INVESTMENT BANKING DIVERSITY STATS - As of April, 2024
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2022, 2023, YTD 2024. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
J.P. Morgan
01
98.7%
BNP Paribas
02
97.3%
RBC Capital Markets
03
96.0%
Qatalyst Partners
01
94.7%
UBS AG
19
93.3%
Morgan Stanley
01
92.0%
Goldman Sachs
04
90.7%
Scotiabank
01
89.3%
Deutsche Bank
01
88.0%
MUFG
15
86.7%
HSBC
12
85.3%
TD Securities
19
84.0%
PJT Partners
14
82.7%
Citigroup
02
81.3%
Wells Fargo and Company
01
80.0%
Barclays
14
78.7%
UBS
14
77.3%
RBC Royal Bank of Canada
04
76.0%
Centerview Partners
07
74.7%
Jefferies & Company
09
73.3%
Evercore
02
72.0%
Cantor Fitzgerald
16
70.7%
BMO Capital Markets
18
69.3%
Credit Suisse
11
68.0%
PwC Corporate Finance
07
66.7%
Société Générale
11
65.3%
JPMorgan Chase
09
64.0%
Banco Santander
08
62.7%
Lincoln International
14
61.3%
Lazard Freres
03
60.0%
Percentile rank on racial diversity based on how balanced companies are across five primary groups: Caucasian, Asian, African American, Latino/Spanish Origin and Other
Companies with only 10 or more submissions included
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.
Female Representation
Firm
YoY Δ
Percentile
UBS (35.2%)
02
98.8%
Scotiabank (32.8%)
11
97.5%
CIBC World Markets (32.8%)
04
96.3%
Nomura Holdings (32.5%)
01
95.0%
Intrepid Investment Bankers (32.2%)
07
93.8%
BDA Partners (31.9%)
04
92.5%
J.P. Morgan (31.6%)
13
91.3%
nomura securities (30.3%)
27
90.0%
Credit Suisse (28.7%)
09
88.8%
Cowen Group (27.7%)
09
87.5%
Centerview Partners (25.9%)
07
86.3%
Evercore (25.1%)
04
85.0%
Citigroup (23.6%)
16
83.8%
China International Capital Corporation (22.5%)
03
82.5%
Morgan Stanley (22.5%)
15
81.3%
Credit Agricole (22.4%)
02
80.0%
Perella Weinberg Partners (22.1%)
02
78.8%
JPMorgan Chase (22.0%)
05
77.5%
Société Générale (21.8%)
34
76.3%
PJT Partners (21.6%)
12
75.0%
RBC Royal Bank of Canada (21.3%)
04
73.8%
Bank of America Merrill Lynch (21.2%)
10
72.5%
Qatalyst Partners (21.0%)
10
71.3%
Rothschild (20.5%)
10
70.0%
Goldman Sachs (20.5%)
03
68.8%
Deutsche Bank (19.4%)
20
67.5%
TD Securities (19.2%)
08
66.3%
DC Advisory (19.2%)
02
65.0%
Greenhill (18.9%)
08
63.8%
Macquarie Group Limited ABN (18.4%)
06
62.5%
Estimate percentage of females is shown in parenthesis after the company name
Companies with only 10 or more submissions included
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.
Athletic Representation
Firm
YoY Δ
Percentile
Intrepid Investment Bankers (32.0%)
04
98.8%
Duff & Phelps (30.4%)
02
97.5%
Macquarie Group Limited ABN (29.0%)
26
96.3%
Stephens Inc (27.0%)
13
95.0%
Stifel Financial (23.5%)
17
93.8%
Robert W. Baird & Co. (22.8%)
32
92.5%
J.P. Morgan (21.1%)
75
91.3%
Cantor Fitzgerald (20.8%)
46
90.0%
Qatalyst Partners (20.8%)
32
88.8%
Piper Sandler (20.7%)
10
87.5%
National Bank Financial Group (19.5%)
37
86.3%
DC Advisory (19.1%)
03
85.0%
Greenhill (18.7%)
46
83.8%
Cowen Group (18.6%)
21
82.5%
nomura securities (18.4%)
45
81.3%
Alantra (17.7%)
06
80.0%
Lincoln International (17.7%)
08
78.8%
TD Securities (16.8%)
12
77.5%
Black Arch Partners (16.3%)
26
76.3%
Shea & co (16.3%)
01
75.0%
MUFG (16.1%)
03
73.8%
Lazard Freres (15.9%)
27
72.5%
Houlihan Lokey (15.7%)
38
71.3%
Oppenheimer (15.6%)
12
70.0%
Raymond James Financial Inc. (15.4%)
02
68.8%
Wells Fargo and Company (15.4%)
20
67.5%
KeyBanc Capital Markets (15.2%)
46
66.3%
JPMorgan Chase (14.5%)
37
65.0%
Brown Gibbons Lang and Company (14.2%)
43
63.8%
Morgan Stanley (13.7%)
09
62.5%
Estimated percentage of varsity athletes is shown in parenthesis after the company name
Companies with only 10 or more submissions included
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.
Military Representation
Firm
YoY Δ
Percentile
Qatalyst Partners (33.5%)
01
98.8%
Intrepid Investment Bankers (12.6%)
01
97.5%
Moelis & Company (8.0%)
03
96.3%
MUFG (5.3%)
07
95.0%
Deutsche Bank (5.2%)
23
93.8%
Lincoln International (5.0%)
12
92.5%
Evercore (4.7%)
02
91.3%
Greenhill (4.6%)
22
90.0%
PJT Partners (4.3%)
02
88.8%
UBS (3.9%)
22
87.5%
Stifel Financial (3.9%)
18
86.3%
TD Securities (3.6%)
02
85.0%
RBC Royal Bank of Canada (3.5%)
01
83.8%
Wells Fargo and Company (3.5%)
12
82.5%
Harris Williams & Co. (3.5%)
16
81.3%
J.P. Morgan (3.5%)
03
80.0%
Jefferies & Company (3.5%)
02
78.8%
Bank of America Merrill Lynch (3.4%)
09
77.5%
BNP Paribas (3.3%)
02
76.3%
Lazard Freres (2.9%)
12
75.0%
Piper Sandler (2.8%)
15
73.8%
Morgan Stanley (2.7%)
05
72.5%
Barclays (2.7%)
No
71.3%
Banco Santander (2.6%)
10
70.0%
Centerview Partners (2.4%)
15
68.8%
Perella Weinberg Partners (2.2%)
11
67.5%
Truist Securities (2.1%)
08
66.3%
Goldman Sachs (2.0%)
05
65.0%
RBC Capital Markets (1.9%)
09
63.8%
Guggenheim Partners (1.8%)
77
62.5%
Estimated percentage of employees with military association is shown in parenthesis after the company name
Companies with only 10 or more submissions included
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
Thousands of Interview Questions Available by Firm
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.
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