2021 First Year Analyst Base Salary Benchmarking

Hello all,

As the other "updated" thread has not been updated in weeks, I thought it'd be useful to combine everything we know about first year analyst base salaries and where they currently stand (raised or not).

This guide is meant to be a baseline resource for prospective and incoming interns and analysts, so for sake of consistency, I've only included first year salaries.

Here's what we've got, and please feel free to correct me on anything -- this is a community forum after all.

Last updated: 8.18.21


Evercore: $120,000


LionTree: $115,000


Baird: $110,000

Centerview Partners: $110,000

Goldman Sachs: $110,000

Guggenheim: $110,000

Jefferies: $110,000

Moelis: $110,000

PJT: $110,000

PWP: $110,000

William Blair: $110,000


HSBC: $105,000

Houlihan Lokey: $105,000

Raymond James: $105,000

Rothschild: $105,000


Bank of America: $100,000

Barclays: $100,000

BMO: $100,000

BNP Paribas: $100,000

Canaccord Genuity: $100,000

Citi: $100,000

Cowen: $100,000

Credit Suisse: $100,000

Deutsche Bank: $100,000

FT Partners: $100,000

Greenhill: $100,000

Harris Williams: $100,000

JPMorgan: $100,000

Lazard: $100,000

Lincoln International: $100,000

Macquarie: $100,000

Mizuho: $100,000

Morgan Stanley: $100,000

MTS Health Partners: $100,000

Nomura: $100,000

PJ Solomon: $100,000

Piper Sandler: $100,000

Qatalyst: $100,000

Societe Generale: $100,000

Stifel: $100,000

SVB Leerink: $100,000

UBS: $100,000

Wells Fargo: $100,000


Oppenheimer: $95,000

RBC: $95,000

TD Securities: $95,000


Truist: $87,500


Tobin & Co: $0

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Comments (182)

  • Analyst 1 in IB - Cov
Sep 6, 2021 - 1:18pm

OP here. Unfortunately WSO prevents further edits past a certain date of original post. Thanks to everyone continuing to submit data points!

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  • Analyst 2 in IB - Cov
Sep 13, 2021 - 7:33pm

If we are bein honest the three banks at 95k are kind of screwing their analyst at this point

  • Business School in IB - Cov
Aug 13, 2021 - 9:47am

RX @ HL 110

EDIT: Some are saying 105, I could be wrong about 110 but reliable source (HL RX AN2) told me 110

  • Intern in IB - Gen
Aug 13, 2021 - 11:36am

PJT 110K, HL 100k at least (could be bit more rx?), BoFA 100k, and Stifel 100k

All of these confirmed might need to update it

  • Analyst 1 in IB - Cov
Aug 13, 2021 - 12:48pm

Believe HL is confirmed 105k for CF and RX

  • Analyst 2 in IB-M&A
Aug 14, 2021 - 5:11pm

Something has to be done this coming week no way around it. This is a fucking PR disaster ready to happen I'm embarrassed to even say I'm there at the moment as more attention is put on the bank from these posts. This week mark it.

  • Intern in IB - Gen
Aug 13, 2021 - 12:12pm

BofA is at 100k now, pretty sure RBC is too. There are only four banks that are actually under 100k TD securities, Oppenheimer, Truist, and Mizuho.

  • Summer Associate in AM - Equities
Aug 13, 2021 - 1:48pm

Any word of PE analyst programs? Or is that more hush-hush due to the selective nature of the positions? Thanks

  • Analyst 1 in IB-M&A
Aug 14, 2021 - 4:13am

Good god almighty. The days of consultants having delusions of grandeur from their $90k salaries have finally ended. 

  • Analyst 1 in IB - Cov
Aug 16, 2021 - 9:04am

Say what you want about him but Rich Diddler knows how to play the game. By going to $110k JEF is asserting itself as a leading shop and only spending pennies to do it.

  • Analyst 1 in IB - Cov
Aug 17, 2021 - 1:31am

This is huge, congrats to your mentee and thanks for the datapoint.

  • Analyst 1 in IB - Gen
Aug 19, 2021 - 2:56pm

Possibly dumb question... but are these figures consistent across regions? e.g. HL analysts are getting 105k in NY, Chicago, and Minneapolis?

  • Analyst 1 in IB - Gen
Aug 19, 2021 - 7:05pm

Yes, bases are always the same everywhere. May be some variability in bonuses if anything.

  • Prospect in IB-M&A
Aug 30, 2021 - 10:58am

Will all BBs raise base to 110k? With a lot of MMs and Goldman at 110k it seems like it'd be the new street.

Aug 30, 2021 - 11:29am


Guys, I'm a bit confused when it comes to US salaries. Can someone tell me if these figures are per annum or per month? Also, what are the average bonuses one can expect from these banks in the IBD (GS,JPM,BOA,MS). (Intl student asking this)

If these figures are yearly than how do people afford to live in NYC? I mean this equates to ~4k-5.5k/month i guess. Most decent apartments rent is in the 2000s. 

Sep 27, 2021 - 10:05am

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  • Incoming Analyst in IB - Cov
Sep 27, 2021 - 11:55am

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  • Analyst 1 in IA
Sep 27, 2021 - 12:22pm

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  • Associate 1 in IB - Cov
Oct 5, 2021 - 3:20pm

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  • Analyst 2 in IB - Cov
Oct 5, 2021 - 3:32pm

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  • Associate 1 in IB - Cov
Oct 5, 2021 - 3:36pm

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Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (228) $232
  • 2nd Year Analyst (137) $154
  • 3rd+ Year Analyst (31) $147
  • Intern/Summer Associate (104) $143
  • 1st Year Analyst (501) $135
  • Intern/Summer Analyst (387) $83