Compensation Benchmarking 2025
Numbers represent median type employees i.e. mid-bucket, not top performers or people who are about to get cut.
USA
Investment Banking Analyst: $95k base + $40k bonus = $135k total
Investment Banking Associate: $150k base + $85k bonus = $235k total
Investment Banking Vice President: $175k base + $165k bonus = $340k total
Investment Banking Director: $225k base + Performance & Origination $280k = $505k total
Investment Banking Managing Director: $200k+ base + 40%+ of Revenue Generation
*Note: Regional boutiques in Tier 1 Cities often pay base salaries in line with Middle Market banks in order to attract talent, and this year a handful of Regional Boutiques out-performed their annual targets and paid bonuses in line with Elite Boutiques
Middle Market Investment Banks
Investment Banking Analyst: $120k base + $40k bonus = $160k total
Investment Banking Associate: $190k base + $105k bonus = $295k total
Investment Banking Vice President: $250k base + $195k bonus = $445k total
Investment Banking Director: $290k base + Performance & Origination $390k = $680k total
Investment Banking Managing Director: $325k base + 25%+ of Revenue Generation
Elite Boutique Investment Banks
Investment Banking Analyst: $130k base + $70k bonus = $200k total
Investment Banking Associate: $215k base + $160k bonus = $375k total
Investment Banking Vice President: $290k base + $290k bonus = $580k total
Investment Banking Director: $325k base + Performance & Origination $490k = $815k total
Investment Banking Managing Director: $375k base + 25%+ of Revenue Generation
Bulge Bracket Investment Banks
Investment Banking Analyst: $120k base + $40k bonus = $160k total
Investment Banking Associate: $200k base + $95k bonus = $295k total
Investment Banking Vice President: $275k base + $225k bonus = $500k total
Investment Banking Director: $325k base + Performance & Origination $365k = $690k total
Investment Banking Managing Director: $375k+ base + 25%+ of Revenue Generation
*Note: Several Middle Market, Bulge Bracket, and Elite Boutique banks paid bonuses as low as 0 to 30% in order to encourage employee movement.
Corporate Development & Strategy
Corporate Development Analyst: $110k base + $25k bonus = $135k total
Corporate Development Associate: $125k base + $35k bonus = $160k total
Corporate Development Manager: $145k base + $45k bonus = $190k total
Corporate Development Senior Manager: $175k base + $65k bonus = $240k total
Corporate Development Director: $210k base + $95k bonus = $305k total
Corporate Development Vice President: $225k base + $100k bonus = $325k total
Head of Corporate Development: $300k+ base + $195k+ bonus = $495k+ total
Turnaround & Restructuring - Lower Middle Market
Consultant / Analyst (0-2 yrs of Finance Exp.): $85k base + $15k bonus = $100k total
Senior Consultant / Associate (1 - 4 yrs of RX): $120k base + $35k bonus = $155k total
Director / Vice President (5 - 8 yrs of RX): $150k base + $65k bonus = $215k total
Senior Director / Managing Director (8 - 15 yrs of RX): $180k base + $115k bonus = $295k total
Managing Director / Senior Managing Director (Originator): $225k base + bonus Dependent on Revenue
Turnaround & Restructuring - Middle Market
Consultant / Analyst (0-2 yrs of Finance Exp.): $105k base + $25k bonus = $130k total
Senior Consultant / Associate (1 - 4 yrs of RX): $140k base + $55k bonus = $195k total
Director / Vice President (5 - 8 yrs of RX): $195k base + $120k bonus = $315k total
Senior Director / Managing Director (8 - 15 yrs of RX): $250k base + $220k bonus = $470k total
Managing Director / Senior Managing Director (Originator): $300k base + bonus Dependent on Revenue
Turnaround & Restructuring - Large Cap
Consultant / Analyst (0-2 yrs of Finance Exp.): $115k base + $40k bonus = $155k total
Senior Consultant / Associate (1 - 4 yrs of RX): $155k base + $85k bonus = $240k total
Director / Vice President (5 - 8 yrs of RX): $240k base + $270k bonus = $510k total
Senior Director / Managing Director (8 - 15 yrs of RX): $275k base + $415k bonus = $690k total
Managing Director / Senior Managing Director (Originator): $400k base + bonus Dependent on Revenue
Transaction Advisory - Big Four
Staff 1-3: $80k base + $10k bonus = $90k total
Senior 1-3: $105k base + $15k bonus = $120k total
