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
Intrepid Investment Bankers
12
99.2%
Goldman Sachs
02
98.4%
Société Générale
17
97.6%
PNC Financial Services
27
96.7%
Morgan Stanley
05
95.9%
BNP Paribas
01
95.1%
Deutsche Bank
22
94.3%
Bank of America Merrill Lynch
04
93.5%
RBC Capital Markets
06
92.7%
Credit Suisse
07
91.9%
LionTree Advisors
13
91.1%
BlackRock
07
90.2%
PJT Partners
06
89.4%
TD Securities
12
88.6%
Scotiabank
15
87.8%
Evercore
02
87.0%
JPMorgan
08
86.2%
Greentech Capital Advisors
51
85.4%
Citigroup
05
84.6%
Lazard, Inc.
05
83.7%
Centerview Partners
01
82.9%
Natixis
14
82.1%
RBC Royal Bank of Canada
18
81.3%
Rothschild
09
80.5%
UBS AG
09
79.7%
Janney Montgomery Scott
28
78.9%
BBVA
22
78.0%
Moelis & Company
06
77.2%
Perella Weinberg Partners
08
76.4%
Qatalyst Partners
09
75.6%
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%)
05
99.3%
China Securities (43.8%)
01
98.5%
BDA Partners (38.7%)
05
97.8%
BlackRock (34.2%)
02
97.1%
China International Capital Corporation (33.0%)
02
96.4%
Standard Chartered Bank (30.7%)
04
95.6%
Harris Williams & Co. (30.6%)
04
94.9%
Crosstree Capital Partners (30.2%)
08
94.2%
National Bank of Canada (28.5%)
06
93.4%
Centerview Partners (28.1%)
39
92.7%
RBS Royal Bank of Scotland (26.9%)
07
92.0%
CohnReznick Capital (26.1%)
New
91.2%
Incentrum Group (26.1%)
New
90.5%
Berenberg Bank (24.5%)
13
89.8%
Credit Suisse (24.5%)
02
89.1%
Capstone Partners (24.5%)
New
88.3%
Intrepid Investment Bankers (24.4%)
No
87.6%
PJT Partners (24.0%)
17
86.9%
HSBC (22.8%)
11
86.1%
Goldman Sachs (22.1%)
09
85.4%
TD Securities (22.0%)
15
84.7%
RBC Royal Bank of Canada (22.0%)
02
83.9%
Barclays (21.8%)
04
83.2%
Perella Weinberg Partners (21.6%)
02
82.5%
Citigroup (21.2%)
01
81.8%
Evercore (21.2%)
08
81.0%
JPMorgan (20.9%)
01
80.3%
Deutsche Bank (20.8%)
05
79.6%
Needham & Company (20.5%)
17
78.8%
CIBC World Markets (20.5%)
13
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
Incentrum Group (42.9%)
New
99.3%
National Bank Financial Markets (41.0%)
New
98.5%
CLSA (36.8%)
New
97.8%
Drake Star Partners (35.7%)
69
97.1%
Intrepid Investment Bankers (34.7%)
No
96.4%
Cambridge Wilkinson (34.0%)
05
95.6%
B. Riley & Co. (32.4%)
14
94.9%
Agentis Capital (30.7%)
08
94.2%
Janney Montgomery Scott (29.3%)
02
93.4%
Capstone Headwaters (29.3%)
01
92.7%
MTS Health Partners (29.1%)
04
92.0%
Raymond James Financial Inc. (28.7%)
01
91.2%
National Bank of Canada (28.6%)
06
90.5%
AGC Partners (28.3%)
04
89.8%
Alantra (27.0%)
10
89.1%
PJ SOLOMON (26.7%)
20
88.3%
TAP Advisors (26.2%)
10
87.6%
D.A. Davidson & Co (24.7%)
21
86.9%
Black Arch Partners (24.2%)
16
86.1%
Shea & co (24.2%)
New
85.4%
Ziegler (23.8%)
12
84.7%
Oppenheimer (23.6%)
08
83.9%
National Bank Financial Group (22.0%)
No
83.2%
Duff & Phelps (21.6%)
50
82.5%
Centerview Partners (21.6%)
07
81.8%
Truist Securities (21.4%)
06
81.0%
Progress Partners (21.0%)
21
80.3%
Eastdil Secured (21.0%)
13
79.6%
Berenberg Bank (20.6%)
02
78.8%
Robert W. Baird & Co. (20.1%)
04
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 (36.2%)
01
99.3%
Standard Chartered Bank (15.1%)
114
98.5%
TD Securities (8.6%)
06
97.8%
Commerzbank AG (8.4%)
03
97.1%
PwC Corporate Finance (7.8%)
No
96.4%
CLSA (7.3%)
New
95.6%
Cain Brothers (7.2%)
03
94.9%
Lazard Freres (6.7%)
05
94.2%
Centerview Partners (6.6%)
119
93.4%
Credit Agricole (5.5%)
07
92.7%
National Bank Financial Group (5.5%)
01
92.0%
Miller Buckfire (5.4%)
69
91.2%
BDA Partners (4.9%)
07
90.5%
Capstone Headwaters (4.9%)
103
89.8%
Cambridge Wilkinson (4.9%)
07
89.1%
Evercore (4.7%)
11
88.3%
Ducera (4.4%)
06
87.6%
Houlihan Lokey (4.2%)
12
86.9%
Morgan Stanley (4.1%)
01
86.1%
Qatalyst Partners (4.1%)
95
85.4%
Truist Securities (3.8%)
81
84.7%
RBC Capital Markets (3.5%)
19
83.9%
MUFG (3.5%)
12
83.2%
RBC Royal Bank of Canada (3.4%)
25
82.5%
Ziegler (3.4%)
10
81.8%
Oppenheimer (3.4%)
04
81.0%
Lazard, Inc. (3.0%)
17
80.3%
Robert W. Baird & Co. (2.9%)
01
79.6%
Moelis & Company (2.8%)
08
78.8%
PJT Partners (2.8%)
106
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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