Compensation Master 2025 (London)
Many thanks to the writer of the US benchmarking post for providing a solid breakdown - I have tried to replicate the same for London compensation based on WSO, anecdotal conversations, headhunter comp ranges etc.
MF PE: Blackstone, KKR, Carlyle, Apollo, TPG, Bain Capital, CVC, Silver Lake, Warburg Pincus, EQT, Brookfield, Hellman & Friedman
Analyst: £50–70k base + 20–50% bonus = ~£70–100k total (most MFs rarely hire at analyst level in London)
Associate 1: £90–100k base + 80–120% bonus = ~£170–220k total
Associate 2: £100–110k base + 100–130% bonus = ~£200–250k total
Senior Associate: £120–140k base + 100–150% bonus = ~£240–350k total
Vice President: £150–165k base + 100–150% bonus = ~£300–500k total + carry typically starts
Principal: £180–200k base + 100–150% bonus = ~£500–800k total + carry (~0.5–1.5%)
Partner: £200–300k base + 250%+ bonus = ~£1.2M–£3M+ total + carry (~2–4%)
Managing Partner: £250–400k base + discretionary bonus = ~£2M–£10M+ total + carry (~4–10%)
UMM PE: Bridgepoint, EQT Mid-Market, Ardian, Cinven, BC Partners, Permira, Advent, Leonard Green, CD&R, Ares PE, Macquarie PE, OTPP, GIC, Mubadala
Analyst: £50–60k base + 20–40% bonus = ~£70–85k total
Associate 1: £80–90k base + 75–100% bonus = ~£150–180k total
Associate 2: £90–100k base + 80–110% bonus = ~£170–210k total
Senior Associate: £100–120k base + 80–100% bonus = ~£200–240k total
Vice President: £130–150k base + 100% bonus = ~£250–300k total + carry starts
Principal: £150–180k base + 100–150% bonus = ~£500–700k total + carry (~0.8–2%)
Partner: £180–250k base + 200%+ bonus = ~£900k–£2M total + carry (~2–5%)
Managing Partner: £250–400k base + discretionary bonus = ~£1.5M–£5M total + carry (~5–12%)
MM PE: Inflexion, LDC, ICG, PAI, Hg, Montagu, TDR, Bregal, ECI, Triton, Oakley, Nordic, Livingbridge, MML, Sun European, TowerBrook
Analyst: £40–55k base + 20–30% bonus = ~£50–70k total
Associate 1: £80–90k base + 50–100% bonus = ~£130–180k total
Associate 2: £85–95k base + 50–100% bonus = ~£140–190k total
Senior Associate: £90–110k base + 50–100% bonus = ~£150–220k total
Vice President: £120–140k base + 75–100% bonus = ~£220–300k total + carry starts
Principal: £140–160k base + 100% bonus = ~£280–320k total + carry (~1–3%)
Partner: £150–200k base + 175%+ bonus = ~£700k–£1.5M total + carry (~3–6%)
Managing Partner: £180–250k base + discretionary bonus = ~£1M–£3M total + carry (~6–15%)
LMM / GE PE: BGF, Maven, Palatine, Foresight, Graphite, NVM, Synova, YFM, Connection Capital
Analyst: £35–50k base + 10–30% bonus = ~£40–65k total
Associate 1: £60–80k base + 30–75% bonus = ~£90–140k total
Associate 2: £70–85k base + 40–80% bonus = ~£120–150k total
Senior Associate: £80–100k base + 50–100% bonus = ~£140–200k total
Vice President: £100–120k base + 50–100% bonus = ~£180–240k total + carry typically starts
Principal: £120–150k base + 50–100% bonus = ~£200–300k total + carry (~1–3%)
Partner: £140–180k base + 175%+ bonus = ~£250–400k total + carry (~3–6%)
Managing Partner: £150–200k base + discretionary bonus = ~£300k+ total + carry (~6–15%)
Private Debt / Direct Lending: Apollo Credit, Ares Direct Lending, KKR Credit, Blackstone Credit (GSO), ICG, HPS, Pemberton, Permira Credit, Barings, Alcentra, BlueBay, Hayfin, CIFC, Arcmont, BlackRock, Oak Hill Advisors
Analyst: £60–70k base + 50–80% bonus = ~£90–120k total
Associate: £90–100k base + 80–100% bonus = ~£180–200k total
Vice President: £130–160k base + 100–150% bonus = ~£260–400k total (incentive-based profit sharing replaces traditional carry)
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Investment Banking Analyst: ~£40–60k base + ~30–50% bonus = ~£60–80k total (can reach ~£90k in a strong year)
Investment Banking Associate: ~£70–85k base + ~40–70% bonus = ~£100–130k total
Investment Banking Vice President: ~£100–120k base + ~50–100% bonus = ~£150–220k total
Investment Banking Director: ~£130–150k base + ~50–100% bonus = ~£200–300k total
Investment Banking Managing Director: ~£180–250k base + bonus dependent on revenue (often ~100% of base for strong originators)
Middle Market Investment Banks
Investment Banking Analyst: ~£50–55k base + ~50–70% bonus = ~£75–90k total
Investment Banking Associate: ~£80–95k base + ~50–100% bonus = ~£130–180k total