Manager: $155k base + $40k bonus = $195k total
Senior Manager / Director: $250k base + $65k bonus = $315k total
Principal / Managing Director: $400k base + bonus Dependent on Revenue
Transaction Advisory - Regional Accounting Firms
Associate: $80k base + $10k bonus = $90k total
Senior Associate: $120k base + $20k bonus = $140k total
Manager / Senior Manager: $150k base + $35k bonus = $185k total
Director / Senior Director: $190k base + $50k bonus = $240k total
Principal / Managing Director: $225k base + bonus Dependent on Revenue
Transaction Advisory - National Advisory Firms
Consultant / Associate / Analyst: $105k base + $25k bonus = $130k total
Senior Consultant / Senior Associate: $140k base + $40k bonus = $180k total
Supervisor / Manager: $190k base + $75k bonus = $265k total
Director / Senior Director: $225k base + $140k bonus = $365k total
Managing Director / Senior Managing Director: $350k base + bonus Dependent on Revenue
Europe (GBP)
Base Salaries By Level Across All Banks
Analyst: 75k
Associate: 120k
Vice President: 165k
Boutique Investment Banks
Investment Banking Analyst: 70k base + 35k bonus = 105k total
Investment Banking Associate: 110k base + 70k bonus = 180k total
Investment Banking Vice President: 145k base + 130k bonus = 275k total
Investment Banking Director: 185k base + Performance & Origination 250k = 435k total
Investment Banking Managing Director: 210k base + 33%+ of Revenue Generation
Middle Market Investment Banks
Investment Banking Analyst: 80k base + 50k bonus = 130k total
Investment Banking Associate: 130k base + 85k bonus = 215k total
Investment Banking Vice President: 165k base + 150k bonus = 315k total
Investment Banking Director: 215k base + Performance & Origination 295k = 510k total
Investment Banking Managing Director: 250k base + 25%+ of Revenue Generation
Global Investment Banks
Investment Banking Analyst: 70k base + 40k bonus = 110k total
Investment Banking Associate: 110k base + 75k bonus = 185k total
Investment Banking Vice President: 155k base + 110k bonus = 265k total
Investment Banking Director: 210k base + Performance & Origination 285k = 495k total
Investment Banking Managing Director: 240k base + 25%+ of Revenue Generation
Elite Boutique Investment Banks
Investment Banking Analyst: 85k base + 60k bonus = 145k total
Investment Banking Associate: 135k base + 100k bonus = 235k total
Investment Banking Vice President: 180k base + 215k bonus = 395k total
Investment Banking Director: 225k base + Performance & Origination 340k = 565k total
Investment Banking Managing Director: 300k base + 25%+ of Revenue Generation
Bulge Bracket Investment Banks
Investment Banking Analyst: 80k base + 45k bonus = 125k total
Investment Banking Associate: 120k base + 80k bonus = 200k total
Investment Banking Vice President: 175k base + 160k bonus = 335k total
Investment Banking Director: 225k base + Performance & Origination 340k = 565k total
Investment Banking Managing Director: 300k base + 25%+ of Revenue Generation
no EB is paying 85k base in london (except PJT)
PJT A1 is £80k, the only one I know coming close is Piper at £78k. Not sure about Centerview but would expect to be in line.
I guess OP is talking A3 or at least average across the 3 years otherwise these numbers are all too high
BB A1 is £70k overall
FT Partners pays £85k for An1, not sure about LionTree.
Arma Partners: 85k
Piper Sandler Infra team: 88k (confirmed for An1)
Bonus being 25%+ of revenue generation as an MD is not accurate (in Europe at least)
BB base is 110
It's an avg across analysts; prob less useful for an/ao years with the ladders but it includes 2nd+ yr analysts as well
A lot of banks have been increasing base pay. I know Goldman bumped base salaries up from ~112 to 120. Even for analysts that accepted the offer months before the pay bump. I'm sure other banks will/have followed.
Are these accurate for mid-bucket broadly? Always feel like EB AS1s talk about $400+ and BB AS1s talk about $300+. Maybe they are top-bucket.
USA EB:
Investment Banking Associate: $215k base + $160k bonus = $375k total
USA BB:
Investment Banking Associate: $200k base + $95k bonus = $295k total
Nobody has $215k base
1st full year associate base is either 175 or 200
Then +25 for each associate year
PJT is 250 throughout
Director base is 300 most places no?
