S&T 2026 bonus thread
Haven’t seen one posted this year so figured I’d start it.
1st year associate expecting 300-375k total comp
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Based on the most helpful WSO content, here’s a quick breakdown of Sales & Trading (S&T) compensation trends for associates:
For a 1st-year associate, the expected total compensation (base + bonus) typically falls within the $225k-$300k range, as per the 2022 updated comp tables. However, some high-performing desks or banks may push this to $300k-$375k, especially if the desk, division, and bank have had a strong year.
If you're expecting $300k-$375k total comp, you're likely at the higher end of the spectrum, which aligns with strong desk performance or being at a top-tier bank. Keep in mind that bonuses can vary significantly depending on individual performance, desk performance, and the overall market environment.
If you're looking for more specific insights or comparisons, feel free to share details like your desk type (e.g., equities, fixed income, etc.) or bank tier (BB, MM, etc.), and I can help refine the expectations!
Sources: 2021 S&T Bonus, 2021 S&T Bonus, Updated 2022 S&T Compensation
Bump
uhhhh wtf is that normal? are u gs/jpm/ms and what desk are you on... is this an extraordinary year for ur desk or is this normal... good for you tho!
I was lucky to get a trading book as an analyst due to turnover and did okay so they let me keep it. I think having pnl attached to your name helps
del
Bump
Bump
1st yr asso earning that...wow.. which product group r u in, and is it BB?
for anonymity will be vague. I’m in FICC, the main contributor to comp is having pnl attribution. I don’t think bank has been a relevant factor. I’d say this is on the higher end but isn’t “ crazy”
Same role as you along with PnL attribution to my name. Also expecting total comp to be within that range.
HAHAHA why is everyone bumping and nobody else has numbers other than OP
How many yoe
3YOE, this was my first associate year.
Most firms have not communicated bonus numbers yet. For the sake of consistency let’s use this format. This is not my number just trying to make it easy to follow.
Firm- US BB
Role- SPG sales
Title- Director
YOE/YOE at firm- 10/5
2025 Base- 275K
2025 Bonus- 500K (250K cash/250K stock on 3yr vest)
2026 base- 300K, 3rd yr at director here maybe make MD in next couple?
Comments- My team/SPG trading did well, thought we got paid ok. Hearing macro did really well but credit not so much.
Thanks for this. Would you say your number is average or above average compared to other sales people in FICC of similar experience?
That might be a bit on the high end, most directors shake out 500-750K all in with some getting up to 1MM if they have been at the director level for 5+ years.
Canadian bank so already paid out
1st yr analyst in trading
170 total comp (usd)
100 base + 70 bonus
70k first year stub? Full year? Seems very high
First full year, stub year was 11k bonus
Are you based in Toronto ot NY?
nyc
Is this BMO ?
Curious which bank this is? Thought all the Canadians were at $110k base for S&T
RBC 90k. TD 110k. Has to be either BMO or CIBC.
im now 120 base for an2 fwiw
When you say already paid out
Do BBs pay them out later? If so dyk when?
And do you have to stay till they get paid out? J wondering as an incoming S&T looking to go to a HF
No, unless u defer it pays out like a week after they’re announced (on a regular pay cycle). I say paid out bc Canadian banks are on a different fiscal year (ending 10/31) so our bonuses are announced and paid earlier than US banks
Expected bonuses for stub year at BBs?
BB - 110+30 (prorated) confirmed
del
Edit: nvm misread
bump
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bump
Damn. No one likes to disclose anymore
VP trader HK BB - 225 base 150 bonus.
Very disappointed given desk/firm results, updating CV now.
Thks a lot, what desk/product ?
Apologies for highjacking but do most desks in HK require mandarin? What about for sales roles? Wishing you the best regardless!
From what I’ve seen for sales roles having an Asian second language is generally prioritized while trading will depend much more on desk culture
Depends on your product and client base but for sales roles at BBs I'd say it helps but not a must.
EQ D1
Damn, is that USD? D1 desks printed last year so that’s not encouraging
Bump
Firm: BB
Role: Sales
Title: Executive Director
YOE / YOE at firm: 12 / 10
Base: $300k
2025 bonus: $450k (75% cash 25% stock 3y vest)
Wow was it a particularly good year or is this normal?
Can I ask what desk?
It was certainly better than normal but wouldn’t say we hit it out of the park. This is for derivs.
Firm: BB
Role: Trading
Title: VP
YOE / YOE at firm: 8 / 8
Base: $240k
2025 bonus: $330k
Very disappointed given desk + book performance
del
macro- expected around 700k all in
YOE?
Trading ASO (3 YOE) in macro, 250k base expecting 325-400 bonus.
Which bank is paying 250k ($ ?) as associate 1 base? Congrats as is a very high number for that YOE. Otherwise sounds like a prop/quant trading firm salary
What type of desks make the most for trading and/or sales? Is it better to trade flow (treasuries, mortgages, etc.) or slower (HY Corporates, CMO, Munis, Etc) products? I am an incoming S&T intern with some prior internship experience. Trying to see which desks I should recruit for full-time.
Trading and it isnt close, also general rule of thumb, the more complex/quanty a product, the more it pays. Mortgages are not flow btw.
TBAs is definitely a flow seat, though depending on the bank, the structure of this as a standlone desk or not varies. So yes mortgages can be flow
How is FX trading viewed? Is this more flow or execution? In terms of products where does it rank?
Trading much higher as time passes. For Flow -> Algo Trading(not the sales trading), for slower -> more complex(non linear vol) would make more money.
