Starting Salary Trends for Analysts and Associates

I’m in commercial real estate and have been curious about trends in compensation for incoming analysts and associates. From what I’ve seen over the past year or two, starting salaries have not kept up as much as I would have expected given the demand for these roles and the number of qualified applicants entering the industry.

For those in other sectors, have you noticed similar dynamics with starting salary growth in your fields? I would be interested to hear what people are seeing across industries.

3 Comments
 

You’re asking the real estate forum, all of whom presumably work in or want to work in real estate, about starting salary trends for other industries? 

...but is it REPE?
 

Based on the most helpful WSO content, here are some insights into starting salary trends for analysts and associates:

  1. Investment Banking Analysts:

    • In 2017, first-year analyst compensation (base + bonus) averaged $121,000, increasing slightly from $114,000 in 2015.
    • By 2018, this figure rose to $126,800, reflecting a steady upward trend in starting salaries.
  2. Investment Banking Associates:

    • Associate compensation increased from $211,000 in 2015 to $218,000 in 2017, and further to $223,000 in 2018.
  3. Commercial Real Estate Analysts and Associates:

    • Compensation varies significantly based on the type of firm and location. Analysts typically earn a base salary in the $60,000–$80,000 range, with bonuses of 15–20% or more.
    • Post-MBA associates often see base salaries in the $110,000–$130,000 range, with higher bonuses. Some senior associates without MBAs can earn closer to $250,000 all-in, though this is not the norm.
  4. Real Estate Private Equity (REPE):

    • REPE shops tend to pay slightly better than developer/operator shops, with additional earning potential through promotes and advantageous JV deal terms.

While investment banking has shown consistent growth in starting salaries, commercial real estate compensation appears more variable and dependent on firm type, location, and market conditions. If you're noticing slower growth in CRE, it could be tied to these factors rather than a broader industry trend.

Sources: Life in Acquisitions (Analyst/Associate), https://www.wallstreetoasis.com/forum/investment-banking/2017-investment-banking-report-8-key-trends-to-know?customgpt=1, 2017 Investment Banking Report: 8 Key Trends to Know, 2018 Investment Banking Report: 8 Trends in the Industry

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Et natus est eos nesciunt quia qui reiciendis. Quia nulla commodi qui ut dicta amet. Nisi amet saepe facilis tempore sed quos doloribus. Labore dolore odio porro est perspiciatis sit. Non id tempora saepe. Blanditiis dolores eaque quasi molestias.

Ad reprehenderit rerum et excepturi voluptate. Corporis est deleniti error. Est et voluptatum explicabo est.

Odit et delectus repellat excepturi sed aliquid. Deleniti officiis doloremque saepe dolor. Ea iusto veniam nemo repellat aut est.

Cupiditate autem sed minima velit ad qui. Minima est officia et fugit similique. Velit id molestiae fugiat porro deserunt eaque soluta deserunt. Id dolorem placeat quis modi aut voluptatem explicabo. Aut omnis ut earum laborum placeat voluptates velit. Illo molestias inventore atque quia ut accusantium cupiditate. Esse saepe quo officiis aut minima est nobis.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Morgan Stanley 07 97.9%
  • Guggenheim Partners 01 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 03 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
DrApeman's picture
DrApeman
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”