Yes, but sometimes 350 (hence the 325 avg) and sometimes like 275 at boutiques
Thanks for putting rx consulting numbers. You got my upvote.
i think your data is from Selby so not entirely correct but most MM BB and EB banks have adopted the following base (changed back in 2021).
Associate 1 - $175
Associate 2 - $200
Associate 3 - $225
Varys by bank but range from $225 - $285
VP 1 - $250
VP 2 - $250
VP 3 - $250
D1 - D3/4 - $300+
MD - $400 - $500+
https://www.efinancialcareers.com/news/banker-salaries-new-york
OP - I'm curious as to the source for the above.
RX consulting figures are generally in ballpark of what I've seen / heard.
Can anyone here speak to public finance IB at a BB in NYC? Would love to see some datapoints, thank you so much!
Can anyone give some examples of "Transaction Advisory - National Advisory Firms"? Maybe A&M, Kroll?
Posting the full ranges as taking the median seems to confuse more people and this will provide the full picture from a crappy A1 through a good A3 (for example). Again this will exclude people who are about to get fired for being terrible or the top top performers.
USA
Boutique Investment Banks
Investment Banking Analyst: $80k-$110k base + $25k-$55k bonus = $105k-$165k total
Investment Banking Associate: $120k-$180k base + $40k-$140k bonus = $160k-$320k total
Investment Banking Vice President: $150k-$200k base + $60k-$300k bonus = $210k-$500k total
Investment Banking Director: $200k-$250k base + Performance & Origination $100k-$500k = $300k-$750k total
Investment Banking Managing Director: $150k-$250k+ base + 30-50%+ of Revenue Generation
*Note: Regional boutiques in Tier 1 Cities often pay base salaries in line with Middle Market banks in order to attract talent, and this year a handful of Regional Boutiques out-performed their annual targets and paid bonuses in line with Elite Boutiques
Middle Market Investment Banks
Investment Banking Analyst: $100k-$135k base + $20k-$65k bonus = $120k-$200k total
Investment Banking Associate: $150k-$225k base + $45k-$180k bonus = $195k-$405k total
Investment Banking Vice President: $225k-$275k base + $70k-$340k bonus = $295k-$615k total
Investment Banking Director: $275k-$300k base + Performance & Origination $195k-$600k = $470k-$900k total
Investment Banking Managing Director: $250k-$400k base + 20%-30%+ of Revenue Generation
Elite Boutique Investment Banks
Investment Banking Analyst: $110k-$150k base + $35k-$110k bonus = $145k-$260k total
Investment Banking Associate: $175k-$250k base + $90k-$250k bonus = $265k-$500k total
Investment Banking Vice President: $275k-$300k base + $140k-$450k bonus = $415k-$750k total
Investment Banking Director: $300k-$350k base + Performance & Origination $300k-$700k = $600k-$1.05mm total
Investment Banking Managing Director: $300k-$450k base + 20%-30%+ of Revenue Generation
Bulge Bracket Investment Banks
Investment Banking Analyst: $100k-$135k base + $20k-$65k bonus = $120k-$200k total
Investment Banking Associate: $175k-$225k base + $35k-$165k bonus = $210k-$390k total
Investment Banking Vice President: $250k-$300k base + $100k-$375k bonus = $350k-$675k total
Investment Banking Director: $300k-$350k base + Performance & Origination $225k-$525k = $525k-$875k total
Investment Banking Managing Director: $300k-$450k+ base + 20%-30%+ of Revenue Generation
*Note: Several Middle Market, Bulge Bracket, and Elite Boutique banks paid bonuses as low as 0 to 30% in order to encourage employee movement.
