Investment Banking Compensation - As of December, 2016

This compensation data is based solely on user submissions to the WSO Company Database for pay during 2014, 2015, 2016. Number of data points for each position is in parenthesis after the position label. Historical reports: 2016 | 2015 | 2014 | 2013 | 2012 | 2011

Total Average Compensation - Bulge Bracket Banks (1) (2)

Includes base + cash bonus only
(1) Includes compensation data from the following investment banks: Bank of America Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS AG, Wells Fargo and Company
(2) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

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Total Average Compensation - Other Notable Banks (1) (2)

Includes base + cash bonus only
(1) Includes compensation data from the following investment banks: HSBC, BMO Capital Markets, Cowen Group, Duff & Phelps, Evercore, Greenhill, Harris Williams & Co., Houlihan Lokey, Blackstone Group, Jefferies & Company, Lazard, Moelis & Company, Morgan Keegan, Nomura Holdings, Oppenheimer, Perella Weinberg Partners, Piper Jaffray, Raymond James Financial Inc., Rothschild, William Blair, Lincoln International, Macquarie Group Limited ABN, Societe Generale, SunTrust Robinson Humphrey STRH, KeyBanc Capital Markets, RBC Capital Markets
(2) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

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Investment Banking Company Statistics - As of December, 2016

These statistics are based solely on the user submissions to the WSO Company Database for employment during 2014, 2015, 2016. Each company is given an adjusted score using Bayesian estimates, which takes into account the number of reviews for a particular company. For more details, please see the Methodology FAQ below.

Interview Statistics

Hardest Interviews (1) (2)
What bank has the hardest interview?
(1) Percentile calculated only based off of investment banks that received at least two interview insights (177 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Best Interview Experience (1) (2)
What bank has the best interview experience?
(1) Percentile calculated only based off of investment banks that received at least two interview insights (177 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Professional Growth and Career Opportunities

Overall Employee Satisfaction (1) (2)
Overall how satisfied are you working for this company?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Professional Growth Opportunities (1) (2)
Your opportunities for professional growth?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Career Advancement Opportunities (1) (2)
Your opportunities for career advancement?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Intern Offer Rates (1)
Average percentage of interns receiving full time offers
(1) Simple average based off of investment banks that received at least one intern offer data point (74 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Promotions and Fairness

Feedback (1) (2)
Feedback you receive about your job performance?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Best Recognition (1) (2)
Recognition and praise you receive when you do a good job?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Most Fair (1) (2)
Fairness in how promotions are given and people are treated?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Compensation

Best Pay (1) (2)
Your compensation compared with similar jobs elsewhere?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Senior Management

Best Communication (1) (2)
Communications from management about important issues and changes?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Best Teamwork (1) (2)
Information and knowledge sharing withing company?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Best Leadership (1) (2)
Leadership abilities of senior management?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Competence (1) (2)
Competence of senior management?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Reputation

Proudest Employees (1) (2)
Company as a place you are proud to work?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Recommended (1) (2)
Company as a place you would recommend to others to work?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.

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Life Style

Time Off (1) (2)
Management support for needed time off?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Best Work/Life Balance (1) (2)
Employer support in balancing between work life and personal life?
(1) Percentile calculated based off of adjusted score only for investment banks that received at least one vote (100 total firms). See Methodology FAQ below for more information.
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Most Average Hours Worked (1)
How many hours do you work an average?
(1) Only includes investment banks that received at least three submissions with hourly data (173 total firms).
(2) The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Historical Report Quicklinks:

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Company Database - Aggregated Statistics - As of September, 2017

The graphs below represent the aggregated statistics for to the WSO Company Database.
48,682
Total Number of Submissions
26,506
Compensation Submissions
17,077
Interview Submissions
5,099
Review Submissions

Submissions by Industry (1)

(1) The table above represents the 16 most common industries from the 48,682 submissions to the WSO Company Database
Please note: the total submissions by industry count exceeds the $total_company_db_numbers total submissions because we allow users to multiple industries when contributing a piece of content to the database. For example, someone working in equity research at an investment bank may select "Investment Banking" and "Equity Research" as industries for their submission and those will both be counted in the chart above.

Submissions by Division (1)

(1) The table above represents the 20 most common divisions from the 48,682 submissions to the WSO Company Database

Submissions by Year (1)

(1) This distribution is based on the year the compensation was granted, the year the interview occurred and the year of employment for reviews. As a result, we'd expect the most growth in the current year and several years past as the majority of submissions tend to be related to the last three years.

Submissions by Company (1)

(1) The table above represents the 20 most common companies from the 48,682 submissions to the WSO Company Database

Submissions by City (1)

(1) The table above represents the 20 most common cities from the 48,682 submissions to the WSO Company Database

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WSO User Profiles - Aggregated Statistics - As of September, 2017

The graphs below represent the aggregated statistics for the members that have contributed to the WSO Company Database.
32,573
Unique Contributors

Users by GPA (1)

(1) The table above represents the GPA distribuition across 32,573 unique contributors to the company database

Users by Undergrad Schools (1)

(1) The table above represents the 20 most common undergraduate universities from the 32,573 unique contributors to the company database

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Methodology FAQ

How often is this data updated?
The rankings are constantly changing and evolving based on additional data we collect every day. The graphs and tables use the data from YTD and the prior 2 years. See tabs located above on this page to access previous year rankings.
Why do the average compensation numbers look so low?
Remember that the compensation you are accustomed to hearing for top performers in the top groups in New York is well above the average for cities around the world. The compensation average graphs are a global average which includes regional cities and groups that bring the average down. If you would like company and group specific compensation data, please visit the WSO Company Database.
Where does this data come from?
The compensation, review and interview data comes from WSO member submissions to the WSO Company Database. With over 50,000 submissions to date across thousands of companies, the database is solely a representation of what our members were paid and how they rank companies on various metrics. Please see below for a detailed breakdown of the member statistics for those that have contributed to the database.
What are the percentile rankings based on?
The percentile rankings of companies listed here are based on the current YTD and the prior two years of data for companies that received at least one vote. The simple average scores are converted into an Adjusted Score before the companies are ranked to take into account companies with a smaller sample size. This method uses Bayesian Statistics.
Why do you use Bayesian Statistics to adjust scores?
This methodology is used in order to account for standard deviation in rankings. As a company gets more rankings and data, we have more confidence that the average ranking is a true reflection of reality, so this is reflected in the adjusted scores and Percentile rankings. Learn more about Bayesian Statistics here.
Why don't I see company XYZ?
Some great smaller firms may not be represented in the rankings for the simple reason that we have not collected enough data to represent them accurately or for us to have enough data to display them at all.
What is the geographical representation of the submissions?
The WSO user base is very US-centric with approximately 70% of all submissions coming within the United States of America. Please see the detailed breakdown of the member statistics for those that have contributed to the database. For more company and city specific compensation, please visit the WSO Company Database.