Curious about investment banking compensations?
Perhaps you are a new graduate or a professional who wants to transition to investment banking. However, you are hearing nasty rumors about the work schedule. So now you ask, is the job worthy to be considered? Is the pay worth it?
Investment banking compensations are known to be one of the highest among different professions. But how do they really work? What are the investment banker salary factors you need to consider? What are the recent investment banking salary trends? How much does an investment banker make? All these and more will be discussed in this comprehensive investment banking salary guide.
Make sure to finish this guide as we have included lots of investment banking salary tips for you!
Factors That Can Affect How Much You Can Make As An Investment Banker
Investment banking comes with a lot of challenges and considerations. Because of that, you need to be sure yourself that the work is worth your time and effort in the form of investment banking salaries. But, what affects your possible top banker salary? What factors affect your base salaries?
Following are the investment banking salary factors you must consider:
1. Your qualifications
#1. Experience: The more experience you have the more salaries. You usually start your experience by applying as an intern or summer intern. Associates are paid about 1.5-2x their analyst staff, on average salary whereas Managing Directors are paid an estimated 2-3x (or even more) than their Analysts counterparts.
#2. Your skills: Hone your skills if you want to go to investment banking. The skills needed for an investment banker include adaptability, ambition, motivation, determination, analytical skills, numerical skills, problem-solving skills, and communication skills. As for the technical skills, you need to be adept at financial modeling, equity and debt market research, MS Excel skills, and valuations. Your base salary as an investment banker depends much on your skills.
2. Which firm do you work for
#1. The size of your employer: In general, the bigger the amount of an investment or bank, the higher the average salary is. However, that’s not always the case. There are smaller firms who can pay their employees higher because they have lean operations – meaning they can do more business per person than what the bigger companies can have with their own employees. Bonuses can be based on three performance metrics: the overall company performance, the department’s success, and the individual’s evaluation by the supervisors. You can raise base salaries
Big bracket banks and elite boutiques employers like Goldman Sachs and IBM, Morgan Stanley tend to cost and pay more than their boutique counterparts.
#2. The number of deals: The more deals the company has, the higher the salaries. Overall, there were fewer deals during the pandemic era, however, mergers and acquisitions deals have upped starting in 2024, that’s why banks have recently raised their incomes.
#3. Availability of the workforce: Though Managing Directors are normally paid a lot more than analysts or associates in America, the pay gap seems to have been lower in the past few years. Why? This is because there are more qualified directors than applicants for the analysts/associates’ positions. Because the supply is lower in the lower positions, investment banks increased their starting salaries to attract more candidates. The opposite is true for the director’s position.
3. Where you live and work
You will get higher investment banking compensations in more advanced economies like in cities of London, in the US Singapore, and Hong Kong. Basically, there are more activities in them like Mergers and Acquisitions, that’s why most firms and investment bankers earn more, and consequently, they can pay their investment bankers better. But of course, the job competitions are fiercer as well.
In the latter part of this guide, we have bared the average salaries for different locations.
Salary Increases You Can Expect to Earn As Your Career Advances
Here are the investment banking roles in different banks:
Investment Banking Basic Compensation
Here is the general basic compensation for an investment banking career:
| Position | Annual Basic Compensation / Salary (US Dollars) | Annual Average Additional Bonuses (US Dollars) | Usual Age Range |
| Intern | 50,000 | 10,000 | 21-22 years old |
| Analyst | 70,000-120,000 | 90,000-125,000 | 23-26 |
| Associate | 100,000-200,000 | 100,000-150,000 | 28-35 |
| Vice President | 150,000-300,000 | 150,000-200,000 | 30-40 |
| Senior Vice President | 175,000-350,000 | 150,000-300,000 | 35-45 |
| Managing Director | 200,000- 500,000 | 200,000-500,000 (even up to more than 1M) | 40-50 |
In an investment bank, your salary depends mainly on the role you have. Investment banking salary negotiation follows the following route – you start with being an intern.
Here are some investment banking salary tips for the different investment banking job roles.
As an intern you will not be considered a full-time employee of the company, however, you might receive a full load of work. During this time, you are being tested if you are a good fit for the industry or for the company. How long should you work as much does an investment in intern? It could be around 1 year to 2 years. But behold, you will get a salary of about USD 50,000 a year. Plus, you will get to put the experience on your resume. It is almost impossible to be hired as a full-time investment banker without having an internship practice inside one. Do your best to get an offer returned to your employer’s bank.