Corporate Development & Strategy
Corporate Development Analyst: $100k-$115k base + $10k-$40k bonus = $110k-$155k total
Corporate Development Associate: $115k-$130k base + $20k-$50k bonus = $135k-$180k total
Corporate Development Manager: $130k-$160k base + $30k-$70k bonus = $160k-$230k total
Corporate Development Senior Manager: $160k-$190k base + $40k-$95k bonus = $200k-$285k total
Corporate Development Director: $190k-$230k base + $60k-$135k bonus = $250k-$365k total
Corporate Development Vice President: $200k-$250k base + $60k-$150k bonus = $260k-$400k total
Head of Corporate Development: $250k-$350k+ base + $125k-$280k+ bonus = $375k-$630k+ total
Turnaround & Restructuring - Lower Middle Market
Consultant / Analyst (0-2 yrs of Finance Exp.): $70k-$100k base + $10k-$25k bonus = $80k-$125k total
Senior Consultant / Associate (1 - 4 yrs of RX): $100k-$140k base + $25k-$45k bonus = $125k-$185k total
Director / Vice President (5 - 8 yrs of RX): $140k-$160k base + $50k-$80k bonus = $190k-$240k total
Senior Director / Managing Director (8 - 15 yrs of RX): $160k-$200k base + $80k-$150k bonus = $240k-$350k total
Managing Director / Senior Managing Director (Originator): $200k-$250k base + bonus Dependent on Revenue
Turnaround & Restructuring - Middle Market
Consultant / Analyst (0-2 yrs of Finance Exp.): $90k-$115k base + $15k-$40k bonus = $105k-$155k total
Senior Consultant / Associate (1 - 4 yrs of RX): $120k-$160k base + $30k-$80k bonus = $150k-$240k total
Director / Vice President (5 - 8 yrs of RX): $160k-$225k base + $80k-$165k bonus = $240k-$390k total
Senior Director / Managing Director (8 - 15 yrs of RX): $225k-$275k base + $170k-$275k bonus = $395k-$550k total
Managing Director / Senior Managing Director (Originator): $250k-$350k base + bonus Dependent on Revenue
Turnaround & Restructuring - Large Cap
Consultant / Analyst (0-2 yrs of Finance Exp.): $100k-$130k base + $20k-$65k bonus = $120k-$195k total
Senior Consultant / Associate (1 - 4 yrs of RX): $130k-$175k base + $50k-$130k bonus = $180k-$305k total
Director / Vice President (5 - 8 yrs of RX): $200k-$275k base + $150k-$410k bonus = $350k-$685k total
Senior Director / Managing Director (8 - 15 yrs of RX): $250k-$300k base + $250k-$600k bonus = $500k-$900k total
Managing Director / Senior Managing Director (Originator): $300k-$500k base + bonus Dependent on Revenue
Transaction Advisory - Big Four
Staff 1-3: $75k-$85k base + $10k bonus = $85k-$95k total
Senior 1-3: $85k-$120k base + $10k-$20k bonus = $95k-$140k total
Manager: $120k-$185k base + $25k-$55k bonus = $145k-$240k total
Senior Manager / Director: $200k-$300k base + $40k-$90k bonus = $240k-$390k total
Principal / Managing Director: $300k-$500k base + bonus Dependent on Revenue
Transaction Advisory - Regional Accounting Firms
Associate: $70k-$90k base + $10k bonus = $80k-$100k total
Senior Associate: $100k-$135k base + $15k-$25k bonus = $115k-$160k total
Manager / Senior Manager: $135k-$160k base + $30k-$45k bonus = $165k-$205k total
Director / Senior Director: $175k-$200k base + $45k-$60k bonus = $220k-$260k total
Principal / Managing Director: $200k-$250k base + bonus Dependent on Revenue
Transaction Advisory - National Advisory Firms
Consultant / Associate / Analyst: $85k-$120k base + $15k-$40k bonus = $100k-$160k total
Senior Consultant / Senior Associate: $120k-$160k base + $30k-$55k bonus = $150k-$215k total
Supervisor / Manager: $160k-$220k base + $60k-$95k bonus = $220k-$315k total
Director / Senior Director: $200k-$250k base + $100k-$185k bonus = $300k-$435k total
Managing Director / Senior Managing Director: $250k-$450k base + bonus Dependent on Revenue
Associate Comp at A&M NACR was much higher than the upper band of $305k.
Ratione qui minus ut ea nulla quia. Tenetur at et aliquam rerum voluptatibus corrupti vel.
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...
In nobis accusamus fugiat. Molestias ad sit quae tempora. Aperiam est rerum provident dolor.
Quas qui ad quasi facilis id. Qui consectetur animi esse. Inventore ab illo aut consectetur modi quis. Vitae iusto magni quidem id aut iste.
Est in vero facilis beatae praesentium sunt est. Distinctio dignissimos doloribus earum ut.