Investment Banking Compensation - As of April, 2021

This compensation data is based solely on user submissions to the WSO Company Database for pay during 2019, 2020, YTD 2021. Number of data points for each position is in parenthesis after the position label. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011

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

(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

Compensation Detail by Firm - Bulge Bracket Banks (1) (2)

(USD$ in Thousands) ......................................... Intern/Summer
Analyst
1st Year
Analyst
3rd+ Year
Analyst
Intern/Summer
Associate
2nd Year
Analyst
AssociatesVice PresidentDirector/MD
Avg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
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Med
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Med
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nAvg
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Med
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Med
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nAvg
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Med
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Med
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nAvg
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Avg
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Med
Bse
Med
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nAvg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
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Med
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Med
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nAvg
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Avg
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Med
Bse
Med
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n
Overall77.24.980.02.032291.739.685.045.039196.948.095.040.026133.013.1150.02.59595.355.090.055.0107153.979.7150.075.0187232.3131.6225.0146.335409.4502.5325.0425.09
Goldman Sachs73.77.180.01.55085.636.785.040.098112.424.090.020.05133.715.5125.05.019102.848.395.048.528137.080.2150.080.028275.9125.6247.595.08700.0716.7750.0500.03
Bank of America Merrill Lynch81.416.469.52.040100.051.285.055.55395.090.095.090.01132.225.0150.02.51693.363.595.060.011156.576.6150.075.028166.392.0126.020.03nanananana
Wells Fargo and Company75.81.980.01.75484.241.085.045.04057.5100.057.5100.02127.21.4150.01.41291.451.190.070.09154.678.9150.047.818170.0101.0170.0101.02400.065.0400.065.01
Citigroup76.22.279.22.022106.744.685.047.53995.055.895.060.05137.510.0150.010.0898.563.090.065.013168.567.6150.057.027217.9183.2225.0225.07250.0250.0250.0250.01
Barclays Capital79.13.685.02.322106.234.585.032.53990.050.590.050.51131.230.0150.030.0888.653.090.060.012150.668.2150.050.022209.0158.0225.0175.05250.0550.0250.0550.01
Credit Suisse96.56.381.72.03789.839.285.047.53391.781.795.090.03150.02.0150.02.01190.846.290.050.06170.087.5150.077.517350.0100.0350.0100.01235.0na235.0na1
Morgan Stanley70.92.276.52.52884.441.385.050.035nanananana103.2na85.0na799.473.890.070.05154.9127.6150.085.019300.0116.3190.0100.04nanananana
JPMorgan Chase69.32.981.32.52783.234.085.030.029107.531.495.017.54124.9na150.0na589.846.985.045.09129.537.3125.027.57134.047.5134.047.52325.0na325.0na1
Deutsche Bank81.03.077.03.02283.530.285.027.51394.420.994.420.92142.9na150.0na790.747.190.045.07149.472.8150.080.017250.0140.0250.0140.01nanananana
UBS AG59.22.048.12.02088.731.385.027.01295.832.0100.010.03150.0na150.0na292.174.892.074.07158.882.0150.082.04222.5125.0222.5125.02125.0na125.0na1

Compare with...

(1) Bold green numbers indicate a firm is above the average or median of the group for that specific position
(2) Intern compensation based on hourly rate x 2,000 to get yearly approximation

Thousands of Interview Questions Available by Firm

Yearly Trends - Investing Banking Pay By Position - Bulge Bracket Banks

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

Intern/Summer Analyst

(1) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

1st Year Analyst

2nd Year Analyst

3rd+ Year Analyst

Intern/Summer Associate

(1) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

Associates

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

(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, Nomura Holdings, Oppenheimer, Perella Weinberg Partners, Piper Jaffray, Raymond James Financial Inc., Rothschild, William Blair, Lincoln International, Macquarie Group Limited ABN, Société Générale, SunTrust Robinson Humphrey STRH, KeyBanc Capital Markets, RBC Capital Markets, PJT Partners
(2) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

Compensation Detail by Firm - Other Notable Banks (1) (2)

