EB comp

Based on the most helpful WSO content, here's a breakdown of associate compensation at elite boutiques (EBs) like EVR, CVP, PJT, LAZ, and MOE:

1. Base Salary:

   • EBs generally start associates at $160k, with increases to $180k in the second year and $200k in the third year. This progression is consistent across most EBs.

2. Bonuses:

   • Bonuses at EBs are significantly higher than those at bulge brackets (BBs). For first-year associates, the bonus differential can be around $65k, increasing to ~$90k for second years and ~$120k for third years. This gap widens further at VP and MD levels.

3. All-In Compensation:

   • First-year associates at EBs can expect all-in comp to be approximately $260k or more, depending on the firm and performance bucket. CVP tends to pay slightly more, while LAZ is known to pay less consistently—around $50k below the street at all associate levels.

4. Stock vs. Cash Mix:

   • Some EBs, like PJT and EVR, offer a mix of cash and stock bonuses, which can vary by firm and performance tier.

5. Key Differentiators:

   • CVP is often highlighted for its higher compensation, while LAZ is noted for being on the lower end. MOE, EVR, and PWP generally align closely in terms of pay, with slight variations depending on the office and performance.

If you're considering moving from a top BB to an EB, the compensation increase is substantial, with EBs offering a 25%-35% premium over BBs at the associate level. However, consider other factors like culture, work-life balance, and long-term career goals when making your decision.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/elite-boutique-consensus-associate-compensation?customgpt=1, EB Comparisons, Associate Pay at GS / MS