Benchmarking BB/EB Base Increases

Comment any new/missing/incorrect info. Seems like firms are responding to information on the internet/social media, and it's also helpful for those seeking opportunities. Not tracking one time gifts/bonuses, only permanent, trustworthy increases in pay going forward. My list so far:


A1: $85K --> $100K (+$15K)

A2: $90K --> $110k (+$20K)

A3: $95K --> $125K (+$30K)

AS0/AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)

Bank of America

A1: $85K --> $95K (+$10K)

A2: $95K --> $105K (+$10K)

AS0/AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)

Credit Suisse

A1: $85K --> $90K (+$5K)

A2: $90K --> $95K (+$5K)

A3: $95K --> $100K (+$5K)

AS1: $150K --> $175K (+$25K)

AS2: $175K --> $200K (+$25K)

AS3: $200K --> $225K (+$25K)


A1: $85K --> $95K (+$10K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $105K (+$10K)

Houlihan Lokey (RX & CF)

A1: $85K --> $90K (+$5K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $110K (+$15K)


A1: $85K --> $95K (+$10K)

A2: $90K --> $100K (+$10K)

A3: $95K --> $105K (+$10K)

Also upped meal expensing to $50/meal lmao, crazy.

Yet to announce an increase:

BB ($85K/$90K/$95K):

Goldman Sachs 

Morgan Stanley




Deutsche Bank


EB ($95K/$100K/$105K):



Lazard ($85K/$90K/$95K)

Moelis ($85K/$90K/$95K)

Perella Weinberg


Announced they will NOT be increasing:


J.P. Morgan


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Comments (151)

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  • Intern in IB-M&A
May 7, 2021 - 1:42am

I'm curious if anyone has any opinions on whether they think CVP will increase their pay following the Gugg announcement. Wanna be the best EB better pay like it

  • Associate 1 in PE - Other
May 11, 2021 - 7:11pm

doubt cvp is concerned with their appearance in relation to guggenheim lmao

edit: MS thrown from non-EB analysts lmao

  • Intern in IB - Ind
May 7, 2021 - 9:12am

Heard that HL and other MM firms raised base salary as well. 

  • Intern in IB-M&A
May 7, 2021 - 10:03am

Dumb question but does this mean total compensation will increase by said amount (or will bonus be shaved to bring total comp down or near previous levels)?

May 7, 2021 - 1:57pm

I think someone else said this, but at the very least it makes comp less variable even if bonuses are less, which is hype. My girlfriend's MBB offer package was $120K (granted, it included one-time signing/relocation bonus). Feel like Gugg is ahead of the curb in realizing smart, hardworking college grads have other alternatives, especially those who know even a little coding.

May 7, 2021 - 3:36pm

Thinking this may have tangential impacts for consulting firms (and other industries that compete with IB for talent) to increase pay to compete on campuses and PE firms to further incentivize analysts to leave a now (potentially) more appealing 3rd year analyst stint/A2A promotion. 


May 7, 2021 - 2:37pm

This is an awesome post. Other BBs and EBs take note. It's not just about the money, it shows what banks recognize and reward the work we've put in. Senior management should be watching this thread and taking notes, these are the banks that are going to get and RETAIN top talent. Looking at YOU JP Morgan, Citi, and BarCap.


  • 2
  • Analyst 2 in IB-M&A
May 7, 2021 - 6:31pm

I think it'd be helpful to also add the MMs that have increased base like BMO, HL and any others I'm forgetting

May 8, 2021 - 12:38am

Moelis is on par. Their base is lower, but they make up for it with bonuses. There bonus range is much wider through. Top analysts get paid like EVR/PWP, mid like LAZ, and bottom like BBs

  • Analyst 1 in AM - Equities
May 8, 2021 - 11:57am

Gugg is the biggest winner here if nothing changes. You may see more people who had offers at mid-tier BB's and Gugg choose to go to the latter which was less common beforehand. 

With that being said I know people at EVR & CVP and I would expect them to raise things to widen the gap even more within the next 18 months. 

  • Analyst 2 in IB - Restr
May 9, 2021 - 4:45pm

Greenhill put all the analysts on a call and told them to more or less stfu. Then said no spot bonuses... lovely

  • Prospect in IB-M&A
May 10, 2021 - 12:10pm

Greenhill put all the analysts on a call and told them to more or less stfu. Then said no spot bonuses... lovely

The Chicago office lost all their original analysts since the new year... GHL needs to step it up.

  • Associate 1 in IB-M&A
May 20, 2021 - 12:03am

Can confirm the same for Analyst level and for Associate level as well... Friends there at various levels and one of them recently left.. 

same firm wide group Analyst, Associate and VP calls... From what I hear they basically chastised wfh as the culprit and said start coming in to work and it'll get better.. no comp bumps, no spot bonuses (maybe they did other softer things around work itself).

Most fucked up thing I heard though.. you need fucking approvals from the MD for each night you want to order a meal.. and apparently even this was only started recently.. I literally mean having to send emails to your MD asking to approve a meal (unconfirmed but heard one case where an MD replied "do you really need it")...

Feel bad for the bullpens there to have slogged all year last year with no meal allowance, not so great / BB level bonuses (unless my contacts sucked lol) and now, when meals are back, to top it off having to ask permission before ordering a bloody $10 chipotle... SMH

Looking at their revenues and announcements, they seem to not be doing super well in recent years, so guess this penny pinching is a symptom. Heard lots of analysts, associates, even VPs left in recent months all around.. in NY, London, Chicago and other offices too.. 

  • Intern in IB-M&A
May 20, 2021 - 12:07am

One of the only divisions that were doing very well, PCA (through the cogent acquisition) was also almost completely poached by Jefferies with a few people going to other top boutiques so they suffered through that loss as well.

  • Analyst 2 in IB-M&A
May 20, 2021 - 1:31am

Can confirm, MD approval for meals but only if you are WFH (otherwise can expense essentially whenever from office)

  • Analyst 1 in IB - Gen
May 11, 2021 - 12:06am

i wish but doubt it, esp consdering citi is a 2 yr analyst program and not 3 yr

175k Asso base after 2 yr analyst would actually increase retention though imo

  • Analyst 2 in IB - Ind
May 10, 2021 - 4:21pm

Thanks for doing this, SBed. Do you think PE, hedge funds, private credit shops and other buyside firms will have similar increases? If so, have you seen a similar thread for those types of firms? Thank you again.

  • Incoming Analyst in IB - Ind
May 12, 2021 - 3:12am

JPM already doesn't give their analysts laptops…beginning to regret not looking at some other shops more seriously. Seriously need to bump the base salary for analysts after this year.

  • Analyst 1 in IB - Ind
May 12, 2021 - 6:57pm

UBS announced they will not be increasing 

  • Works at Barclays Capital
May 17, 2021 - 3:50pm
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