We’ve compiled a list of the top 10 highest-paying investment banks based on their estimate compensation for first-year analysts (bankers hired just after their undergraduate degree). And no, Goldman Sachs is not the highest-paying investment bank on the list (It’s not even in the top 5).
Investment Banking: The Ivy League of Wall Street
If you’re a business or finance major, then you’ve probably heard of the field of “investment banking” from ambitious upperclassmen and university finance gurus.
The field is quite popular amongst top-performing students as first-year investment bankers have consistently held the top spot for new grad compensation (for business majors).
Some new to the investment banking space might have already heard of household names like Goldman Sachs, JP Morgan, and Morgan Stanley. That said, those same people might not be aware of this subcategory of investment banks known as “elite-boutique banks”, which cover smaller, specialized banks, that perform really well, but also pay their analysts top dollar for their work. You’ll see some of these boutique banks near the top of the list later on in this article.
Investment Banking Firms Ranked by Pay
Below is a summary of the top 10 investment banks by first-year analyst pay (New York) in 2023:
- Centerview
- Evercore
- Lazard
- Rothschild
- Guggenheim
- Bank of America
- Citi
- Goldman Sachs
- JP Morgan
- Morgan Stanley
First-year investment banking analysts are typically paid a signing bonus, a base salary, and a performance bonus. The following company list will break down analyst pay by base salary and bonus compensation.
Note: Compensation figures in this list were compiled from various online sources which include Litquidity, Levels.fyi, and other personal references. Actual compensation for individual analysts, particularly when it comes to annual bonuses, will vary by location as well as individual and bank performance (often linked to bank deal activity and overall economic conditions).
#10 Morgan Stanley - $170,000
Morgan Stanley first-year investment banking analysts are paid about $170,000 in total compensation. And yes, it’s not a typo, the number 10 spot on our list is already well over the 6-figure mark.
Morgan Stanley is a bulge bracket investment bank headquartered in New York City. The firm made some big waves last year with its record-breaking advisory deal on TD Bank’s $13 billion acquisition of First Horizon Corp.
- Annual Salary: $100,000
- Annual Bonus: $70,000
- Total Compensation: $170,000
#9 JP Morgan - $175,000
JP Morgan is a bulge bracket investment bank led by chairman and CEO, Jamie Dimon. The bank founder, J.P. Morgan himself, was famous for his “Morganization” process where he took over failing businesses and restructured them into profitable organizations.
- Annual Salary: $110,000
- Annual Bonus: $65,000
- Total Compensation:$175,000
#8 Goldman Sachs - $178,000
Goldman Sachs is a bulge bracket investment bank led by David Solomon who operates as the bank’s CEO by day and New York’s wealthiest DJ by night. Earlier this year, the firm was put under the spotlight for laying off 3,200 employees, the largest layoff in its history since the 2008 financial crisis.
- Annual Salary: $110,000
- Annual Bonus: $68,000
- Total Compensation: $178,000
#7 Citi - $180,000
Citi is a bulge bracket investment bank headquartered in New York City. The bank seems to bring in consistent deal flows with a particularly reputable Industrials and Mergers & Acquisitions team.
- Annual Salary: $110,000
- Annual Bonus: $70,000
- Total Compensation: $180,000
#6 Bank of America - $186,000
Bank of America is a large bulge bracket bank headquartered in Charlotte, North Carolina and currently runs its investment banking operations under subsidiary BofA Securities out of the famous Bank of America Tower in New York City. Bank of America’s 2022 mergers and acquisitions performance saw smaller year-over-year declines relative to some competing banks that saw declines closer to 20-30%.
- Annual Salary: $110,000
- Annual Bonus: $76,000
- Total Compensation: $186,000
#5 Guggenheim - $190,000
Now things are starting to get interesting as we start to approach some of the elite boutique investment banks where first-year analyst compensation climb closer to the $200k mark.
Guggenheim is a notable elite boutique investment bank headquartered in New York City. The firm currently provides services in investment banking, asset management, and capital markets.
- Annual Salary: $110,000
- Annual Bonus: $80,000
- Total Compensation: $190,000
#4 Rothschild - $198,000
Rothschild & Co is a multinational boutique investment bank controlled by the historic French and British branches of the Rothschild family. The firm is very well regarded as one of the best investment banks in Europe, especially when it comes to its mergers and acquisitions and restructuring operations.
- Annual Salary: $113,000
- Annual Bonus: $85,000
- Total Compensation: $198,000
#3 Lazard - $205,000
Alright, now we’re starting to break into the 200k mark as compensation starts getting pretty serious with these top-tier elite boutique investment banks.
Lazard is one of the world’s largest boutique investment banks with key offices in New York, London, and Paris. The firm has a very well-regarded mergers and acquisitions practice that competes with many large players in Goldman Sachs, Bank of America, and Morgan Stanley.
- Annual Salary: $120,000
- Annual Bonus: $85,000
- Total Compensation: $205,000
#2 Evercore - $210,000
Evercore is a prestigious boutique investment bank headquartered in New York City. The firm has advised on several notable merger and acquisition deals, including Tesla’s acquisition of Solar City, Amazon’s acquisition of Whole Foods, and T-mobile’s acquisition of Sprint.
- Annual Salary: $120,000
- Annual Bonus: $90,000
- Total Compensation: $210,000
#1 Centerview - $220,000
Centerview Partners is an elite boutique investment bank known for paying the absolute top dollar for first-year bankers on Wall Street. The firm has advised on many notable deals and transactions which include: Walt Disney’s acquisition of 21st Century Fox, LVMH’s acquisition of Tiffany & Co., and Pepsi’s acquisition of Rockstar energy drink.
- Annual Salary: $130,000
- Annual Bonus: $90,000
- Total Compensation:$220,000
Note: Centerview offers first-year analysts a $50,000 signing bonus in exchange for a commitment to the firm for 3 years.
Additional Resources
If you’re interested in developing your technical finance knowledge to apply for competitive investment banking roles, consider checking out our to join our students who have landed jobs at Goldman Sachs, UBS, Bloomberg, and other top-tier companies.
Other Articles You Might Find Helpful
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- The Top 20 Boutique Investment Banks
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- Goldman Sachs Interview Process
- How to Become an Investment Banker
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