INVESTMENT BANKING DIVERSITY STATS - As of December, 2021
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2019, 2020, 2021. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
J.P. Morgan
01
99.2%
Société Générale
14
98.4%
Goldman Sachs
02
97.6%
Morgan Stanley
05
96.8%
BNP Paribas
02
96.0%
Deutsche Bank
18
95.2%
RBC Capital Markets
06
94.4%
LionTree Advisors
14
93.7%
Bank of America Merrill Lynch
05
92.9%
PNC Financial Services
26
92.1%
PJT Partners
04
91.3%
TD Securities
06
90.5%
Greentech Capital Advisors
58
89.7%
UBS
04
88.9%
Credit Suisse
04
88.1%
Citigroup
04
87.3%
Intrepid Investment Bankers
44
86.5%
JPMorgan Chase
10
85.7%
Mesirow Financial
50
84.9%
Scotiabank
27
84.1%
Natixis
10
83.3%
Rothschild
07
82.5%
Evercore
No
81.7%
Janney Montgomery Scott
32
81.0%
Lazard Freres
05
80.2%
BBVA
22
79.4%
Centerview Partners
06
78.6%
Perella Weinberg Partners
05
77.8%
RBC Royal Bank of Canada
10
77.0%
UBS AG
13
76.2%
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
GP Bullhound (47.2%)
02
99.3%
China Securities (47.2%)
New
98.5%
BDA Partners (37.5%)
03
97.8%
Standard Chartered Bank (34.1%)
05
97.1%
China International Capital Corporation (33.0%)
04
96.4%
Harris Williams & Co. (30.6%)
08
95.6%
Crosstree Capital Partners (30.2%)
08
94.9%
National Bank of Canada (28.5%)
05
94.2%
Centerview Partners (27.8%)
37
93.4%
RBS Royal Bank of Scotland (26.9%)
06
92.7%
Berenberg Bank (24.5%)
13
92.0%
Capstone Partners (24.4%)
New
91.2%
HSBC (23.8%)
12
90.5%
PJT Partners (23.5%)
18
89.8%
Credit Suisse (23.5%)
04
89.1%
CohnReznick Capital (22.4%)
New
88.3%
JPMorgan Chase (22.3%)
05
87.6%
Perella Weinberg Partners (22.1%)
No
86.9%
Nomura Holdings (22.1%)
07
86.1%
UBS (21.6%)
36
85.4%
Goldman Sachs (21.5%)
09
84.7%
Needham & Company (21.4%)
15
83.9%
Barclays (21.3%)
06
83.2%
RBC Royal Bank of Canada (21.1%)
05
82.5%
Bank of America Merrill Lynch (20.3%)
02
81.8%
Citigroup (20.2%)
01
81.0%
CIBC World Markets (19.7%)
25
80.3%
Deutsche Bank (19.7%)
07
79.6%
Fifth Third Securities (19.6%)
04
78.8%
Evercore (19.2%)
06
78.1%
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
National Bank Financial Markets (41.0%)
New
99.3%
Drake Star Partners (37.6%)
59
98.5%
CLSA (36.7%)
New
97.8%
Cambridge Wilkinson (34.0%)
03
97.1%
Agentis Capital (32.3%)
09
96.4%
B. Riley & Co. (32.3%)
15
95.6%
AGC Partners (29.6%)
02
94.9%
Wedbush Securities (29.6%)
New
94.2%
Raymond James Financial Inc. (29.5%)
01
93.4%
Janney Montgomery Scott (29.3%)
No
92.7%
Capstone Headwaters (29.3%)
04
92.0%
National Bank of Canada (28.6%)
06
91.2%
D.A. Davidson & Co (28.1%)
17
90.5%
MTS Health Partners (27.5%)
01
89.8%
Alantra (27.0%)
10
89.1%
TAP Advisors (26.2%)
11
88.3%
Shea & co (26.2%)
New
87.6%
Duff & Phelps (24.2%)
41
86.9%
Oppenheimer (24.0%)
08
86.1%
Ziegler (23.8%)
15
85.4%
PJ SOLOMON (23.4%)
42
84.7%
National Bank Financial Group (22.6%)
03
83.9%
Truist Securities (22.6%)
06
83.2%
Intrepid Investment Bankers (22.3%)
01
82.5%
Progress Partners (21.0%)
21
81.8%
Centerview Partners (20.9%)
08
81.0%
Robert W. Baird & Co. (20.8%)
01
80.3%
Berenberg Bank (20.6%)
04
79.6%
Stephens Inc (19.9%)
17
78.8%
Stout Risius Ross (19.9%)
25
78.1%
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
Intrepid Investment Bankers (34.4%)
01
99.3%
Standard Chartered Bank (11.2%)
113
98.5%
Commerzbank AG (8.8%)
03
97.8%
PwC Corporate Finance (7.8%)
01
97.1%
TD Securities (7.3%)
04
96.4%
CLSA (7.3%)
New
95.6%
Cain Brothers (7.2%)
03
94.9%
Credit Agricole (5.7%)
07
94.2%
National Bank Financial Group (5.6%)
03
93.4%
BDA Partners (5.4%)
03
92.7%
Miller Buckfire (5.4%)
66
92.0%
Lazard Freres (5.1%)
15
91.2%
Capstone Headwaters (4.8%)
103
90.5%
Cambridge Wilkinson (4.8%)
04
89.8%
Ducera (4.8%)
04
89.1%
Qatalyst Partners (4.4%)
93
88.3%
Morgan Stanley (4.0%)
04
87.6%
Truist Securities (4.0%)
80
86.9%
J.P. Morgan (3.7%)
03
86.1%
MUFG (3.6%)
12
85.4%
Centerview Partners (3.5%)
109
84.7%
Oppenheimer (3.4%)
02
83.9%
Ziegler (3.4%)
10
83.2%
Robert W. Baird & Co. (3.0%)
02
82.5%
RBC Capital Markets (3.0%)
14
81.8%
RBC Royal Bank of Canada (2.9%)
21
81.0%
Houlihan Lokey (2.9%)
13
80.3%
PJT Partners (2.8%)
108
79.6%
UBS AG (2.8%)
15
78.8%
Nomura Holdings (2.8%)
22
78.1%
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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