Trending Content - Sales and Trading Forum
Career Resources
WSO Free Modeling Series - Now Open Through
September 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
For these three banks: no
Associate base pay is now $65k higher for IB compared to S&T! Bonus is also higher, so the pay disparity between IB and S&T continues to grow
Is that really accurate? What is the average Ao1 base + bonus (street, BB) in IB vs. S&T nowadays?
The bonus won't make up for the base difference, unless IB bonuses are going down by more than the base has been increased.
Associate 3 base is $160k in S&T, and $225k in IB now. Bonus is between $20k-$70k in S&T, and between $80k-$140k in IB.
I wouldn’t be surprised if salaries went up too, but not sure if I have heard anything about it outside of this forum
It seems like it will be difficult to compete for talent if not.
I don't think they need to compete for talent. S&T global headcount is still shrinking, and there aren't a ton of exit opportunities, so people aren't constantly leaving for other industries or banks. Private equity is still going strong, Hedge Funds aren't doing so hot.
There is also no pressure from boutique S&T, as economies of scale mean that only the biggest 5-6 banks can compete these days. So the upward pressure that Evercore, Moelis, Jeffries, Centerview, etc have had on IB pay doesn't exist in S&T.
All you need to start up a boutique investment bank is relationships and a good reputation. A boutique S&T shop would need a ton of capital and a big balance sheet.
Analyst pay is different. But we sure should compare an Asso3 in banking (3 years post mba) so someone with 5-7 years work experience. Most banks would that person not be a VP or some random director term, and have ownership of a book or risk role? In that way their bonus would not be limited.
IBD generally has 2.5 years of associate, S&T has 3 years. It depends on the bank. Some banks only give you your own book at VP. If there's a book available to give that is. If there's no book available you're invited to find one elsewhere.
IBD also has direct promotions from Analyst 2 to Associate, while S&T generally has third year analyst. MBA isn't needed if you want to stay at the same bank. So the S&T associate generally has more years of experience than the IBD associate.
Head of our desk sent out a link to an article about the rise in pay for juniors in IBD... probably just fishing
Haven’t heard anything in regards to S&T across banks though... would be nice though
That’s cool
Blanditiis incidunt maiores quia rerum. Dolorem consequatur et laboriosam qui alias voluptates deleniti. Porro consequuntur voluptatum dolorem qui non distinctio.
Officiis quod veritatis ipsum quod distinctio dolorem. Autem voluptatibus doloribus eligendi. Dolorem hic ipsam assumenda voluptate rerum nesciunt. Assumenda velit laudantium ut quis neque. Voluptatem rem voluptatum nam atque temporibus. Distinctio quia rerum fuga et laborum quidem doloremque.
Ea nemo alias est et et a. Consequatur aut aut dolores sit dicta eligendi. Voluptatem modi assumenda dolor unde occaecati in voluptas. Maiores praesentium sit eos aut. Laboriosam praesentium sequi inventore vel sit. Deleniti totam perferendis rerum ut nihil nulla.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...