Your next question could be, how do you get an investment banking internship? Here’s a guide that will help you be an intern.
Investment Banking bonuses
Bonuses vary on your position. Interns get a 0-USD10,000 annual bonus. Of course, we assume they have small bonuses and year-end bonuses because they are not actual full-time employees of the company. At this point, you should busy yourself with being good at your job so you can get a return offer.
Recent data on investment banking salary trends indicate that analysts, get, on average, USD 90,000-125,000 depending on their tenure with the company. The longer the tenure, the higher the year-end bonus.
The mid-level amount for Associates is USD 125,000.
Vice Presidents get about USD 150,000 in extra pay, but that could double to USD300,000 for senior Vice Presidents. On the other hand, it’s not unusual for Managing Directors to get bonuses of about USD500,000 or above. That’s pretty attractive, right?
Aside from the usual cash bonuses, bankers may also get other bonuses such as:
1. Signing bonus – Typically new associates get about USD50,000 while new analysts get about USD15,000. Of course, this amount varies bank by bank.
2. Stub bonus – These are partial bonuses given to new bankers hired middle of the calendar year. This bonus is usually equivalent to 20% of their first-year base compensation.
3. Stock bonuses – investment banks typically have stock assets. To improve the performance of their dealmakers, banks create bonuses that are based on the stock prices of the companies whose investments they are handling. The better the work of the banker, the better the stock prices and the better their stock-based bonuses as well.
However, according to a Reuters report, bonuses are expected to decrease by as much as 20% in 2024. The main reason for this drop is the decrease in deals in the banking sector brought about by the pandemic, economic uncertainties, and rising interest rates. However, those investment bankers who deal with debt securities could have better deals and, as such, might even receive a bonus increase of around 5-10% in 2024.
1. What you can expect to make as an Investment Banking Analyst
Once you passed being an intern and got hired, congratulations! You are now starting your own investment banker career path and banking salary progression. As an analyst you’ll be assigned with mostly number-crunching tasks, be it valuation assignments or financial analysis. Expect as well to be asked to prepare financial presentations for your clients. Becoming a financial analyst is no walk in the park.
You’ll make around USD 70,000-120,000 annually for this position.
2. What you can expect to make as an Investment Banking Associate
As an Associate, you’ll be the supervisor of different analysts. In general, associates work a smaller number of hours than analysts, but still, they work a lot. Analysts earn anywhere from USD100,000 to USD200,000 in advanced economies like the UK, USA, or Europe. You will spend 3-8 years as an analyst before being entrusted with the role of an associate.
3. What you can expect to make as a Vice President of Investment Banking
Becoming a Vice President is a dream for a lot of investment bankers. Why not? The basic salary of VPs is around USD150,000-USD350,000 and that does not include bonuses! Bonuses are substantial in investment banks and could even be higher than the basic compensation. To become a VP, you could work around 10-15 years before finally being promoted. To stay this long, you really need to map out your investment banking career path.
As a Senior Vice President, you’ll be one step away from the top of the corporate ladder. Under are Senior VP are different Vice Presidents, Associates, and Analysts working. Here your role is less on the computational activities, but rather, in bringing new clients, explaining the services to them, and ensuring that the deliverables are being brought correctly and on time. There are a lot of reflections to be considered here. For example, in a Merger and Acquisition, you need to ensure that the valuations are plausible, and the deal is workable while at the same time ensuring that everything is legal.
4. What you can expect to make as a Managing Director of Investment Banking
On the top of the investment banking salary progression is the Managing Director. You’re now at the top! You are not expected to stay in the office as long as you are an analyst, manager, or associate; however, you will have broader roles. The fate of the company is largely in your hands. You need to ensure a steady flow of clients. How? By connecting with potential clients and being there when they needed help in investment banking.
Or, you can be proactive, and instead send cold pitches for possible purchase or sale of companies; potential corporate research, underwriting, or anything your investment bank can cover. You also need to be engaging the regulatory agencies, such as tax offices or securities regulation agencies. The media will be on your door as well. Be sure not to have any scandal rocking your firm!