Assuming the teams are strong and I like the people and the firm, do you have any insights on these products in terms of upside and long-term potential as a trader?
HY Credit / Leveraged Loans - Most interesting corporate credit products to me
Structured Products (Agency MBS, Spec Pools, CMBS, CMOs, IOs) – Nice range of complexity, liquidity, and size
Rates / Derivatives - Extremely fast-paced with large size and potentially solid exits, though it feels increasingly automated and you need to be dialed at all times
Commodities (Oil, gas, etc.) - Exciting and also lots of volatility, politics, and relationships are involved
Firm: BB
Role: Strat
YOE / YOE at firm: 9 / 3
Base: $275k
Bonus: $500k
Strong personal performance but below budget desk performance. Mixed given was likely netted by desk performance but fair result all things considered. Buyside bid is very tempting.
judging from what we're hearing out there this is excellent total number for a senior VP/Director level?
Probably GS. I havent seen other bank's VP make more than 250k base. I'd say this is an on the higher end given what I've seen from GS, but maybe my sample size skew on the lower end.
I think its a pretty fair number given overall desk performance so why I am mixed. Think this would have been 7 figs though if desk had a better year given personal performance.
Firm : Well known bank
Role : Derivs trading, one of the best book runners of a strong desk.
YOE : 11-14
Total comp 1.9m$
Very strong personal and desk performance
Keeping it a bit vague as it's getting a bit thin / too specific at these levels, more to show prospective monkeys what's possible
Congrats! Is this GS / MS EQD?
MS EQ
BB
YoE: 6 months (fresh out of undergrad)
Base: 110k
Stub bonus: 30k
Felt like it’s a fair number
JPM?
del
No, not pro rated. I got 30k
Hedgefund
YOE: 4-5
Base: 200k
Bonus: 1.4m
Trade energy
Do you think MS has a good energy/commodities desk?
Think of the banks it’s decent. The real money is moving over to a spec position in power or gas. Plenty of opportunity right now
.
any desk analyst figures esp for HY/Distressed/Special sits? Very interested in this
Analyst / associate years is at a discount to IBD. VP to MD+ is pretty tied to P&L so going to be dependent on how much prop risk desk can take.
I'm working for a regional bank and a new desk (just recently built out) on the sales side.
Base pay: 90k
I've made pretty significant contributions for a 1st year analyst, primarily because the team is me and an MD in sales. Directly contributed to over $400k in trades I've managed on my own as I'm often the only one on my desk when the MD travels.
What can I reasonably expect for a stub year bonus because I only started mid last year? Is there a number that's too low, I feel like there is but wanted to ask that too.
interested as well
15-30k. 10% (upper end of estimate of pnl structure) of 400k = 40k and nobody out there is making 10% of profits from what I know
yep got 15k
Firm: Well known U.S Bank
Role: FX Sales - Corporates
Title : Analyst 2
YOE : 4 years… started at AM for 1.5 yrs then AN1 again when I switched to S&T // 2 Years at Bank
Salary :115k going to 125k
Bonus: 65k - all cash
Comments: looking to move to the FX trading side… not for money, more for general interest.. we’ll see how it goes
Firm- US BB
Role- Interest Rate Derivs
Title- 3rd Year Analyst
YOE/YOE at firm- 1/1
2025 Base- 125K
2025 Bonus- 125K (100K cash/25K stock on 4yr vest)
2026 base- 155K
Comments- Team had a good year. Happy with my comp, hope this gives people another data point for comparison. Switched from quant role (2 years) to trader.
Congrats! Can you share if this is swaps or vol? And is it a balance sheet bank (JPM / BofA / Citi) or is it a GS/MS or neither?
Thanks!
Bump for any updates as some european bank announces bonus (e.g ubs)
Firm- O&G Major
Role - Trading Grad Program
Title - 1st yr Analyst
2025 Base- 74K
2025 Bonus- 4.5K (stub year), 12k sign-on
Comments - Houston
bumps
bumpe
Color on typical US BB AS1 comp structure? Eg eq derivs
An3 > As1
Base: 125k
Bonus: 90k
Feels decent
Associate 3
175k base
185k bonus
BB
Down year for the desk and most of commodities (not for my individual book though fortunately)
TC: $700k
YOE: 3
Quant trader at one of the better known shops.
VP5 in FICC Financing at a European BB in NYC: 2025 TC of $395K ($210K Base + $185K Bonus), up from 2024 TC of $375K ($210K Base + $165K Bonus), and from 2023 TC of $355K ($210K Base + $145K Bonus)
Base unchanged at $210K for 2026 as a VP6
How’s the conversation go with your stagnant base? Or happy with the decent bonuses
I’m happy with the decent bonus. I didn’t end up asking for a raise - figured even if I got a raise, they’d just reduce next year’s bonus
I assume your hours are great and you leave at 5?
VP6? Any hope for promotion to director? 500K is basically the floor for directors. I’d be looking for a new firm most people spend 3-4 years at VP before getting promoted, feel like you are being taken advantage of.
An1 trading at European bank. 110k base, 60k bonus. 170k tc.
Congrats! Numbers look decent, may I ask if that’s stub or full year?
Thanks! I started in February so I guess it’s near a full bonus
An1 BB bank 115k base 75k bonus
What product? Any color on personal vs. desk performance?
any info on securities lending/equity finance?
An1 (first full year) -> An2 fx/rates sales
125k base, 100k bonus. Feels pretty good.
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