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


Comments (182)

  • Analyst 1 in IB - Gen
May 7, 2021 - 1:23am

Wow thanks for doing this, helps a lot w tracking. Moelis AN1 base is $85 tho

  • 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

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
May 7, 2021 - 11:30am
Anonymous Monkey, what's your opinion? Comment below:

Maybe only in good years 

  • 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

Most Helpful
  • Prospect in IB-M&A
May 7, 2021 - 8:53am

Feels good to be going to Gugg

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
May 7, 2021 - 9:16am
Anonymous Monkey, what's your opinion? Comment below:

I think i also heard this

  • 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
TheEmperor, what's your opinion? Comment below:

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
FelipeStache, what's your opinion? Comment below:

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
LuciferMorningstar, what's your opinion? Comment below:

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.


  • 3
  • Analyst 2 in IB - Cov
May 7, 2021 - 4:30pm

CS only raised bases by $5k at the ANL level. ANL 1 = 90

2 = 95

3 = 100

  • Analyst 1 in IB - Gen
May 8, 2021 - 11:48am

London is 50 +20 at EU BBs, 50+30 US BBs and a bit more at EBs

May 8, 2021 - 11:51am
TheEmperor, what's your opinion? Comment below:

Updated to reflect this, thank you - let me know if there are any other inaccuracies?

  • Analyst 2 in IB - Cov
May 10, 2021 - 5:02pm

Actually should note, all ASO levels got $25k bump I believe at CS as well

May 10, 2021 - 4:21pm
RS_123, what's your opinion? Comment below:

Hi. I just received an offer from them to join as analyst1 - it's still 85. Is that bad? Am I missing out on something? Or is this change yet to take effect

  • Analyst 1 in IB-M&A
May 7, 2021 - 7:31pm

What are peoples guesses as to chances jpm / ms / barcap / citi increase salaries or give bonuses?

  • Analyst 1 in IB-M&A
May 7, 2021 - 10:48pm

Please add reputable MM's for comparison. Would be really helpful to include plus RBC is on there anyways. 

May 8, 2021 - 11:53am
TheEmperor, what's your opinion? Comment below:

Trying to find detailed data on BMO - besides them, Stifel, and HL, what other MMs have raised comp? Details on previous comp and new comp would be especially helpful.

  • 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. 

  • Intern in Research - Other
May 8, 2021 - 6:01pm

Laz is 95 first year base?

May 9, 2021 - 1:41pm
IB1234321, what's your opinion? Comment below:

Bet a lot of banks will raise/raise comp again (even the ones who raised base by 5k) before the next recruiting cycle. They would start to lose kids and will want to stay competitive.

  • Associate 1 in IB - Gen
May 10, 2021 - 11:58am

Baird already has associates at 175.

I know they gave spot 15k bonuses but haven't heard of a salary bump.

  • 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

  • Intern in IB-M&A
May 10, 2021 - 10:49am

How have the hours / dealflow there been lately?  

  • Analyst 3+ in IB-M&A
May 10, 2021 - 11:31am

Slightly better than Q4 in lieu of comp /s

  • 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)

Aug 11, 2021 - 1:10am
EBYM729, what's your opinion? Comment below:

Heard LAZ and some other boutiques announced base increase... GHL still remains the same?

May 9, 2021 - 4:49pm
DBisBB, what's your opinion? Comment below:

Where'd you hear stifel pay bumps? Have not heard this, only spot bonuses.

  • Associate 1 in AM - Equities
May 10, 2021 - 8:31am

Is this only for IB or would this apply to ER, for example, as well?

  • 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

May 11, 2021 - 1:26pm
LuciferMorningstar, what's your opinion? Comment below:

What's Citi's current comp for Analyst 1 and 2?


  • Analyst 2 in IB - Cov
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.

May 11, 2021 - 12:43am
TheEmperor, what's your opinion? Comment below:

I think it's a completely different ballgame, and harder to measure because of smaller analyst class sizes.

  • Incoming Analyst in IB-M&A
May 11, 2021 - 2:18pm

nothing as of yet besides HL

  • Associate 2 in IB-M&A
May 11, 2021 - 3:31pm


  • Incoming Analyst in IB - Cov
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.

May 12, 2021 - 3:49am
rocku, what's your opinion? Comment below:

Citi associate is as follows:

assoc 1: 150

asso 2: 175

asso 3: 200

Their stub year base is 150. They haven't increased bases that I know of.

Aug 11, 2021 - 1:28am
high hopes, what's your opinion? Comment below:

Citi associate is as follows:

assoc 1: 150

asso 2: 175

asso 3: 200

Their stub year base is 150. They haven't increased bases that I know of.

Have other BB and MM not raised associate 1 base to 175?

  • Associate 1 in IB - Cov
May 13, 2021 - 3:47pm

really?  i didnt get an email..

  • Analyst 1 in IB-M&A
May 18, 2021 - 7:59am

tmt seniors poached 
do you have the dry powder to provide us analysts a base increase now?

  • Intern in IB - Cov
May 20, 2021 - 12:06am

The WSO database shows that GS An1 make 85k. Is the discount mostly from bonus?

  • Prospect in IB-M&A
May 17, 2021 - 7:06pm

The database says 85 + ~50 = ~135 

  • Intern in IB - Cov
Jun 15, 2021 - 6:52pm

So from what I understand, typical An1 salary was raised from $60k to $70k in 2009 then from $70k to $85k in 2014?

  • Intern in IB - Cov
Jun 18, 2021 - 4:07am

Wow. Pay increases and lower NYC rent. 2022 would be a nice year to start assuming rent doesn't return to pre pandemic levels

  • Analyst 1 in IB-M&A
Jul 3, 2021 - 2:30pm

Rent is already back up. If you didn't lock in a covid deal by may you got screwed. Some of my incoming analyst friends are having a really tough time finding affordable places. 

  • Intern in IB - Cov
Jun 30, 2021 - 9:40pm

Barclays analysts up $15k and Assoc/VP up $25k.

A1: $85k > $100k

A2: $90k > $105k

A3: $95k > $110k

  • Analyst 1 in IB-M&A
Jun 30, 2021 - 10:23pm

What's MS waiting for? 

  • Intern in IB-M&A
Jul 31, 2021 - 9:38pm

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