Despite all the roles, you will find the Managing Director (MD) role fulfilling. After all, you could earn at least USD300,000 to more than USD 1,000,000 in total compensation, depending on the investment banking salary negotiation model, plus a lot more bonuses that could easily go within millions of dollars! Being the managing director is hard so typically it takes a person about 15-25 years before finally being hired as the MD of an investment bank.
If you want to know more about the different corporate positions in investment banks here’s a complete guide on investment banking job roles.
Investment Banking Salaries by Firm
Investment banks pay their investment bankers differently. Here’s a summary of the highest and lowest payers in the industry according to 2024 reports from Glassdoor. We’ll be looking just at the entry-level investment banker position: the analyst position.
| Firm | Average Annual Salary for Analysts (USD) | |
| HIGHEST PAYING FIRMS FOR ANALYSTS (2024) | Jefferies | 83,949 |
| Evercore | 127,000 | |
| Piper Sandler | 106,900 | |
| Cowen | 92,138 | |
| Rothschild | 135,100 | |
| Zions | 108,800 | |
| Blackstone Group | 87,926 | |
| AVERAGE | 105,973 | |
| LOWEST PAYING FIRMS FOR ANALYSTS (2024) | Hilltop Holdings | 69,218 |
| Morgan Stanley | 73,869 | |
| Stifel | 73,653 | |
| Raymond James | 68,593 | |
| Lincoln International | 72,495 | |
| Harris Williams | 71,679 | |
| Ziegler | 67,360 | |
| Signature | 74,000 | |
| AVERAGE | 71,358 | |
| DIFFERENCE IN AVERAGES | USD34,615 |
Based on Glassdoor and Payscale’s average salaries, there seems to be a trend where smaller firms pay their entry-level employees higher than their bigger counterparts. If we summarize the salaries of select investment banks (as shown above), the difference between higher paying and lower paying firms is a whopping USD34,615 or a drop of 33%!
Because of the effects of the pandemic, the number of deals by investment banks has plunged over the past years. In effect, the amounts of revenue, salaries, bonuses, and hiring of banks have declined. There are signs of recovery in 2022, however, the level of activity is not yet back to comparable to the pre-pandemic era.
Most of the job cuts affected were the analysts, whereas associates earned were paid fewer bonuses for the period 2020-2024.
However, because of the increase in dissatisfaction among employees, investment banks have given new perks to their employees. Credit Suisse for example, provided “Lifestyle bonuses” of about USD 20,000 for all their mid-ranking and junior associates. Houlihan Lokey provided all-expense paid holidays for its employees.
Based on data from job hunting sites like Glassdoor and the site Payscale, here are the 2024 average total salaries at each position for the most prestigious investment banking firms:
Investment Banking Salaries at JP Morgan
Investment Banking Analyst Salary at JP Morgan
Investment Banking Associate Salary at JP Morgan
Investment Banking Vice President Salary at JP Morgan
Investment Banking Managing Director Salary at JP Morgan
Investment Banking Salaries Summary at JP Morgan
| Position | Average Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Hilltop Holdings
Investment Banking Analyst Salary at Hilltop Holdings
Investment Banking Associate Salary at Hilltop Holdings
Investment Banking Vice President Salary at Hilltop Holdings
Investment Banking Managing Director Salary at Hilltop Holdings
Investment Banking Salaries Summary at Hilltop Holdings
| Position | Average Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 188,000-342,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Citi
Investment Banking Analyst Salary at Citi
Investment Banking Associate Salary at Citi
Investment Banking Vice President Salary at Citi
Investment Banking Managing Director Salary at Citi
Investment Banking Salaries Summary at Citi
| Position | Average Annual Salary (USD) |
| Financial Analyst | 102,000-179,000 |
| Associate | 156,000-283,000 |
| Vice President | 281,000-523,000 |
| Managing Director | 284,000-530,000 |
Investment Banking Salaries at Goldman Sachs
Investment Banking Analyst Salary at Goldman Sachs
Investment Banking Associate Salary at Goldman Sachs
Investment Banking Vice President Salary at Goldman Sachs
Investment Banking Managing Director Salary at Goldman Sachs
Investment Banking Salaries Summary at Goldman Sachs
| Position | Average Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Jefferies
Investment Banking Analyst Salary at Jefferies
Investment Banking Associate Salary at Jefferies
Investment Banking Vice President Salary at Jefferies
Investment Banking Managing Director Salary at Jefferies
