Investment Banking Salary & Bonus Report (2025)
The real numbers. We break down Investment Banking Analyst, Associate, and VP compensation (Base + Bonus) at Bulge Brackets vs. Elite Boutiques.
Compensation Structure
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Investment Banking compensation is Base Salary (bi-weekly) + Year-End Bonus (August for Analysts, Jan/Feb for Associates). The bonus creates the golden handcuffs.
Market-standard figures below are for New York (Street) pay.
Analyst
Ages 22-24, direct from undergrad.
| Component | Range |
|---|---|
| Base Salary | $110k – $125k |
| Bonus | $40k – $90k (30-80% of Base) |
| Total Comp | $150k – $215k |
Elite Boutiques (Evercore, PJT, CVP): Base often $130k+, total comp can exceed $230k.
Bulge Brackets (GS, MS, JPM): Strict adherence to Street band ($110k base).
Associate
MBAs or promoted Analysts. Primary function is deal execution oversight.
| Component | Range |
|---|---|
| Base Salary | $175k – $225k |
| Bonus | $100k – $200k+ |
| Total Comp | $300k – $450k |
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