How much can you expect to make as a first year IB analyst?
Hello everyone,
I hope you’re doing well. How much can you expect to earn as a first year IB analyst in a boutique firm? Thank you, I appreciate your input.
Depends on your definition of boutique.
50 million - 1 billion dollar deals
I mean PJT does deals in (top half of) that range too. City matters too.
But very generally, 10k start, 80k salary, 40k bonus. YMMV
That’s a massive range. 50M is lower middle market and it’s likely a smaller bank so comp is going to be lower. Closer to 1B is going to be more of the top end of MM (Jef/Blair/HL) and comp is going to be closer to street. Just look up comp at the bank, usually each bank is pretty consistent in analyst comp within the bank.
Litterally been said 2million times here.
Basically all BBs pay the same. Look up “Bank XYZ Investment Banking Analyst Salary” and Glassdoor will tell you exactly the average base and bonus
GS discount is a myth they literally pay same as other BBs.
Also glassdoor is a terrible place to find IB bonuses
$130-150k
Analyst Median Salaries + Bonus according to WSO (NYC office unless stated otherwise)
Centerview: $190k
PJT: $175k
Evercore: $171k
Guggenheim: $169k
Houlihan Lokey RX: $162k
PWP: $160k
Moelis: $153k
William Blair Chicago: $145k
BAML: $145k
Houlihan Lokey: $140k
Credit Suisse: $140k
JPM: $137k
Citi: $135k
Baird Chicago: $130k
Goldman: $130k
Morgan Stanley: $120k
Deutsche Bank: $120k
.
True but just fixed it because I realized that I had their average not median analyst salaries but still definitely the highest paid by far.
They don’t pay summer schedule, so some kids might be reporting base + first full year (Jan-Dec) comp, which isn’t really apples to apples. That said, ~10k more per year than EVR/MOE/PJT is about right.
I heard from the grapevine that pjt and Evercore upped their pay to be more competitive. I think it hovers around 200k all in. Assuming that year isn't as bad as this one.
Maybe they're including signing bonus
sdf
This is actually weirdly very accurate. I would've expected Moelis to be higher though.
Deleted
Moelis is bucketed in the NYC office I believe, whereas PJT and Evercore aren't really (bonuses within $5-10K within each other). In their other offices (LA/SF/Houston), believe Moelis analysts make similar to PJT/Evercore because not bucketed
.
Can confirm it is - top bucket at Moelis is ~$100k with a little extra room at the top end in particularly good years. Moelis generally has wider comp variation which could explain why the data is slightly skewed lower.
are these salaries or total comp?
Salaries + Bonus. I'll clarify that above rn.
does this include signing bonus?
No it doesn't
$120 and $130 at Goldman and MS? Didn't know the discount was that much. Would think everything is 150k +/- 10K.
What's up with MS at $120k? Everyone talks about the Goldman discount but never about MS. They kill it, so I'm surprised that they are at the bottom for pay.
So you could potentially make $100k more over two years if you're a top analyst at an EB than if you went to a BB like GS?
What about a Lazard? Are they still at the low end of EB comp
For some reason couldn't find their data on WSO
Friend just had his SA program cut short. She is not pleased at all.
William Blair is a solid deal with Chicago's much lower COL
Inaccurate, this isnt apples to apples comparison. Some of these are clearly stubs while others are full year bonuses
I also find JPM being higher than GS very surprising. Know people that work at JP and they all have said JP pays about the least on the street.
JPM's median is only $7k above GS so that could be the case.
Can you earn 80-120k in Boston as an IB analyst, at a middle market Investment Bank?
Can you name some banks you are thinking of specifically?
Some MM banks with a presence in the B are Raymond James (tech), Leerink (bio), Jefferies (auto), Canaccord (tech), Piper (tech and maybe FIG?), Harris Williams (?), Blair (?), and probably more. Also the really nice super good culture great place to work AGC partners is there but I would not factor them into salary comparisons.
Definitely will make $100k+
Probably around 80-100 all-in for smaller banks
Looked up the banks mentioned above (Raymond, Piper, Blair, Jefferies, Canaccord) and there were only a few data points for those offices but they were all comfortably above $100k. Leerink had one data point at $110k.
135k good estimate maybe more if you're lucky
120 at MS?? Can someone confirm this
What are UBS/DB at?
Updated with DB
centerview over 200k for elite first years!
if those numbers are even remotely accurate, screw BBs. I’d much rather work for a boutique.
are these numbers full year bonuses? or 6-month stubs?
Base salary + full year bonus
I was gonna say...holy jeezus if that is just a stub bonus
What’s with some places only making 120-130k on average? Assuming 85k base, that’s only a bonus of 35k-45k?
These lists aren't completely accurate but give a relative range as to what they are. Some of the numbers are off depending on what information WSO users submitted so if you're looking for a very specific answer then I wouldn't use them.
It's median pay so it's not surprising at all that certain BBs average bonus hovers around the 40-45k mark.
I feel like these numbers are more for AN1 - usually AN2 median bonus is about 10-15k more.
What about BofA? What’s the first year analyst salary for BofA IB?
It's on there next to BAML. Although the analyst data includes 2nd year analysts too so I would assume it'll be slightly less than the median above. For 1st years I see a range from $115 to $150k on the WSO Database.
Thank you I completely read over baml sorry about that
is this accurate for morgan stanley????
Is the brand name difference worth it in picking GS/MS over an EB even though you could possibly be paid $80-100k less over two years?
Been covered in depth elsewhere on the site, but if you intend on moving to the buyside / stay in finance / apply to bschool, EBs have just as much of a brand name as any bulge bracket bank. At targets, consensus is to take top EB offers (Evercore M&A, PJT Rx) over any bulge bracket offer (not that you'd get overlap with the current recruiting timeline anyway) for high quality of exits, junior exposure and responsibility, and the fact you'd make 80-100k more over two years.
If you want to stay in banking, the name doesn't really matter, so take the extra cash. If you want to make a jump to corporate finance or out of finance all together, yes, a BB is good for the branding.
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