Investment Banking Salaries Summary at Jefferies
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 102,000-179,000 |
| Associate | 156,000-283,000 |
| Vice President | 281,000-523,000 |
| Managing Director | 255284,000-530,000 |
Investment Banking Salaries at William Blair
Investment Banking Analyst Salary at William Blair
Investment Banking Associate Salary at William Blair
Investment Banking Vice President Salary at William Blair
Investment Banking Managing Director Salary at William Blair
Investment Banking Salaries Summary at William Blair
| Position | Average Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,00-427,000 |
Investment Banking Salaries at Evercore
Investment Banking Analyst Salary at Evercore
Investment Banking Associate Salary at Evercore
Investment Banking Vice President Salary at Evercore
Investment Banking Managing Director Salary at Evercore
Investment Banking Salaries Summary at Evercore
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 102,000-179,000 |
| Associate | 156,000-283,000 |
| Vice President | 188,000-342,000 |
| Managing Director | 284,000-530,000 |
Investment Banking Salaries at Wells Fargo
Investment Banking Analyst Salary at Wells Fargo
Investment Banking Associate Salary at Wells Fargo
Investment Banking Vice President Salary at Wells Fargo
Investment Banking Managing Director Salary at Wells Fargo
Investment Banking Salaries Summary at Wells Fargo
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 284,000-530,000 |
Investment Banking Salaries at Bank of America
Investment Banking Analyst Salary at Bank of America
Investment Banking Associate Salary at Bank of America
Investment Banking Vice President Salary at Bank of America
Investment Banking Managing Director Salary at Bank of America
Investment Banking Salaries Summary at Bank of America
| Position | Average Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Piper Sandler
Investment Banking Analyst Salary at Piper Sandler
Investment Banking Associate Salary at Piper Sandler
Investment Banking Vice President Salary at Piper Sandler
Investment Banking Managing Director Salary at Piper Sandler
Investment Banking Salaries Summary at Piper Sandler
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Barclays
Investment Banking Analyst Salary at Barclays
Investment Banking Associate Salary at Barclays
Investment Banking Vice President Salary at Barclays
Investment Banking Managing Director Salary at Barclays
Investment Banking Salaries Summary at Barclays
| Position | Average Annual Salary (USD) |
| Financial Analyst | 217,000-405,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at UBS
Investment Banking Analyst Salary at UBS
Investment Banking Associate Salary at UBS
Investment Banking Vice President Salary at UBS
Investment Banking Managing Director Salary at UBS
Investment Banking Salaries Summary at UBS
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Morgan Stanley
Investment Banking Analyst Salary at Morgan Stanley
Investment Banking Associate Salary at Morgan Stanley
Investment Banking Vice President Salary at Morgan Stanley
Investment Banking Managing Director Salary at Morgan Stanley
Investment Banking Salaries Summary at Morgan Stanley
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Stifel
Investment Banking Analyst Salary at Stifel
Investment Banking Associate Salary at Stifel
Investment Banking Vice President Salary at Stifel
Investment Banking Managing Director Salary at Stifel
Investment Banking Salaries Summary at Stifel
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Credit Suisse
Investment Banking Analyst Salary at Credit Suisse
Investment Banking Associate Salary at Credit Suisse
Investment Banking Vice President Salary at Credit Suisse
Investment Banking Managing Director Salary at Credit Suisse
Investment Banking Salaries Summary at Credit Suisse
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Lazard
Investment Banking Analyst Salary at Lazard
Investment Banking Associate Salary at Lazard
Investment Banking Vice President Salary at Lazard
Investment Banking Managing Director Salary at Lazard
Investment Banking Salaries Summary at Lazard
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Raymond James
Investment Banking Analyst Salary at Raymond James
Investment Banking Associate Salary at Raymond James
Investment Banking Salary at Raymond James
Investment Banking Managing Director Salary at Raymond James
Investment Banking Salaries Summary at Raymond James
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 105,000-178,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Baird
