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
Société Générale
14
99.2%
Goldman Sachs
02
98.4%
Morgan Stanley
05
97.5%
BNP Paribas
02
96.7%
Deutsche Bank
19
95.9%
RBC Capital Markets
04
95.1%
LionTree Advisors
13
94.3%
Bank of America Merrill Lynch
03
93.4%
PJT Partners
05
92.6%
PNC Financial Services
23
91.8%
Scotiabank
17
91.0%
JPMorgan
05
90.2%
Greentech Capital Advisors
53
89.3%
TD Securities
09
88.5%
Credit Suisse
02
87.7%
Intrepid Investment Bankers
43
86.9%
Citigroup
05
86.1%
Lazard, Inc.
03
85.2%
UBS AG
06
84.4%
Evercore
02
83.6%
Rothschild
08
82.8%
Natixis
13
82.0%
Perella Weinberg Partners
08
81.1%
Janney Montgomery Scott
28
80.3%
BBVA
21
79.5%
Centerview Partners
07
78.7%
CohnReznick Capital
New
77.9%
RBC Royal Bank of Canada
09
77.0%
Moelis & Company
06
76.2%
Jefferies & Company
11
75.4%
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%)
03
99.2%
China Securities (43.8%)
01
98.5%
BDA Partners (35.7%)
04
97.7%
China International Capital Corporation (33.0%)
02
97.0%
Standard Chartered Bank (32.3%)
05
96.2%
Harris Williams & Co. (30.6%)
05
95.5%
Crosstree Capital Partners (30.2%)
08
94.7%
National Bank of Canada (28.5%)
06
94.0%
Centerview Partners (27.8%)
36
93.2%
RBS Royal Bank of Scotland (26.9%)
05
92.5%
CohnReznick Capital (26.1%)
New
91.7%
Berenberg Bank (24.5%)
11
91.0%
Capstone Partners (24.4%)
New
90.2%
PJT Partners (24.0%)
18
89.5%
Credit Suisse (23.6%)
02
88.7%
HSBC (23.0%)
11
88.0%
Perella Weinberg Partners (22.0%)
03
87.2%
Goldman Sachs (21.9%)
10
86.5%
Needham & Company (21.4%)
17
85.7%
RBC Royal Bank of Canada (21.4%)
02
85.0%
Barclays (21.3%)
04
84.2%
JPMorgan (20.7%)
02
83.5%
Citigroup (20.7%)
03
82.7%
Bank of America Merrill Lynch (20.5%)
03
82.0%
Deutsche Bank (20.3%)
03
81.2%
CIBC World Markets (19.9%)
26
80.5%
Fifth Third Securities (19.6%)
06
79.7%
Evercore (19.3%)
07
78.9%
PJ SOLOMON (18.8%)
20
78.2%
Cowen Group (18.8%)
50
77.4%
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
99.2%
CLSA (36.7%)
New
98.5%
Drake Star Partners (35.7%)
67
97.7%
Cambridge Wilkinson (34.0%)
03
97.0%
B. Riley & Co. (32.3%)
15
96.2%
Agentis Capital (30.7%)
08
95.5%
MTS Health Partners (30.2%)
01
94.7%
AGC Partners (29.6%)
No
94.0%
Janney Montgomery Scott (29.3%)
No
93.2%
Capstone Headwaters (29.3%)
03
92.5%
Raymond James Financial Inc. (29.1%)
No
91.7%
National Bank of Canada (28.6%)
06
91.0%
Alantra (27.0%)
11
90.2%
TAP Advisors (26.2%)
12
89.5%
Shea & co (26.2%)
New
88.7%
D.A. Davidson & Co (24.7%)
21
88.0%
Duff & Phelps (24.2%)
42
87.2%
Oppenheimer (24.0%)
06
86.5%
Ziegler (23.8%)
13
85.7%
PJ SOLOMON (23.4%)
42
85.0%
National Bank Financial Group (22.6%)
02
84.2%
Intrepid Investment Bankers (22.3%)
No
83.5%
Truist Securities (21.7%)
06
82.7%
Progress Partners (21.0%)
20
82.0%
Centerview Partners (20.9%)
06
81.2%
Robert W. Baird & Co. (20.8%)
01
80.5%
Berenberg Bank (20.6%)
03
79.7%
Stout Risius Ross (19.9%)
23
78.9%
Fifth Third Securities (19.6%)
47
78.2%
MUFG (19.2%)
20
77.4%
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
99.2%
Standard Chartered Bank (15.9%)
110
98.5%
Commerzbank AG (8.4%)
04
97.7%
PwC Corporate Finance (7.8%)
01
97.0%
CLSA (7.3%)
New
96.2%
Cain Brothers (7.2%)
02
95.5%
TD Securities (7.1%)
01
94.7%
Lazard Freres (6.7%)
04
94.0%
National Bank Financial Group (5.6%)
02
93.2%
Credit Agricole (5.6%)
06
92.5%
Miller Buckfire (5.4%)
67
91.7%
BDA Partners (5.1%)
06
91.0%
Capstone Headwaters (4.9%)
100
90.2%
Cambridge Wilkinson (4.9%)
05
89.5%
Qatalyst Partners (4.4%)
90
88.7%
Ducera (4.4%)
06
88.0%
Morgan Stanley (3.9%)
05
87.2%
Truist Securities (3.8%)
78
86.5%
MUFG (3.6%)
11
85.7%
Centerview Partners (3.5%)
106
85.0%
Oppenheimer (3.4%)
01
84.2%
Ziegler (3.4%)
08
83.5%
RBC Capital Markets (3.2%)
13
82.7%
Robert W. Baird & Co. (3.0%)
01
82.0%
RBC Royal Bank of Canada (2.9%)
20
81.2%
Houlihan Lokey (2.8%)
12
80.5%
PJT Partners (2.8%)
106
79.7%
Piper Jaffray (2.8%)
06
78.9%
DC Advisory (2.6%)
12
78.2%
Lazard, Inc. (2.6%)
10
77.4%
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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