IB Salaries Madrid
Anyone with experience can comment on the IB salaries in Madrid?
EB salaries?
Regional boutique salaries? (AZ, Alantra, Arcano…)
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Analyst 1 salary at BB is €70k to €75k base and bonuses ranging from 40% to 60%. For EB is €75k -80k base and bonuses ranging from 50% to 70%. Notice that headcount at boutiques is minimal, Lazard is sizable, but EVC, PJT and Roth have very small teams in Madrid. Moelis and CVP don’t even have footprint in Spain.
Salaries are slightly lower than LND because of the EUR/GBP FX, but the cost of living in Madrid is less than one third of living in London, plus the city is much better in terms of weather, food, safety and nightlife. Overall working in Madrid is a much better deal.
Downside is that deal flow in Spain is highly concentrated in boring sectors, e.g. a lot of FIG, Infra and Renewables and Real estate and Telecoms, you will get very little exposure to Healthcare, Tech, C&R, Industrials…
Even without the FX element this remains significantly lower than what London pay is in 2025. Sure, pre-covid a first year analyst would be at £50k but it's closer to £85k base on average now with about 60% bonus. That's €100k base plus bonus. Some boutiques even pay £150k off the bat now.
But granted the quality of life is higher in Madrid. I would also say it's easier to do London -> Madrid than the other way around, so would only recommend this move at a later stage in your career.
Average A1 base is certainly not £85k. JPM is £70k, GS is £65/70
Starting salaries at BB are around €70k.
Local boutiques pay worse (45k-55k) with 30% bonuses
From my experience (I have a BB offer and several friends in IB in Madrid)-Most BBs and some MMs (Nomura, Jefferies) are around €80k- €85k base + bonus, with bonuses varying a lot year to year-Laz is ~€75k base but typically stronger bonuses-PJT and Evercore are €90k base + bonus-AZ Capital is ~€65k base last I heard-Santander used to be ~€45k, but I think they’ve increased base materially in recent years, so it’s meaningfully higher now -Alantra is paying analysts ~€45k base-Some MMs pay below street (BNP/RBC around €60k base)
Disclaimer: Some of the number could be outdated so feel free to chime in
I find mental that BB are paying €85k base salaries in Madrid and Paris when analysts in London are working 100 hours and living in a shared shoebox for 65k
I agree, it’s insane. I think they did the conversions when the pound was much stronger and now that it’s weaker people in Paris/Madrid hugely benefit
That is not accurate though. First year analysts are closer to £85-95k now (base). Plus in London your comp is not really capped at higher levels. At VP someone can very easily clear £350k with bonuses. You'll never make €400k in Paris let alone Madrid even as an MD.
Thx! How confident are you on those numbers?
if AZ is 65k they should fire their tax advisor lol
the tax bracket for anything above 65k is 45% vs. 37% for less than 60k, and the 5k difference doesn't cover the amount lost on taxes i.e. a 59k salary taxed at 37% is net 36.5k vs. 35.k at 65k.
probably pension might be higher, but if you're paying people in finance, I am more than sure they know better than the state how to plan their pension in 30/40 years.
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