Investment Banking Vice President: ~£120–140k base + ~50–100% bonus = ~£180–280k total
Investment Banking Director: ~£150–180k base + ~75–125% bonus = ~£250–400k total
Investment Banking Managing Director: ~£200–300k base + bonus often ~100% of base (total ~£400–600k)
Elite Boutique Investment Banks
Investment Banking Analyst: ~£60–70k base + ~50–100%+ bonus = ~£110–140k total
Investment Banking Associate: ~£100–120k base + ~100%+ bonus = ~£200–300k total
Investment Banking Vice President: ~£150k base + ~100%+ bonus = ~£300–450k total
Investment Banking Director: ~£200–250k base + ~100%+ bonus = ~£400–600k total
Investment Banking Managing Director: ~£300–400k base + bonus heavily deal-dependent (regularly ~£1M+ for top performers)
Bulge Bracket Investment Banks
Investment Banking Analyst: ~£60–65k base + ~50–100% bonus = ~£90–120k total
Investment Banking Associate: ~£100–120k base + ~70–100% bonus = ~£180–250k total
Investment Banking Vice President: ~£140–170k base + ~100% bonus = ~£300–400k total
Investment Banking Director: ~£180–220k base + ~100% bonus = ~£400–600k total
Investment Banking Managing Director: ~£250–350k base + ~100–200% bonus = ~£500k–£1M+ total (can be higher for top dealmakers)
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Corporate Development & Strategy
Corporate Development Analyst: ~£50–60k base + ~10–20% bonus = ~£60–70k total
Corporate Development Associate: ~£65–80k base + ~15–25% bonus = ~£80–100k total
Corporate Development Manager: ~£85–100k base + ~20–30% bonus = ~£110–130k total
Corporate Development Senior Manager: ~£110–130k base + ~25–35% bonus = ~£140–170k total
Corporate Development Director: ~£130–140k base + ~30–50% bonus = ~£180–220k total
Corporate Development Vice President: ~£150–180k base + ~30–50% bonus = ~£200–250k total
Head of Corporate Development: ~£180–250k+ base + bonus (often 30–50%+ plus equity) = ~£250–400k+ total
Turnaround & Restructuring – Lower Middle Market
Consultant / Analyst (0–2 yrs): ~£30–40k base + ~10% bonus = ~£33–45k total
Senior Consultant / Associate (1–4 yrs RX): ~£45–55k base + ~10–20% bonus = ~£50–65k total
Director / Vice President (5–8 yrs RX): ~£70–90k base + ~20–30% bonus = ~£85–120k total
Senior Director / Managing Director (8–15 yrs RX): ~£100–130k base + ~30–50% bonus = ~£130–180k total
Managing Director / Senior Managing Director (Originator): ~£130–180k base + bonus tied to deal flow (can reach ~£200–300k total)
Turnaround & Restructuring – Middle Market
Consultant / Analyst (0–2 yrs): ~£35–45k base + ~15% bonus = ~£40–55k total
Senior Consultant / Associate (1–4 yrs RX): ~£50–65k base + ~20–30% bonus = ~£60–85k total
Director / Vice President (5–8 yrs RX): ~£90–110k base + ~30–50% bonus = ~£120–160k total
Senior Director / Managing Director (8–15 yrs RX): ~£120–150k base + ~40–60% bonus = ~£180–240k total
Managing Director / Senior Managing Director (Originator): ~£150–200k base + ~50–100% bonus = ~£300–400k total in strong years
Turnaround & Restructuring – Large Cap
Consultant / Analyst (0–2 yrs): ~£40–50k base + ~40–60% bonus = ~£55–75k total
Senior Consultant / Associate (1–4 yrs RX): ~£60–80k base + ~40–60% bonus = ~£85–120k total
Director / Vice President (5–8 yrs RX): ~£120–150k base + ~50–100% bonus = ~£180–300k total
Senior Director / Managing Director (8–15 yrs RX): ~£150–180k base + ~100% bonus = ~£300–500k total
Managing Director / Senior Managing Director (Originator): ~£200–300k+ base + bonus often 1x+ base = ~£500k+ total (can exceed seven figures for top partners)
Transaction Advisory – Big Four
Staff 1–3: ~£30–40k base + ~0–10% bonus = ~£30–45k total
Senior 1–3: ~£45–55k base + ~10–20% bonus = ~£50–65k total
Manager: ~£75–80k base + ~10–30% bonus = ~£90–105k total
Senior Manager / Director: ~£90–110k base + ~20–40% bonus = ~£120–150k total
Principal / Managing Director: ~£130–180k base + profit share/bonus = ~£200–300k+ total (junior Partner tracks can exceed this)
Transaction Advisory – Regional Accounting Firms
Associate: ~£25–32k base + ~5–10% bonus = ~£28–35k total
Senior Associate: ~£40–50k base + ~10–15% bonus = ~£45–55k total
Manager / Senior Manager: ~£60–75k base + ~10–20% bonus = ~£70–90k total
Director / Senior Director: ~£80–100k base + ~20–30% bonus = ~£100–130k total