Investment Banking Analyst Salary at Baird
Investment Banking Associate Salary at Baird
Investment Banking Vice President Salary at Baird
Investment Banking Managing Director Salary at Baird
Investment Banking Salaries Summary at Baird
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Houlihan Lokey
Investment Banking Analyst Salary at Houlihan Lokey
Investment Banking Associate Salary at Houlihan Lokey
Investment Banking Vice President Salary at Houlihan Lokey
Investment Banking Managing Director Salary at Houlihan Lokey
Investment Banking Salaries Summary at Houlihan Lokey
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Guggenheim
Investment Banking Analyst Salary at Guggenheim
Investment Banking Associate Salary at Guggenheim
Investment Banking Vice President Salary at Guggenheim
Investment Banking Managing Director Salary at Guggenheim
Investment Banking Salaries Summary at Guggenheim
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Nomura
Investment Banking Analyst Salary at Nomura
Investment Banking Associate Salary at Nomura
Investment Banking Vice President Salary at Nomura
Investment Banking Managing Director Salary at Nomura
Investment Banking Salaries Summary at Nomura
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Cowen
Investment Banking Analyst Salary at Cowen
Investment Banking Associate Salary at Cowen
Investment Banking Vice President Salary at Cowen
Investment Banking Managing Director Salary at Cowen
Investment Banking Salaries Summary at Cowen
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Deutsche Bank
Investment Banking Analyst Salary at Deutsche Bank
Investment Banking Associate Salary at Deutsche Bank
Investment Banking Vice President Salary at Deutsche Bank
Investment Banking Managing Director Salary at Deutsche Bank
Investment Banking Salaries Summary at Deutsche Bank
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at RBC
Investment Banking Analyst Salary at RBC
Investment Banking Associate Salary at RBC
Investment Banking Vice President Salary at RBC
Investment Banking Managing Director Salary at RBC
Investment Banking Salaries Summary at RBC
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at HSBC
Investment Banking Analyst Salary at HSBC
Investment Banking Associate Salary at HSBC
Investment Banking Vice President Salary at HSBC
Investment Banking Managing Director Salary at HSBC
Investment Banking Salaries Summary at HSBC
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Lincoln International
Investment Banking Analyst Salary at Lincoln International
Investment Banking Associate Salary at Lincoln International
Investment Banking Vice President Salary at Lincoln International
Investment Banking Managing Director Salary at Lincoln International
Investment Banking Salaries Summary at Lincoln International
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at Harris Williams
Investment Banking Analyst Salary at Harris Williams
Investment Banking Associate Salary at Harris Williams
Investment Banking Vice President Salary at Harris Williams
Investment Banking Managing Director Salary at Harris Williams
Investment Banking Salaries Summary at Harris Williams
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 106,000-179,000 |
| Associate | 181,000-315,000 |
| Vice President | 282,000-525,000 |
| Managing Director | 229,000-427,000 |
Investment Banking Salaries at BNB Paribas
Investment Banking Analyst Salary at BNB Paribas
Investment Banking Associate Salary at BNB Paribas
Investment Banking Vice President Salary at BNB Paribas
Investment Banking Managing Director Salary at BNB Paribas
Investment Banking Salaries Summary at BNB Paribas
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 78,527 |
| Associate | 103,064 |
| Vice President | 165,300 |
| Managing Director | 240,549 |
Investment Banking Salaries at Ziegler
Investment Banking Analyst Salary at Ziegler
Investment Banking Associate Salary at Ziegler
Investment Banking Vice President Salary at Ziegler
Investment Banking Managing Director Salary at Ziegler
Investment Banking Salaries Summary at Ziegler
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 67,360 |
| Associate | 165,000 |
| Vice President | 168,800 |
| Managing Director | 220,600 |
Investment Banking Salaries at Mizuho
Investment Banking Analyst Salary at Mizuho
Investment Banking Associate Salary at Mizuho
Investment Banking Vice President Salary at Mizuho
Investment Banking Managing Director Salary at Mizuho
Investment Banking Salaries Summary at Mizuho
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 82,739 |
| Associate | 115,700 |
| Vice President | 170,778 |
| Managing Director | 209,024 |
Investment Banking Salaries at Moelis
Investment Banking Analyst Salary at Moelis
Investment Banking Associate Salary at Moelis
Investment Banking Vice President Salary at Moelis
Investment Banking Managing Director Salary at Moelis
Investment Banking Salaries Summary at Moelis
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 78,550 |
| Associate | 117,784 |
| Vice President | 166,955 |
| Managing Director | 257,188 |
Investment Banking Salaries at SunTrust Robinson Humphrey
Investment Banking Analyst Salary at SunTrust Robinson Humphrey
Investment Banking Associate Salary at SunTrust Robinson Humphrey
Investment Banking Vice President Salary at SunTrust Robinson Humphrey
Investment Banking Managing Director Salary at SunTrust Robinson Humphrey
Investment Banking Salaries Summary at SunTrust Robinson Humphrey
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 76,065 |
| Associate | 104,507 |
| Vice President | 158,924 |
| Managing Director | 237,366 |
Investment Banking Salaries at Rothschild
Investment Banking Analyst Salary at Rothschild
Investment Banking Associate Salary at Rothschild
Investment Banking Vice President Salary at Rothschild
Investment Banking Managing Director Salary at Rothschild
Investment Banking Salaries Summary at Rothschild
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 135,100 |
| Associate | 159,000 |
| Vice President | 161,000 |
| Managing Director | 250,400 |
Investment Banking Salaries at Zions
Investment Banking Analyst Salary at Zions
Investment Banking Associate Salary at Zions
Investment Banking Vice President Salary at Zions
Investment Banking Managing Director Salary at Zions
Investment Banking Salaries Summary at Zions
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 108,800 |
| Associate | 120,000 |
| Vice President | 152,500 |
| Managing Director | 166,400 |
Investment Banking Salaries at Blackstone Group
Investment Banking Analyst Salary at Blackstone Group
Investment Banking Associate Salary at Blackstone Group
Investment Banking Vice President Salary at Blackstone Group
Investment Banking Managing Director Salary at Blackstone Group
Investment Banking Salaries Summary at Blackstone Group
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 87,926 |
| Associate | 117,288 |
| Vice President | 173,232 |
| Managing Director | 260,883 |
Investment Banking Salaries at Signature
Investment Banking Analyst Salary at Signature
Investment Banking Associate Salary at Signature
Investment Banking Vice President Salary at Signature
Investment Banking Managing Director Salary at Signature
Investment Banking Salaries Summary at Signature
| Position | Ave. Annual Salary (USD) |
| Financial Analyst | 73,700 |
| Associate | 74,000 |
| Vice President | 225,000 |
| Managing Director | 250,000 |
These salaries entail hard work. There are times when you must let go of some of your personal time to finish deals and get paid. The junior staff often must work harder than those in the more senior roles.
According to research, working as a junior in an investment bank is of the same length as working as a manager in Starbucks, but with a lot bigger pay. Don’t expect to experience a 100-hour work week, but don’t also expect to always have 100-work weeks. You will still definitely have time for your leisure, especially in summer and during off-seasons.
There’s a lot to know about the workweek of an investment banker – check out this article “A Day in the Life of an Investment Banker: An Insider Guide”.
Investment Banker Salaries Around the World
Here’s a summary of investment banking salaries per region:
| LOCATION | Average Annual Salary for Analysts (USD) | |
| HIGHEST PAYING FINANCIAL DISTRICTS FOR ANALYSTS (2024) | NEW YORK CITY | 193,000 |
| LOS ANGELES, CA. | 188,000 | |
| AUSTIN, TEXAS | 161,000 | |
| SAN FRANCISCO, CA. | 201,000 | |
| AVERAGE | 185,750 | |
| LOWEST PAYING FINANCIAL DISTRICTS FOR ANALYSTS (2024) | HONG KONG | 127,000 |
| MONTREAL, CANADA | 47,000 | |
| TORONTO, CANADA | 55,000 | |
| AVERAGE | 76,000 | |
| DIFFERENCE IN AVERAGES | USD109,000 |
Average investment banking salaries could vary between industries and regions. Typically, investment bankers from New York earn more than their counterparts elsewhere. As we can see in the latest 2024 payroll reports, cities in the middle of the United States pay a lot more for their analysts than anywhere else. Investment Bankers in the US feel their salaries are sufficient for the cost of living in their area.
The parity in Investment banking salary by region this year can be attributed to the number of deals that exist that are taking place inside each city.
