INVESTMENT BANKING DIVERSITY STATS - As of December, 2023
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2021, 2022, 2023. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Intrepid Investment Bankers
06
99.0%
J.P. Morgan
01
98.0%
UBS
01
97.1%
BNP Paribas
11
96.1%
Qatalyst Partners
02
95.1%
RBC Capital Markets
No
94.1%
Morgan Stanley
03
93.1%
Natixis
11
92.2%
Deutsche Bank
02
91.2%
Scotiabank
17
90.2%
Goldman Sachs
03
89.2%
Citigroup
06
88.2%
Credit Suisse
04
87.3%
RBC Royal Bank of Canada
04
86.3%
Société Générale
10
85.3%
Wells Fargo and Company
06
84.3%
PNC Financial Services
08
83.3%
JPMorgan Chase
05
82.4%
Evercore
02
81.4%
Bank of America Merrill Lynch
08
80.4%
UBS AG
05
79.4%
Credit Agricole
22
78.4%
Lazard Middle Market
07
77.5%
Centerview Partners
13
76.5%
HSBC
01
75.5%
MUFG
04
74.5%
PJT Partners
13
73.5%
Agentis Capital
04
72.5%
Jefferies & Company
09
71.6%
Barclays
04
70.6%
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
Cowen Group (36.5%)
05
99.1%
BDA Partners (35.7%)
03
98.2%
UBS (32.3%)
21
97.2%
Centerview Partners (28.8%)
03
96.3%
Nomura Holdings (28.4%)
04
95.4%
DNB Markets (27.6%)
15
94.5%
CIBC World Markets (27.1%)
20
93.6%
PJT Partners (27.0%)
No
92.7%
Capstone Partners (26.7%)
04
91.7%
Lazard Middle Market (26.4%)
08
90.8%
China International Capital Corporation (26.0%)
09
89.9%
Intrepid Investment Bankers (25.5%)
02
89.0%
Scotiabank (25.3%)
02
88.1%
Credit Agricole (24.4%)
24
87.2%
Perella Weinberg Partners (24.2%)
No
86.2%
Evercore (24.2%)
09
85.3%
RBS Royal Bank of Scotland (24.2%)
16
84.4%
Credit Suisse (24.1%)
04
83.5%
TD Securities (23.5%)
01
82.6%
J.P. Morgan (22.9%)
12
81.7%
Goldman Sachs (22.5%)
01
80.7%
Greenhill (22.5%)
27
79.8%
JPMorgan Chase (22.5%)
06
78.9%
Natixis (22.3%)
12
78.0%
RBC Royal Bank of Canada (22.0%)
02
77.1%
DC Advisory (21.6%)
07
76.1%
RBC Capital Markets (21.4%)
01
75.2%
Moelis & Company (21.1%)
11
74.3%
Citigroup (20.9%)
05
73.4%
Morgan Stanley (20.9%)
10
72.5%
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
Drake Star Partners (40.9%)
No
99.1%
FMI Corporation (34.4%)
04
98.2%
AGC Partners (34.2%)
27
97.2%
Duff & Phelps (33.7%)
03
96.3%
Intrepid Investment Bankers (29.0%)
05
95.4%
Edgemont Capital Partners (27.5%)
56
94.5%
Cambridge Wilkinson (25.8%)
04
93.6%
National Bank Financial Markets (25.7%)
03
92.7%
Fifth Third Securities (23.3%)
14
91.7%
Alantra (22.3%)
02
90.8%
PJ SOLOMON (21.7%)
09
89.9%
Oppenheimer (21.6%)
03
89.0%
Moelis & Company (20.1%)
43
88.1%
Ziegler (19.7%)
01
87.2%
DC Advisory (19.4%)
23
86.2%
LionTree Advisors (18.8%)
43
85.3%
Stephens Inc (18.8%)
19
84.4%
MUFG (18.7%)
09
83.5%
Shea & co (18.4%)
02
82.6%
Piper Sandler (18.0%)
15
81.7%
D.A. Davidson & Co (17.8%)
08
80.7%
Stifel Financial (17.4%)
03
79.8%
BBVA (17.4%)
26
78.9%
Agentis Capital (17.4%)
13
78.0%
Lincoln International (16.9%)
15
77.1%
Mediobanca (16.5%)
15
76.1%
Raymond James Financial Inc. (16.5%)
01
75.2%
RBS Royal Bank of Scotland (16.4%)
02
74.3%
Macquarie Group Limited ABN (16.4%)
15
73.4%
TD Securities (16.3%)
13
72.5%
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 (28.6%)
No
99.1%
Qatalyst Partners (27.4%)
No
98.2%
Miller Buckfire (8.5%)
13
97.2%
Bryan Garnier and Co (7.8%)
03
96.3%
Standard Chartered Bank (7.8%)
01
95.4%
Moelis & Company (7.6%)
08
94.5%
PJT Partners (7.3%)
08
93.6%
Lazard Freres (5.2%)
05
92.7%
Centerview Partners (4.8%)
09
91.7%
Evercore (4.8%)
12
90.8%
MUFG (4.6%)
01
89.9%
RBC Royal Bank of Canada (4.2%)
12
89.0%
J.P. Morgan (3.8%)
07
88.1%
TD Securities (3.6%)
03
87.2%
Jefferies & Company (3.5%)
15
86.2%
Credit Agricole (3.5%)
08
85.3%
Morgan Stanley (3.4%)
12
84.4%
Lincoln International (3.4%)
08
83.5%
Truist Securities (3.3%)
06
82.6%
RBC Capital Markets (3.2%)
23
81.7%
BNP Paribas (3.2%)
28
80.7%
Macquarie Group Limited ABN (3.0%)
26
79.8%
Barclays (2.9%)
09
78.9%
Houlihan Lokey (2.9%)
07
78.0%
China International Capital Corporation (2.6%)
15
77.1%
Wells Fargo and Company (2.6%)
10
76.1%
Bank of America Merrill Lynch (2.5%)
01
75.2%
Stifel Financial (2.5%)
06
74.3%
Greenhill (2.3%)
10
73.4%
Harris Williams & Co. (2.2%)
07
72.5%
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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