Investment Banking Salary Guide: Base Pay and Bonuses by Bank (2026)

Investment banking compensation has two components that matter very differently: a fixed base salary, and a bonus that can range from roughly half of base to well over it, depending on bank, performance, and seniority. Here's what the numbers actually look like heading into 2026, and how to think about them.

First-year analyst compensation

At bulge bracket banks, first-year analyst base salary typically runs $100,000 to $125,000, with $110,000 being a commonly cited standard figure across major banks. Year-end bonuses for first-year analysts typically add $70,000 to $110,000 at bulge brackets, bringing all-in first-year compensation to roughly $170,000 to $220,000.

Elite boutiques (Evercore, Centerview, PJT Partners, Lazard, Moelis, and similar firms) frequently pay a premium over bulge brackets at the junior level — first-year bonuses at the top-paying elite boutiques can run $100,000 to $170,000 on a similar or slightly higher base, pushing all-in first-year compensation at the highest-paying boutiques toward $250,000 or more in strong years.

Most first-year analysts also receive a signing bonus (typically $10,000 to $15,000, somewhat higher at top boutiques) and, in their first partial year, a "stub bonus" ($25,000–$40,000 at bulge brackets) that bridges the gap before their first full year-end bonus arrives roughly a year after starting.

How compensation progresses through the analyst and associate years

Compensation increases meaningfully each year within the analyst program, and again at the jump to associate (typically after 2–3 years as an analyst, or immediately for MBA graduates entering directly as associates):

• Second-year analyst: total compensation commonly runs $210,000–$265,000 at bulge brackets, often higher at elite boutiques.
• Third-year analyst: continues climbing, often into a similar range as a first-year associate at the same bank.
• First-year associate: base salary commonly around $175,000, with bonuses often in the $120,000–$170,000 range — plus, for MBA hires, a signing bonus that can run around $50,000.
• Second-year associate and beyond: base climbs toward $200,000+, with bonuses that can push total compensation well past $350,000 at strong-performing banks and groups.

Senior-level compensation: a different scale entirely

Compensation at the Vice President, Director, and Managing Director levels scales dramatically beyond junior levels. Managing Director total compensation at top bulge brackets and elite boutiques commonly ranges from $700,000 to well over $3,000,000 in strong years, with base salary alone often $350,000–$500,000+ and bonus making up the much larger remaining share — a very different compensation structure than the junior levels, where base is a larger proportion of total pay.

What actually drives your bonus, year to year

Bonus size depends on a combination of individual performance review, group-level deal activity and profitability that year, and overall bank performance. A strong individual review at a bank or group having a weak year will still generally underperform a middling review during a banner year for deal activity — group and firm performance matter alongside individual merit, which is part of why group selection (see our guide to IB groups) matters for more than just exit opportunities.

How this compares to buy-side exit compensation

For how these figures compare to private equity, hedge funds, and other common exit destinations — including the real trade-offs in hours that come with each — see our dedicated comparison of pay vs. work-life balance across PE, private credit, hedge funds, and asset management.

Figures above reflect commonly reported 2026 ranges across multiple industry compensation surveys and should be treated as general guidance, not a guarantee for any specific offer — actual compensation varies by bank, group, individual performance, and market conditions in a given year.