Perspectives / Compensation
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 |
Associate
MBAs or promoted Analysts. Primary function is deal execution oversight.
| Component | Range |
|---|---|
Vice President
Runs deal processes. No client origination responsibility.
| Component | Range |
|---|---|
Stub Bonus
July starts receive a "stub" bonus in Jan/Feb to align with fiscal cycles. Do not expect a full-year bonus for six months of work. Typical range: $20k – $40k.
Tax Reality
$200,000 gross income in NYC: