Compensation

First-year analysts at bulge bracket banks typically earn a base salary of $110,000-$120,000 with year-end bonuses ranging from $75,000-$150,000 depending on bank performance and individual reviews. Total all-in compensation ranges from approximately $185,000 to $270,000.

Bonuses are determined by a combination of bank-wide revenue performance, group performance, and individual performance reviews. Analysts within the same class at the same bank receive varying bonuses based on their review ranking, which is influenced by deal contribution and feedback from seniors.

Elite boutiques (Evercore, Centerview, PJT) often match or exceed bulge bracket base salaries and can pay higher bonuses. Middle-market and regional firms generally pay less. The compensation gap between top and second-tier firms has narrowed in recent years.

Investment banking analyst compensation is significantly higher than most entry-level finance roles. Consulting, corporate finance, and commercial banking pay considerably less at the junior level. The gap narrows at senior levels but IB compensation remains at the top.

Many banks offer signing bonuses in the range of $10,000-$30,000 for full-time analysts, typically paid at or shortly after start date. Signing bonuses may come with clawback provisions if you leave before a specified period, usually 12-24 months.