Principal / Managing Director: ~£120–150k base + profit share/bonus = ~£180–250k total
Transaction Advisory – National Advisory Firms
Consultant / Associate / Analyst: ~£35–50k base + ~10–15% bonus = ~£40–60k total
Senior Consultant / Senior Associate: ~£50–75k base + ~15–25% bonus = ~£60–95k total
Supervisor / Manager: ~£80–90k base + ~20–30% bonus = ~£100–120k total
Director / Senior Director: ~£100–130k base + ~30–50% bonus = ~£150–200k total
Managing Director / Senior Managing Director: ~£140–180k base + ~50%+ bonus = ~£250–400k total (top performers may exceed this)
IB salaries all seem a bit low by £5-10k even assuming these are for A1. EB would be £70-80k / BB £65-70k. For boutique & MM depends how you consider firms but sector specialists can go up to £70k+ base. I would probably say £60-70k for MM
Both CVP and Moelis pays 65k base
CVP is more than that. My friend turned down Piper Sandler for CVP and one (amongst many) of his reasons was base comp being higher, where Piper pays 78k base.
CVP not representative because their pay structure is different with base and bonuses but their total comp is higher than range here. PJT also 80k base. So numbers listed are too low
This is pre COVID
Anyone have PE analyst / associate figures?
Wondering how much a firm like Brookfield pays at the junior level in London. Also if anyone has MM data for junior comp, that would be greatly appreciated!
First cut added above based on what I've heard / read from some reports
They seem low for MFs - e.g. I'm pretty sure Blackstone is 86k base and 100% expected bonus for An1, CD&R Assoc1 is £300k GBP all-in
Thank you for pulling this together. Do you know if there’s a pay differential in private debt between strategies/fund size (e.g. DL vs special situations)?
Glad it's helpful - DL is usually IB -30% total comp I'd say in London at the junior levels but scales fast with carry. On the SS side, comp is in line or above IB with meaningful carry earlier on.
Obviously the delta here is complexity, hours, background needed, and job security.
Thanks, this makes sense. In my experience though, carry in private credit is mostly offered at VP level so some additional considerations there
From what I have heard DL is more than IB associate onwards (by +10-20% tc)
From another thread: CD&R pays ~300k for Assoc1
All in or base?
All in
That seems way above market - can I ask how you know / source?
Super useful thanks man
amazing work here. thanks for this.
Analyst at MF here. AN1 base is £85k
Could you please post more info - such as firm name (a range would be fine) / YOE and background so people can get a better idea. The above is like a broad range based on what I've heard / seen - will adjust if people start to opine on MF pay being higher than the range there currently.
Blackstone is £80k base confirmed
Don't want to doxx myself. Zero YOE / Analyst 1. Was more just to highlight that the figures aren't 100% accurate given my data point and the other comment below that Blackstone is £80k base
Mubadala and OTPP are £80k + 50-70% bonus for AN1
Appreciate the effort but all numbers seem like they're outdated by 5 years. Honestly this does more harm than good as it might misguide someone early in their career (they're probably better off not joining this industry but that's a separate issue)
I admit these may not be the most current but they’re certainly not older than 2022/3 and from I understand, comp hasn’t risen materially in London since then. I’ll adjust as people comment although as you can see in the comments so far, lots of contrary numbers submitted. I think the numbers we have right now is a good baseline at least.
DL / PC average associate base is £110-130 with 75% to 100% bonus
Pls fix: BB Analyst bonus range should be lower and never 100% at the analyst level: 35% - 50% bonus seems reasonable
PLs fix: BB Associate base 90k-120k
Otherwise good to send.
Sent from my iphone
RBC AN1 base is 65k right now - recent bump c.5 months ago
Cinven, Advent, CD&R are MF PE
Definitely UMM based on deal / fund size and not as global - more EU players
CD&R $26bn fund disagrees
Any information available about „niche“ teams at MM/EB banks? Do the same numbers as for M&A apply for RX, PCA, Debt Advisory, ECM advisory etc.?
