LevFin Comp 2025
Hi, what are your thoughts on LevFin as a career choice compared to M&A? I have done some internships, last at a BB in M&A and I can confidently say, I do not enjoy the work / culture that much. When reading about LevFin, it sounds more interesting to me, therefore I am thinking about doing an internship there. Questions about exit ops have been answered already, so what I would be interested in would be how the comp compares to M&A (especially for Germany / France)? I know there are threads about this, but the answers tend to vary a lot, and are mostly for the US
Based on the most helpful WSO content, here's what you need to know about LevFin compensation compared to M&A:
Compensation Comparison: Generally, compensation in LevFin and M&A at the same bank and level tends to be quite similar, especially at the analyst and associate levels. Both are part of the Investment Banking Division (IBD), so base salaries and bonuses are typically aligned across teams. However, there might be slight variations depending on the bank, region, and specific team performance.
Regional Differences (Germany/France): While specific data for Germany and France isn't explicitly detailed in the WSO threads, European compensation in IBD (including LevFin and M&A) is generally lower than in the US due to differences in market size and cost structures. However, top-tier banks in Europe still offer competitive packages, and bonuses can vary significantly based on deal flow and team performance.
Work-Life Balance: LevFin is often considered to have a slightly better work-life balance compared to M&A. While the hours can still be long, LevFin tends to be more process-driven and less deal-intensive than M&A, which might contribute to a more manageable workload.
Cultural Fit: Since you've mentioned not enjoying the culture in M&A, LevFin might be a better fit for you. The work in LevFin often involves a mix of corporate finance and capital markets, which can be more structured and less chaotic than the fast-paced, deal-heavy environment of M&A.
If you're leaning towards LevFin, an internship would be a great way to test the waters and see if the work aligns with your interests and career goals.
Sources: LevFin in London, Anyone working at LevFin/Acquistion Finance in London (BB)?, Lending/LevFin vs. MM IBD vs PE summer internships, LevFin WLB-focused Exits and Other Questions, Leveraged Finance – 2017 Update
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