(USD$ in Thousands) ......................................... Intern/Summer
Analyst
1st Year
Analyst
Intern/Summer
Associate
2nd Year
Analyst
3rd+ Year
Analyst
AssociatesVice PresidentDirector/MD
Avg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
Bns
Med
Bse
Med
Bns
nAvg
Bse
Avg
Bns
Med
Bse
Med
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nAvg
Bse
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Med
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Med
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nAvg
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Med
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n
Overall76.67.385.03.527288.452.085.050.0279133.78.4150.05.069104.955.990.055.09899.875.395.075.028158.5106.5150.0100.0157238.5171.2225.0135.025268.4312.4250.0200.05
Evercore101.95.095.05.020101.273.895.076.335160.05.0160.05.07108.484.2100.085.09105.0115.0105.0115.01170.5110.8160.0135.020250.0250.0250.0250.01nanananana
Houlihan Lokey70.4na85.0na2182.953.085.057.529142.5na150.0na1391.466.590.060.01395.0105.095.0105.01149.0145.5150.0100.013192.564.0192.564.02nanananana
RBC Capital Markets80.94.385.04.33085.738.985.040.019117.830.0150.030.0987.547.587.547.5295.096.095.096.01166.588.4150.084.213250.0167.5250.0167.52nanananana
SunTrust Robinson Humphrey STRH40.610.040.010.02077.828.780.032.018120.0na120.0na284.136.785.040.01189.062.490.067.05145.583.9150.090.010200.0200.0200.0200.01nanananana
Jefferies & Company91.77.585.07.51185.056.185.055.027150.0na150.0na495.070.090.070.0995.0115.095.0115.01159.4125.7150.0125.08450.0335.0250.0305.03nanananana
BMO Capital Markets81.8na85.0na1785.739.085.040.01498.35.090.05.0387.517.587.517.5295.045.095.045.01153.974.2150.060.014200.0127.0200.0127.02237.5274.5237.5274.52
William Blair77.7na85.0na1692.236.385.035.09137.0na150.0na5115.264.892.567.5895.0115.095.0115.02165.0102.0160.0125.09200.0200.0200.0200.01250.0850.0250.0850.01
Moelis & Company85.08.585.08.512103.774.285.080.013128.32.0150.02.06126.386.3122.585.04142.580.0142.580.02203.1110.9150.0115.08250.0250.7250.0250.03nanananana
KeyBanc Capital Markets56.6na47.5na2183.023.085.025.0561.3na69.0na385.055.085.055.0290.053.390.055.03140.097.9145.0105.06nananananananananana
Macquarie Group Limited ABN81.42.085.02.01585.039.085.039.0880.0na80.0na188.839.590.034.44107.572.5110.071.36183.395.0150.095.03225.0120.0225.0120.01nanananana
Raymond James Financial Inc.75.3na85.0na687.041.085.050.016140.0na140.0na190.050.090.055.03nanananana145.0105.0135.0105.08300.0100.0300.0100.01nanananana
PJT Partners89.9na90.0na1396.767.190.077.512150.0na150.0na4103.377.595.077.53nanananana127.565.0127.565.02nananananananananana
Piper Jaffray63.85.070.05.01084.546.285.050.011150.0na150.0na195.055.095.055.01120.078.0120.078.01151.780.0150.067.56nananananananananana
HSBC81.92.380.02.3985.020.885.014.47nanananana90.723.090.020.0795.033.095.033.01181.370.5150.060.04nananananananananana
Lincoln International86.0na85.0na685.637.485.035.08150.0na150.0na1327.558.8135.065.0495.0100.095.0100.01154.0106.0150.090.05nananananananananana
Cowen Group90.916.085.016.0984.246.785.050.06nanananana88.365.085.065.03nanananana162.5195.0155.0200.04175.0156.3175.0156.32nanananana
Greenhill85.02.085.02.0484.952.085.050.07150.010.0150.010.0390.0105.090.0105.01nanananana140.2103.8150.0120.06nananananananananana
Société Générale72.22.074.02.05105.043.385.040.03100.0na100.0na180.532.085.030.05nanananana160.089.3160.089.32159.320.0159.320.02185.090.0185.090.01
Perella Weinberg Partners95.04.595.04.5295.072.995.075.08150.0na150.0na2160.075.0160.075.01nanananana170.0210.0175.0175.05nananananananananana
Rothschild82.345.085.045.01192.560.085.057.56nanananananananananananananana150.030.0150.030.01nananananananananana
Harris Williams & Co.72.5na72.5na288.948.885.050.09150.0na150.0na3nananananananananana150.0150.0150.0150.03nananananananananana
Oppenheimer35.3na34.0na368.138.070.040.07nanananana81.743.080.036.05nanananana135.0135.0135.0135.01160.0100.0160.0100.01nanananana
Duff & Phelps59.51.062.01.0470.0na70.0na1nanananana90.020.090.020.0195.050.095.050.01128.846.3130.040.04197.5102.5197.5102.52nanananana
Nomura Holdings79.23.085.03.0585.050.085.050.01nanananananananananananananana127.563.8127.563.82180.0na180.0na1nanananana
Blackstone Groupnananananananananananananananananananana70.0na70.0na1nananananananananana432.073.2432.073.21

Compare with...

(1) Bold green numbers indicate a firm is above the average or median of the group for that specific position
(2) Intern compensation based on hourly rate x 2,000 to get yearly approximation

Thousands of Interview Questions Available by Firm

Yearly Trends - Investing Banking Pay By Position - Other Notable Banks

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, Nomura Holdings, Oppenheimer, Perella Weinberg Partners, Piper Jaffray, Raymond James Financial Inc., Rothschild, William Blair, Lincoln International, Macquarie Group Limited ABN, Société Générale, SunTrust Robinson Humphrey STRH, KeyBanc Capital Markets, RBC Capital Markets, PJT Partners

Intern

(1) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

1st Year Analyst

2nd Year Analyst

3rd+ Year Analyst

Intern/Summer Associate

(1) Intern average compensation based on hourly rate x 2,000 to get yearly approximation

Associates

Historical Report Quicklinks:

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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.