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
Qatalyst Partners
01
99.1%
BNP Paribas
15
98.1%
Lazard, Inc.
02
97.2%
Morgan Stanley
No
96.2%
RBC Capital Markets
03
95.3%
JPMorgan
05
94.3%
Intrepid Investment Bankers
07
93.4%
Goldman Sachs
03
92.5%
Citigroup
12
91.5%
Deutsche Bank
02
90.6%
Evercore
02
89.6%
Oppenheimer
23
88.7%
Scotiabank
20
87.7%
RBC Royal Bank of Canada
05
86.8%
Credit Suisse
12
85.8%
Natixis
07
84.9%
Centerview Partners
10
84.0%
Société Générale
12
83.0%
Barclays
09
82.1%
PJT Partners
04
81.1%
TD Securities
14
80.2%
Mizuho
02
79.2%
HSBC
04
78.3%
UBS AG
04
77.4%
Wells Fargo and Company
No
76.4%
MUFG
No
75.5%
Bank of America Merrill Lynch
12
74.5%
Cantor Fitzgerald
10
73.6%
Agentis Capital
09
72.6%
PwC Corporate Finance
24
71.7%
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
Mirus Capital Advisors (42.9%)
03
99.1%
Cowen Group (34.2%)
05
98.2%
UBS (33.9%)
50
97.3%
BDA Partners (33.9%)
04
96.5%
Intrepid Investment Bankers (33.6%)
02
95.6%
China International Capital Corporation (31.5%)
04
94.7%
CIBC World Markets (30.7%)
19
93.8%
Centerview Partners (30.6%)
02
92.9%
PJT Partners (29.0%)
03
92.0%
Perella Weinberg Partners (27.2%)
14
91.2%
Nomura Holdings (27.0%)
06
90.3%
Capstone Partners (26.7%)
03
89.4%
Evercore (26.2%)
05
88.5%
Scotiabank (26.1%)
03
87.6%
Bryan Garnier and Co (25.9%)
72
86.7%
RBS Royal Bank of Scotland (25.9%)
15
85.8%
Blackstone Group (25.9%)
22
85.0%
Credit Suisse (25.0%)
04
84.1%
JPMorgan (24.7%)
02
83.2%
Goldman Sachs (24.4%)
No
82.3%
TD Securities (23.9%)
05
81.4%
DNB Markets (23.0%)
09
80.5%
Morgan Stanley (22.9%)
12
79.6%
Greenhill (22.7%)
26
78.8%
Deutsche Bank (22.7%)
02
77.9%
Moelis & Company (22.7%)
10
77.0%
Natixis (22.6%)
15
76.1%
Citigroup (22.2%)
No
75.2%
RBC Royal Bank of Canada (21.8%)
06
74.3%
Qatalyst Partners (21.4%)
05
73.5%
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 (44.6%)
01
99.1%
Intrepid Investment Bankers (42.8%)
01
98.2%
Edgemont Capital Partners (36.1%)
65
97.3%
Duff & Phelps (31.9%)
06
96.5%
AGC Partners (30.2%)
38
95.6%
Alantra (27.1%)
06
94.7%
Intesa Sanpaolo (26.1%)
New
93.8%
Mirus Capital Advisors (26.1%)
10
92.9%
FMI Corporation (25.8%)
01
92.0%
National Bank Financial Markets (25.7%)
05
91.2%
Cambridge Wilkinson (23.0%)
08
90.3%
Fifth Third Securities (21.4%)
13
89.4%
Moelis & Company (21.1%)
35
88.5%
Oppenheimer (20.9%)
03
87.6%
Piper Sandler (20.8%)
13
86.7%
MUFG (20.7%)
14
85.8%
DC Advisory (20.7%)
21
85.0%
Stephens Inc (19.9%)
32
84.1%
PJ SOLOMON (18.8%)
04
83.2%
JMP Group (18.8%)
58
82.3%
Ziegler (18.8%)
07
81.4%
Raymond James Financial Inc. (18.2%)
09
80.5%
Arma Partners (17.8%)
09
79.6%
Shea & co (17.4%)
01
78.8%
Stifel Financial (17.3%)
05
77.9%
LionTree Advisors (17.2%)
37
77.0%
Lincoln International (16.9%)
20
76.1%
Eastdil Secured (16.4%)
17
75.2%
TD Securities (16.0%)
06
74.3%
Evercore (15.8%)
07
73.5%
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 (29.7%)
No
99.1%
Qatalyst Partners (25.1%)
No
98.2%
Standard Chartered Bank (9.7%)
01
97.3%
PJT Partners (8.9%)
10
96.5%
Centerview Partners (8.7%)
02
95.6%
Miller Buckfire (8.5%)
12
94.7%
Evercore (8.1%)
01
93.8%
Moelis & Company (7.3%)
08
92.9%
Bryan Garnier and Co (6.4%)
No
92.0%
TD Securities (5.6%)
No
91.2%
Lazard Freres (4.8%)
04
90.3%
RBC Royal Bank of Canada (4.5%)
09
89.4%
Lazard, Inc. (4.2%)
11
88.5%
MUFG (4.1%)
03
87.6%
Morgan Stanley (4.0%)
10
86.7%
RBC Capital Markets (3.9%)
17
85.8%
Houlihan Lokey (3.9%)
03
85.0%
BNP Paribas (3.8%)
31
84.1%
Wells Fargo and Company (3.1%)
22
83.2%
Truist Securities (3.1%)
07
82.3%
Lincoln International (3.1%)
09
81.4%
Credit Agricole (3.1%)
09
80.5%
Bank of America Merrill Lynch (3.0%)
05
79.6%
Jefferies & Company (3.0%)
12
78.8%
Goldman Sachs (2.8%)
13
77.9%
Barclays (2.7%)
06
77.0%
Macquarie Group Limited ABN (2.5%)
21
76.1%
Citigroup (2.2%)
06
75.2%
Stifel Financial (2.2%)
11
74.3%
JPMorgan (2.2%)
07
73.5%
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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