Bulge Brackets and Top Middle-Market Investment Banks are all clustered around the same base compensation for analysts, with bonus variation.
Based on job hunting sites like Glassdoor and Payscale, here are the 2024 average total salaries at each position for the different finance districts across the globe:
Investment Banking Salaries in New York City
Investment Banking Managing Director Salary in New York City
Investment Banking Vice President Salary in New York City
Investment Banking Associate Salary in New York City
Investment Banking Analyst Salary in New York City
Investment Banking Salaries in New York City
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 110,000-193,000 | 85,000-146,000 | 25,000-47,000 |
| Associate | 108,000-191,000 | 296,000-548,000 | 308,000-575,000 |
| Vice President | 296,000-548,000 | 144,000-264,000 | 152,000-284,000 |
| Managing Director | 308,000-575,000 | 167,000-311,000 | 141,000-264,000 |
Investment Banker Salaries in Los Angeles
Investment Banker Managing Director Salary in Los Angeles
Investment Banker Vice President Salary in Los Angeles
Investment Banker Associate Salary in Los Angeles
Investment Banker Analyst Salary in Los Angeles
Investment Banker Salaries Summary in Los Angeles
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 107,000-188,000 | 84,000-144,000 | 24,000-44,000 |
| Associate | 170,000-306,000 | 296,000-549,000 | 309,000-577,000 |
| Vice President | 296,000-549,000 | 145,000-267,000 | 151,000-282,000 |
| Managing Director | 309,000-577,000 | 165,000-307,000 | 145,000-270,000 |
Investment Banker Salaries in Dallas
Investment Banker Managing Director Salary in Dallas
Investment Banker Vice President Salary in Dallas
Investment Banker Associate Salary in Dallas
Investment Banker Analyst Salary in Dallas
Investment Banker Salaries Summary in Dallas
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 94,000-161,000 | 78,000-130,000 | 17,000-31,000 |
| Associate | 156,000-283,000 | 102,000-182,000 | 54,000-101,000 |
| Vice President | 260,000-481,000 | 134,000-247,000 | 126,000-234,000 |
| Managing Director | 269,000-501,000 | 150,000-280,000 | 119,000-221,000 |
Investment Banker Salaries in the UK
Investment Banker Managing Director Salary in the UK
Investment Banker Vice President Salary in the UK
Investment Banker Associate Salary in the UK
Investment Banker Analyst Salary in the UK
Investment Banker Salaries Summary in the UK
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 82,500-146,800 | 63,000-87,300 | 20,600-59,400 |
| Associate | 139,500-258,400 | 98,000-139,000 | 40,000-118,900 |
| Vice President | 191,000-604,000 | 162,600-215,900 | 29,100-388,300 |
| Managing Director | 344,000-643,000 | 184,400-344,600 | 160,100-298,500 |
Investment Banker Salaries in Austin
Investment Banker Vice President Salary in Austin
Investment Banker Managing Director Salary in Austin
Investment Banker Associate Salary in Austin
Investment Banker Analyst Salary in Austin
Investment Banker Salaries Summary in Austin
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 100,000-172,000 | 81,000-136,000 | 19,000-35,000 |
| Associate | 156,000-279,000 | 103,000-180,000 | 53,000-99,000 |
| Vice President | 281,000-517,000 | 137,000-248,000 | 144,000-269,000 |
| Managing Director | 283,000-525,000 | 150,000-277,000 | 133,000-248,000 |
Investment Banker Salaries in London
Investment Banker Vice President Salary in London
Investment Banker Managing Director Salary in London
Investment Banker Associate Salary in London
Investment Banker Analyst Salary in London
Investment Banker Salaries Summary in London
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 83,700-146,800 | 64,300-87,000 | 20,600-59,400 |
| Associate | 145,600-256,000 | 103,000-138,300 | 42,400-118,900 |
| Vice President | 194,000-603,000 | 165,000-213,500 | 29,100-389,000 |
| Managing Director | 262,000-695,000 | 208,700-378,500 | 107,900-317,000 |
Investment Banker Salaries in Dubai
Investment Banker Vice President Salary in Dubai
Investment Banker Managing Director Salary in Dubai
Investment Banker Associate Salary in Dubai
Investment Banker Analyst Salary in Dubai
Investment Banker Salaries Summary in Dubai
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 26,600-133,400 | 24,503-99,900 | 2,100-33,400 |
