Take, for example, the top two teams in P&U and Technology/Software. I imagine, given that P&U companies are much more mature than technology companies, that the total annual deal value of the P&U team will generally be higher than that of the technology team. Does this mean that fees will automatically be higher in P&U? And salaries as well?
More generally, are there any sectors that are known to pay better or less in Investment Banking?
| +67 | PWP acquisition by Piper cancelled | 27 | 1d |
| +59 | Is my MD a grifter? 16 years, 8 firms | 17 | 4h |
| +43 | No return offer - UPDATE. | 12 | 1d |
| +40 | Article: UBS Wall Street Rebuild Is a Study in Management Failure | 7 | 2d |
| +39 | "Corporate & Investment Banking" Analyst - Why? | 34 | 3h |
| +29 | Lack of talent in IB! | 25 | 8h |
| +28 | What Are The Best Boutiques 2026/2027 | 16 | 9h |
| +24 | Wells Fargo Calling Themselves a BB? | 16 | 11h |
| +24 | Moat of modelling in PE/Finance completely vanished; | 3 | 1d |
| +21 | Internal lateral from coverage to M&A (focused on coverage) | 6 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I did have some proprietary insight into this years ago. It depends on the type of institution and team.
Generally at large banks, total comp across groups is more “equalized” and “communal” to account for different industry dynamics. What I mean by that is: if fee volume in TMT is 75% higher than say Agriculture (due to TMT just being a hotter sector for M&A activity), that doesn’t necessarily mean bonus in TMT will also be 75% higher. There’s an equalizing process such that, at least at the Analyst/Associate level, there won’t be a huge discrepancy in pay. HR and Heads of IBD do this for talent retention purposes: just imagine what would happen if one group consistently got paid significantly more - it’d be hard for that group to attract and retain talent (and it’d be difficult for staffers to find eager juniors too - who wants to work on deals for a low paying group?)
At boutique firms, it’s a wider range of practices. One Senior MD I knew personally has a “eat what you kill” type of contract: he collects a direct % of his annual fee volume for his group and has a reasonable degree of discretion on how to split it amongst his team members. So in that instance, if your MD had a killer year, you will be compensated very well.
Cupiditate molestiae libero nisi sapiente cupiditate. Sint culpa deserunt voluptate tempora. Fuga dolorum modi vel omnis voluptas.
Non qui vel pariatur. Aut omnis qui voluptas ut necessitatibus. Tempora doloribus explicabo laudantium minima. Sint saepe doloribus quasi et tempore quo. Voluptatem ut labore consequatur quia consequatur. Illum expedita aut eaque dolores. Mollitia explicabo asperiores minima necessitatibus doloremque perferendis accusantium.
Voluptatum consequatur neque et optio aut laborum. Nihil accusantium sit quia rerum deserunt mollitia. Rem maiores assumenda atque.
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...