case where an MD replied "do you really need it")...

Feel bad for the bullpens there to have slogged all year last year with no meal allowance, not so great / BB level bonuses (unless my contacts sucked lol) and now, when meals are back, to top it off having to ask permission before ordering a bloody $10 chipotle... SMH

Looking at their revenues and announcements, they seem to not be doing super well in recent years, so guess this penny pinching is a symptom. Heard lots of analysts, associates, even VPs left in recent months all around.. in NY, London, Chicago and other offices too.. 

  • Analyst 2 in IB-M&A
May 20, 2021 - 1:31am

Can confirm, MD approval for meals but only if you are WFH (otherwise can expense essentially whenever from office)

  • Analyst 1 in IB - Cov
May 9, 2021 - 5:48pm

OP; slight correction: BofA doesn't have a 3 year analyst program; it's two years 

  • Intern in IB - Cov
May 9, 2021 - 7:33pm

I believe BAML is 95 / 105 for A1 & A2 respectively - only 2 year analyst program

  • Analyst 1 in IB - Gen
May 11, 2021 - 12:06am

i wish but doubt it, esp consdering citi is a 2 yr analyst program and not 3 yr

175k Asso base after 2 yr analyst would actually increase retention though imo

May 11, 2021 - 1:26pm
LuciferMorningstar, what's your opinion? Comment below:

What's Citi's current comp for Analyst 1 and 2?


  • Intern in IB - Cov
May 10, 2021 - 4:13pm

daddy handler please give us a salary bump 

  • Analyst 2 in IB - Cov
May 10, 2021 - 4:21pm

Thanks for doing this, SBed. Do you think PE, hedge funds, private credit shops and other buyside firms will have similar increases? If so, have you seen a similar thread for those types of firms? Thank you again.

May 13, 2021 - 3:05pm
tmm709, what's your opinion? Comment below:

With CS, just curious if AS0 is also 175k or still $150k then bump to $175k for AS1?

May 12, 2021 - 3:49am
rocku, what's your opinion? Comment below:

Citi associate is as follows:

assoc 1: 150

asso 2: 175

asso 3: 200

Their stub year base is 150. They haven't increased bases that I know of.

Aug 11, 2021 - 1:28am
high hopes, what's your opinion? Comment below:

Citi associate is as follows:

assoc 1: 150

asso 2: 175

asso 3: 200

Their stub year base is 150. They haven't increased bases that I know of.

Have other BB and MM not raised associate 1 base to 175?

  • Intern in IB - Gen
May 12, 2021 - 7:22am

You sure about HL RX increase?

  • Analyst 1 in IB - Cov
May 12, 2021 - 6:57pm

UBS announced they will not be increasing 

  • Associate 1 in IB-M&A
May 14, 2021 - 7:43pm

Finally. AS base increase. Way to go Houlihan.

  • Prospect in IB-M&A
May 17, 2021 - 3:58pm

Anyone know the total comp at DB for first-year analyst. (Base + bonus)

  • Intern in IB - Cov
Jun 15, 2021 - 6:41pm

Rothschild & Co 

An1: $85k -> $105k

An2: ???? -> $115k

  • Intern in IB - Cov
Jun 15, 2021 - 6:52pm

So from what I understand, typical An1 salary was raised from $60k to $70k in 2009 then from $70k to $85k in 2014?

  • Intern in IB - Cov
Jun 18, 2021 - 4:07am

Wow. Pay increases and lower NYC rent. 2022 would be a nice year to start assuming rent doesn't return to pre pandemic levels

  • Analyst 1 in IB-M&A
Jul 3, 2021 - 2:30pm

Rent is already back up. If you didn't lock in a covid deal by may you got screwed. Some of my incoming analyst friends are having a really tough time finding affordable places. 

  • Intern in IB - Gen
Jun 29, 2021 - 9:43pm

JPM to 100k damn.

  • Intern in IB - Cov
Jun 30, 2021 - 9:40pm

Barclays analysts up $15k and Assoc/VP up $25k.

A1: $85k > $100k

A2: $90k > $105k

A3: $95k > $110k

  • Intern in IB - Cov
Jul 3, 2021 - 9:42pm

Did BBs announce pay bumps for associates?

  • Intern in IB-M&A
Jul 31, 2021 - 9:38pm

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  • Associate 1 in IB - Gen
Aug 14, 2021 - 11:33am

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  • Analyst 1 in ER
Aug 14, 2021 - 11:24am

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  • Prospect in IB - Cov
Oct 18, 2021 - 11:45am

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Nov 22, 2021 - 9:33am
Giannis F., what's your opinion? Comment below:

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  • Analyst 1 in IB - CB
Dec 22, 2021 - 10:33am

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