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.
17
99.1%
Société Générale
01
98.2%
Qatalyst Partners
30
97.3%
Goldman Sachs
02
96.5%
Morgan Stanley
02
95.6%
RBC Capital Markets
No
94.7%
Intrepid Investment Bankers
09
93.8%
Deutsche Bank
03
92.9%
RBC Royal Bank of Canada
19
92.0%
TD Securities
04
91.2%
Credit Suisse
04
90.3%
JPMorgan
No
89.4%
Bank of America Merrill Lynch
05
88.5%
PJT Partners
05
87.6%
BNP Paribas
11
86.7%
UBS AG
03
85.8%
Evercore
03
85.0%
Citigroup
01
84.1%
Jefferies & Company
11
83.2%
Natixis
02
82.3%
Wells Fargo and Company
14
81.4%
HSBC
10
80.5%
Mizuho
15
79.6%
Perella Weinberg Partners
01
78.8%
Scotiabank
14
77.9%
National Bank of Canada
50
77.0%
MUFG
41
76.1%
PNC Financial Services
18
75.2%
Cantor Fitzgerald
16
74.3%
Barclays
07
73.5%
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 (38.7%)
09
99.2%
China International Capital Corporation (38.3%)
02
98.4%
MTS Health Partners (32.3%)
45
97.6%
Mirus Capital Advisors (31.8%)
New
96.9%
PJT Partners (29.5%)
09
96.1%
Cowen Group (29.1%)
24
95.3%
Centerview Partners (28.3%)
02
94.5%
Scotiabank (26.6%)
29
93.7%
Natixis (26.5%)
23
92.9%
Arma Partners (26.1%)
New
92.1%
Intrepid Investment Bankers (26.0%)
34
91.3%
BDA Partners (25.7%)
09
90.6%
Capstone Partners (25.6%)
No
89.8%
Credit Suisse (25.1%)
01
89.0%
Nomura Holdings (25.1%)
16
88.2%
National Bank of Canada (24.5%)
08
87.4%
DC Advisory (24.1%)
18
86.6%
JPMorgan (24.1%)
04
85.8%
Goldman Sachs (23.9%)
01
85.0%
Perella Weinberg Partners (23.8%)
03
84.3%
RBC Royal Bank of Canada (23.2%)
01
83.5%
Evercore (22.9%)
06
82.7%
TD Securities (22.3%)
17
81.9%
CIBC World Markets (21.9%)
02
81.1%
DNB Markets (21.8%)
86
80.3%
Citigroup (21.0%)
03
79.5%
Harris Williams & Co. (21.0%)
21
78.7%
Deutsche Bank (20.9%)
03
78.0%
Barclays (20.9%)
08
77.2%
Needham & Company (20.9%)
11
76.4%
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
MTS Health Partners (37.6%)
06
99.2%
Drake Star Partners (37.0%)
01
98.4%
Cambridge Wilkinson (36.6%)
01
97.6%
National Bank Financial Markets (35.8%)
03
96.9%
B. Riley & Co. (35.8%)
No
96.1%
GP Bullhound (34.6%)
39
95.3%
FMI Corporation (34.6%)
New
94.5%
Duff & Phelps (34.4%)
09
93.7%
CLSA (34.3%)
07
92.9%
Oppenheimer (32.9%)
08
92.1%
Intrepid Investment Bankers (31.2%)
11
91.3%
Alantra (27.4%)
01
90.6%
Piper Jaffray (26.3%)
31
89.8%
Ziegler (25.6%)
05
89.0%
National Bank Financial Group (24.8%)
06
88.2%
Agentis Capital (24.7%)
10
87.4%
Hammond Hanlon Camp (24.4%)
New
86.6%
Mirus Capital Advisors (24.2%)
New
85.8%
PJ SOLOMON (23.7%)
01
85.0%
Shea & co (23.4%)
05
84.3%
Stifel Financial (23.1%)
11
83.5%
D.A. Davidson & Co (22.8%)
06
82.7%
Cowen Group (22.6%)
28
81.9%
BTG Pactual (22.5%)
85
81.1%
Fifth Third Securities (20.6%)
04
80.3%
RBS Royal Bank of Scotland (19.8%)
26
79.5%
MUFG (19.5%)
03
78.7%
Piper Sandler (18.7%)
05
78.0%
AGC Partners (18.5%)
21
77.2%
Raymond James Financial Inc. (18.5%)
19
76.4%
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 (33.4%)
No
99.2%
Qatalyst Partners (21.5%)
13
98.4%
Brookfield Financial (16.9%)
New
97.6%
Standard Chartered Bank (13.1%)
02
96.9%
Hammond Hanlon Camp (11.9%)
New
96.1%
Commerzbank AG (9.6%)
03
95.3%
Bryan Garnier and Co (8.5%)
New
94.5%
PwC Corporate Finance (7.0%)
04
93.7%
Credit Agricole (6.9%)
01
92.9%
CLSA (6.8%)
05
92.1%
Lazard Freres (6.4%)
03
91.3%
MUFG (6.1%)
07
90.6%
TD Securities (5.9%)
06
89.8%
Moelis & Company (5.1%)
29
89.0%
Miller Buckfire (5.1%)
04
88.2%
PJT Partners (5.1%)
11
87.4%
National Bank Financial Group (4.9%)
08
86.6%
Centerview Partners (4.7%)
02
85.8%
Ziegler (4.3%)
03
85.0%
Cambridge Wilkinson (4.1%)
06
84.3%
Evercore (4.0%)
19
83.5%
RBC Royal Bank of Canada (3.9%)
03
82.7%
Harris Williams & Co. (3.8%)
24
81.9%
Truist Securities (3.5%)
06
81.1%
Deutsche Bank (3.5%)
21
80.3%
Bank of America Merrill Lynch (3.4%)
07
79.5%
Lincoln International (3.4%)
21
78.7%
Lazard, Inc. (3.3%)
02
78.0%
Morgan Stanley (3.1%)
12
77.2%
Barclays (2.9%)
12
76.4%
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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