PB Associate Salaries

Just signed an SA offer for at a top BB's PB (GS/JPM) and wanted to see what associate level salaries look like at this level. I know base for analysts ranges from 100-110 approximately, but does anyone have any insights on associate base (is it 150?) + possible bonus numbers? Even VP numbers would be insightful as well!

Comments (16)

  • Analyst 3+ in IA
Nov 20, 2021 - 8:47am

New GS PWM analyst salary: $90k, new JPM PB analyst salary: $100k… GS NPWA salary: $150k (business school hire / 2 years after BDP) waiting to see what GS BDP salary shakes out to be (1st year associate promote) this January. Historically 1st year JPM PB associate promote is $110-125k I believe (waiting to see what new comp shakes out to be after recent bumps).

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  • Associate 1 in AM - Other
Nov 21, 2021 - 5:27pm

First year JP Morgan PB Associate is $125k base, plus bonus. Base scales up very slowly ($5k tranches).

First year Goldman Sachs PWM Associate is $150k base, plus bonus.

Bonus structures between the two firms as well as how they operate from a comp perspective are completely different.

There is a lot of noise in the JPM PB associate ranks about this base, especially because first year analysts are starting at $100k now out of undergrad, and generally the expectation rightly or wrongly is that PBs need to keep in line with IB counter parts at the base level. Anecdotally I believe this is the case at a number of BB groups with IB and PWM/PB groups, but JPM is yet to act.

Bonuses at associate level are going to be dependent on what year you are, if you have sales targets and what your results are, multipliers based on office / team, etc. and have not come out yet. JPM PB financial results have blown previous years out of the water, so it will be interesting to see where #s come in.

Nov 21, 2021 - 5:37pm

Interesting. I'd imagine JPM would raise PB associates to 150 too in the future then, especially knowing how profitable it has been for JPM. I know bonuses can vary wildly by group and firm, but are there any general % of comp you've seen at the associate level? I know analysts make a small percentage, but the associate level of a PB is interesting because you start the process of building your book. I doubt bonus would come close to 100% base, but would around 50ish% be about right?

  • Analyst 3+ in IA
Nov 23, 2021 - 7:20am

This is correct, but an important distinction is that 1st year associates at GS that are internal promotes are nowhere near $150k. The $150k is accurate ONLY if in NPWA program.

  • Analyst 3+ in IA
Nov 23, 2021 - 7:25am

*referring to the $150k GS associate salary.

Can't comment on % of base bonus for JP.

GS has also had phenomenal year in PWM… doubt there's a 50% bonus coming though.

  • VP in S&T - FI
Dec 2, 2021 - 11:05pm

Can someone explain the structure, set up, comp, progression, etc of the Goldman PB?  It seems like there are so many roles and titles within it that its impossible to figure out what exactly each one means and what people are actually doing.  You go on the GS career site and look up roles and they all have different titles and the responsibilities sound vaguely the same.         

Dec 4, 2021 - 9:01pm

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