INVESTMENT BANKING DIVERSITY STATS - As of December, 2022
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2020, 2021, 2022. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Lazard, Inc.
19
99.1%
Qatalyst Partners
28
98.3%
Credit Suisse
07
97.4%
Morgan Stanley
01
96.6%
Goldman Sachs
03
95.7%
Société Générale
03
94.8%
TD Securities
07
94.0%
RBC Capital Markets
01
93.1%
RBC Royal Bank of Canada
14
92.2%
BlackRock
02
91.4%
JPMorgan
06
90.5%
Deutsche Bank
05
89.7%
Evercore
03
88.8%
Intrepid Investment Bankers
13
87.9%
Bank of America Merrill Lynch
07
87.1%
PJT Partners
03
86.2%
BNP Paribas
11
85.3%
Cantor Fitzgerald
17
84.5%
HSBC
18
83.6%
UBS AG
05
82.8%
Citigroup
02
81.9%
Jefferies & Company
14
81.0%
Natixis
01
80.2%
Mizuho
07
79.3%
Wells Fargo and Company
15
78.4%
MUFG
48
77.6%
Centerview Partners
06
76.7%
Barclays
11
75.9%
PNC Financial Services
25
75.0%
GLC Advisors
04
74.1%
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
RBS Royal Bank of Scotland (41.6%)
10
99.2%
China International Capital Corporation (38.3%)
03
98.4%
Intrepid Investment Bankers (33.9%)
14
97.7%
Mirus Capital Advisors (31.9%)
New
96.9%
MTS Health Partners (30.7%)
54
96.1%
PJT Partners (29.9%)
12
95.3%
Cowen Group (29.3%)
30
94.5%
BDA Partners (29.2%)
05
93.8%
BlackRock (29.2%)
05
93.0%
Centerview Partners (28.2%)
No
92.2%
Scotiabank (27.4%)
24
91.4%
Natixis (26.5%)
28
90.6%
Arma Partners (26.2%)
New
89.8%
Credit Suisse (26.1%)
01
89.1%
Capstone Partners (25.6%)
01
88.3%
TD Securities (25.5%)
05
87.5%
Nomura Holdings (24.8%)
22
86.7%
Evercore (24.7%)
08
85.9%
National Bank of Canada (24.5%)
10
85.2%
Goldman Sachs (24.3%)
No
84.4%
JPMorgan (24.1%)
06
83.6%
DC Advisory (23.6%)
20
82.8%
RBC Royal Bank of Canada (23.5%)
01
82.0%
Perella Weinberg Partners (23.4%)
No
81.3%
Qatalyst Partners (23.0%)
43
80.5%
CIBC World Markets (22.4%)
04
79.7%
Deutsche Bank (21.9%)
01
78.9%
Citigroup (21.4%)
03
78.1%
Barclays (21.3%)
06
77.3%
RBC Capital Markets (21.1%)
19
76.6%
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 (43.6%)
04
99.2%
Drake Star Partners (37.1%)
02
98.4%
Cambridge Wilkinson (36.6%)
03
97.7%
MTS Health Partners (35.8%)
07
96.9%
National Bank Financial Markets (35.8%)
03
96.1%
B. Riley & Co. (35.8%)
01
95.3%
GP Bullhound (34.6%)
41
94.5%
FMI Corporation (34.6%)
New
93.8%
CLSA (34.4%)
06
93.0%
Duff & Phelps (32.2%)
14
92.2%
Oppenheimer (31.5%)
11
91.4%
Alantra (27.4%)
03
90.6%
Piper Jaffray (26.3%)
34
89.8%
Ziegler (25.6%)
07
89.1%
PJ SOLOMON (25.5%)
01
88.3%
Agentis Capital (24.7%)
08
87.5%
Hammond Hanlon Camp (24.4%)
New
86.7%
Mirus Capital Advisors (24.3%)
New
85.9%
National Bank Financial Group (24.2%)
04
85.2%
Stifel Financial (23.1%)
15
84.4%
D.A. Davidson & Co (22.8%)
03
83.6%
BTG Pactual (22.5%)
90
82.8%
Shea & co (22.4%)
03
82.0%
Cowen Group (21.7%)
30
81.3%
Fifth Third Securities (20.6%)
07
80.5%
Blackstone Group (19.7%)
17
79.7%
RBS Royal Bank of Scotland (18.9%)
26
78.9%
Piper Sandler (18.7%)
08
78.1%
Leerink Partners (18.5%)
12
77.3%
MUFG (18.4%)
01
76.6%
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 (35.0%)
No
99.2%
Qatalyst Partners (19.4%)
18
98.4%
Brookfield Financial (16.9%)
New
97.7%
Standard Chartered Bank (12.1%)
02
96.9%
Hammond Hanlon Camp (11.9%)
New
96.1%
Commerzbank AG (9.6%)
02
95.3%
Centerview Partners (8.9%)
02
94.5%
Evercore (8.2%)
08
93.8%
Bryan Garnier and Co (7.9%)
New
93.0%
TD Securities (7.8%)
07
92.2%
PwC Corporate Finance (7.0%)
06
91.4%
CLSA (6.8%)
06
90.6%
Credit Agricole (6.7%)
03
89.8%
PJT Partners (6.6%)
16
89.1%
Lazard Freres (6.4%)
07
88.3%
Moelis & Company (6.1%)
13
87.5%
MUFG (5.7%)
06
86.7%
Miller Buckfire (5.1%)
06
85.9%
National Bank Financial Group (4.8%)
08
85.2%
Houlihan Lokey (4.6%)
02
84.4%
RBC Royal Bank of Canada (4.4%)
03
83.6%
Ziegler (4.3%)
03
82.8%
Cambridge Wilkinson (4.1%)
08
82.0%
Lazard, Inc. (4.0%)
03
81.3%
Morgan Stanley (3.9%)
06
80.5%
Harris Williams & Co. (3.7%)
23
79.7%
Truist Securities (3.5%)
06
78.9%
Bank of America Merrill Lynch (3.5%)
05
78.1%
Deutsche Bank (3.4%)
21
77.3%
Lincoln International (3.2%)
21
76.6%
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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