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
immensely helpful. thank you for creating an updated page for this
OP here. Unfortunately WSO prevents further edits past a certain date of original post. Thanks to everyone continuing to submit data points!
nevermind...didn't realize this was an old thread
Evercore making us all look poor
Harris Williams at 100. Is hbsc really 105?
updated! and according to other threads, apparently so.
Know 2 1st year analysts at HSBC, and they get $100k
Gugg rebumped to 110. Didn’t houlihan rebump up to 105 ?
Yes to both, OP needs to update
updated! thank you
Wtf is PJT doing
anyone know when they're raising?
Saw on another thread that it’s 110k on return offer letters
Are they planning to match EVR pay? Thought they were top for comps before street-wide raise.
SVB Leerink- 100k
Nice glad that happened. Hope it comes through to the research side as well. Was banking at 85 before for first years? or 90?
85
Piper Sandler 100
BofA looking out of place, will they bump again?
If we are bein honest the three banks at 95k are kind of screwing their analyst at this point
I thought HL and Stifel had raised again per the other benchmarking thread. Would be surprised if HL was at $90k.
RX @ HL 110
EDIT: Some are saying 105, I could be wrong about 110 but reliable source (HL RX AN2) told me 110
Source, wasn’t it 105?
you sure?
would be massive if they raised again, thought it was 105, though.
Thanks, do you know how it scales up for A2 and A3?
Confirmed?
Bump, is this true?
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
Believe HL is confirmed 105k for CF and RX
Truist this is fucking embarrassing what is going on?
Yea big yikes being the only bank under $90k...
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.
Only bank under 95K I think…
BofA and RBC looking weak for being some of the first to raise
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.
Source for BofA?
BofA confirmed from management call this morning. Source for RBC?
Any word of PE analyst programs? Or is that more hush-hush due to the selective nature of the positions? Thanks
Most are still at 85-90K based on what I hear
Major credit shops have been coming in around 100k, so I would think PE would be similar
What’s the confirmation for PWP?
Can someone confirm Harris Williams?
Update HL CF and RX to 105k
will update tonight!
Any news on HL FAS?
Centerview hasn't increased
can someone confirm? thought i read somewhere Centerview bumped to 110
I’m sure they will, but as of now, heard they haven’t said a word
Good god almighty. The days of consultants having delusions of grandeur from their $90k salaries have finally ended.
MBB are raising 1st years to 100K.
Source: my brother at BCG
Evercore is a fking god huh
Slightly higher TC at CVP still, but that $120,000 is such bde
Where is the RBC 100k coming from? From my awareness interns got return offers this summer at 95k.
RBC is still $95k I’m pretty sure.
It is I hope they Bump to match WF at min.
Pjt 110k? Anyone think they’re going to lose talent since many other banks are offering competitive comp?
Damn I thought BofA would raise to 110
What about cowen and Stephen’s?
Stephen’s offering 1 domestic flight in Warren’s jet every 3 years w/clawback clause.
Cowen is 100k base. Got confirmation from HR today.
What are they paying associates
What about cowen and Stephen’s?
cowen is 100k
Stephens?
Gugg 100 I thought?
Gugg just raised to 110k again - source is offer letter a friend had
That’s great, Congrats
anyone have info on Qatalyst?
120k
Confirmed? From where?
Canaccord Genuity - 100k
so does 150-160 sound accurate for first year all-in comp?
I mean this past year it was quite a bit higher than that. More like 170k-200k+
wow. thats insane. so would it be reasonable to assume that a 2nd or 3rd year associate would be somewhere in the upper 200's to low 300's range?
Any color on SMBC, MUFG, BNP Paribas, Credit Agricole?
BNP raised today to 100
Interesting…. Have a few friends at that bank and I haven’t heard anything
MUFG raised to 100 with returns
That’s awesome, thanks for sharing
SMBC is STILL at 85
Wow… with Mizuho, MUFG and Nomura all at 100k surely it’s just a matter of time
Mizuho 100
source for this?
Bloomberg
https://www.bloomberg.com/news/articles/2021-08-05/japan-s-mizuho-joins…
Qatalyst???
Can confirm base 690k
Can confirm. I am the Qatalyst
120
Any word on if these salary bumps are also being passed along to the ER side? I know it's the case at Goldman but what about Jefferies and other smaller banks?
lmaoo OP putting tobin on here
RJ at 105k
No way…
What about associates?
MTS Health Partners $100k
Why don’t the BBs all raise to 110k? Isn’t it just a library card fee for them. Extra 10,000 times 2,000 analysts equals 20mm per year ?
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.
What about Associates (A0, A1, A2) pay for BB/MM? Can we add that info here as well for JPM, GS, MS etc.
Good idea but new thread would probably help
LionTree just rose theirs to 115 (mentee of mine interned and just got return offer)
This is huge, congrats to your mentee and thanks for the datapoint.
Anyone know how far off PM salaries are from the new cov bumps?
Asked HR today and can confirm Cowen is 100k base.
Qatalyst & Cowen 100k confirmed.
thank you, updated!
Nope, Qatalyst is 120
I wish someone would start a similar thread for S&T too, across all levels
curious
Not salary, but - is target bonus range supposed to be in offer letter for incoming IB BB analyst?
No
Possibly dumb question... but are these figures consistent across regions? e.g. HL analysts are getting 105k in NY, Chicago, and Minneapolis?
Yes, bases are always the same everywhere. May be some variability in bonuses if anything.
absolutely not. hate to say it but yes that was a dumb question
Yes. I’m in Minneapolis and base bonus are the same across regions
.