I'll update tonight with some ranges (albeit these are going to be less accurate and will vary far more)
Okay - looking forward to the infos!
Assume RX / PCA are in lign/slightly higher vs M&A; I think only HL RX base is higher than M&A, recently great bonus in RX/PCA across firms mostly due to the context
HL Rx is paid £80k base at Analyst 1. Non-Rx at Houlihan only gets £65k
Corp Dev analyst salary is way too high for London, especially coupled with Strategy. Strategy functions are usually paid less. Even F500 normally don't pay 50-60k, it's rather 35-45k as a starting salary. I know that's peanuts compared to the US but anyway want to point that out.
why do london bankers get paid so much less than nyc bankers? when i was in london, the cost of living was pretty much the same
It's fucking annoying... the reason is largely both supply and demand drive. Lower demand for LDN finance industry since 08 paired with greater regulations vs NY, and massive supply of labour to the UK from national candidates as well as EMEA / APAC.
yea i was shocked to see that people in london get paid like half as much as nyc while u do the same work
Thank you! Any idea about asset Mgmt and vc firms?
Solid post, few pointers:
i) Top range of MF PE seems somewhat low vs. PC/Direct Lending? At least top-end of US MF PE Asso1 salaries in London are within GBP300-340k, no?
ii) Though not sure of their comp vs. other UMMs, just purely on the basis of ticket/fund size, I'd also move some firms from MM to UMM (Nordic Capital, Triton, Hg).
iii) Also wouldn't categorize SWFs/pension funds like Mudabala, OTPP, GIC etc. as private equity as a PE associate there would mainly be doing minority co-investments.
i) Seems a tad high. MFPC arms would usually have ~10% discount to MFPE afaik
ii) Agreed
iii) These places actually do a fair bit of control or co-control type investments (ie not typical co-investments). They definitely tend to be on the active side in terms of diligence / deal negotiation as well as in portco mgmt
Any HF figures would be welcome
uk salaries
Can someone make this for HK/SG please!
how do you brits afford tea and crumpets on these salaries
That's the thing, we barely can
Nice post OP - anyone got figures for ER?
Haven’t seen if it was already posted, but APO Associate 1 in LDN is £145k fixed + ~$210k bonus (depends on exchange rate) + £30-35k signing on average
That’s great.
However, I think that MF PE bases can go higher in some shops (KKR)
For MM/UMM PE, don’t think any respectable shop would pay less than £100k base for associates. I haven’t heard of people making less than 110-120k at good shops.
Would also add VC salary if anyone can contribute (I think that tier 1 VCs pay 110-120 base while poor VCs would pay 70-80k base at the associate level)
Btw the bonuses you have for EBs are quite optimistic for Analyst/Associates, at least in my firm bonuses dropped quite heavily over the last 2-3 years and so the range is rather 60-90% for Adssociates, and less for analysts (heard of 40%). So call it 50-100% across the board, unless you work at the likes of Qatalyst which pays much more.
I respect the attempt but this will be very shop dependent to be honest - you see much more variability on the buyside than one does on the sell side - i.e. some MM firms are known to pay well while some MFs don’t really comp you that well.
For reference I got more than all the brackets listed as MF PE without it being an outlier amongst my peers - very common for US firms to pay their associates 1 in the $300-350k GBP equivalent if they have a global comp model and this scales by as much as $50-75k p.a. at some firms. I’ll throw in Warburg’s numbers are $180+180k GBP equivalent for first year associates just because these are standardized and then scales by my range above +/-.
Any other numbers you are aware of and care to share?
Inflexion is paying around 125k base + 80-120% bonus for a senior associate so I think the below is a bit low..
What is the comp for an Investment Executive? Heard it was £110k with 70-100% bonus. Is that true and does it vary across funds?
Comp likely to be in-line with the coming impacts on M&A - welcoming any other updates
Any figures for corporate banking at a US BB (Citi / BofA / JPM) at the associate level in LDN? Across Base and Bonus if possible
Bump this ^
Interested
Any insight into independent secondaries pca teams (eg rede, CL, park hill, asante)
bump
CL pays: AN1 £70k; AN2 £80k; AN3 £90k with 10 - 90% bonus
Any insight into PJT Park Hill and Evercore PCA?
Any ideas as to associate?
EVR is 85 at An2. Assume PJT will be similar
Where is the equivalent for public credit research/investors pls 😭
bump
Base + bonuses seem fairly low for EBs in the current state of the M&A market. Base would range between 80k-100k, including signing bonuses, and the end-of-year bonus would be about 70-100% of base comp
Any updated bonuses number out?
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