How Much Do ER Analysts get paid as career progresses?

I know this may be like asking, how long is a rope. But I feel that this answer is far more muddled than IB, consulting and other career paths. 

Could any of you share insights, or link to a post that does? -- particularly interested in BB's. 

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (32)

  • Analyst 1 in IB - Ind
May 27, 2021 - 10:06am

Worked in an MM's Houston office for ER as a summer internship. The place was still ramping up its energy practice at the time and I was able to click around and find the salary of 2 MDs in the office.

First was a newly promoted MD, basically an outstanding director they poached and promoted from another mm, he has 10-12 years of experience since at the time, base $225k and targeted bonus $225k for all in target $450k. He was considered "fast tracked" and typically it takes a bit longer than that to be an MD.

Second was an all-star MD the bank poached from a top BB to lead one of the verticals. His sign-on was $300k, with buyout of all unvested stocks he has in the BB. The base also $300k, targeted bonus $900k with target all-in of $1.2mm

May 27, 2021 - 10:47am

Depends on the sector. More revenues (trading, banking) typically  = higher pay; for example, top biotech analysts make $3 mil + per year.

Here's a WSJ article (link) on biotech senior analyst salaries from 2019..says that "leading analysts in other industries generally receive just over $1 million annually."

  • Intern in IB-M&A
May 27, 2021 - 1:46pm

Anyone know if there is a premium pay bump if at a BB generally known for good research (i.e., BofA, JPM)? Also does top II ranking matter for this?

May 27, 2021 - 2:03pm

interested to know as well on the total comps at the different levels from junior analysts to associates and vps and so on. What is a reasonable range and average? For london numbers as well, if anyone knows

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Analyst 2 in IB - Ind
May 27, 2021 - 3:24pm

Just a data point but I'm a first year-ish biotech associate with 200k total comp so you can probably have a reasonable MD comp derived from that

  • Analyst 1 in AM - Equities
May 27, 2021 - 4:18pm

Isn't biotech one of the highest paying sectors? Is your comp the same as that of a first year associate at your firm in let's say fintech, or IT services? 

  • Intern in IB-M&A
May 27, 2021 - 11:08pm

Are you at a BB? Any idea if this comp is similar to that of other hot sectors (tech, medtech/services/pharma, consumer goods)?

  • Analyst 2 in IB - Ind
May 28, 2021 - 9:22am

Honestly depends on what your bargaining power/background is and if your analyst goes to bat for you. If you're getting poached you have a lot more upside to comp negotiation

  • Analyst 2 in IB - Ind
May 28, 2021 - 12:27pm

To clarify, when I say associate I'm using the associate to VP analyst to MD analyst structure with associate as the lowest level as is the norm with most ER places

That said BBs are pretty standardized I believe at base 85/95/105 or something for first 3 years then base 120/140/160 for next 3 followed by around 175 at VP. The biggest delta would be with bonuses- probably 10-20 for first 3, 20-50 next 3, and 50+ at VP depending on industry and any IPOs you're on. Obviously the hotter your sector the bigger your payout at VP and up levels

May 28, 2021 - 12:23am

Analyst is the Managing Director. Associates are the junior ppl. 

Instagram: @dickthesellsider | Substack: dicktoad.substack.com

  • Analyst 2 in IB - Ind
May 28, 2021 - 1:41pm

Yeah so have I. They've been poaching high profile analysts from firms left and right with attractive comps. Myself and colleagues also been approached by them 

May 30, 2021 - 3:37pm

Dunder

Have heard some crazy numbers out of Wolfe; think multi year LSD MM guarantees for people they poach 

Makes sense for the top analysts who own their franchise…heard the junior pay isn't anything special 

Start Discussion

Total Avg Compensation

June 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (202) $234
  • 2nd Year Analyst (115) $151
  • Intern/Summer Associate (97) $145
  • 3rd+ Year Analyst (27) $145
  • 1st Year Analyst (420) $131
  • Intern/Summer Analyst (338) $82