| Associate | 43,000-110,000 | 18,500-110,000 | 24,500 |
| Vice President | 176,900 | 136,000 | 40,900 |
| Managing Director | 272,200 | 156,500 | 122,500 |
Investment Banker Salaries in Montreal
Investment Banker Vice President Salary in Montreal
Investment Banker Managing Director Salary in Montreal
Investment Banker Associate Salary in Montreal
Investment Banker Analyst Salary in Montreal
Investment Banker Salaries Summary in Montreal
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 33,300-47,000 | 31,100-42,000 | 1,400-6,500 |
| Associate | 41,200-83,200 | 38,300-59,300 | 2,800-23,800 |
| Vice President | 78,900-152,000 | 61,500-74,500 | 17,300-77,400 |
| Managing Director | 49,900-76,000 | 49,900-76,000 | 17,300-77,400 |
Investment Banker Salaries in Toronto
Investment Banker Vice President Salary in Toronto
Investment Banker Managing Director Salary in Toronto
Investment Banker Associate Salary in Toronto
Investment Banker Analyst Salary in Toronto
Investment Banker Salaries Summary in Toronto
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 31,100-55,000 | 29,600-44,800 | 1,400-10,100 |
| Associate | 49,900-118,000 | 42,000-70,000 | 7,200-47,700 |
| Vice President | 116,000-144,000 | 59,000-75,000 | 25,000-68,700 |
| Managing Director | 124,500-249,100 | 71,600-102,800 | 52,800-146,000 |
Investment Banker Salaries in San Fransisco
Investment Banker Vice President Salary in San Fransisco
Investment Banker Managing Director Salary in San Fransisco
Investment Banker Associate Salary in San Fransisco
Investment Banker Analyst Salary in San Fransisco
Investment Banker Salaries Summary in San Fransisco
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 121,000-201,000 | 97,000-155,000 | 25,000-46,000 |
| Associate | 193,000-333,000 | 124,000-204,000 | 69,000-130,000 |
| Vice President | 315,000-578,000 | 157,000-282,000 | 158,000-295,000 |
| Managing Director | 332,000-609,000 | 177,000-320,000 | 155,000-289,000 |
Investment Banker Salaries in Hong Kong
Investment Banking Vice President Salary in Hong Kong
Investment Banking Managing Director Salary in Hong Kong
Investment Banking Associate Salary in Hong Kong
Investment Banking Analyst Salary in Hong Kong
Investment Banking Salaries Summary in Hong Kong
| Position | Total Pay Range (USD) | Base Pay (USD) | Additional Pay (USD) |
| Financial Analyst | 104,000-127,000 | 84,000-127,000 | 20,400-54,000 |
| Associate | 255,000 | 127,000-255,000 | 38,000-101,000 |
| Vice President | 255,700 | 127,000-255,000 | 101,000 |
| Managing Director | 400,000 | 400,000 | 100,000-200,000 |
In the finance industry in general, the average salary has gone up in 2021 by 40% for large financial markets such as New York, London, Frankfurt, and other big European Markets. And the salary increases could be more after receiving positive support from mid-level managers of the investment banks.
The pandemic has brought in negative developments in the investment sector, however, once the effect wanes out, the deals will come back in, and the investment banking industry will be very alive again. But, investment banking jobs are still available, not just at the level pre-pandemic.
Key Takeaways
One of the best investment banking salary tips you can get is this: start early as an intern to gain experience at the earliest time possible. The best pay you could get will be to be hired for the different investment banking roles in large financial cities like London or New York. However, don’t discount the possibility of getting really good investment banking compensation from other financial cities like Singapore or Mumbai.
Getting hired is not easy – you need to prepare well. There are also tons of guides here at the FinanceWalk, that could help you have a fulfilling investment banking career.
More money is equal to more workload, at least at the junior level. However, if you want to make it big, you need to be ready to pay for that kind of success. Nothing comes easy.
Although this guide about investment banking salaries is comprehensive, there’s a lot more to learn about investment banking careers. If you don’t know where to start, you can begin your search by learning how to get into investment banking.
