The highest paying investment banks include Goldman Sachs, Morgan Stanley, JPMorgan Chase, Evercore, and Centerview Partners. Base salaries for analysts start around $100,000, with total compensation often exceeding $200,000 when including bonuses and stock options.
What Determines Pay in Investment Banking?
Investment banking compensation includes a base salary, annual bonus, and sometimes equity or deferred compensation.
Most investment banks offer a structured pay scale for investment banking analysts, associates, vice presidents, and managing directors.
Key factors:
- Base salary: Set amount based on level (e.g., $100,000+ for first-year analysts)
- Annual bonuses: Often match or exceed base, based on firm and individual performance
- Equity/stock awards: More common at senior banker levels (VP and above)
- Stub bonuses: Partial bonuses paid to junior bankers hired off-cycle
- Perks: Health insurance, retirement plans, meals, transportation, and travel
Boutique banks and bulge bracket firms often differ in how they balance these components.

Top-Paying Investment Banks by Total Compensation
The following firms rank highest by analyst and associate pay based on verified compensation data from 2024–2025.
Top-Paying Investment Banks by Total Compensation
Rank | Investment Bank | Average Total Compensation | Base Salary | Average Bonus | Additional Notes |
---|---|---|---|---|---|
1 | Goldman Sachs | $398,000 | $200,000 | $199,000 | Highest overall compensation with 20% bonus increase |
2 | Citigroup | $372,000 | $228,000 | $144,000 | Highest base salary but 10% drop in average bonus |
3 | JPMorgan Chase | $230,000 | $194,000* | $97,000* | Wide range of comp; top 1% exceed $850K in total pay |
4 | Centerview Partners | Not specified | Not specified | Not specified | Regularly ranked #1 in workplace satisfaction with top-tier pay structure |
5 | Evercore | Not specified | Not specified | Not specified | Known for high comp and tight deal teams |
6 | Moelis & Company | Not specified | Not specified | Not specified | Strong pay, especially for senior analysts and associates |
*Estimates based on role-specific levels
These top investment banks attract talent with aggressive compensation packages and structured bonus programs aligned to individual and bank performance.
Elite Boutiques vs Bulge Brackets: Which Pays More?
Elite boutique banks offer higher average total compensation than bulge bracket firms for analysts and associates.
Elite boutique banks like Centerview, Evercore, and PJT Partners often pay 20–40% more than traditional bulge bracket banks like Morgan Stanley or JPMorgan. This is because:
- Smaller deal teams lead to larger bonus pools per banker
- Focus on high-fee advisory work (M&A, restructuring)
- Leaner hierarchies reward junior performance faster
- No lending arms, so revenue depends on deal making
However, bulge brackets offer:
- More global mobility
- Structured promotion tracks
- Better infrastructure and training
Junior bankers often weigh higher compensation from boutiques against long-term platform value at bulge bracket banks
Compensation by Career Level at JPMorgan Chase
At JPMorgan Chase, total compensation grows exponentially as bankers progress from analyst to managing director.
Compensation by Position Level at JPMorgan Chase
Position Level | Average Total Compensation | Base Salary | Stock Awards | Bonus |
---|---|---|---|---|
New Graduate | $126,000 | Not specified | Not specified | Not specified |
Associate | $194,000–$218,000 | $194,000–$218,000 | $5,000–$25,000 | $44,000–$98,000 |
Vice President | $338,000 | $196,000 | $24,000 | $118,000 |
Managing Director | $980,000 | $343,000 | $147,000 | $490,000 |
At most investment banks, bonuses for managing directors can exceed 150% of base pay, depending on revenue generation and deal flow.
How Geography Affects Investment Banker Salaries
Investment banking salaries vary significantly by city due to cost of living, tax laws, and market competition.
Regional Pay Differences:
- New York City: Highest compensation, but high taxes reduce after-tax income
- London: Competitive pay, with strict bonus caps under EU rules
- Hong Kong/Singapore: Lower base pay but favorable tax structures
- Dubai/Zurich: Low tax + strong comp = higher after-tax income
Goldman Sachs and Citigroup have begun adjusting pay based on financial hubs versus secondary markets, creating location-based pay gaps up to 25%.
Workplace Quality and Compensation Culture
Centerview Partners and Evercore rank highest in workplace satisfaction while also leading compensation rankings.
These firms consistently invest in:
- Smaller teams for better exposure
- Transparent pay structures
- Strong mentorship culture
- Premium health insurance and retirement plans
According to surveys, Centerview is ranked #1 for culture and Evercore and Moelis follow closely. These boutique banks are increasingly favored by finance majors seeking both pay and development.
Final Thoughts: Choosing the Right Investment Bank
Choosing the highest paying investment bank depends on your long-term goals, role fit, and personal priorities.
- For maximum early pay, go with elite boutiques like Centerview or Evercore.
- For global mobility and training, consider bulge bracket firms like Goldman Sachs or Morgan Stanley.
- If you’re looking at exit opportunities into private equity firms or hedge funds, boutiques often offer better positioning.
Always evaluate total compensation in context: base salary, bonus, equity, and lifestyle trade-offs all matter.
Popular Questions About Investment Banking Compensation
Below are common questions we get asked.
How Do Signing Bonuses and Retention Packages Compare Across Investment Banks During Talent Wars?
Signing bonuses can range from 25% to 100% of base salary, especially for senior bankers or candidates with high revenue potential. Retention packages are often multi-year and structured as deferred compensation. Goldman Sachs and Morgan
– Stanley offer deferred bonuses up to 200% of standard annual pay.
– Centerview and other boutique banks use immediate cash bonuses to compete.
These tools help banks retain talent amid high attrition in competitive hiring years.
How Does Remote Work Policy Affect Total Compensation at Top Investment Banks?
Banks with strict in-office policies pay higher, but face higher attrition. Hybrid firms (e.g., Citigroup) use location-adjusted salaries, creating up to 25% comp gaps. In-office bankers often receive presence premiums. Analysts in financial hubs like NYC earn more than remote equivalents
Client-facing roles show performance drops with remote work, while analytical roles remain stable.
What Compensation Structures Are Most Tax-Efficient for High-Earning Investment Bankers?
Top investment banking firms design compensation packages to reduce taxes:
– Use of international relocations to reduce residency taxes
– Deferred comp plans shift income to low-tax years
– Charitable trust planning for deductions and asset control
– Equity comp with capital gains treatment
JPMorgan Chase and Goldman Sachs lead in offering in-house tax strategy teams.
How Do Non-Traditional Background Candidates Negotiate Competitive Banking Compensation?
Non-traditional hires (tech, consulting, academia) often lack IB-specific experience but offer valuable domain expertise.
To negotiate effectively, these candidates should:
– Ask for performance-based packages
– Focus on total comp, not just base
– Emphasize domain-specific skills (tech, ESG, healthcare)
Boutique banks like PJT Partners and Centerview are more receptive to specialist profiles, especially in tech-heavy verticals.
TL;DR Summary
- Top investment banks like Goldman Sachs and Centerview lead in total comp
- Base salaries start at ~$100K, often doubling after bonuses
- Pay increases dramatically from analyst to managing director
- Elite boutiques often pay more than bulge brackets
- Geography, firm culture, and long-term goals should guide your bank choice
This comprehensive guide to investment banking salaries helps you compare firms, roles, and strategies to earn more as an investment banking analyst or senior banker in 2025.