Any idea what bonuses look like at Cain? Have seen different things said
Does this include key Cleveland
deleted
There’s no way the guys outside Cain are getting this….right??
All IB groups
is TD bumping again soon?
BofA gotta match 110 smh
Citizens Banks mm M&A arm is 100k for An1
When was this change effective, and do you know if it applied to DCM too?
Effective as of last Friday. No clue about DCM just know for sure regarding former Bowstring Advisors analysts (acquired by Citizens).
.
Qatalyst 120
Qatalyst is at $120 now
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.
bump
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.
Yeah we all make 100k+ per month as analysts. If you're not earning 1m+ by the time you're 23, what are you doing with your life?
Your math is way wrong. 110 is 9k/month pre tax. Post tax about 6.5k.
low quality troll
Does anyone know what Stephens base is?
Who's Stephen
MS to 110k baby
A1 and SA !! Email came in this morning...
.
SMBC - $100,000 pay raise just confirmed
Tobin actually just raised to $1
-
-
Can confirm that Greenhill is now $110 - they recently upped their number
Can anyone else confirm this?
What will be the corresponding AS2/3 like? Adding 10k to each level?
TD 100k
TD 100k
TD is 105 now
did u get a new offer letter this morning? mine is only 100k..
.
KeyBanc raised base to $105,000
is the JPM number still effective feb22? or did that change?
Hoping all the bottom banks raise again.
Same, mine still at 85k......
What bank is this?
Raymond James?
105k near the top
Do you know what they’re paying associates?
Truist bumped to 100k
What’s all in pay with bonus?
Is MS 110/115 or 110/125?
Any idea for Raine?
Do these numbers still hold true outside of NYC/Chicago/SF? Or is it the bonuses that are lower in non-Tier 1 cities?
Numbers are the same in LCOL cities if the bank is the same...do with that information as you wish
Ducera?
Facilis aut cum cumque et facilis. Qui sapiente sed ut totam sit animi perspiciatis. Quia excepturi odio porro laborum voluptas ad mollitia.
Assumenda non aliquid placeat similique nostrum quia. Eius est et sed quam illo quas dolores qui. Neque ullam modi eaque magnam expedita. Ea laboriosam ad vero natus et earum.
Nihil vero itaque amet minus magni. Quam numquam ut quasi. Error deleniti est quae ullam eos necessitatibus. Et iste et nostrum enim. Sint placeat nihil ullam voluptate ut fugiat enim.
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...
Sed ea voluptate quia molestiae optio. Sed dignissimos ut voluptatem provident voluptatem consequatur.
Ut tenetur sit in sunt autem autem. Et explicabo mollitia illum voluptate dolorem facilis. Aperiam sed nemo libero incidunt. Qui vel sit et architecto.
Harum sit quisquam enim tenetur. Et ut eum fuga corporis.
Quos quam ipsa sed libero aut qui dolores eius. Officia voluptas in sequi rem repudiandae qui. Modi in numquam est quis voluptatibus.
Neque eum aut dicta suscipit. Dolorem natus voluptate quia rem velit. Commodi culpa deserunt minus laborum.
Voluptas consequatur id quo fuga vitae possimus. Ut est impedit consectetur sint velit accusantium. Consequatur reprehenderit recusandae enim maiores aspernatur dignissimos animi.
Quas possimus voluptatem est voluptas ullam nobis natus aliquam. Non dolores neque consequatur soluta veniam animi laboriosam ut. Voluptates animi eum facilis et libero et libero.
Eligendi similique perspiciatis blanditiis consequatur officia. Quos sint ea quo eos esse laudantium qui. Dolor perferendis nostrum voluptate consequatur reprehenderit. Voluptas ipsam sit vel. Voluptatem aut quasi provident animi vel.
Cum earum magni et qui. Id aut dolorem neque. Dolor voluptas vel ex molestias quaerat corporis commodi. Omnis quis quisquam voluptatibus laudantium ab.
Cumque ducimus itaque voluptatem molestiae qui quae. Occaecati nihil eum et molestias voluptate minus. Error tenetur aspernatur hic et. Et velit sunt asperiores repudiandae enim ut. In cupiditate possimus nesciunt consequatur vitae et.
Dolorem est est et qui voluptate aut. Et molestiae quisquam et ut qui repellat sapiente. Consequuntur a sed aliquid et rerum consequatur. Minus explicabo repellendus assumenda eum reprehenderit ipsa. Sunt non praesentium soluta ut aut illum eveniet qui.
Est et sunt ut nemo. Vitae voluptate quis dolorem neque ducimus. Quo eveniet est deleniti et vel eum. Rerum molestias quo soluta aut doloribus. Esse consequatur sequi et fuga quo ullam vel nostrum.
Neque impedit eos minima animi magni vero saepe. Sed sequi totam quis ullam praesentium laborum praesentium quaerat. Velit sapiente eaque consequuntur atque odio error quae. Asperiores ab omnis culpa saepe explicabo modi molestiae. Ut impedit qui omnis qui id.
Velit optio tempore ex voluptatem laborum nihil blanditiis. Eos debitis non atque molestias voluptatum.
Sit temporibus quam repudiandae qui et animi rerum. Quis eos ea reprehenderit vitae harum. Repellat modi fugiat omnis omnis labore nostrum. Id delectus doloremque veritatis inventore voluptatum perferendis illum beatae. Aut rem enim rerum error. Ut porro consequatur temporibus.
Et fugiat et veniam tenetur eum sunt eos. Est quod dolor sequi itaque vitae.