IB in Madrid

Based on the most helpful WSO content, here's what you need to know about the IB market in Madrid:

Compensation by Level (Base + Bonus)

1. Analyst Level:

   • Entry-level salaries in Madrid for BBs/EBs range between €55k-€75k, with bonuses typically between 30%-60% of the base salary. Most firms fall in the €60k-€65k range.
   • Some firms offer signing bonuses of €5k-€10k.

2. Associate Level:

   • Average total compensation for Associates is approximately $260k (converted from USD figures provided in the dataset).

3. Vice President (VP):

   • VPs earn an average total compensation of $392k.

4. Interns:

   • Summer Analysts earn around $94k, while Summer Associates earn $167k.

Compensation Comparisons Across Banks

• BBs and EBs (e.g., Lazard, Rothschild, PJT, HL, Evercore) generally offer higher compensation compared to local Spanish banks like Santander and BBVA.
• A few BBs stand out by offering €70k-€75k for Analyst 1 roles, but these are exceptions rather than the norm.

Team Sizes

• Specific team sizes are not detailed in the dataset, but Madrid teams are generally smaller compared to London or Paris. This is typical for regional offices.

Hiring Trends

• The number of analysts/associates hired annually varies by bank, but Madrid is a smaller market compared to London or Frankfurt. Hiring is competitive, with fewer positions available.

Market Competitiveness

• Madrid is less competitive than London or Paris but still attracts strong candidates, especially for BBs and EBs. The market is smaller, which means fewer opportunities but also less saturation compared to London.

Team Growth

• Current trends in team growth (whether teams are growing, stable, or shrinking) are not explicitly mentioned in the dataset.

Exit Opportunities

• Exit opportunities from Madrid IB include Private Equity (PE) roles, though the PE market in Spain is smaller compared to other European hubs. Some professionals also transition to MBA programs, often in the US, to pivot into larger markets or other industries.

If you're targeting Madrid, focusing on BBs/EBs will likely provide better compensation and exit opportunities. However, the smaller market size means networking and preparation are critical to standing out.

Sources: BB/EB compensation in Madrid, European IBs & Commercial Banks, What are the best Investment Banks in Paris? I know London is the mecca of IB's, but I'm interested in living in Paris.